If your stash is meant for emergencies, like a car repair or medical bills, you shouldn’t restrict your access to it for long. You want to be able to withdraw the cash quickly if you need it, without worrying about paying a penalty. You may be better off getting a slightly lower rate in a high-yield savings account, with fewer restrictions on withdrawals.If you have a large expense coming at a known date in the future, however — say, a college tuition payment — a longer-term C.D. makes sense.People who are retired, or near retirement, may also benefit from longer-term C.D.s with higher rates because they often want to have two years of li …
