If you're looking for a fast way to grow your savings, a Certificate of Deposit (CD) can help you reach your goals. These high-interest accounts allow you to accrue extra money throughout their term limit and are a great way to save for upcoming expenses or add a little boost to your savings strategy.

According to the FDIC, the average CD interest rate is much higher than the average savings account rate. Of course, CD rates can often be much higher than that average – especially our promotional rates.

The higher your initial deposit, the more you can potentially earn in interest. But remember – before you open a CD you should be sure to check the minimum deposit requirements. Some, like our Smart Saver CD, have a minimum of just $25 as long as you deposit at least $25 a month. Other CDs may have much higher minimum deposit requirements.

CDs are a great way to save, but do often carry penalties for early withdrawal, so make sure you only deposit money you won’t miss for the full term.

Want to see how a CD can help you? Predict your savings with our CD calculator.