Right now, certificates of deposit are a safe bet for savers — and a very lucrative one, too. When you put your savings in a CD, you earn the same interest rate on your money throughout the entire term. That means your rate won't drop if the overall rate environment declines — which is not the case with some other interest-bearing accounts.And, thanks to the Federal Reserve's numerous rate hikes over the last 18 months, CD rates are high right now.
42% rate, you'll need to deposit over $100,000 into a 3-year CD. Early withdrawal penalties may apply on both options.Prime Alliance Bank – 5.25% APY: You'll need to deposit at least $500 to open this CD. Note that if you make any withdrawal of interest prior to maturity, it will reduce your earnings, and there are early withdrawal penalties if you withdraw your principal from the CD before it matures.U.S. Senate Federal Credit Union – 5.