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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Retirement is the perfect time to explore new hobbies, including video games. Video games might seem like the domain of younger generations, but a growing body of research suggests that gaming offers surprising health…
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With CD yields still hovering in the 4.50% range, you really need to be picky when choosing where to put your cash.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. Especially if you’re cashing out of an existing CD. If you don’t take action when a CD matures, your bank might quietly roll your funds into a new CD — locking them up again, potentially at a lower rate.If you’re cashing out a CD soon, avoid these top mistakes.1. Letting your bank auto-renew your CDMost CDs have something called a “grace period.” This is usually a seven- to 10-day window after the maturity date in which you can withdraw your money without penalty.Guess what happens if you miss this grace period? Banks typically auto-renew your CD — which may (or may not) be in your best interest.Even worse: Not all banks send you a reminder!While auto-renewal isn’t always bad, don’t assume that it’s the best option forward.What to do instead:Set a calendar reminder with your CD maturity date and the grace period window.Log in to your account the day it matures and choose “withdraw” or “close CD” (wording varies a little by bank).Make a quick decision about the next best place to put your money.If you want to open a new CD, be sure to shop around for the best available CD rates across all banks.A high-yield savings account (HYSA) is also a great short term storage option that won’t lock up your cash at all. Compare the best high-yield savings accounts of April 2025 (and start earning up to 4.40% on your cash).2. Letting their money sit idle after withdrawalA lot of people cash out their CD into a checking account, then think, “I’ll just wait a few days and figure out my next move later.” Then six months slip by and they’ve missed out on hundreds in earning potential. Don’t fall into this trap!A good practice is to withdraw money directly into an HYSA during the grace period. That way if you don’t have an immediate next step lined up, you’ll still be earning competitive interest on your cash.Whatever you do, don’t request a check withdrawal and then wait months to cash it. Or cash money out into a low-APY savings account earning pennies. Be proactive and make a plan for earning the most you can, as soon as you can.3. Reinvesting without rate shoppingIf your CD was earning 1.00% or 2.00% when you opened it, things have changed big time since then.As of April 2025, many high-yield CDs are paying well over 4.00% APY.Here’s a quick 12-month yield comparison, based on a balance of $20,000:APYInterest Earned (1 Year)1.50%$3004.00%$800Data source: Author’s calculations.Don’t just accept the rates offered by your current bank. Shop around, because there’s likely something better available elsewhere.Want to see the latest rates? Check out our list of the top CDs for April 2025.4. Cashing out early without understanding the penaltyIf your CD isn’t quite mature yet, resist the urge to cash out early. That’s because banks charge a penalty for doing so — which means you might forfeit three to 12 months’ worth of interest.Let’s say you’re earning 5.00% APY on a $10,000 CD and you withdraw three months early. You could lose $125 or more in penalties — which might wipe out a good chunk of your earnings.Make your exit countCashing out a CD shouldn’t be an afterthought. Stay ahead of the due date by researching the best options moving forward and making an action plan.And definitely don’t let your bank auto-renew your CD into a lower rate. There are way better options, and moving that money only takes a few minutes of your time.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.Joel O’Leary has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.”}]] [[{“value”:”
Image source: Getty Images
With CD yields still hovering in the 4.50% range, you really need to be picky when choosing where to put your cash.
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!
Especially if you’re cashing out of an existing CD. If you don’t take action when a CD matures, your bank might quietly roll your funds into a new CD — locking them up again, potentially at a lower rate.
If you’re cashing out a CD soon, avoid these top mistakes.
1. Letting your bank auto-renew your CD
Most CDs have something called a “grace period.” This is usually a seven- to 10-day window after the maturity date in which you can withdraw your money without penalty.
Guess what happens if you miss this grace period? Banks typically auto-renew your CD — which may (or may not) be in your best interest.
Even worse: Not all banks send you a reminder!
While auto-renewal isn’t always bad, don’t assume that it’s the best option forward.
What to do instead:
Set a calendar reminder with your CD maturity date and the grace period window.
Log in to your account the day it matures and choose “withdraw” or “close CD” (wording varies a little by bank).
Make a quick decision about the next best place to put your money.
If you want to open a new CD, be sure to shop around for the best available CD rates across all banks.
A lot of people cash out their CD into a checking account, then think, “I’ll just wait a few days and figure out my next move later.” Then six months slip by and they’ve missed out on hundreds in earning potential. Don’t fall into this trap!
A good practice is to withdraw money directly into an HYSA during the grace period. That way if you don’t have an immediate next step lined up, you’ll still be earning competitive interest on your cash.
Whatever you do, don’t request a check withdrawal and then wait months to cash it. Or cash money out into a low-APY savings account earning pennies. Be proactive and make a plan for earning the most you can, as soon as you can.
3. Reinvesting without rate shopping
If your CD was earning 1.00% or 2.00% when you opened it, things have changed big time since then.
As of April 2025, many high-yield CDs are paying well over 4.00% APY.
Here’s a quick 12-month yield comparison, based on a balance of $20,000:
APY
Interest Earned (1 Year)
1.50%
$300
4.00%
$800
Data source: Author’s calculations.
Don’t just accept the rates offered by your current bank. Shop around, because there’s likely something better available elsewhere.
4. Cashing out early without understanding the penalty
If your CD isn’t quite mature yet, resist the urge to cash out early. That’s because banks charge a penalty for doing so — which means you might forfeit three to 12 months’ worth of interest.
Let’s say you’re earning 5.00% APY on a $10,000 CD and you withdraw three months early. You could lose $125 or more in penalties — which might wipe out a good chunk of your earnings.
Make your exit count
Cashing out a CD shouldn’t be an afterthought. Stay ahead of the due date by researching the best options moving forward and making an action plan.
And definitely don’t let your bank auto-renew your CD into a lower rate. There are way better options, and moving that money only takes a few minutes of your time.
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!
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.Joel O’Leary has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.
[[{“value”:”Image source: Getty Images
If you have $20,000 sitting in a checking account, you might be tempted to lock it into a certificate of deposit (CD) and earn some risk-free interest on your cash. And with current rates sitting above 4.00%, that’s not a bad idea. But, it might not be your best option.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. Let’s take a look at how much you’d earn from a CD in April 2025 — and why a high-yield savings account (HYSA) might be the better move for you.CDs earn high rates, but they lock up your cashCD rates as of mid-April 2025 are as high as 4.65% for seven months, with other term lengths hovering between 4.50% and 4.60% — a solid return for a low-risk product.But CDs come with a trade-off: You’re locking up your money for a set period, and withdrawing it early usually means paying a penalty. Plus, if interest rates go up while your money is locked in, you’re stuck with the older, lower rate.So, how much would you stand to earn on a $20,000 CD if you opened one this month? To make the math simple, let’s take the highest CD rate we can find on a 12-month CD (currently 4.50%) and calculate to determine your payout at maturity. A $20,000 CD with an APY of 4.50% and a term of 1-year would earn $900 in interest by the end of the CD term.HYSAs are comparable, and you keep controlHigh-yield savings accounts are still going strong. Right now, some of the top HYSAs are offering up to 4.40% APY, competitive with the best CD rates available.At that rate, a $20,000 balance could earn about $880 in interest over the next year — and you wouldn’t have to tie up your money.That’s because with an HYSA, your money stays liquid. You can move it, withdraw it, or use it if an emergency pops up — no fees, no penalties.That flexibility makes HYSAs a better fit for most people, especially if you’re not 100% sure you can leave your money untouched for a full year.Ready to explore our favorite high-yield savings accounts and start earning up to 10 times the national average on your money? Check out our full list of the best HYSAs today.When a CD might still make senseThere are still a few situations where a CD could be a good choice. If you know you won’t need the money during the CD’s term and you prefer a fixed, guaranteed return, it can offer some peace of mind. It’s also a good option for people who want to reduce the temptation to dip into their savings.But with rates on HYSAs nearly matching CDs — and with full access to your money at any time — the case for locking in cash is weaker than it’s been in a while.Keep your money liquid and lucrativeIf you’re trying to decide where to park your savings, it’s hard to ignore the advantages of a high-yield savings account. With comparable rates and full access to your funds, a HYSA could help you grow your money without tying it up.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.The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.”}]] [[{“value”:”
Image source: Getty Images
If you have $20,000 sitting in a checking account, you might be tempted to lock it into a certificate of deposit (CD) and earn some risk-free interest on your cash. And with current rates sitting above 4.00%, that’s not a bad idea. But, it might not be your best option.
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!
Let’s take a look at how much you’d earn from a CD in April 2025 — and why a high-yield savings account (HYSA) might be the better move for you.
CDs earn high rates, but they lock up your cash
CD rates as of mid-April 2025 are as high as 4.65% for seven months, with other term lengths hovering between 4.50% and 4.60% — a solid return for a low-risk product.
But CDs come with a trade-off: You’re locking up your money for a set period, and withdrawing it early usually means paying a penalty. Plus, if interest rates go up while your money is locked in, you’re stuck with the older, lower rate.
So, how much would you stand to earn on a $20,000 CD if you opened one this month? To make the math simple, let’s take the highest CD rate we can find on a 12-month CD (currently 4.50%) and calculate to determine your payout at maturity. A $20,000 CD with an APY of 4.50% and a term of 1-year would earn $900 in interest by the end of the CD term.
HYSAs are comparable, and you keep control
High-yield savings accounts are still going strong. Right now, some of the top HYSAs are offering up to 4.40% APY, competitive with the best CD rates available.
At that rate, a $20,000 balance could earn about $880 in interest over the next year — and you wouldn’t have to tie up your money.
That’s because with an HYSA, your money stays liquid. You can move it, withdraw it, or use it if an emergency pops up — no fees, no penalties.
That flexibility makes HYSAs a better fit for most people, especially if you’re not 100% sure you can leave your money untouched for a full year.
There are still a few situations where a CD could be a good choice. If you know you won’t need the money during the CD’s term and you prefer a fixed, guaranteed return, it can offer some peace of mind. It’s also a good option for people who want to reduce the temptation to dip into their savings.
But with rates on HYSAs nearly matching CDs — and with full access to your money at any time — the case for locking in cash is weaker than it’s been in a while.
Keep your money liquid and lucrative
If you’re trying to decide where to park your savings, it’s hard to ignore the advantages of a high-yield savings account. With comparable rates and full access to your funds, a HYSA could help you grow your money without tying it up.
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!
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.The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.
Tarra “Madam Money” Jackson is a financial educator, international speaker, author, and wealth empowerment strategist helping you heal, build, and grow your wealth.
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