Investing in CDs has one catch. Once you deposit your money, you cannot touch it before maturity. It works partly like a savings account, since you deposit your money and earn some interest over time. However, when it comes to a CD account, you are entitled to receive a higher interest rate than your saving account. In addition, CDs accounts offer different terms bundled in 3-months, 6-months, 1-year, and 2-years in that order. The terms period depends on your goal. However, if you wish to terminate your CD before maturity, your withdrawal will be subject to a penalty.