Wanting to grow your savings without tying up your funds? Consider opening a Certificate of Deposit (CD) account! With rates varying among institutions, choosing the right one is crucial. Look for FDIC- or NCUA-insured banks to ensure protection of your funds up to $250,000 per person, per account in case of bank failure. Also, prioritize flexibility by opting for no-penalty CDs if you think you might need to withdraw money before the term limit is up.

Source: https://www.cnet.com/personal-finance/banking/how-to-open-certificate-of-deposit/#ftag=CAD590a51e