CDs usually carry penalties for withdrawal before a specified time period, such as six or 12 months. (gobankingrates.com)
Alternatively, put it into a high - interest savings account with penalties for withdrawal (typically a rate reduction). (interpersonal.stackexchange.com)
The ideal time to do this would be the earlier of them turning 59 1/2, after which there is no early withdrawal penalty for withdrawals from their own account or prior to the year in which the deceased would have turned 70 1/2. (rodgers-associates.com)