Minimum deposit: How much do you need to invest to use a CD? Some banks do not set any minimum, while others might require more than $1,000 to get started.

That quote takes compounding frequency into account and helps you make an apples-to-apples comparison. The easiest way to compare rates is to use the annual percentage yield (APY), which banks typically provide for you.

Pay careful attention to the features below.

As you shop among banks, find a CD that’s the best fit for your finances.