“If the answer is for emergencies, a fully liquid and accessible high-yield savings account would be the most suitable option.” Aside from your emergency fund, any excess cash you plan to use in a few years can go into a CD that matures right before the expected date you’ll need the money. “What are you trying to accomplish with the money that is in question?” said Ravin Walters, a certified financial planner at Transverse Wealth Solutions. It all boils down to when you’ll need the money and your goal for the funds. With short-term CDs over 5% and some high-yield savings accounts hovering at similar rates, choosing between the two savings vehicles may not be easy. How to decide whether CDs or high-yield savings are best for you Most banks reserve their highest rates for CD terms of two years or less. Right now, long-term CD rates aren’t nearly as high as short-term CD rates. Read more: High-Yield Savings Accounts That Earn a 5% APY or More Many short-term CDs offer 5% APY or moreĬD rates remained largely the same this week across banks we track at CNET - with the average APY for one-year CDs resting at 5.28%. Additionally, the highest APYs are usually offered at online-only banks, which means you should be comfortable managing your account and other banking services online. Note: To earn these high APYs, you may have to meet certain deposit requirements or may earn only the highest APY on a portion of your balance. Digital Federal Credit Union: 6.17% (On balances up to $1,000).Here are more high-yield savings accounts offering APYs beyond 5%: The increase has helped boost the average high-yield savings rate slightly for banks we track at CNET to 4.83% APY.

However, My Banking Direct stands out for recently raising its savings account rate to 5.35% APY. Most banks we track kept high-yield savings rates the same this week. Savings account rates remain the same this week, with several north of 5% APY

Whether you’re looking for a new savings account or CD to park your money for a savings goal, here are some of the banks offering the best return on your savings right now. Banks offering more than 5% APY on high-yield savings accounts and CDs

Huntington bank cd rates for 2019