The best time to get a Certificate of Deposit (CD) is when interest rates are high and you have a chunk of cash you don’t need anytime soon. CDs offer a guaranteed interest rate in exchange for you letting them hold onto your money for a set amount of time, sometimes multiple years. Make sure you’re getting a competitive interest rate and that you’re not going to need that money before the term is up—if you take it out early, you’ll pay a penalty.