8. High-yield CD

When money is involved, there’s room for fierce competition and banks know this very, very well. It’s common for them to compete by offering better rates, and that’s how high-yield CDs came to be. The only difference between them and traditional CDs is that they have better returns.

In order to compare the best CDs, check out Bankrate, which surveys both local and national institutions and compiles all the results in one place. From there, you can pick a high-yield CD without having to visit tons of websites or brick-and-mortar financial institutions yourself.