Certificates of deposit

An interest-bearing product commonly offered by banks, savings and loans and credit unions. Savers are promised a fixed interest rate if they invest their money for a set period of time, anywhere from three months to seven years. CDs usually pay higher interest than a savings account, which has a variable interest rate. But an early withdrawal penalty is charged for taking money out of a CD prior to the maturity date. Most CDs are FDIC-insured up to $250,000.

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The savviest savers know how to squeeze every drop of earnings from their certificates of deposit, and this is how they'll do it as interest rates rise over the next several years.