How do I know the best time to take out a CD?

Thinking about taking out a Certificate of Deposit (CD), and not sure when you should?

It depends on when you think you’ll need to get your money after depositing it. A CD works a lot like a savings account in that it accrues interest, though there are differences. You can take out a CD for a given amount of time (term) at a given interest rate, both of which are set when you open the CD. Another difference is that funds put in a CD can’t be withdrawn before the end of the CD’s duration without an early withdrawal fee and a penalty.

That duration, also called a term, is set when you take out the CD. U.S. Bank offers a range of terms from 14 days up to 5 years, so you can choose how long your money can build interest, and, when you can withdraw it.

So, before you think about setting up a CD account, ask yourself when you think you’ll need to withdraw funds. Then take a look at our term options and see if they fit your goals.