Right now, many short-term CDs are offering top-notch APYs on your money, so it's a great time to open one.
When it comes to safely maximizing the returns on your savings, you typically have two good options: high-yield savings accounts and certificates of deposit . Both options have their potential upsides and downsides, of course — but because high-yield savings accounts have variable rates, they may not be the best options in an uncertain economy, like the one we're experiencing today. After all, if rates drop, the potential earnings on your savings will go with them.
The early withdrawal penalty is 89 days of simple interest.6-month CDsTotalDirectBank — 5.76% APY: A $25,000 minimum deposit via ACH is required to open this CD. The early withdrawal penalty is one month of interest.Credit Human Federal Credit Union — 5.75% APY: You can open this CD with a minimum deposit of $500. A penalty is imposed for early withdrawal, however.USAlliance Financial – 5.75% APY: This CD has a minimum deposit requirement of $500.
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