5 Key Numbers to Know About CDs

Interest Rate

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Term Length

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Minimum Deposit

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Early Withdrawal Penalty

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Maturity Date

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APY

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Reinvestment Options

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Penalty-Free Withdrawal Period

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5 Key Numbers to Know About CDs

Interest Rate

Definition: The annual percentage yield (APY) or interest rate that the bank pays on the CD.

Term Length

Definition: The duration for which the CD is held, ranging from a few months to several years.

Minimum Deposit

Definition: The smallest amount of money required to open a CD.

Early Withdrawal Penalty

Definition: Fees or interest penalties imposed if you withdraw funds before the CD matures.

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Maturity Date

Definition: The date when the CD reaches its term and the principal and interest are returned to you.

APY

Definition: The total annual return on the CD, including compound interest, expressed as a percentage.

Reinvestment Options

Definition: Whether you can automatically reinvest the CD’s principal and interest into a new CD upon maturity.

Penalty-Free Withdrawal Period

Definition: A specific time frame during which you can withdraw funds without penalties, often after the CD matures.