"Maximizing Your Cash Savings: Navigating Savings Accounts and CDs"

Financial institutions are offering historically high yields on both certificates of deposit (CDs) and savings accounts, with the top interest rates above 5.00% APY on both. The choice between the two depends on what you prioritize the most and the trade-offs you're willing to accept. If you don't need the money for at least six months, a CD may be the better-paying option. If you potentially need it sooner, a high-yield savings account or money market account should work well. Both have variable interest rates, meaning you could benefit from any future rate hikes. However, CDs offer a fixed rate for a certain amount of time and generally pay higher yields than money market or savings accounts.