The higher interest rate might not be worth it
In exchange for a higher interest rate with a CD, you have to lock your money away for a specific period of time.allow you to save with FDIC or NCUA insurance coverage, but there's a big catch., they lock away your money until a specific future date.
But unlike a 100-year flood or a major earthquake, people are hit with unexpected costs every day. Car repairs, home repairs, injuries, and illnesses can all take a big bite out of your savings. But only if you have savings ready.. CDs lock away your funds until a specific future date, so they don't work for emergency funds.Interest rates vary from bank to bank. For example, regular savings accounts at some US banks pay just 0.01% on your savings.
If you have enough savings to worry about the limits, you may want to diversify your savings across banks and account types. Instead of adding a CD at your regular bank, this could be a good time toYou want to keep adding to your savings every month
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