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!
| Service Credit Union | 4.50% APY 6-Month CD | Review |
| Western Alliance Bank | 4.50% APY 3-Month CD | Review |
| Western Alliance Bank | 4.40% APY 6-Month CD | Review |
| Rising Bank | 4.40% APY 6-Month CD | Review |
| Rising Bank | 4.35% APY 15-Month CD | Review |
| First Tech Federal Credit Union | 4.35% APY 13-Month Share Certificate | Review |
| Quontic Bank | Up to 4.25% APY CD | Review |
| Western Alliance Bank | 4.25% APY 12-Month CD | Review |
| Ponce Bank | 4.25% APY 3-Month High Yield CD | Review |
| Sallie Mae | 4.25% APY 14-Month CD | Review |
| Live Oak Bank | 4.20% APY 12-Month CD | Review |
| Live Oak Bank | 4.20% APY 12-Month Business CD | Review |
| Ponce Bank | 4.15% APY 4-Month No-Penalty CD | Review |
| Discover Bank | 4.10% APY 24-Month CD | Review |
| First Mid Bank & Trust | 4.08% APY 9-Month CD | Review |
| Alliant Credit Union | 4.05% APY 12-Month Certificate | Review |
| Sun Canyon Bank | 3.98% APY 11-Month CD | Review |
| Sallie Mae | 3.95% APY 10-Month CD | Review |
| Western Alliance Bank | 3.85% APY 5-Month CD | Review |
| GreenState Credit Union | 3.80% APY 10-Month CD | Review |
| Blue Federal Credit Union | 3.75% APY 9-Month No Penalty CD | Review |
| Blue Federal Credit Union | 3.75% APY 15-Month CD | Review |
| CIT Bank | 3.50% APY 13-Month CD | Review |
| CIT Bank | 3.50% APY 11-Month No-Penalty CD | Review |
| Southwestern National Bank | 3.40% APY 8-Month CD | Review |
| First Financial Northwest Bank | 3.00% APY 12-Month CD | Review |
| Ponce Bank | 3.00% APY 1-Month High Yield CD | Review |
| CIT Bank | 3.00% APY 6-Month CD | Review |
| CIT Bank | 3.00% APY 18-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 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 4.00% 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. • Get started and open a Discover CD in 3 easy steps. |
Recommended Online Savings Accounts
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.70% 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 qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
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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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