A CD accrues interest and is an option to save your money to be used at a later time. You take out a CD for a given amount of time at a given interest rate, both of which are set when it’s opened.

Funds put in a CD can’t be withdrawn before the end of the CD’s duration without an early withdrawal fee and a penalty.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 so you can choose how long your money can build interest and when you can withdraw it.