Certificates of Deposit (CDs) are a great way to save money safely while earning a higher rate of interest than a typical savings account. CDs are purchased through banks and you are guaranteed a fixed rate of return over the lifetime of your CD. While searching for the best CD rates you will come across a wide variety of earning options and the amount of money you can make will depend on the amount of money you have to invest and how flexible you are with your goals. Basically, the longer you keep your CD and the more money you have invested, the more interest you will make.

Some important terms to know while you are looking for the best CD rates:

Interest: This will be fixed or variable.

Early redemption: If you have to withdraw money from your CD, you will lose interest earnings and probably have to pay a penatly.

Maturity: The maturity date is what you chose and generally comes as 3 months, 6 months, 1 year, 5 years or 20 years.

To learn more about CDs and to do some comparison shopping, you may want to head over to Go Talk Money or read the Wikipedia guide on how CDs work.

Happy investing!