3 CD account mistakes to avoid this September

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September 2, 2026 / 4:11 PM EDT / CBS News

Whether you're considering opening a certificate of deposit (CD) account or have an existing one approaching its maturity date this month, the unique savings account remains a credible option for savers looking to protect their principal and grow their interest right now. CD interest rates are high and exponentially higher than what's available with traditional savings accounts. And those rates are fixed, providing savers a level of predictability and security that they won't be able to obtain with alternative account types. But these accounts aren't risk-free, either.

If you ultimately need to withdraw your funds before the maturity date has arrived, you'll have to pay an early withdrawal fee to do so. And that could be significant depending on the deposit amount and the term, potentially eliminating all of the interest you've earned to that point. But while that will be a costly mistake worth avoiding in any economic setting, there are three other specific ones that savers will want to carefully avoid making this September. Below, we'll break down…

Original source: https://www.cbsnews.com/moneywatch/