Certificates of Deposit (CDs) pay a little more than savings accounts. What’s the catch? You have to lock your money up at the bank for a while — anywhere from a few months to a few years.

With interest rates so low, savers are looking for ways to earn a little more. CDs are an option, but you may not be happy if you have to get at your money before the CD matures. You usually have to pay a penalty, and you might not even be allowed to get the money back early for any price.

Make sure you understand the early withdrawal options before buying a CD. Ken at DepositAccounts.com explains some of the details on early withdrawal penalties for CDs.