A Certificate of Deposit (CD) is a type of savings account that provides a higher interest rate than a traditional savings account in exchange for your agreement to keep your money deposited for a specific term. CDs are FDIC-Insured, making them a place to save your money and you'll know exactly how much interests you'll earn over the CD term. However, if you withdraw your money before the CD's maturity date, you'll have to pay a penalty. CDs are a good option if you want a higher interest rate, and don't foresee needing access to your money within your chosen term.

CDs offer higher interest rates than regular savings accounts but require you to commit your money for a specific period. This makes them ideal for funds you won't need soon, like those earmarked for a down payment or a vacation. Savings accounts provide easy access to your money but typically have lower interest rates. They're perfect for your emergency fund or money you might need for upcoming expenses. To maximize your earnings while maintaining flexibility, consider using both CDs and savings accounts. For instance, keep your emergency fund liquid in a savings account and invest money for long-term goals in CDs.

When your CD reaches its maturity date, you have a few options:

• Withdraw your money 
• Rollover to a new CD: You can roll over to a new CD with different terms/rates.
• Do nothing: You will have 10 calendar days after the maturity date to withdraw funds without penalty. The account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew.

If you withdraw before your CD matures, a penalty may be assessed. The penalty amount depends on the term length, and how early you withdrawal. If you are worried you may need to access your money during your chosen term, you may want to consider a traditional savings account.