why should i open a cd 
unlike most other investments cds offer fixed interest rates that are often higher than the rates on other bank accounts generally the longer the terms the higher the rates cds are an attractive option for savers who want to earn more than most savings checking or money market accounts without taking on more risk want more advice for saving money toward your financial goals order a copy of investopedia s what to do with 10 000 magazine cds vs savings and money market accountscds are like savings or money market accounts in that they allow you to put money away for a set period that way you can save toward a specific goal like a down payment on a house a new car or a vacation or you may want to use a cd as an emergency fund that earns a guaranteed return savings and money market accounts allow you to make additional deposits as well as withdrawals but with cds you make one initial deposit that stays in the account until its maturity date in return for giving up access to your funds cds generally pay higher interest rates than savings or money market accounts 