Generally, callable CDs are considered a safe investment option with a guaranteed return during the non-call period.
As with high-yield CDs, funds in a callable CD are typically not accessible prior to the maturity date without paying an early withdrawal penalty. Additionally, while there is no loss to principal or accrued interest in cases where callable CDs are called by the issuing bank or credit union prior to maturity, there is a loss of potential returns between the call date and the maturity date. There may also be a reinvestment risk in cases where interest rates have dropped.