A CD, which stands for Certificate of Deposit, is a specific type of savings account that has a fixed interest rate and a fixed withdrawal date (maturity date). Usually banks, including Seacoast Bank, do not charge a monthly fee for CDs. CDs are also insured by the FDIC up to $250,000 per account.
This will depend on the term of your CD. Some CDs pay out interest monthly, while others pay out semi-annually or annually, and some even pay out in full at the end of the CDs term.
Because CDs are insured by the FDIC up to $250,000 per account, they are considered a low-risk investment. Additionally, you lock in your interest rate, so there is no chance of that changing over the course of the term of your CD. One of the only risks associated with the CD is the penalty against early withdrawal, so an important thing to consider is the ability to put that amount of money away for the entire term of the CD.