Money Management

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One of the downsides of certificates of deposit (CDs) is that you lose access to your money for the length of your CD contract. That’s the tradeoff for earning a guaranteed return.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. That means interest rates can rise, and your cash is stuck earning a lower rate. But breaking a CD contract often comes with penalties, and in some cases, it might not be worth the cost. Here are three things to consider before deciding if breaking an old CD makes sense for you.1. Check the early withdrawal penaltyCDs are designed to hold your money for a fixed period, and banks charge a penalty if you withdraw early. These penalties vary but typically follow this structure:Short-term CDs (6-12 months): Usually charge three months of interest.Medium-term CDs (1-3 years): Often charge six months of interest.Long-term CDs (4 years or longer): Could cost a full year’s worth of interest.Before cashing out your CD early, check your bank’s specific penalty and calculate how much interest you’ll lose. If the penalty wipes out all or most of your earnings, it might not be worth it.Earn a similar rate to CDs and access your money whenever you need it. Check out our list of the best high-yield savings accounts now.2. Consider no-penalty CDsIf you think interest rates might keep rising but don’t want to get stuck in another long-term contract, consider a no-penalty CD. These accounts let you withdraw your money early without a fee, giving you flexibility if rates continue to climb.The trade-off? No-penalty CDs often have slightly lower interest rates than traditional CDs. But if flexibility is your priority, they can be a great alternative.3. Look at other high-yield optionsCDs aren’t your only choice for earning interest. High-yield savings and money market accounts currently offer rates similar to CDs, but with more flexibility. You can earn a great return on your cash while being able to access it whenever you need. Emergencies happen, and you won’t need to stress if you have to dip into savings.Breaking a CD contract is generally a bad ideaBreaking an old CD contract can make sense if the numbers work in your favor, but that’s hard to find. Check your penalty, compare interest rates, and consider a high-yield savings account before making a decision. If you stand to gain significantly in the long run, making the switch could be a smart move.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 has a disclosure policy.”}]] [[{“value”:”

One of the downsides of certificates of deposit (CDs) is that you lose access to your money for the length of your CD contract. That’s the tradeoff for earning a guaranteed return.

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.

That means interest rates can rise, and your cash is stuck earning a lower rate. But breaking a CD contract often comes with penalties, and in some cases, it might not be worth the cost. Here are three things to consider before deciding if breaking an old CD makes sense for you.

1. Check the early withdrawal penalty

CDs are designed to hold your money for a fixed period, and banks charge a penalty if you withdraw early. These penalties vary but typically follow this structure:

• Short-term CDs (6-12 months): Usually charge three months of interest.
• Medium-term CDs (1-3 years): Often charge six months of interest.
• Long-term CDs (4 years or longer): Could cost a full year’s worth of interest.

Before cashing out your CD early, check your bank’s specific penalty and calculate how much interest you’ll lose. If the penalty wipes out all or most of your earnings, it might not be worth it.

Earn a similar rate to CDs and access your money whenever you need it. Check out our list of the best high-yield savings accounts now.

2. Consider no-penalty CDs

If you think interest rates might keep rising but don’t want to get stuck in another long-term contract, consider a no-penalty CD. These accounts let you withdraw your money early without a fee, giving you flexibility if rates continue to climb.

The trade-off? No-penalty CDs often have slightly lower interest rates than traditional CDs. But if flexibility is your priority, they can be a great alternative.

3. Look at other high-yield options

CDs aren’t your only choice for earning interest. High-yield savings and money market accounts currently offer rates similar to CDs, but with more flexibility. You can earn a great return on your cash while being able to access it whenever you need. Emergencies happen, and you won’t need to stress if you have to dip into savings.

Breaking a CD contract is generally a bad idea

Breaking an old CD contract can make sense if the numbers work in your favor, but that’s hard to find. Check your penalty, compare interest rates, and consider a high-yield savings account before making a decision. If you stand to gain significantly in the long run, making the switch could be a smart move.

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 has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
If you’re struggling with credit card debt, you’re not alone. With sky-high interest rates, paying off your balance can feel like a never-ending battle. But what if you could hit pause on interest and make real progress toward becoming debt free?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. That’s exactly what the best balance transfer credit cards can do. By moving your existing credit card debt to a new card with a 0% introductory APR, you can focus on paying off what you owe without interest slowing you down.How a balance transfer card worksA balance transfer credit card allows you to shift your existing credit card debt onto a new card with a temporary 0% interest rate — often for periods of 12 to 21 months. That means every dollar you pay goes directly toward your debt, not toward interest charges.Here’s how to use one of these cards effectively:Find the right card: Look for a balance transfer card with a long 0% APR period and low (or no) transfer fees.Transfer your debt: Move your balance from your high-interest credit card to the new one.Pay aggressively: Divide your total balance by the number of interest-free months and aim to pay that amount each month.Stay disciplined: Avoid making new purchases on the card. Your goal is to pay off your balance before the 0% period ends.Start getting out of debt today. Check out our list of the best balance transfer credit cards to potentially save thousands of dollars in interest payments.Why it works so wellThe average credit card interest rate is currently 24.21%, making it tough to chip away at your balance. But with a balance transfer card, you can:Pay off debt faster: Every payment goes toward your balance, not interest.Save hundreds (or thousands) in interest: Even a few months of 0% interest can make a huge difference.Simplify your payments: Moving multiple balances onto one card can make managing your debt easier.What to watch out forWhile balance transfer cards can be a game-changer, there are a few things to keep in mind:Balance transfer fees: Some cards charge a 3%-5% fee on the amount you transfer. Make sure the savings outweigh the cost.The 0% period is temporary: Once it expires, a regular APR kicks in. Aim to pay off your balance before that happens.New purchases may accrue interest: Some cards only offer 0% APR on balance transfers, not new spending.Is a balance transfer card right for you?If you have high-interest credit card debt and a good credit score (typically 670 or higher), a balance transfer card is one of the smartest ways to get out of debt faster and cheaper.But the key is using it wisely. Don’t treat a new line of credit as an excuse to spend more. If you stick to your payoff plan, you could be debt free by the time your 0% introductory APR period ends.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 has a disclosure policy.”}]] [[{“value”:”

If you’re struggling with credit card debt, you’re not alone. With sky-high interest rates, paying off your balance can feel like a never-ending battle. But what if you could hit pause on interest and make real progress toward becoming debt free?

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.

That’s exactly what the best balance transfer credit cards can do. By moving your existing credit card debt to a new card with a 0% introductory APR, you can focus on paying off what you owe without interest slowing you down.

How a balance transfer card works

A balance transfer credit card allows you to shift your existing credit card debt onto a new card with a temporary 0% interest rate — often for periods of 12 to 21 months. That means every dollar you pay goes directly toward your debt, not toward interest charges.

Here’s how to use one of these cards effectively:

1. Find the right card: Look for a balance transfer card with a long 0% APR period and low (or no) transfer fees.
2. Transfer your debt: Move your balance from your high-interest credit card to the new one.
3. Pay aggressively: Divide your total balance by the number of interest-free months and aim to pay that amount each month.
4. Stay disciplined: Avoid making new purchases on the card. Your goal is to pay off your balance before the 0% period ends.

Start getting out of debt today. Check out our list of the best balance transfer credit cards to potentially save thousands of dollars in interest payments.

Why it works so well

The average credit card interest rate is currently 24.21%, making it tough to chip away at your balance. But with a balance transfer card, you can:

• Pay off debt faster: Every payment goes toward your balance, not interest.
• Save hundreds (or thousands) in interest: Even a few months of 0% interest can make a huge difference.
• Simplify your payments: Moving multiple balances onto one card can make managing your debt easier.

What to watch out for

While balance transfer cards can be a game-changer, there are a few things to keep in mind:

• Balance transfer fees: Some cards charge a 3%-5% fee on the amount you transfer. Make sure the savings outweigh the cost.
• The 0% period is temporary: Once it expires, a regular APR kicks in. Aim to pay off your balance before that happens.
• New purchases may accrue interest: Some cards only offer 0% APR on balance transfers, not new spending.

Is a balance transfer card right for you?

If you have high-interest credit card debt and a good credit score (typically 670 or higher), a balance transfer card is one of the smartest ways to get out of debt faster and cheaper.

But the key is using it wisely. Don’t treat a new line of credit as an excuse to spend more. If you stick to your payoff plan, you could be debt free by the time your 0% introductory APR period ends.

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 has a disclosure policy.

“}]] Read More