CDs are a special type of deposit account that offers a safe, long-term way to grow your money.

So long as you open your CD at an FDIC insured bank, the CD will never lose value. That means that you can know exactly how much money you’ll receive from the CD.

In exchange for offering a guarantee for how long you’ll leave your money in a CD, banks will offer you an interest rate higher than you can get from a savings account. This increased interest rate and level of security make CDs attractive to many consumers.

Citizens Access Bank, the online branch of Citizens Bank, offers great CD rates, making its CDs worth considering.

Read more at My Bank Tracker.