Money Management

[[{“value”:”Image source: Getty Images
There was a time not so long ago when locking in a CD at 5% was pretty easy. But ever since the Federal Reserve started cutting its benchmark interest rate, 5% CDs have been hard to find.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. The Fed made its first rate cut of the year in mid-September. And it followed it up with a second cut earlier this month. As a result, CD rates have dropped into the 4% range, with many now paying closer to the 4% mark than 4.5%.Because CD rates are falling, you may be eager to open one while you can still snag a good deal. And if so, check out this list of the best CD rates to narrow down your choices.But if you’re going to open a CD in the coming weeks, there’s one big mistake you should definitely take care to avoid.Don’t put your emergency fund in the wrong placeIf you have a fully loaded emergency fund — enough money to cover three months of essential bills or more — it’s a sign you’re in great shape financially.Even if you don’t have three full months’ worth of essential expenses in the bank, if you have a decent chunk of money earmarked for unplanned bills or a period of job loss, you’re ahead of many Americans. The Federal Reserve found that as of 2022, 37% of U.S. adults didn’t have enough savings to cover a surprise $400 bill.But if you’re thinking of moving your emergency fund into a CD to get a good rate while you can, you should know that you’re playing with fire.The whole point of having an emergency fund is to be able to cover unplanned expenses on a whim. But when you put money into a CD, you have to commit to the term. If you take your money out before your CD matures, you’re typically hit with an early withdrawal penalty that negates the benefit of having a CD in the first place.So if you’ve done the smart thing and built yourself an emergency fund, don’t move it to a CD. Instead, make your peace with earning a bit less interest, and with the fact that your interest rate may not be set in stone the way it is with a CD.Don’t just settle for any old savings accountYou might earn a touch less interest in a savings account today than a CD. And worse yet, because the Fed is expected to continue cutting rates, you may find that you’re earning less and less on your savings from one month to the next.But you don’t want to get hit with an early withdrawal penalty. Depending on the term of your CD and your bank, it could amount to several months of interest or more.Instead, shop around for the best savings account rate you can find. You can start with this list of the top savings account rates today.If you have your money at a brick-and-mortar bank, you should especially consider moving your emergency fund to a savings account with an online bank. Online banks are commonly able to offer superior rates because they have less overhead than physical banks.It’s natural to want to open a CD while rates are still decent. But putting your emergency fund into a CD is a mistake you might end up kicking yourself for.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”:”

There was a time not so long ago when locking in a CD at 5% was pretty easy. But ever since the Federal Reserve started cutting its benchmark interest rate, 5% CDs have been hard to find.

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.

The Fed made its first rate cut of the year in mid-September. And it followed it up with a second cut earlier this month. As a result, CD rates have dropped into the 4% range, with many now paying closer to the 4% mark than 4.5%.

Because CD rates are falling, you may be eager to open one while you can still snag a good deal. And if so, check out this list of the best CD rates to narrow down your choices.

But if you’re going to open a CD in the coming weeks, there’s one big mistake you should definitely take care to avoid.

Don’t put your emergency fund in the wrong place

If you have a fully loaded emergency fund — enough money to cover three months of essential bills or more — it’s a sign you’re in great shape financially.

Even if you don’t have three full months’ worth of essential expenses in the bank, if you have a decent chunk of money earmarked for unplanned bills or a period of job loss, you’re ahead of many Americans. The Federal Reserve found that as of 2022, 37% of U.S. adults didn’t have enough savings to cover a surprise $400 bill.

But if you’re thinking of moving your emergency fund into a CD to get a good rate while you can, you should know that you’re playing with fire.

The whole point of having an emergency fund is to be able to cover unplanned expenses on a whim. But when you put money into a CD, you have to commit to the term. If you take your money out before your CD matures, you’re typically hit with an early withdrawal penalty that negates the benefit of having a CD in the first place.

So if you’ve done the smart thing and built yourself an emergency fund, don’t move it to a CD. Instead, make your peace with earning a bit less interest, and with the fact that your interest rate may not be set in stone the way it is with a CD.

Don’t just settle for any old savings account

You might earn a touch less interest in a savings account today than a CD. And worse yet, because the Fed is expected to continue cutting rates, you may find that you’re earning less and less on your savings from one month to the next.

But you don’t want to get hit with an early withdrawal penalty. Depending on the term of your CD and your bank, it could amount to several months of interest or more.

Instead, shop around for the best savings account rate you can find. You can start with this list of the top savings account rates today.

If you have your money at a brick-and-mortar bank, you should especially consider moving your emergency fund to a savings account with an online bank. Online banks are commonly able to offer superior rates because they have less overhead than physical banks.

It’s natural to want to open a CD while rates are still decent. But putting your emergency fund into a CD is a mistake you might end up kicking yourself for.

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 buying a home is a goal of yours, then you may be eager to put a mortgage in place before the end of the year. The good news is that the Federal Reserve recently lowered its benchmark interest rate for a second time this year. That could lead to lower mortgage rates in the coming weeks.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. It’s important to shop around for a mortgage rather than accept the first offer you get. You never know when one lender’s offer will be more competitive than another’s, either in terms of your rate or your closing costs, which are the fees lenders charge to put a mortgage in place. It’s essential to do your research — and you can start by checking out this list of the best mortgage lenders.But that’s not the only legwork you should do if you’re signing a mortgage soon. There’s another step you need to take if you want to lock in the best mortgage rate possible.Don’t let your credit report’s contents remain a mysteryYour credit report is a summary of your borrowing history, and you should look at when you’re applying for a large loan like a mortgage. The reason? If your credit report contains an error that reflects poorly on you, it could make it harder to qualify for a mortgage, or you might get stuck with a higher interest rate.Say your credit report lists one of your loans as delinquent. If you know you’ve made every payment on time, correcting that error may be pretty easy. It could be a simple matter of getting a letter from your lender confirming you’re current on your loan, and then submitting it to the credit bureau whose report contained the error.But if you don’t take that step, your mortgage rate could end up higher than what it should be. And when you’re talking about potentially borrowing a few hundred thousand dollars, a higher rate could make a big difference.Say you’re buying a $250,000 home and are taking out a 30-year, $200,000 mortgage. If your credit report contains an error that leaves you with a 7% mortgage rate, your monthly principal and interest payments on that loan will be $1,330.But without that error, you may be looking at a higher credit score and a lower interest rate on your mortgage — say, 6.7%. In that case, your monthly principal and interest payments drop to $1,290. That’s a savings of almost $500 per year. And over 30 years, you’re saving about $14,400 on interest with that lower rate.An important step to takeChecking your credit report could set you up for a lower interest rate on your mortgage. It’s a step worth taking if you think you’ll be getting a home loan soon.But remember to pull a copy of your credit report from each of the three reporting bureaus — Experian, Equifax, and TransUnion. It’s not a given that they’ll all contain the same information, so it’s important to check each one carefully.The good news is that you’re entitled to a free copy of your credit report from each bureau every week, so this step shouldn’t cost you a dime. It could, however, result in big savings.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 buying a home is a goal of yours, then you may be eager to put a mortgage in place before the end of the year. The good news is that the Federal Reserve recently lowered its benchmark interest rate for a second time this year. That could lead to lower mortgage rates in the coming weeks.

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.

It’s important to shop around for a mortgage rather than accept the first offer you get. You never know when one lender’s offer will be more competitive than another’s, either in terms of your rate or your closing costs, which are the fees lenders charge to put a mortgage in place. It’s essential to do your research — and you can start by checking out this list of the best mortgage lenders.

But that’s not the only legwork you should do if you’re signing a mortgage soon. There’s another step you need to take if you want to lock in the best mortgage rate possible.

Don’t let your credit report’s contents remain a mystery

Your credit report is a summary of your borrowing history, and you should look at when you’re applying for a large loan like a mortgage. The reason? If your credit report contains an error that reflects poorly on you, it could make it harder to qualify for a mortgage, or you might get stuck with a higher interest rate.

Say your credit report lists one of your loans as delinquent. If you know you’ve made every payment on time, correcting that error may be pretty easy. It could be a simple matter of getting a letter from your lender confirming you’re current on your loan, and then submitting it to the credit bureau whose report contained the error.

But if you don’t take that step, your mortgage rate could end up higher than what it should be. And when you’re talking about potentially borrowing a few hundred thousand dollars, a higher rate could make a big difference.

Say you’re buying a $250,000 home and are taking out a 30-year, $200,000 mortgage. If your credit report contains an error that leaves you with a 7% mortgage rate, your monthly principal and interest payments on that loan will be $1,330.

But without that error, you may be looking at a higher credit score and a lower interest rate on your mortgage — say, 6.7%. In that case, your monthly principal and interest payments drop to $1,290. That’s a savings of almost $500 per year. And over 30 years, you’re saving about $14,400 on interest with that lower rate.

An important step to take

Checking your credit report could set you up for a lower interest rate on your mortgage. It’s a step worth taking if you think you’ll be getting a home loan soon.

But remember to pull a copy of your credit report from each of the three reporting bureaus — Experian, Equifax, and TransUnion. It’s not a given that they’ll all contain the same information, so it’s important to check each one carefully.

The good news is that you’re entitled to a free copy of your credit report from each bureau every week, so this step shouldn’t cost you a dime. It could, however, result in big savings.

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
Even before Thanksgiving gets here, most people’s eyes are already on Christmas. That’s partially because Christmas is a lot easier to commercialize. But retailers have found one way to draw in customers at Thanksgiving the last few years, and that’s by offering special Thanksgiving meal deals.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. Many major retailers, including Costco, Target, and Sam’s Club, are getting in on the action. But with a price of $47, Aldi’s Thanksgiving meal deal might be the best option out there this year.Feed a family of 10 for just $47As the Thanksgiving sales competition heats up, Aldi has made the bold decision to charge its lowest prices since 2019. It claims it can feed a family of 10 people for less than $4.70 per person, bringing the total cost of the meal to about $47, plus taxes. In comparison, Sam’s Club’s Thanksgiving meal deal costs around $100 for 10 people.The meal deal isn’t a specific bundle of products you can pick up in the store. It’s a group of discounted items you can pick and choose from. You’ll find savings on the following:Butterball turkey with spicesGravyDinner rollsMac and cheeseStuffingIngredients for cranberry sauceIngredients for mashed potatoesIngredients for sweet potato casseroleIngredients for green bean casseroleIngredients for pumpkin pieYou don’t need to buy all these products, though. For example, if mac and cheese isn’t normally part of your family’s Thanksgiving dinner, you might decide to skip that to save yourself a few bucks.One point worth noting is that Aldi’s meal deal doesn’t outline the specific quantities of items it used to calculate its $47 price. So it’s possible you could spend more than this, depending on what you buy. For instance, it’s probably reasonable to assume the deal includes ingredients for one pumpkin pie. If you wanted to bake two, you might spend a little more.It’s best to make your shopping list and price out ingredients in advance of Thanksgiving. Aim to have all your items at least a few days early so you’re not scrambling to find items at the last minute. This will also reduce the risk that the items you want will be sold out by the time you get to the store.How to save even more on your Thanksgiving dinnerShopping Thanksgiving meal deals at Aldi or another retailer is a great way to save some money on your holiday dinner. But you could save even more by opening a grocery rewards credit card. Check out our list of the best credit cards to earn rewards on your grocery spending.These credit cards offer bonus rewards on grocery purchases across all major retailers, so you can save no matter where you shop. Of course, it takes time to earn a significant amount of points, so you may not see an immediate benefit from this. But if you use your card for your Thanksgiving purchases and then for regular trips to the grocery store afterward, you might earn enough for a gift card you can use for Christmas purchases.Another way to save is to simply not cook the whole meal yourself. Enlist the help of other family members who will be attending the dinner. One person can make the turkey, another the pumpkin pie, and a few others can bring sides. This reduces your workload and the strain the Thanksgiving feast can put on your savings account.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.Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and Target. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Even before Thanksgiving gets here, most people’s eyes are already on Christmas. That’s partially because Christmas is a lot easier to commercialize. But retailers have found one way to draw in customers at Thanksgiving the last few years, and that’s by offering special Thanksgiving meal deals.

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.

Many major retailers, including Costco, Target, and Sam’s Club, are getting in on the action. But with a price of $47, Aldi’s Thanksgiving meal deal might be the best option out there this year.

Feed a family of 10 for just $47

As the Thanksgiving sales competition heats up, Aldi has made the bold decision to charge its lowest prices since 2019. It claims it can feed a family of 10 people for less than $4.70 per person, bringing the total cost of the meal to about $47, plus taxes. In comparison, Sam’s Club’s Thanksgiving meal deal costs around $100 for 10 people.

The meal deal isn’t a specific bundle of products you can pick up in the store. It’s a group of discounted items you can pick and choose from. You’ll find savings on the following:

Butterball turkey with spicesGravyDinner rollsMac and cheeseStuffingIngredients for cranberry sauceIngredients for mashed potatoesIngredients for sweet potato casseroleIngredients for green bean casseroleIngredients for pumpkin pie

You don’t need to buy all these products, though. For example, if mac and cheese isn’t normally part of your family’s Thanksgiving dinner, you might decide to skip that to save yourself a few bucks.

One point worth noting is that Aldi’s meal deal doesn’t outline the specific quantities of items it used to calculate its $47 price. So it’s possible you could spend more than this, depending on what you buy. For instance, it’s probably reasonable to assume the deal includes ingredients for one pumpkin pie. If you wanted to bake two, you might spend a little more.

It’s best to make your shopping list and price out ingredients in advance of Thanksgiving. Aim to have all your items at least a few days early so you’re not scrambling to find items at the last minute. This will also reduce the risk that the items you want will be sold out by the time you get to the store.

How to save even more on your Thanksgiving dinner

Shopping Thanksgiving meal deals at Aldi or another retailer is a great way to save some money on your holiday dinner. But you could save even more by opening a grocery rewards credit card. Check out our list of the best credit cards to earn rewards on your grocery spending.

These credit cards offer bonus rewards on grocery purchases across all major retailers, so you can save no matter where you shop. Of course, it takes time to earn a significant amount of points, so you may not see an immediate benefit from this. But if you use your card for your Thanksgiving purchases and then for regular trips to the grocery store afterward, you might earn enough for a gift card you can use for Christmas purchases.

Another way to save is to simply not cook the whole meal yourself. Enlist the help of other family members who will be attending the dinner. One person can make the turkey, another the pumpkin pie, and a few others can bring sides. This reduces your workload and the strain the Thanksgiving feast can put on your savings account.

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.Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and Target. The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
I spent some time debating if I should even write this, since, you know, it’s kind of a big confession after months and months of writing about the many reasons you should be investing in certificates of deposit.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. But here’s the thing — I’m never going to invest in a CD, even though I know it’s a reasonably good idea in some cases.It’s not really about CDs, so much as it is about me. CDs aren’t for everyone, and I’m definitely not the right person to be a CD investor. Let’s talk about why.1. I am an aspirational saverThe biggest problem I have with CDs is that I’m an aspirational saver. That is to say, I want to save money, and I get really excited about saving, and I even throw a bunch of money into my savings account, and then something happens that I had forgotten to account for.That might be something obvious, like paying my property taxes, or it might be something less obvious, like forgetting that it’s time to get new tires for my car. Whatever it is, I am simply not good enough at planning over the very long term to lock money away into a CD for some set amount of time. Although I’m getting better at this, I can’t trust myself to have money I can’t access as needed.But if you’re a careful planner and have a block of money you don’t intend to touch for the long term, check out the best CD rates we’ve found on this page.2. I am still paying off a lot of debtThe cause of issue No. 1 is largely issue No. 2. A lot went wrong in my life around the beginning of the COVID-19 pandemic, and because of that, I have a lot of debt I’m still paying back. I also picked up additional debt when my dogs got sick and I had two years of cancer care to pay for. Even though we ultimately chose palliative care, it was still expensive and exhausting and lasted far longer than I had budgeted for.So I have a lot of debt, which makes it very hard in a job like this to set aside a big block of money and just not touch it indefinitely. Journalists often have irregular income streams, and because my debts are unusually high right now, it puts me at even more risk of default, so I have to keep as liquid as I can.I can and have stuck money in a high-yield savings, but I can withdraw those funds at any time if I have a financial shortage, unlike with a CD. Check out our list of the best high-yield savings accounts with APYs over 4.00%.3. I am the only earner in the householdI’m divorced and have been a sole earner for years, which means that I have no safety net should something go terribly wrong. This is a good argument for saving in general, but it’s also a terrible situation in which to use CDs, because you need money when you need it, and if I suffered a serious injury or had a big expense, there’s nowhere else to get money from but myself.It’s all on me and my savings account.If you’re part of a multi-earner household, or have some other kind of backup plan, then a CD is less of a risk to you than it is to me. Definitely put some money in one, you’ll really be glad you did, provided you have other places to grab money from in the event of a big emergency.Do I still recommend CDs? AbsolutelyJust because I have never bought a CD and never will, because I know how I am and the life that I lead, it doesn’t mean I don’t recommend them wholeheartedly to other people.My friend Anna has a CD for her kid’s college tuition, which is great because she can take out what she needs to pay for the next year, put the rest back into a new CD, and draw a significant amount of interest from it while it does nothing. It’s perfect for her, and when she asked me about it, I emphatically endorsed the idea.But for me? No.I’m not in a place where that will probably ever make sense for me. I’ve been a career journalist for almost 30 years and I’ve seen the ups and downs of the industry. I’m not about to take a hit equivalent to months or years’ worth of interest if there happens to be a significant downturn and I have to pull money out to live on until I land that next big career break.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”:”

I spent some time debating if I should even write this, since, you know, it’s kind of a big confession after months and months of writing about the many reasons you should be investing in certificates of deposit.

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.

But here’s the thing — I’m never going to invest in a CD, even though I know it’s a reasonably good idea in some cases.

It’s not really about CDs, so much as it is about me. CDs aren’t for everyone, and I’m definitely not the right person to be a CD investor. Let’s talk about why.

1. I am an aspirational saver

The biggest problem I have with CDs is that I’m an aspirational saver. That is to say, I want to save money, and I get really excited about saving, and I even throw a bunch of money into my savings account, and then something happens that I had forgotten to account for.

That might be something obvious, like paying my property taxes, or it might be something less obvious, like forgetting that it’s time to get new tires for my car. Whatever it is, I am simply not good enough at planning over the very long term to lock money away into a CD for some set amount of time. Although I’m getting better at this, I can’t trust myself to have money I can’t access as needed.

But if you’re a careful planner and have a block of money you don’t intend to touch for the long term, check out the best CD rates we’ve found on this page.

2. I am still paying off a lot of debt

The cause of issue No. 1 is largely issue No. 2. A lot went wrong in my life around the beginning of the COVID-19 pandemic, and because of that, I have a lot of debt I’m still paying back. I also picked up additional debt when my dogs got sick and I had two years of cancer care to pay for. Even though we ultimately chose palliative care, it was still expensive and exhausting and lasted far longer than I had budgeted for.

So I have a lot of debt, which makes it very hard in a job like this to set aside a big block of money and just not touch it indefinitely. Journalists often have irregular income streams, and because my debts are unusually high right now, it puts me at even more risk of default, so I have to keep as liquid as I can.

I can and have stuck money in a high-yield savings, but I can withdraw those funds at any time if I have a financial shortage, unlike with a CD. Check out our list of the best high-yield savings accounts with APYs over 4.00%.

3. I am the only earner in the household

I’m divorced and have been a sole earner for years, which means that I have no safety net should something go terribly wrong. This is a good argument for saving in general, but it’s also a terrible situation in which to use CDs, because you need money when you need it, and if I suffered a serious injury or had a big expense, there’s nowhere else to get money from but myself.

It’s all on me and my savings account.

If you’re part of a multi-earner household, or have some other kind of backup plan, then a CD is less of a risk to you than it is to me. Definitely put some money in one, you’ll really be glad you did, provided you have other places to grab money from in the event of a big emergency.

Do I still recommend CDs? Absolutely

Just because I have never bought a CD and never will, because I know how I am and the life that I lead, it doesn’t mean I don’t recommend them wholeheartedly to other people.

My friend Anna has a CD for her kid’s college tuition, which is great because she can take out what she needs to pay for the next year, put the rest back into a new CD, and draw a significant amount of interest from it while it does nothing. It’s perfect for her, and when she asked me about it, I emphatically endorsed the idea.

But for me? No.

I’m not in a place where that will probably ever make sense for me. I’ve been a career journalist for almost 30 years and I’ve seen the ups and downs of the industry. I’m not about to take a hit equivalent to months or years’ worth of interest if there happens to be a significant downturn and I have to pull money out to live on until I land that next big career break.

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.

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[[{“value”:”Image source: The Motley Fool/Upsplash
The Federal Reserve has now cut its benchmark interest rate twice in 2024, and as you might expect, the interest rates paid on certificates of deposit (CDs), high-yield savings accounts, and money market accounts have all trended lower as a result.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. However, although CD rates aren’t quite as high as they were earlier in 2024, you might be surprised at how attractive they still are. Let’s look at how much you can earn by putting $10,000 into a 12-month CD right now and what the biggest drawbacks are.Are you looking to lock in today’s interest rates? Click here for our up-to-date list of the best CD rates from top banks right now.How much interest can you get from a 12-month CD today?To be perfectly clear, CD rates aren’t directly linked to the Fed’s interest rate moves, and banks are free to set their own rates. But the Fed’s rate moves impact how much it costs banks’ to borrow money from one another, so it also tends to impact CD rates.After two Fed rate cuts, you might be surprised to learn that top banks are still offering 12-month CDs with rates of 4% or more. For example, Discover® Bank is offering a 1-year CD with no minimum deposit and a 4.10% APY. Some banks on our radar pay even more — although many have minimum deposit requirements of $500, $2,500, or some other amount.We’ll use Discover® Bank’s CD as an example. In order to calculate how much you can earn from a CD with a certain APY after one year, simply multiply the amount of money you’re starting with by the APY in decimal form (so, 4.10% would be 0.041). If you put $10,000 into a 12-month Discover® Bank CD, this shows that it would earn $410 in interest income and would grow to $10,410 by the time the CD matures.It’s worth mentioning that CDs typically renew automatically at the then-current interest rate unless you act. There’s usually a grace period for a certain amount of time prior to maturity when you can opt out of automatic renewal. Unless you want to extend your commitment for a year, be sure to find out how long it is (seven days is common) so you can take action.What if you need the money before maturity?So, we’ve seen what happens if you put $10,000 into a 12-month CD and leave it alone. But what happens if you put money in a 12-month CD and unexpectedly need it before 12 months have passed?Each bank has its own policy when it comes to early withdrawal penalties, but it generally involves forfeiting a few months’ worth of interest (two or three months of interest is common for 12-month CDs). In certain financial circumstances, it can be worth cashing out a CD early, but it’s important to be aware of the cost.What happens after 12 months?A 12-month CD allows you to lock in today’s interest rates for a year, but that isn’t exactly a long period of time — especially if you depend on your savings and investments for income.There’s no guarantee that you’ll be able to get a similar interest rate on another CD after your 12-month CD matures. And if the Fed keeps cutting its benchmark rate (as it’s widely expected to do), it’s likely that 12-month CD interest rates will be significantly lower a year from now.The bottom line is that a 12-month CD can be an excellent place to put money you’ll need in the not-too-distant future or that you might want to re-invest in something else (like stocks) in a year.But if you’re planning to use CDs to create a reliable income stream for day-to-day expenses, it could be a smart idea to look at a CD with a longer maturity, such as a 5-year CD, or to create a CD ladder to achieve a combination of flexibility and stability.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.Discover Financial Services is an advertising partner of Motley Fool Money. Matt Frankel has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

The Federal Reserve has now cut its benchmark interest rate twice in 2024, and as you might expect, the interest rates paid on certificates of deposit (CDs), high-yield savings accounts, and money market accounts have all trended lower as a result.

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.

However, although CD rates aren’t quite as high as they were earlier in 2024, you might be surprised at how attractive they still are. Let’s look at how much you can earn by putting $10,000 into a 12-month CD right now and what the biggest drawbacks are.

Are you looking to lock in today’s interest rates? Click here for our up-to-date list of the best CD rates from top banks right now.

How much interest can you get from a 12-month CD today?

To be perfectly clear, CD rates aren’t directly linked to the Fed’s interest rate moves, and banks are free to set their own rates. But the Fed’s rate moves impact how much it costs banks’ to borrow money from one another, so it also tends to impact CD rates.

After two Fed rate cuts, you might be surprised to learn that top banks are still offering 12-month CDs with rates of 4% or more. For example, Discover® Bank is offering a 1-year CD with no minimum deposit and a 4.10% APY. Some banks on our radar pay even more — although many have minimum deposit requirements of $500, $2,500, or some other amount.

We’ll use Discover® Bank’s CD as an example. In order to calculate how much you can earn from a CD with a certain APY after one year, simply multiply the amount of money you’re starting with by the APY in decimal form (so, 4.10% would be 0.041). If you put $10,000 into a 12-month Discover® Bank CD, this shows that it would earn $410 in interest income and would grow to $10,410 by the time the CD matures.

It’s worth mentioning that CDs typically renew automatically at the then-current interest rate unless you act. There’s usually a grace period for a certain amount of time prior to maturity when you can opt out of automatic renewal. Unless you want to extend your commitment for a year, be sure to find out how long it is (seven days is common) so you can take action.

What if you need the money before maturity?

So, we’ve seen what happens if you put $10,000 into a 12-month CD and leave it alone. But what happens if you put money in a 12-month CD and unexpectedly need it before 12 months have passed?

Each bank has its own policy when it comes to early withdrawal penalties, but it generally involves forfeiting a few months’ worth of interest (two or three months of interest is common for 12-month CDs). In certain financial circumstances, it can be worth cashing out a CD early, but it’s important to be aware of the cost.

What happens after 12 months?

A 12-month CD allows you to lock in today’s interest rates for a year, but that isn’t exactly a long period of time — especially if you depend on your savings and investments for income.

There’s no guarantee that you’ll be able to get a similar interest rate on another CD after your 12-month CD matures. And if the Fed keeps cutting its benchmark rate (as it’s widely expected to do), it’s likely that 12-month CD interest rates will be significantly lower a year from now.

The bottom line is that a 12-month CD can be an excellent place to put money you’ll need in the not-too-distant future or that you might want to re-invest in something else (like stocks) in a year.

But if you’re planning to use CDs to create a reliable income stream for day-to-day expenses, it could be a smart idea to look at a CD with a longer maturity, such as a 5-year CD, or to create a CD ladder to achieve a combination of flexibility and stability.

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.Discover Financial Services is an advertising partner of Motley Fool Money. Matt Frankel has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

“}]] Read More 

[[{“value”:”Image source: Getty Images
Still have gifts to buy before the holidays arrive? If you have a Costco membership card, you can save money by shopping members-only deals. Whether you’re looking to spoil yourself or get presents for your loved ones, the warehouse club has many great buys on sale throughout the rest of the month.Top credit card to use at Costco (and everywhere else!)
We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco. Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.
Click here to read our full review for free and apply before the $200 welcome bonus offer ends!Ready to draft your shopping list? The following Costco deals could save you up to $300.Save $70: Shark Matrix Plus Robot Vacuum with Self-Empty HEPA Base for $279.99Have you been eyeing a robot vacuum for your home? Costco has a deal that you can shop in-club or at Costco.com through Dec. 2. You can save $70 on the Shark Matrix Plus Robot Vacuum with Self-Empty HEPA Base.This robot vacuum usually costs $349.99, but members can purchase it for only $279.99 for a limited time. If you’ve been looking to invest in tools that help keep your home cleaner, consider buying one.Save $300: HP Pavilion 16-inch Touchscreen Laptop for $899.99This next deal is only available online at Costco.com. If you or someone you love is ready for a laptop upgrade, this deal will save you $300. Through Dec. 2, you can buy the HP Pavilion 16-inch Touchscreen Laptop for $899.99 instead of $1,199.99.It features a 2 TB SSD and Windows 11 operating system. That’s a fantastic price for a new touchscreen laptop.Want to maximize your savings? Click here to find out how to maximize your cash back when shopping at Costco.Save $100: Sony WH1000XM5 Wireless Noise-Cancling Headphones for $299.99Whether you have a film buff or a music lover on your list this year, a quality pair of headphones makes the perfect gift. Costco has many options, but this buy will save you $100. Through Dec. 2, you can purchase a pair of Sony WH1000XM5 Wireless Noise-Cancling Headphones for $299.99 instead of $399.99. As a bonus, these headphones look sharp, too.It’s easy to earn cash back with the right credit card. Check out our list of top credit cards with big rewards for Costco shoppers.Save $100: Vitamix Venturist Pro Blender with SELF-DETECT Technology for $299.99A quality blender can make it easier to mix ingredients thoroughly and efficiently. This product is ideal for the smoothie lover on your list.Costco is selling the Vitamix Venturist Pro Blender with SELF-DETECT Technology at a $100 discount through Dec. 2. You can buy it for $299.99 instead of $399.99. This deal is available in-club and online.Save $300: ProForm Trainer 8.7 Folding Treadmill for $699.99Here’s another deal that offers a $300 savings. Costco members can buy the ProForm Trainer 8.7 Folding Treadmill for $699.99 instead of $999.99. This online-only deal can be shopped at Costco.com through Dec. 2.This treadmill can be folded up for easy storage. It features a 7-inch display, supports speeds of up to 12 MPH, and has an incline of up to 10%. This Costco deal proves that you don’t have to spend a fortune on home fitness equipment.Get more from your Costco membershipMany people are able to keep more money in their checking accounts by purchasing food, household goods, cleaning supplies, and more at Costco. But you can get more value from your membership by taking advantage of holiday deals like the ones featured above. Every dollar you save can make a big difference.Top credit card to use at Costco (and everywhere else!)
We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco. Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.
Click here to read our full review for free and apply before the $200 welcome bonus offer ends!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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Still have gifts to buy before the holidays arrive? If you have a Costco membership card, you can save money by shopping members-only deals. Whether you’re looking to spoil yourself or get presents for your loved ones, the warehouse club has many great buys on sale throughout the rest of the month.

Top credit card to use at Costco (and everywhere else!)

We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.

Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.

Click here to read our full review for free and apply before the $200 welcome bonus offer ends!

Ready to draft your shopping list? The following Costco deals could save you up to $300.

Save $70: Shark Matrix Plus Robot Vacuum with Self-Empty HEPA Base for $279.99

Have you been eyeing a robot vacuum for your home? Costco has a deal that you can shop in-club or at Costco.com through Dec. 2. You can save $70 on the Shark Matrix Plus Robot Vacuum with Self-Empty HEPA Base.

This robot vacuum usually costs $349.99, but members can purchase it for only $279.99 for a limited time. If you’ve been looking to invest in tools that help keep your home cleaner, consider buying one.

Save $300: HP Pavilion 16-inch Touchscreen Laptop for $899.99

This next deal is only available online at Costco.com. If you or someone you love is ready for a laptop upgrade, this deal will save you $300. Through Dec. 2, you can buy the HP Pavilion 16-inch Touchscreen Laptop for $899.99 instead of $1,199.99.

It features a 2 TB SSD and Windows 11 operating system. That’s a fantastic price for a new touchscreen laptop.

Want to maximize your savings? Click here to find out how to maximize your cash back when shopping at Costco.

Save $100: Sony WH1000XM5 Wireless Noise-Cancling Headphones for $299.99

Whether you have a film buff or a music lover on your list this year, a quality pair of headphones makes the perfect gift. Costco has many options, but this buy will save you $100. Through Dec. 2, you can purchase a pair of Sony WH1000XM5 Wireless Noise-Cancling Headphones for $299.99 instead of $399.99. As a bonus, these headphones look sharp, too.

It’s easy to earn cash back with the right credit card. Check out our list of top credit cards with big rewards for Costco shoppers.

Save $100: Vitamix Venturist Pro Blender with SELF-DETECT Technology for $299.99

A quality blender can make it easier to mix ingredients thoroughly and efficiently. This product is ideal for the smoothie lover on your list.

Costco is selling the Vitamix Venturist Pro Blender with SELF-DETECT Technology at a $100 discount through Dec. 2. You can buy it for $299.99 instead of $399.99. This deal is available in-club and online.

Save $300: ProForm Trainer 8.7 Folding Treadmill for $699.99

Here’s another deal that offers a $300 savings. Costco members can buy the ProForm Trainer 8.7 Folding Treadmill for $699.99 instead of $999.99. This online-only deal can be shopped at Costco.com through Dec. 2.

This treadmill can be folded up for easy storage. It features a 7-inch display, supports speeds of up to 12 MPH, and has an incline of up to 10%. This Costco deal proves that you don’t have to spend a fortune on home fitness equipment.

Get more from your Costco membership

Many people are able to keep more money in their checking accounts by purchasing food, household goods, cleaning supplies, and more at Costco. But you can get more value from your membership by taking advantage of holiday deals like the ones featured above. Every dollar you save can make a big difference.

Top credit card to use at Costco (and everywhere else!)

We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.

Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.

Click here to read our full review for free and apply before the $200 welcome bonus offer ends!

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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

“}]] Read More