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If you choose a savings account over a no-penalty CD, you may face these drawbacks: Variable interest rates. Unlike the fixed-term rates offered by no-penalty CDs, savings account rates can fluctuate.
Compare no-penalty CDs vs. savings accounts to find out which offers better interest rates, ... No-penalty CDs are FDIC-insured–meaning your money is protected up to $250,000 in most cases.
Unlike a variable-rate savings account, a no-penalty CD earns a fixed annual percentage yield (APY).
CDs vs. savings accounts both let you earn interest and are insured by the FDIC, but there are some fundamental differences.. ... No-penalty CDs: ... A savings account is a liquid asset, meaning ...
"A no-penalty CD can be a great option over a high-yield savings account if you know you won't need to touch the money for a set period of time but want to keep it relatively safe from stock ...
With rates at historic highs, the best high-yield savings accounts may offer comparable or even higher rates than a no-penalty CD with the same flexibility. 6. Variable-rate CDs
In fact, let's say you're looking at earning 4% in a savings account today vs. 4.5% in a 12-month CD. Not only is that 4.5% interest rate higher to begin with, but it's yours to enjoy for a full year.
Many online banks, credit unions and some traditional banks offer accounts with no monthly fees. Look for "free checking" or "no fee" accounts. No-penalty CD vs. savings: Is one better for my savings?