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How to open a certificate of deposit (CD)
Banking
Everything you need to know about opening an account.
![Woman sitting outside of restaurant looking at cell phone](https://www.bankrate.com/2022/02/15095640/How-to-save-money-from-scratch.jpg?auto=webp&optimize=high&crop=16:9&width=320)
How to start saving (even if you’re starting from scratch)
Banking
Getting into the habit of paying yourself first is hard. Here are some ideas to help you start.
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How to transfer money from one bank to another: 4 ways
Banking
Keep fees in check when you shift money from one bank account to another.
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About Bankrate![Greg McBride](https://www.bankrate.com/f/102997/284x296/e82ff353b1/br-expert-greg.png?auto=webp&optimize=high)
Chief Financial Analyst
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Principal U.S. Economy Reporter
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Senior Economic Analyst
Banking data studies
![Money next to flashing sirens](https://www.bankrate.com/2023/02/15173759/Banking-Emergency-Savings-Survey.jpg?auto=webp&optimize=high&crop=16:9&width=320)
If you’re struggling to pay off debt and build savings, you’re not alone.
![Piggy bank with doctors equipment. Cute and comical](https://www.bankrate.com/brp/2024/07/12173049/Banking_FHE_Why_Im_scheduling_a_mid_year_financial_checkup_with_myself_and_how_Im_doing_it.jpg?auto=webp&optimize=high&crop=16:9&width=320)
I’m a personal finance reporter — here’s how I did a mid-year financial checkup in under an hour
Banking
A mid-year checkup is the most effective way to ensure my finances are on track.
![And elderly couple discussing HYSA options](https://www.bankrate.com/2024/03/13131722/Deposits_March_FSP_High_yield_Savings.jpg?auto=webp&optimize=high&crop=16:9&width=320)
Two-thirds of American savers say they’re earning rates below 4% APY. Here’s why.
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Latest articles
![Federal Reserve Board Federal Reserve Chairman Jerome Powell speaks during a news conference.](https://www.bankrate.com/brp/2024/12/17194541/fed-meeting-announcement-story-december-2024.png?auto=webp&optimize=high&crop=1:1&width=356)
Fed officials, however, are uncertain about how many times they’ll be able to cut borrowing costs in 2025.
![Fed Chair Powell Holds News Conference Following FOMC Rate Decision](https://www.bankrate.com/brp/2024/06/18150130/the-federal-reserve-s-latest-dot-plot-explained-and-what-it-says-about-interest-rate-cuts.jpg?auto=webp&optimize=high&crop=1:1&width=356)
This Fed communication tool is important, but be cautious when interpreting it.
![Young Asian woman using smartphone while relaxing on armchair, checking her bank account via online banking and managing her finances. Online personal banking. Wealth management. Digital banking habits. Smart banking with technology](https://www.bankrate.com/brp/2024/09/20145521/here-are-the-benefits-of-opening-a-cd-right-now-following-the-fed-s-rate-cut.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Know the two major benefits of opening a CD now, even as interest rates decline.
![Young couple managing finance and investment online](https://www.bankrate.com/brp/2024/08/09090227/interest-rates-on-top-yielding-cds-are-dropping.jpg?auto=webp&optimize=high&crop=1:1&width=356)
There’s still time to lock in a high-yielding CD as the Fed cuts rates.
![Senior couple sitting at the kitchen table looking at digital tablet and recalculating their expenses.](https://www.bankrate.com/brp/2024/09/17165921/here-s-why-savers-should-find-an-apy-that-surpasses-the-rate-of-inflation.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Consider a savings account with an APY above the inflation rate.
![Easy mornings and working from home for this couple](https://www.bankrate.com/2023/06/01165442/GettyImages-1405181556.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Savings yields topping inflation could let you hold onto your purchasing power.
![Garage sale in grass on street curb with autumn trees background](https://www.bankrate.com/2021/07/07200159/Legitimate-ways-to-find-fast-cash.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Here are some places to look for a source of funds.
![Woman writing in a planner](https://www.bankrate.com/2020/10/18130331/Ways-to-save-more-money-this-year.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Make 2024 the year you take your savings to the next level.
![Senior couple sitting at the kitchen table looking at digital tablet and recalculating their expenses.](https://www.bankrate.com/brp/2024/09/17165921/here-s-why-savers-should-find-an-apy-that-surpasses-the-rate-of-inflation.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Consider a savings account with an APY above the inflation rate.
![Easy mornings and working from home for this couple](https://www.bankrate.com/2023/06/01165442/GettyImages-1405181556.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Savings yields topping inflation could let you hold onto your purchasing power.
![Garage sale in grass on street curb with autumn trees background](https://www.bankrate.com/2021/07/07200159/Legitimate-ways-to-find-fast-cash.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Here are some places to look for a source of funds.
![Woman writing in a planner](https://www.bankrate.com/2020/10/18130331/Ways-to-save-more-money-this-year.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Make 2024 the year you take your savings to the next level.
![A woman shopping during the holiday season.](https://www.bankrate.com/2019/11/13173458/Christmas-Club-Accounts.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
These holiday savings accounts are still available at many small banks and credit unions. But are they the best way to save?
![sleeping child and grandma rest on travel adventure for family bonding](https://www.bankrate.com/2023/08/09172537/Saving-money-for-your-grandchildren.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Saving for your grandchildren can help to minimize the financial burdens they face down the road.
![A Gen Z woman counting cash next to a laptop](https://www.bankrate.com/2023/08/17101611/Deposits_Gen-Z-Money-Mindset.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Navigating the world of personal finance is daunting, but it’s particularly so for Gen Zers.
![Financial manager meeting with couple in bank branch office](https://www.bankrate.com/brp/2024/05/31124754/Deposits-Average-money-market-account-interest-rate.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Get the latest rates on top-yielding money market accounts.
![Young Asian woman using smartphone while relaxing on armchair, checking her bank account via online banking and managing her finances. Online personal banking. Wealth management. Digital banking habits. Smart banking with technology](https://www.bankrate.com/brp/2024/09/20145521/here-are-the-benefits-of-opening-a-cd-right-now-following-the-fed-s-rate-cut.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Know the two major benefits of opening a CD now, even as interest rates decline.
![Young couple managing finance and investment online](https://www.bankrate.com/brp/2024/08/09090227/interest-rates-on-top-yielding-cds-are-dropping.jpg?auto=webp&optimize=high&crop=1:1&width=356)
There’s still time to lock in a high-yielding CD as the Fed cuts rates.
![Man working on laptop and cellphone simultaneously](https://www.bankrate.com/2023/04/17160740/Investing_Why_now_is_the_time_for_longer_term.jpg?auto=webp&optimize=high&crop=1:1&width=356)
If you’ve been thinking of getting a longer-term CD, you may want to make a move.
![Cropped shot of a businessman using his computer in his home office](https://www.bankrate.com/brp/2024/10/04113118/which-cd-term-is-best-in-a-lower-rate-environment.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Find out which CD term is best for your financial goals in a lower rate environment.
![Percent symbol with people holding money that is many dollar bills. Concepts of the banking system, rising interest rates, inflation, deflation, and savings.](https://www.bankrate.com/brp/2024/09/17141959/what-to-do-when-your-cd-matures-in-a-falling-rate-environment.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Here’s how to proceed when your CD matures during falling rates.
![Couple looking at laptop while sitting on sofa at home](https://www.bankrate.com/brp/2024/09/16144258/5-cds-to-consider-before-a-fed-rate-cut.jpg?auto=webp&optimize=high&crop=1:1&width=356)
As the Fed is cutting interest rates, consider these certificates of deposit (CDs)
![CDs and money](https://www.bankrate.com/brp/2024/09/22174219/Desposits-Best-business-CD-rates-for-November-2024.jpg?auto=webp&optimize=high&crop=1:1&width=356)
These seven banks and credit unions offer competitive rates on CDs for businesses.
![stacks of coin with dollar bill](https://www.bankrate.com/2022/01/28141340/CD-ladder-what-is-it-and-how-to-build-one.jpg?auto=webp&optimize=high&crop=1:1&width=356)
A CD ladder lets savers benefit from higher rates without locking up all your money in long-term CDs.
![Man working on laptop and drinking coffee](https://www.bankrate.com/2023/05/01122348/GettyImages-1364881817.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Money market funds are available from several different brokers and fund managers.
![A man researches online.](https://www.bankrate.com/2020/02/12103948/5-reasons-why-you-should-get-a-mma.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Looking for a place to park your savings? Here’s why a MMA might be appealing.
![A young woman researches on her phone at a cafe.](https://www.bankrate.com/2021/04/23155535/are-mmas-safe.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Short answer? Yes. Here’s what you need to know.
![Woman using mobile phone at the bar](https://www.bankrate.com/2021/07/09151141/Whats-the-difference-between-a-money-market-account-and-a-money-market-fund.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
These accounts sound similar, but there are some key differences to know.
![Asian women using laptop computer at home working space.](https://www.bankrate.com/2022/07/19151307/Background-21.png?auto=webp&optimize=high&crop=1:1&width=356)
CD terms can range from three months to five years. Learn which one is right for you.
![A young female researches on her phone.](https://www.bankrate.com/2021/04/20123722/why-everyone-should-open-a-savings-account.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Here’s everything you need to know about no-penalty CDs.
![Woman online banking with a tablet](https://www.bankrate.com/2019/06/13123811/Hoe-regulation-D-limits-your-savings-accounts-withdrawls.jpg?auto=webp&optimize=high&crop=1:1&width=356)
How Reg. D impacts your savings account and why it pays to check with your bank.
![A guide to mutual funds](https://www.bankrate.com/2021/06/28114842/GettyImages-1325420913.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Not sure how to get started investing with mutual funds? We’ll help you understand the basics.
![Young Woman Checking Her Finances At Home](https://www.bankrate.com/2024/03/28200222/Where-is-the-account-number-on-a-check.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Finding the account number on a check is easy — if you know where to look.
![A young woman works from her laptop.](https://www.bankrate.com/2020/10/23135104/why-balance-your-checkbook.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Balancing your checking account may sound dated, but it still makes sense.
![Women using tablet](https://www.bankrate.com/2020/05/19152145/online-checking.jpeg?auto=webp&optimize=high&crop=1:1&width=356)
Online checking accounts stand out for different features. Here’s our top picks.
![close up of hands signing a check](https://www.bankrate.com/2022/06/08161719/How-to-write-a-check.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Checks aren’t as ubiquitous as they once were, but you may still have to write one.
![Young woman withdrawing money using phone at the ATM machine on the street in Budapest in Hungary.](https://www.bankrate.com/brp/2023/11/14094657/checking-account-fees-what-they-are-and-how-to-avoid-them.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Here are simple steps to take to avoid paying checking account fees.
![Capital One Bank signage in New York City](https://www.bankrate.com/2022/04/05145443/banks-that-eliminated-overdraft-fees.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Banks are cutting overdraft fees in response to consumers and regulators’ demands.
![Two female fashion designers working together at their studio](https://www.bankrate.com/2023/06/20154719/Looking-to-open-a-business-checking-account_-Heres-7-things-you-may-need-first.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Opening a business checking account isn’t as simple as opening a personal checking account. Here’s what to know.
![Young couple paying bills online](https://www.bankrate.com/brp/2022/06/03125555/Deposits-Online-Bill-Pay-What-is-it-and-why-its-a-good-idea.jpg?auto=webp&optimize=high&crop=1:1&width=356)
Online bill pay can add convenience and security to managing your routine bills.