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I love my high-yield savings account (HYSA). It keeps my money safe and easy to get to. I'm earning hundreds of dollars in interest every year with no effort.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

But the time has come for me to move some cash to an account where it can earn even more. Here's why -- and why you may want to do the same.

I have enough money in savings to cover an emergency

A high-yield savings account is the perfect place to keep your emergency fund. Your money is safe and FDIC insured, you can withdraw it whenever you need to, and you'll earn a way higher interest rate than the average saver.

Most people want to have at least three months' worth of expenses in their emergency fund. I aim for six months' worth so I'm prepared for worst-case scenarios -- say, losing my job or having a major, expensive health issue.

I recently reached my emergency savings goal, and then I got a big tax refund. So I'm taking that extra cash and investing it for long-term growth.

The stock market is down -- and that's a great reason to invest

I invest in stocks every month, no matter what the market is doing. But when stock prices drop, like they have recently, I try to invest even more. The market will eventually rebound and go on to reach new highs (as it always has), and today's stock prices will look like bargains.

If you're spooked by stock market investing, I have good news: There's an incredibly simple and relatively safe way to profit from the growth of American companies.

I've used this strategy for years, and it's the biggest reason I'm on track to retire early.

1. Open an IRA

An individual retirement account (IRA) is pretty much what it sounds like: an account for retirement savings and investments. And if you don't have one, you could be missing out on huge tax breaks and investing opportunities.

Much like a 401(k), an IRA saves you from investing-related taxes. When you buy stocks, funds, etc., and hold them in your IRA, you won't have to pay capital gains tax or dividend tax. So if you sell an investment at a profit, or receive a dividend payment, the IRS can't touch your earnings.

IRAs do come with one big limitation: If you withdraw funds before age 59 1/2, you'll pay a big penalty (with rare exceptions).

You can open an IRA through any major stock broker. Within minutes, you'll be ready to start investing for retirement -- the smart way. Click here to check out our list of the best stock brokers and open a new account today.

Once your IRA is open, it's time to add some funds and buy some investments. Here's my personal favorite.

2. Buy an S&P 500 Index ETF

The S&P 500 Index consists of 500 of the biggest companies in the U.S. It makes up more than half the stock market. Since 1957, the index has averaged an incredible return of 10% per year.

An S&P 500 ETF is a type of fund that lets you buy a share of all those companies at once. With a single purchase, you'll have a diversified portfolio of stocks from many different industries.

Every major broker sells S&P 500 ETFs, so you can buy one through your IRA online. There are a lot of them, and most have ultra-low fees (known as "expense ratios"). You almost can't go wrong -- just make sure the expense ratio is under 0.1%.

That's it -- open one account and make one investment. It's so simple and effective that it feels like an investing cheat code. Even Warren Buffett recommends it for people who aren't veteran stock-pickers.

Then the only thing left to do is keep investing over time. I set up automatic monthly purchases through my broker, and my retirement savings are steadily growing. If you have money in savings that you won't need within the next few years, then you may want to do the same. Your future self will thank you.

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Want to grow your savings quickly? CDs now offer rates between 4.50% and 4.65%. Short-term CDs, those maturing within a year, currently lead the way.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

The federal funds rate is steady at this time, but a decrease (or two) might occur in the second half of 2025. Securing these rates now could be wise before they fall.

Explore the top CD rates available today.

Why we chose these CDs

• Competitive rates. A few CDs out there might offer more, but there's usually a catch.
• Open easily. You can open these CDs with as little as $500.
• Online convenience. Open them from your sofa through the issuer's website.
• Nationwide access. These banks welcome everyone from across the U.S. with open arms.

Want to find the best CD for your timeline and goals? Explore top rates by term:

• Best CD Rates -- Our expert picks for the top accounts available today
• Best 6-Month CD Rates -- Short-term savings with fast access
• Best 12-Month CD Rates -- Solid returns with just a 1-year commitment
• Best 5-Year CD Rates -- Maximize earnings over the long haul

Should you open a CD now?

Despite a decline since mid-2024, CD rates remain elevated. Although the Federal Reserve has currently opted to hold the federal funds rate steady, experts widely predict that rate reductions are probable later in 2025.

Now could be a great time to lock in a CD if you want safe, guaranteed returns on your cash and you want to protect your savings from the possibility of near-term interest rate cuts.

Top CDs are backed by FDIC insurance, which protects deposits of up to $250,000 per person, per bank, in case of a bank failure. Although CDs present minimal risk, other investment avenues, like the stock market, might provide opportunities for higher returns.

How to open a CD

Opening a CD is quick and simple. Just follow these steps:

1. Search for the highest APY that suits your term needs.
2. Read the details and check if you can meet the minimum deposit.
3. Apply online using the bank's app, or call them. Approval often takes just minutes.
4. Connect your bank account and transfer your money.

Remember, each CD allows only one deposit. Plan your amount wisely. When you're ready, click here to explore the best CD rates and open a high-yield CD today.

Once you've opened your CD, keep an eye on its maturity date. When a CD matures, the bank will typically do one of two things unless you say otherwise:

1. Pay out your initial deposit plus your earnings as cash
2. Reinvest your funds in a new CD with the same term (but potentially a different APY)

Most banks give you a grace period of seven to 10 days after the CD's maturity date to make a decision.

Earn up to 4.10% APY without locking up your cash

For a high APY with added flexibility, consider a high-yield savings account. These accounts let you:

• Deposit and withdraw money anytime
• Move funds quickly to other accounts
• Simply stash cash, avoiding the work CDs require at maturity

While savings rates can change, high-yield savings accounts currently offer APYs close to top CDs. They provide great returns without the long-term commitment, making either one a good choice now, depending on your savings goals.

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Click here to read our full review for free and apply in just 2 minutes.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of Motley Fool Money. James McClenathen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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Today, CDs are offering rates up to 4.65%. Short-term CDs have the best yields right now. These CDs usually mature in about a year or less.

Looking for a secure place to grow your savings? See our expert picks for the best FDIC-insured high-yield savings accounts available today - enjoy peace of mind with competitive rates.

The Fed is keeping rates steady, but cuts might happen later this year. It makes sense to lock in these high rates while they're still available.

Below are some of the top CD options available today.

Why we picked these CDs

• Extremely competitive rates. Some CDs have slightly higher rates than those on our list, but most come with a catch.
• Low minimum deposits. The CDs above let you deposit as little as $500 to open.
• Online convenience. These CDs can be opened straight from the issuer's website, from the comfort of home.
• Available nationwide. The CDs on our list come from banks that anyone in the U.S. can join without jumping through hoops.

Want to find the best CD for your timeline and goals? Explore top rates by term:

• Best CD Rates -- Our expert picks for the top accounts available today
• Best 6-Month CD Rates -- Short-term savings with fast access
• Best 12-Month CD Rates -- Solid returns with just a 1-year commitment
• Best 5-Year CD Rates -- Maximize earnings over the long haul

Should you open a CD now?

CD rates are still historically high, though they've dropped since mid-2024. The Federal Reserve has been hesitant to change interest rates so far in 2025, but experts agree that rate cuts are likely in the second half of the year.

Now could be a great time to lock in a CD if:

• You want safe, guaranteed returns
• You want to protect your savings from near-term interest rate cuts
• You have cash that you can leave untouched for the full CD term

The best CDs are FDIC insured, so deposits of up to $250,000 per person, per bank are safe. There's virtually zero risk in CD investing, though you could potentially earn higher returns elsewhere, like the stock market.

How to open a CD

Opening a CD is fast and easy. Follow these simple steps:

1. Look around for the highest APY for your desired term.
2. Check the fine print and ensure you can meet any minimum deposit requirements.
3. Apply for an account online, through the bank's app, or over the phone. Approval is usually fast.
4. Link your existing bank account to transfer funds. Keep in mind, you can only deposit once per CD.

Click here to explore the best CD rates and open a high-yield CD today.

After you open your CD, track its maturity date. Once your CD matures, the bank generally does one of two things, unless you direct them otherwise:

1. Return your initial deposit plus interest
2. Reinvest your funds in a new CD with the same term at the issuer's current APY

Banks typically offer a grace period of seven to 10 days after maturity for you to decide your next steps.

Earn up to 4.10% APY and keep your cash handy

For a high APY with added flexibility, consider a high-yield savings account. These accounts let you:

• Deposit and withdraw money anytime
• Move funds quickly to other accounts
• Simply stash cash, avoiding the work CDs require at maturity

While savings rates can change, high-yield savings accounts now offer APYs close to top CDs. They provide great returns without the long-term commitment. Enjoy the ease and freedom while watching your savings grow.

Alert: highest cash back card we've seen now has 0% intro APR into 2026

This credit card is not just good – it's so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.James McClenathen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.