Buying a certificate of deposit, or CD, doesn't have to be overwhelming. In fact, you don't even have to "open a CD account" the way you would a traditional savings account or an IRA. You can buy CDs with a deposit as low as $1,000 and invest for as little as six months or as long as five years, with the option to renew at their maturity date. Keep in mind that you can only withdraw a CD at its maturity date – you'll pay a penalty if you withdraw it ahead of time.

Many banks will promise you high CD rates but also have inflexible terms and rigid requirements such as a high minimum investment amount. On the bright side, online banks such as Aurora Bank have remained both reliable and competitive with CD rates and minimum investment amounts. In addition to competitive rates, you'll also want to look for these added features when investing in CDs:

Multiple Term Lengths – Whether you're planning a family vacation six months from now, or you want to save for your child's college education which is coming up in a few years, having flexible CD term lengths puts you in control. You can even spread your money across multiple CDs with different maturity dates so that you have access to money when you feel you might need it in a pinch.

FDIC Insurance – Unlike some bank products, CDs are insured by the FDIC (Federal Deposit Insurance Corporation) for member Banks, a government entity that backs your investment up to the maximum allowable by the FDIC. This brings extra security and peace of mind that helps keep your investment safe without subjecting it to the whims of the stock market.

Automatic Rollovers and Compound Interest – Your CD should give you the option to automatically roll it over into another fixed period if you wish. Most banks will give you a grace period of 10-15 days after your maturity date, during which you can withdraw your funds or roll them over for an additional period of time.Bank websites, such as that of Aurora Bank, often provide helpful calculators and rates tables that show you what your potential earnings can look like at the end of the year depending on how much you invest.