CD 与债券：它们如何比较以及哪种最适合您
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什么是 CD？
什么是债券？
CD 与债券
债券和现金的图片jetcityimage/Getty Images
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发布于 2023 年 4 月 4 日
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在 Bankrate，我们致力于帮助您做出更明智的财务决策。 虽然我们坚持严格的编辑完整性，但这篇文章可能包含对我们合作伙伴产品的引用。 这是我们如何赚钱的解释。
存款证（CD）和债券都受到储户的欢迎，因为它们是低风险投资，可能比传统储蓄账户的收益率略高。 对于定期存款和债券，您的资金通常会在一段时间内被占用，以换取固定的回报率。
虽然这两种类型的投资有许多相似之处，但在确定两者中哪一种适合您时，需要考虑一些根本差异。
什么是 CD？
CD 是一种存款账户，通常支付固定的年收益率 (APY)，以换取将资金锁定一段设定的时间。 CD期限通常为三个月至10年，较长期限可能比较较短期限支付更高的收益率。
CD 收益率往往会随着美联储的基准利率而波动。 因此，自美联储于 2022 年 2 月开始大幅加息以来，许多 CD 支付的利率一直在上升。
CD 的安全性如何？
存款证被认为是一种安全的投资，因为它们支付有保证的利率，并且当您的存款证得到联邦存款保险公司 (FDIC) 或国家信用合作社管理局 (NCUA) 的支持时，您的资金将免受银行倒闭的影响。
FDIC 为每位储户、每家 FDIC 承保银行、每种所有权类别提供高达 250,000 美元的资金保险。 国家信用社股份保险基金 (NCUSIF) 为每个单一所有权账户提供高达 250,000 美元的保障。
然而，可能对存款证固定利率产生负面影响的因素之一是通货膨胀。 如果通货膨胀率超过利率，那么捆绑在定期存款中的资金可能会随着时间的推移而失去购买力。
在期限到期之前兑现 CD 通常会导致提前取款罚款。 裁谈会的期限越长，处罚往往就越大。 费用金额通常基于 CD 支付的利息。 例如，提前提取 CD 可能会花费您 90 或 180 天的利息。
何时选择 CD
具有固定期限和保证利率的 CD 可能是您计划在未来花费的资金的好地方，例如婚礼或购买房屋或汽车。 然而，由于提前取款的处罚，这笔钱并不像储蓄账户中的资金那么容易提取。 这使得流动性储蓄账户成为您短期内紧急情况或其他购买所需资金的更好选择。
与债券不同，存款证的固定期限保证在未来的指定日期支付特定的收益率。 您可以使用 CD 计算器来准确确定 CD 到期时您将获得多少利息。
由于定期存款通常支付固定收益率，因此在利率下降的环境中，定期存款可能是一个明智的选择。 当利率下降时，您目前可能能够锁定比未来几个月或几年提供的更高的收益率。
什么是债券？
当您投资债券时，您实际上是在向发行债券的政府或公司提供贷款。 作为回报，您将在规定的时间内收到利息。
债券通常被认为是多元化投资组合的必要组成部分，因为它们的风险往往低于股票。 然而，较低风险的代价是较低的预期回报。
债券类型包括国债、储蓄债券、市政债券和公司债券。
您可以购买个别债券，也可以选择投资债券共同基金或交易所交易基金 (ETF)。 您还可以直接从美国财政部购买政府债券，这样您就可以避免通过经纪人购买的相关费用。
债券有多安全？
您可能会通过多种方式损失投资于债券的资金。 如果利率大幅上升，在到期前出售债券可能意味着您将无法获得所支付的价格。 然而，如果您等到债券到期，您可能会获得债券的面值。
如果发行人拖欠债券付款，例如发行债券的公司破产，债券可能会变得一文不值。 因此，它可以选择投资级债券，这些债券已获得信用评级机构的高评级。 然而，美国国债和美国储蓄债券等债券却得到了美国政府的充分信任和信用支持。
与 CD 一样，支付固定回报的债券可能会受到通货膨胀的负面影响，因为债券的购买力
与债券不同，存款证的固定期限保证在未来的指定日期支付特定的收益率。 您可以使用 CD 计算器来准确确定 CD 到期时您将获得多少利息。
由于定期存款通常支付固定收益率，因此在利率下降的环境中，定期存款可能是一个明智的选择。 当利率下降时，您目前可能能够锁定比未来几个月或几年提供的更高的收益率。
什么是债券？
当您投资债券时，您实际上是在向发行债券的政府或公司提供贷款。 作为回报，您将在规定的时间内收到利息。
债券通常被认为是多元化投资组合的必要组成部分，因为它们的风险往往低于股票。 然而，较低风险的代价是较低的预期回报。
债券类型包括国债、储蓄债券、市政债券和公司债券。
您可以购买个别债券，也可以选择投资债券共同基金或交易所交易基金 (ETF)。 您还可以直接从美国财政部购买政府债券，这样您就可以避免通过经纪人购买的相关费用。
债券有多安全？
您可能会通过多种方式损失投资于债券的资金。 如果利率大幅上升，在到期前出售债券可能意味着您将无法获得所支付的价格。 然而，如果您等到债券到期，您可能会获得债券的面值。
如果发行人拖欠债券付款，例如发行债券的公司破产，债券可能会变得一文不值。 因此，它可以选择投资级债券，这些债券已获得信用评级机构的高评级。 然而，美国国债和美国储蓄债券等债券却得到了美国政府的充分信任和信用支持。
与存款证一样，支付固定回报的债券可能会受到通货膨胀的负面影响，因为如果通货膨胀加剧，债券利息支付的购买力可能会下降。
固定回报债券的另一种选择是美国政府发行的第一系列债券，它通过调整通货膨胀来帮助保护您的投资。 这些债券的收益率随着通货膨胀率的上升和下降。
何时选择债券
寻求投资组合多元化的投资者可能会决定将一定比例的资金投资于债券，因为债券的风险通常低于股票。 随着退休的临近，一些人选择加大债券投资力度，希望获得稳定的回报，同时减少亏损的可能性。
CD 与债券
下图是 CD 和债券的并排比较，显示了您可以在哪里购买它们、如何保证资金安全以及资金的流动性。
CD 债券
发行人 银行或信用合作社 政府、市政府或公司
资金如何受到保护 对于 FDIC 或 NCUA 承保的 CD，每个存款人、每个受保银行、每个账户所有权类别的资金保险最高可达 250,000 美元。 美国国债和美国储蓄债券由联邦政府支持。
公司债券由每个发行人支持，如果公司违约，则存在失去本金的风险。
市政债券由发行它们的市、县、州或其他市政府支持。 虽然总体上是安全的，但如果发行人申请破产，这些债券可能会违约。
流动性 大多数 CD 都会根据 CD 支付的利息（例如 90 天的利息或 180 天的利息）进行提前支取罚款。 债券有到期日，但大多数可以在二级市场上更早出售。
虽然存款证和债券有很多相似之处——两者都是低风险投资，通常赚取固定利率——但当您在两者之间进行选择时，可以考虑一些差异：
安全
一般来说，存款证和债券都是安全的投资。 然而，当您开立一张由 FDIC 或 NCUA 承保的 CD 时，如果银行倒闭，您可以保证不会损失资金。
国债和美国储蓄债券均由联邦政府支持。 虽然公司债券等替代品的情况并非如此，但您可以通过选择已被信用评级机构评为投资级别的债券来帮助最大限度地减少亏损的机会。
最低投资要求
如果您没有太多投资，您也许可以找到最低余额要求较低的 CD，例如花旗银行，其最低开户存款仅为 500 美元。 其他银行，例如 Synchrony 和 Capital One，开立 CD 没有最低存款要求。
债券的面值可能会根据债券的类型和到期时间而有所不同。 例如，一些公司债券和国债的最低面值为 1,000 美元——这就是您购买债券所需支付的金额。
避免为债券支付高昂的最低面值的一种方法是投资由债券投资组合组成的债券 ETF。 这使您可以按交易价格购买债券基金的单一股票，并且一些经纪人允许购买部分股票。
流动性
大多数 CD 中的资金在 CD 到期之前无法使用，否则您将受到提前提款罚款。 虽然债券也有到期日，但您可以在该日期到来之前在二级市场上出售它们。
最终，您在不久的将来可能需要使用的资金（例如紧急情况）可能最好保存在流动性储蓄账户中。
底线
CD 和债券通常都是安全的投资，两者都可以帮助平衡还包含股票等风险较高的替代品的投资组合。 定期存款和债券的收益率可能比传统储蓄账户略高，在两者之间进行选择时，重要的是要考虑安全性、最低投资要求和流动性等因素。
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CDs vs. bonds: How they compare and which is right for you
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What are CDs?
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CDs vs. bonds
Image of bonds and cashjetcityimage/Getty Images
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Published April 04, 2023
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Certificates of deposit (CDs) and bonds are both popular with savers since they’re low-risk investments that may pay slightly higher yields than traditional savings accounts. With both CDs and bonds, your money will often be tied up for a set period of time in exchange for a fixed rate of return.

While these two types of investments have many similarities, there are several fundamental differences to be considered when determining which of the two is right for you.

What are CDs?
A CD is a deposit account that usually pays a fixed annual percentage yield (APY) in exchange for locking up your money for a set period of time. CD terms typically range from three months to 10 years, and longer terms may pay higher yields than shorter ones.


CD yields tend to fluctuate along with the Federal Reserve’s benchmark interest rate. As such, the rates paid by many CDs have been increasing since the Fed began aggressively raising interest rates in February 2022.

How safe are CDs?
CDs are considered a safe investment since they pay a guaranteed rate — and your funds are protected from bank failure when your CD is backed by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).

Funds are insured by the FDIC up to $250,000 per depositor, per FDIC-insured bank, per ownership category. The National Credit Union Share Insurance Fund (NCUSIF) covers up to $250,000 for each single ownership account.

One factor that can impact the fixed rates of CDs negatively, however, is inflation. Money tied up in a CD can lose purchasing power over time if the rate of inflation surpasses the interest rate.

Cashing in a CD before the term expires often results in an early withdrawal penalty. The longer the term of the CD, the more substantial that penalty tends to be. The fee amount is usually based on the interest the CD pays. For instance, an early withdrawal from a CD may cost you 90 or 180 days’ worth of interest.

When to choose a CD
A CD with a fixed term and guaranteed rate can be a good place for money you plan to spend down the line, such as a wedding, or the purchase of a house or car. Due to early withdrawal penalties, however, the money is not as easily accessible as funds in a savings account. This makes a liquid savings account a better option for money you may need for emergencies or other purchases in the short term.

Unlike bonds, a CD’s fixed term is guaranteed to pay a specific yield on a set date in the future. You can use a CD calculator to determine exactly how much interest you’ll have earned when the CD matures.


Since CDs usually pay fixed yields, a CD may be a smart option in a falling-rate environment. When rates are decreasing, you may be able to lock in a higher yield at the present time than what will be offered in coming months or years.

What are bonds?
When you invest in a bond, you’re effectively making a loan to the government or corporation that’s issuing the bond. In return, you receive interest payments over a set timeframe.

Bonds are often considered a necessary component of a diversified portfolio since they tend to carry less risk than stocks. The tradeoff for less risk, however, is a lower expected return.

Types of bonds include Treasurys, savings bonds, municipal bonds, and corporate bonds.

Individual bonds are available for purchase, or you can choose to invest in bond mutual funds or exchange traded funds (ETFs). You can also acquire government bonds directly from the U.S. Treasury, which allows you to avoid the fees associated with buying through a broker.

How safe are bonds?
There are ways you can lose the money you’ve invested in bonds. If interest rates rise substantially, selling a bond before maturity might mean you won’t get the price you paid for it. Yet you’ll likely get the face value of the bond if you wait until it matures.

A bond may become worthless if the issuer defaults on the payment of the bond — such as when a company that issued a bond goes bankrupt. As such, it can pay to go with investment-grade bonds, which have earned a high rating from credit-rating agencies. Bonds such as Treasurys and U.S. savings bonds, however, are backed by the full faith and credit of the U.S. government.

Like CDs, bonds that pay a fixed return can be impacted negatively by inflation, since the purchasing power of the bond’s interest payment can go down if inflation increases.

An alternative to fixed-return bonds is U.S. government-issued Series I bonds, which help protect your investment by adjusting for inflation. The yields on these bonds rise and fall along with the rate of inflation.

When to choose bonds
Investors looking to diversify their portfolio may decide to put a set percentage of their money in bonds, since they generally carry lower risk than stocks. As retirement draws nearer, some choose to invest more heavily in bonds in hopes of receiving a steady return with little chance of losing money.

CDs vs. bonds
The following chart is a side-by-side comparison of CDs and bonds that shows where you can buy them, how the money is kept safe and the liquidity of the funds.

CDs	Bonds
Issuer	Banks or credit unions	Governments, municipalities or corporations
How funds are protected	With CDs that are covered by the FDIC or NCUA, funds are insured up to $250,000 per depositor, per insured bank, for each account ownership category.	Treasurys and U.S. savings bonds are backed by the federal government.
Corporate bonds are backed by each issuer and carry the risk of losing principal if the company defaults.

Municipal bonds are backed by the city, county, state or other municipality that issued them. While generally safe, these bonds could go into default if the issuer files bankruptcy.

Liquidity	Most CDs carry early withdrawal penalties, based on the interest the CD pays, such as 90 days of interest or 180 days of interest.	Bonds have maturity dates, but most can be sold sooner on secondary markets.
While CDs and bonds have various similarities — both are low-risk investments that often earn a fixed rate — there are several differences that can factor in when you’re choosing between the two:

Safety
Generally, both CDs and bonds can be safe investments. When you open a CD that’s insured by the FDIC or the NCUA, however, you’re guaranteed not to lose the money if the bank were to fail.

Treasury bonds and U.S. savings bonds are backed by the federal government. While the same is not true for alternatives such as corporate bonds, you can help minimize your chances of losing money by choosing bonds that have been rated investment grade by the credit-rating agencies.

Minimum investment requirements
If you don’t have a lot to invest, you may be able to find a CD that requires a low minimum balance — such as Citibank, which requires a minimum opening deposit of just $500. Other banks, such as Synchrony and Capital One, require no minimum deposit to open a CD.

The face value of bonds can vary based on the type of bond and when it matures. Some corporate bonds and Treasury bonds, for instance, hold a minimum face value of $1,000 — which is what you’ll pay to buy the bond.

One way to avoid paying a hefty minimum face value for a bond is investing in bond ETFs, which consist of a portfolio of bonds. This allows you to buy a single share in a bond fund at its trading price — and some brokers allow for the purchase of fractional shares.

Liquidity
The funds in most CDs cannot be accessed before the CD matures without your being subjected to an early withdrawal penalty. While bonds also carry a maturity date, you may be able to sell them on the secondary market before that date arrives.

Ultimately, funds you may need access to in the near future — such as for emergencies — may be best kept in a liquid savings account.

Bottom line
Both CDs and bonds are generally safe investments, and both can help balance out a portfolio that also consists of riskier alternatives such as stocks. CDs and bonds may pay a slightly higher yield than traditional savings accounts — and when choosing between the two, it’s important to consider factors including safety, minimum investment requirements and liquidity.