Is it possible to make money from Bank CDs/Time Deposits the same like an HYIP?

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You know how banks offer CDs, traditional CDs and such, or more so "time deposits"? Where you give them a certain amount of money for a specified time and you earn an interest rate then you collect it when time is up? Well it sounds kinda similar to HYIP sites if you know what i mean except with bank CD there's virtually no risk as it is FDIC insured. I just found out about these so I'm looking to see if any of you can clarify if one could use a Bank CD the same way they use an HYIP site? Like for instance, open a CD with $1000 for one month, collect the interest, redeposit the $1000 plus interest for another month, then collect and so on and so forth. Can this be done with a Bank CD? Also, I don't know if CD amounts are taxed or whatever, are they? That would suck.