Some penalties could eat up all that interest you earned. Here's what you need to know.
"If you want a CD where there's no penalty to take it out early, you're just going to get a lower rate," he said. "And then there's a bump-up CD, also just a term, but it's when you're in a raising interest rate environment. You can request the bank to 'bump it up' at the higher rate."
But again you are going to start with a lower interest rate than you would receive on a traditional CD. There are other options out there, too. The important thing to keep in mind is these are not your grandparents' CDs and you need to make sure you know the rules before putting your money down.7OYS's consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area.
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