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# Are CDs worth it?
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Jessica Walrack
Jessica Walrack is a freelance contributor who covers a variety of personal finance topics such as investing and mortgage industry trends.
March 8, 2023 / 3:46 PM EST / CBS News
CDs are currently offering significantly higher interest rates than traditional savings accounts. Getty Images/iStockphoto
A [certificate of deposit (CD)](https://www.cbsnews.com/news/whats-a-certificate-of-deposit-cd/) is a type of savings account that requires you to deposit money for a set term. In exchange, the bank or credit union pays you interest—often higher than the rates paid on [checking](https://www.cbsnews.com/news/checking-accounts-everything-to-know/) or savings accounts. The longer you agree to leave the money in the account, the higher the interest yield.
But are CDs worth it?
"It depends on the individual's circumstances and goals. Generally speaking, though, there are a few key advantages to CDs that may make them worth considering for some people," says Robert Donnelly, CFO of Marketplace Fairness.