Help your money earn more
— tend to offer industry high rates of over 2% by cutting the cost of in-person bankers. Many have stellar reviews and if you're comfortable transacting online, they could be worth pursuing.Before we continue further it's important to take note of therelationship between liquidity and interest earned. The longer you are willing to let an institution hold your money without touching it, the more interest they tend to give you.
CDs are very low-risk and FDIC insured. The main question you want to ask yourself when deciding between a CD and savings account is,"Am I 100% certain I won't want to access this money during the maturation period?" If you do, there will be a penalty that will likely offset any extra interest earned.With CDs, we outlined the relationship between interest rate and liquidity. Another equally important relationship is that between interest earned and risk level.
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