A certificate of deposit (CD) is a safe place to keep your savings while earning more interest than you can usually get from traditional savings accounts. But unlike many savings accounts, a CD isn't designed to offer easy access to your cash.
When you open a CD, you promise to leave that money put for a specific time. If you break that promise, your bank may charge an early withdrawal penalty—which could cost you some and, in extreme cases, all of your accrued interest.
