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Types of CD accounts

• Add-on CDs. As mentioned, CDs are typically set with your initial deposit amount, but with an add-on, you can add more funds throughout their term.
• Brokered CDs. This type of CD is purchased through a brokerage, which may have options to multiple banks and can find you the best rates.
• Bump-up (or step-up) CDs. If you put your money into a CD and discover a higher interest rate, your bank will allow you to "bump up" your interest rate, typically once per year.
• Callable CDs. Be wary of these CDs, as they are often promoted with higher interest rates. As the name implies, they can be "called" by the bank and made invalid once a certain period of time passes, meaning you may not reach maturity with them.
• CD Ladders. These CDs allow you to invest your money in a series of CDs that have varying term lengths so you have access to funds throughout the long term while still taking advantage of compounding at a higher amount of interest and compound interest.
• Jumbo CDs. These are those with bigger bank accounts. You'll need at least $100k for a jumbo CD.
• Liquid or no-penalty CDs. If you are nervous about locking your money away for a term, these CDs allow you to take out funds before maturity without penalties. The catch is you won't get the best interest rate and fixed rate.
• Long-term CDs. These are good for 1 year or more, with the annual percentage yield (APY) higher the longer you set your term, potentially earning you more total interest over time.
• Short-term CDs. These are great for beginners and those nervous about CD investment. You can find CDs available for 3 months to 1 year. It's essential to calculate how much interest you will earn and consider the compounding frequency for each CD option.
• Variable-rate CDs. While traditional CDs set the rates, these can fluctuate, which means if the interest rates rise, you're not stuck in a CD with a low interest rate. They can also drop. Be mindful of how changes in interest rates could affect your total interest earned.
• Zero-coupon CD. Instead of paying you interest once your CD matures, banks provide it upfront at the end of every year so you can earn interest on your interest like in a bank. With this CD, you will be taxed on earnings from the interest earnings and the amount of money you receive upfront may be impacted by the compounding frequency.

Best CD Rates

• Marcus by Goldman Sachs. With as little as $500 and terms as low as 9 months, you can receive 0.65% APY with this limited-time offer by the online bank. After the offer is gone, Marcus still has great rates with 0.55% for a 1-year term and 0.60% for 5 years.
• CiT Bank. Those with $200 can turn to CIT Bank, which has a low minimum deposit that returns 0.50%. Still too much? Deposit $100 and receive 0.45%.
• Synchrony Bank. With no minimum deposit amount required, you will find 0.50% APY for 1-year CDs. If interest rates go up within 15 days of the account opening, Synchrony will automatically give you the higher rate.
• American Express. Also providing no minimum for your initial deposit, American Express provides 0.55% APY. You can choose from 6-month to 5-year terms.