There is no right answer to this question. Generally, a CD will pay a higher interest rate than a savings account. CDs have penalties for early withdrawal, which restricts access to your money. A high yield savings account will limit the amount of withdrawals that can be made each month; however, any withdrawal can be used to transfer all of your funds to either a higher yielding account or for your expenditures. If the liquidity of your funds is of greater value than the increased rate you may obtain from a longer term CD, than a savings account is the right product. If the highest rate is your main goal, more often than not, this will be found with CD. A general guide is that the longer you agree to leave a CD deposit, the higher the yield will be. Check the best CD rates with various terms to see which one may meet your goals. Whether you choose to invest in a savings account or a CD is an individual decision best made considering your need for access to the funds and the rate of return you are looking for.
Rates Current as of Saturday February 16, 2019
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