Strategies to Maximize Fixed-Rate Certificate of Deposit Use Diversification Strategy As with any investment, it's wise not to put all your eggs in one basket.

Minimum balance requirements: Some of the best CDs require you to deposit $1,000, $2,500 or even more to open an account, whereas others don’t have a minimum balance requirement at all.

5 Steps to Open a Certificate of Deposit (CD) The following steps can help you find, open and fund a CD. Step 1: Consider Different Types of CDs ...

A certificate of deposit, or CD, is a type of bank account that requires the account owner to agree to keep their money in the account for a certain period. For this reason, CDs are also known as ...

Initial deposit The “initial deposit” is the amount you agree to put into your CD at opening. CIT Bank, for instance, has a $1,000 minimum deposit for most of its CDs.

Not to be confused with the metallic music-playing discs of the '80s and '90s, CDs — formally known as certificates of deposit — are a savings option still very much in play.

Discover how CDs work, including their interest rates, types, early withdrawal penalties, and terms lengths. We also explain how to open and manage a CD.