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There are several types of CDs, each designed to meet different savings goals:

• Traditional CDs: These are the most common type of CDs, offering a fixed interest rate for a specified term.
• No-Penalty CDs: These allow you to withdraw your funds before the maturity date without incurring a penalty, offering more flexibility.
• Bump-Up CDs: These provide the option to increase your interest rate if rates rise during your term, although they often start with a lower initial rate.
• Jumbo CDs: These require a larger minimum deposit but typically offer higher interest rates in return.

Understanding the differences between these types of CDs can help you choose the one that best aligns with your financial goals.