Online banking can provide up to 2.45% APY depending on your balance. CD rates have been skyrocketing.To find the highest interest rates, check out our guide to online savings accounts.If you’re at or near retirement, you might want to consider an IRA CD while interest rates are up 11/12.Share certificates 101: Get the high yield of a CD, plus the benefits of belonging to a credit union 10/12.CD early withdrawal penalties: What they are and when they make sense 9/12.What is a callable CD? What to know about the risks 8/12.What is a CD ladder? Here is how this savings strategy works 7/12.Which CD should you choose? Here are 8 types of CDs to consider 6/12.Are CDs worth it right now? Learn when they do and don’t make sense 5/12.Are CDs safe? This FDIC-insured investment protects your cash while generating higher-than-average returns 4/12.savings account: Which is right for you? 3/12

The pros and cons of a CD: How to know if a certificate of deposit is the right investment for you 2/12.

Certificate of deposit: A reliable way to save money and build interest 1/12.

Interest rates are the highest in about a decade and will likely stay elevated if the Fed feels the need to continue reining in inflation. If you’re looking for a safe place to store your savings-and earn a competitive rate so your money can grow faster-it’s hard to beat a CD. So, depending on your financial goals and cash flow needs, you might also want to place some cash in similar low-risk investments, such as a high-yield savings account or T-bill, just to ensure you have your bases covered in case CD rates change dramatically.

Hedge your savings: Deposit rates are up across the board.

“A prudent CD investor may want to ladder their investments across multiple terms so that market timing doesn’t significantly impact their repricing investment upon maturity,” Garcia says.

Build a CD ladder: Alternatively, you can consider putting your money in a CD ladder, which allows you to take advantage of long-term CD rates while maintaining some liquidity in the short term.

Sticking with terms of six to 18 months will let you take advantage of today’s high rates but allow you to move your money elsewhere (without paying early withdrawal penalties) if rates fall.

Plus, predicting what CD rates will look like in the next few years is impossible, so avoiding locking in your money for too long is a good idea. So, short-term CDs (e.g., no longer than two years) will yield the best. Stick with shorter terms: Garcia notes that we’ve experienced a prolonged inverted yield-curve environment, meaning short-term rates are higher than long-term ones.Whether CD rates increase or decrease, you can still use today’s rates to maximize your savings.

Cd interest rates 2017