CD’s or certificate of deposits are a type of savings account. When you put your money in a CD account you agree to keep the money in the account for a specified period of time and you will earn a specific interest rate. At the end of the term you can either roll over the amount (start another term) or widthdraw your savings and interest. The bank or financial institution will try to contact you prior to the maturity of the CD to see what you want to do. If they do not hear from you in a specified amount of time then they will automatically roll the investment into another CD. The drawback of CD’s is that if you need the money sooner you will pay a penalty for early widthdrawl which could completely eat up any earnings.