Rising interest rates don’t always mean bad news. For savvy savers, they’re an opportunity to maximize the return on your savings.
One savings option is a certificate of deposit, or CD. This type of account usually offers a higher interest rate than a regular savings account because you leave the money untouched for an agreed-upon period.
However, you don’t have immediate access to your money, and if you withdraw it early, you may be charged a penalty. A CD ladder model could help you get the best of both: save over a period and still have access to some funds along the way.