Certificates of deposit (CDs) are drawing attention with enticing rates, some as high as 9.50% APY. But the fine print reveals potential pitfalls like short terms and deposit limits. While these CDs can be a good way to lock in rates, they come with strings attached. From early withdrawal penalties to limited deposit amounts, the highest-paying CDs may not be as lucrative as they seem. Consumers should weigh the pros and cons before committing. High-yield savings accounts could offer more flexibility and similar returns without the constraints.
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