What are the advantages an disadvantages of CD accounts?

CD accounts, or certificates of deposit, offer several advantages, including higher interest rates compared to regular savings accounts and the security of FDIC insurance, which protects your investment. However, they also come with disadvantages, such as limited liquidity due to early withdrawal penalties and the potential for missed opportunities if interest rates rise after you've locked in your rate. Additionally, the fixed terms can be less flexible, as your funds are tied up for a specified period.