When a financial institution is FDIC- or NCUA-insured, up to $250,000 per depositor, per account category is secure in a bank account. Bear in mind money is safe at a federally insured financial institution. Our top picks for CDs are protected by federal insurance.

Also, make sure you know what steps you need to take once your CD term ends. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.ĬDs aren't as accessible as other types of savings accounts, so keep in mind how long you can keep money in the account without potentially facing early withdrawal penalties.