Overview

• Online banks offer higher interest rates for savings accounts and CDs compared to traditional banks.
• Rates on high-yield savings accounts and CDs have increased recently, making now an opportune time to open one.
• Long-term CDs offer higher interest rates and predictability but less liquidity, while short-term CDs offer more flexibility at lower rates.
• No-penalty CDs allow for withdrawals without fees but have lower rates.
• Brokered CDs may have higher rates and more liquidity but often have more fees.