Best CD Rates for March 2023

investopedia.com:

If you aren't looking to lock your money up for a period of time and want easier access to it, you could look at opening a high-yield savings account as an alternative. Below are some savings account options from our partners that can be competitive with the rates you can earn on CDs. It should be noted that unlike a CD, where your rate is locked in, with a savings account the bank or credit union can change your rate at any time.

Offers a higher rate than you can earn with a savings or money market account

Pays a guaranteed, predictable rate of return, avoiding the volatility and losses that are possible with stocks and bonds

Is federally insured if opened with an FDIC bank or NCUA credit union

Can help fend off spending temptations since withdrawing the funds early triggers a penalty

Cannot be liquidated before maturity without incurring an early withdrawal penalty

Typically earns less than stocks and bonds can over time

Earns a fixed rate of return regardless of whether interest rates rise during the term

While the national average is a good indicator of the direction of rates—and how much they've changed over a period of time—they are not what you should consider when shopping for CDs. Instead, look for the top nationally available rates, which stand far above industry averages.

Take one-year CDs, for instance. The current national average is just 1.36% annual percentage yield (APY). Today's top-paying institution, however, will pay you three to four times that yield on that same one-year commitment. Similarly, compare our top three-year CD rates to the current FDIC industry average of 1.22% APY.

If you have cash, you can park for a period of time, but want to earn more than the best savings and money market accounts