A negotiable CD is one that you can sell to someone else if you don't wish to hold it to maturity or pay a penalty for taking money out early. Jumbo CDs are usually negotiable. In fact, jumbos are sometimes referred to simply as "negotiable CDs." Conventional CDs, on the other hand, typically aren't negotiable; when you buy one, it's issued in your name, and you're the only one who can collect on it at maturity.