Two forms of identification such driver’s license or passport.Once you have decided on the right CD account for you based on the CD terms, you can open an account quite easily. It’s a good way to get a bit more bang for your buck if you are comfortable not having access to those funds until the CD has matured. Not only is a CD a low-risk savings tool and investment strategy, but it is also best for those who want to increase the amount they earn in interest while keeping their money stored away without touching it. In order to earn the higher interest rate you need to leave your CD account untouched for the entirety of the term length until it reaches maturity. Unlike traditional savings, however, it’s not a liquid account that you can easily withdraw money from when you might need it. What Is A CD Account?Ī certificate of deposit, or CD, is one kind of savings account offered by banks and credit unions that offers a safe and easy way to invest and make a return on your money. In return, CDs offer a fixed, higher interest rate than a typical savings account, allowing a higher yield on your money. When opening a CD, you’ll determine the length of the fixed “term” that will be established - from three months to a number of years - and the money will be locked for that period of time. For that reason alone, this account should not be passed over. Non-EverBank ATM fees are only reimbursed up to $15 per month - though unlimited reimbursements are available if you maintain a minimum average daily balance of $5,000Ī APY is a pretty serious one.More than 80,000 fee-free ATMs available.Easy online banking via the EverBank website and mobile app.

12-month CD Annual Percentage Yield (APY).Minimum deposit amount needed to open a CD.To determine the best CD accounts available in the market, GOBankingRates ranked nearly 65 banks based on a number of factors, including: There are some things to consider, however, before opening up a CD, as the terms of the agreement are specific. Like a traditional savings account, they are a safe investment established through a bank or credit union, but generally CDs have higher interest rates - currently more than 4% - allowing you to make more on your return. Any product recommendations on GOBankingRates are independent and based on research and product testing.ĬDs, also known as certificates of deposit, are a great way to capitalize on your savings potential. Our reporters produce fresh and accurate content that is objective and ethically sound. At GOBankingRates, we’re deeply invested in the quality of our content.

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