You may or may not have a savings account and if you do, is it really doing the most to earn you the money you deserve? The average interest yield for a savings account ranges from .01% – 1.00%.
The better ones can go up to 2.00%. We have an even better way to get the most out of your money at a much better rate!
If you’re looking for something that gives you a high yield, then consider checking out Certificates of Deposits (CD’s).
Your accounts are guaranteed to grow at an exponential rate, especially if you have a few set up! They’re safe and have an extremely low risk.
CD’s aren’t right for everyone and if you’re interested, considering reading on to see how you can save!
| Blue Federal Credit Union | 5.15% APY 15-Month CD | Review |
| Ponce Bank | 5.15% APY 3-Month High Yield CD | Review |
| Quontic Bank | 5.15% APY 12-Month CD | Review |
| First Mid Bank & Trust | 5.10% APY 9-Month CD | Review |
| Ponce Bank | 5.10% APY 1-Month High Yield CD | Review |
| Ponce Bank | 5.06% APY 4-Month No-Penalty CD | Review |
| Western Alliance Bank | 5.01% APY 12-Month CD | Review |
| CIT Bank | 5.00% APY 6-Month CD | Review |
| Western Alliance Bank | 5.00% APY 6-Month CD | Review |
| Western Alliance Bank | 5.00% APY 3-Month CD | Review |
| Blue Federal Credit Union | 5.00% APY 9-Month No Penalty CD | Review |
| mph.bank | 4.92% APY 6-Month No Penalty CD | Review |
| First Mid Bank & Trust | 4.92% APY 12-Month No Penalty CD | Review |
| FVCbank | 4.90% APY 12-Month No Penalty CD | Review |
| CIT Bank | 4.90% APY 11-Month No-Penalty CD | Review |
| Idabel National Bank | 4.90% APY 24-Month CD | Review |
| Nationwide | 4.75% APY 12-Month CD | Review |
| Discover Bank | 4.75% APY 18-Month CD | Review |
| Sallie Mae | 4.75% APY 14-Month No-Penalty CD | Review |
| Sallie Mae | 4.70% APY 10-Month No-Penalty CD | Review |
| CIT Bank | 4.65% APY 13-Month CD | Review |
| CIT Bank | 4.60% APY 18-Month CD | Review |
| Great Lakes Credit Union | 4.60% APY 12-Month CD | Review |
| SkyOne Federal Credit Union | 4.50% APY 15-Month CD | Review |
| SkyOne Federal Credit Union | 4.20% APY 12-Month CD | Review |
How Do CD’s Work?
Think of CD’s as a savings account. The main difference is that you can not pull the money out without incurring a fee. There is a set interest rates and you can earn a much larger interest yield.
Some common CD maturation times you’ll be able to find are:
- Best 6-Month CD Rates
- Best 9-Month CD Rates
- Best 12-Month CD Rates
- Best 18-Month CD Rates
- Best 24-Month CD Rates
- Best 36-Month CD Rates
- Best 48-Month CD Rates
- Best 60-Month CD Rates
Are You Reluctant With Risks?
If you have a ton of money sitting in your home? If so, put it to good use so that you can earn money as it sits in a bank instead! You can put it in more risky Investment That Can Have Big Returns, but also have the potential to lose a lot.
CD’s are a good introduction to investments. They’re a happy medium compared to savings accounts and those similar to it.
Just like savings account, they generally have a fixed interest rate and are covered by FDIC, so you can rest assured knowing your money is safe.
Do You Need Ease Of Access
If you need to have access to your money constantly, then CD’s may not be the best for you. One of the cons of CD’s are that you get penalized if you withdraw your funds before the date of maturity.
Choosing short-term CD’s can be more beneficial as they’re fast and if a situation were to arise, you don’t need to wait a very long time to access it.
Do You Have Time To Wait?
If you want to take advantage of CD’s, then be sure to get the highest interest rate possible. Generally, banks will offer a higher yield the longer the maturity date.
If you have the time and don’t mind putting your money in a longer maturity date, then we recommend you leaving your money in a long term CD and forgetting about it.
Once your CD’s reach to it’s maturity, you have the option of either renewing it into the same or different term or simply just withdrawing the funds altogether.
If you have one long term CD’s it would feel a lot less long if you have a few shorter term CD’s.
Need To Save For The Future?
CD’s offer more than just a high yield savings account. You can also take out different types of accounts based on longer term goals. You can open retirement accounts such as IRA’s which will be held as a CD.
You can also have CD’s as trusts and custodial, or even joint accounts for your family.
Get The Best CD Options
For an excellent CD account, see our review of Discover Bank’s CD account. Check our site for a lot more information on different accounts and reviews!
If you decide on a CD from a major bank, you may not be getting the best rates compared to online banks.
Why? Generally, online banks don’t have large overhead costs, so the can offer you a more favorable yield.
Compare CD Accounts
 • Available online nationwide • Earn up to 5.00% APY • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! |
 • Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.75% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Start today with a minimum deposit of $2,500! • Get started and open a Discover CD in 3 easy steps. |
Recommended Online Savings Accounts
 • Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account • No minimum balance requirements • Free ATM card upon request • $250 minimum opening deposit • Free Incoming Wires |
 With the American Express® High Yield Savings Account: • Earn 4.00% APY as of 5/31/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
 With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured |
 Open a Discover Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023 • Earn high interest rate of 3.90% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
Bottom Line
We recommend starting CD’s as they generally have a better yield compared to most savings account. However, some yields on CD’s are so low that it may benefit you to put money in a savings account instead.
Again, If you want a excellent CD account, see our review of Discover Bank’s CD account. Take advantage of your money today and get the most with it by investing it in a CD! You can also check our list on the Best Bank Rates here, at HMB!
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