See how we rate banking products to write unbiased product reviews. One big drawback to CDs is that they generally charge fees if you withdraw money before the end of the CD's term length.

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Interest is compounded daily and credited to your account monthly. If you take money out of your CD during the agreed-upon term, before its maturity date, you’ll be charged a penalty for early ...

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first ...