Certificates of Deposit, also known as CDs,can be a good way to invest your money at higher rates than you can find in most online savings accounts. However, the reason you can find higher interest rates through CDs compared to savings accounts is because you are depositing your money for a fixed period of time.
One way to effectively use Certificates of Deposit is to build a CD ladder in which you open a series of CDs with various maturity dates, giving you higher interest rates than a savings account, and still maintaining access to some of your money at any given time.
Find the Best Online CD Rates
Use this interactive table to find the best CD Rates in your area: