Let's look at what types are available to you. First we have what they call a traditional CD. With a traditional CD you would deposit a set amount of money for a set term with a predetermined interest rate. You can either cash the CD when it matures or you can roll it over for a second term. Pretty much every financial institution will let you add extra funds during the term of the CD or at the point of roll over.
Next we have what is called a bump-up CD. With a bump-up CD you can take advantage of the rising rates. An example of this would be if your bank offered a set rate for a 2 year CD and the interest rate rose any additional points you would have the option of telling the bank you want to add the extra percentage for the term of the CD.
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