2. Bump-up CD

You’ve heard banks tossing around the words APY, which stands for annual percentage yield. APYs gives you the most accurate idea of what your money could earn in a year.

Now, you might be in the middle of a term when the bank raises its APY. With a traditional CD there wouldn’t be much you could do about it. But a bump-up CD allows you to contact your bank and request them to use the higher rate for the remainder of your term.

Bump-up CDs typically start with lower rates anyway, though, so compared to other accounts, when you take advantage of the rise you’re actually catching up with everyone else. Also, you’re only allowed to make this move once per term, so you have to time it just right as to not miss out on greater opportunities later. It’s a bit of a gamble!