Certificates of deposit, or CDs, allow you to lock in an interest rate on your savings for a certain amount of time. This is especially true now, as CD yields are higher than they've been in years.
However, while most Americans know a thing or two about CDs, there's plenty that most people aren't familiar with. For example, did you know that some banks require thousands of dollars to open a CD, while others don't? And some CDs might be better for creating an income stream than others.
With that in mind, here are 10 especially important things to keep in mind as you're deciding whether a CD is the best place to park your cash.
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