A no-penalty certificate of deposit is a type of CD that charges no fee for withdrawing money before the term expires. It offers more flexibility than other CDs. Strict editorial guidelines to ...

Ben Gran is a freelance contributor for Forbes Advisor on banking. He also writes for The Ascent (a Motley Fool service), where he covers insurance, credit cards, personal finance and investing.

We monitor and report on the best no-penalty CD rates currently available from nationwide financial institutions. No-penalty CDs aren't very common, so you only have a few strong banks to choose from.

If you do need your cash before the term expires, you'll pay a fee for doing so. However, with a no-penalty CD, you're able to access your cash when you need it without paying fees. In essence ...

But you can get around that consequence by putting your money into a no-penalty CD instead. No-penalty CDs give savers more flexibility because if you need to withdraw money before the CD matures ...