While traditional CDs are the most common, there are a few other options that may suit different financial situations. By understanding the different types of CDs, you can select one that aligns best with your savings goals and needs. - Jumbo CDs: For those with a larger amount of money to invest, a jumbo CD typically requires a minimum deposit of $100,000 or more. In exchange for this large investment, banks usually offer higher interest rates than standard CDs. - No-Penalty CDs: A no-penalty CD allows you to withdraw your money before the end of the term without facing the usual penalties for early withdrawal. However, these CDs often come with slightly lower interest rates than traditional CDs. - Bump-Up CDs: With a bump-up CD, you have the option to increase your interest rate during the term if rates go up. This feature provides a little more flexibility compared to a traditional fixed-rate CD, but it may come with a slightly lower starting interest rate.