What is a CD and how does it work?

A Certificate of Deposit (CD) helps you save money for a specified period, also known as the CD’s term, while receiving a fixed rate of return. Happen Bank offers several CDs term options and allows you to deposit up to $500,000 in each CD account. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category. Learn more about FDIC insurance limits.

You can only fund a CD once, during the initial deposit. Funds are not available for withdrawal during a CD’s term without being subject to an early withdrawal penalty. We allow monthly interest distributions to a Happen Bank checking or savings account, which you can set up in your account online or in the app, or you can simply allow the interest to accrue in the CD.

Additional Product Features FAQ

Happen Bank Resources

Best personal loan rates in 2026: How to compare lenders accurately

The best personal loan rate in 2026 isn't the one with the lowest advertised interest rate: it's the one with the lowest APR, which includes additional finance charges. APR (Annual Percentage Rate) is the only apples-to-apples comparison figure because it includes both the interest rate and any origination fee.

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Jul 12, 2026

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Credit card consolidation loans: How to pay off multiple cards with one fixed rate

A credit card consolidation loan replaces multiple high-interest card balances with a single fixed-rate personal loan – one monthly payment, one interest rate, and a defined payoff date. For borrowers carrying balances at 21.39% APR or higher, the interest savings are often substantial1. The math works for the same term when your consolidation loan APR is lower than your current weighted average card APR and the fixed monthly payment fits your budget.

Personal Finance

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Woman considers how many credit cards she should have.

Home improvement loans: How to finance your next project

The best home improvement loan depends on two things: how much equity you have and how quickly you need the funds. Homeowners with significant equity can access lower starting rates through a Home Equity Line of Credit (HELOC) or home equity loan, but closing costs and appraisal fees may narrow that advantage on mid-size projects. An unsecured personal loan requires no equity, no appraisal, and can be funded in days1 – at a fixed rate that won't move over the life of the project. Happen Bank offers eligible applicants a 1% interest rate discount on personal loans used for home improvement.

Personal Loan

Jul 12, 2026

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HYSA vs CD: Which is right for your savings?

Both a high-yield savings account (HYSA) and a certificate of deposit (CD) outperform a traditional savings account.

Personal Savings

Jul 8, 2026

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What investors need to know about the personal loan market

The unsecured personal loan market continues to hit record highs, and despite challenging macroeconomic conditions, shows few signs of slowing down.

Institutional Investing

Jul 29, 2025

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Related Impact

It's Official—Radius Joins Happen Bank!

Today, we are thrilled to announce the completion of our acquisition of Radius Bancorp, Inc. (“Radius”). In February 2020, we announced our intent to acquire Radius and shared how we can grow and deepen our customer relationships with a marketplace bank.

Company News

Jan 30, 2021

2 min read

No, you don’t need to make deposits during the first two statement cycles to earn the LevelUp Rate. This gives you time to set up any recurring monthly deposits.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

Can I make multiple deposits in a month to meet the requirement?

Yes, you can make multiple deposits during the Evaluation Period to meet the minimum deposit of at least $250 to earn the LevelUp Rate.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

What is the Evaluation Period?

The Evaluation Period for your LevelUp Savings account refers to the previous month’s statement cycle.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

Can I withdraw funds from my CD early and are there penalties if I do?

Any early CD withdrawals made outside the 10-day grace period following the maturity date may be subject to an early withdrawal penalty.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

How does early direct deposit work?

When you set up direct deposit into your Happen Bank savings account, we make your funds available as soon as we receive notification from the depositor when funds will be available.

Savings Accounts and CDs FAQ

Dec 31, 1969

less than a minute read

Related Glossary

Revolving Credit

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

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Accrued Interest

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.

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Annual Percentage Rate (APR)

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

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Charge-Off

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

C Letter Term

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Fixed Interest Rate

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.

F Letter Term

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