If you follow through, you’ll be rewarded with an amount of interest that’s typically greater than what you’d earn from a standard savings account. That could be in six months, one year or five years, depending on the term you’ve chosen. When you open a CD account, you agree not to touch your deposit until the CD’s term ends. Data accurate as of November 30, 2023.Ī CD is a type of savings account that pays a fixed interest rate for a fixed amount of time. Rates are based on a $25,000 minimum deposit.