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High Yield Money Market Account or High Yield Certificates of Deposit? Make Your Money Work Harder For You.

With so much changing in the world around us, not to mention the stock market, how can you make your money work harder for you without a lot of risk? With stock prices dropping and interest rates on most savings and checking accounts still low, you do have other options. If you’ve never considered a money market or certificate of deposit (CD), they can be a great option. Read on to find out why these are great options to grow your savings and make your money work for you.

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High Yield Money Market

With a High Yield Money Market account, you’ll get a slightly lower interest rate than you might on a CD, but you have the freedom to withdrawal your cash or make deposits to your account as you wish. Keep in mind that a Money Market account functions just like a savings account does, but generally has higher minimum balance requirements because it offers a higher interest rate. If you’re not quite ready to lock away your money in a CD, want a higher rate, and have enough saved to meet balance requirements, this is the option for you.

Compare interest rates for WaFd’s high yield money market to our CD specials, and to see other requirements, so you can decide what’s right for you.

High Yield CD

Looking for the most secure way to see your money grow without the volatility of stock trading? A certificate of deposit (CD) is a great option. Your money is safe and earning a better interest rate than a savings account, but you still can’t access it without penalties (we do want to encourage you to save your money after all). Other than an early withdrawal penalty, there is no risk that you’ll lose your hard-earned savings so you can rest easy and have peace of mind. It may not earn as much as you might on the stock market, but with today’s volatility that’s a small price to pay.

Check out WaFd Bank’s rates for all our certificates and to view available terms, including details on our two CD specials.

How a CD works

Your money is locked-in with a set interest rate, so no matter what happens with interest rates after you’ve opened the CD, your rate won’t change. Rates could go up or down after you open your CD, but there are a variety of terms available. If you’re sure rates will increase, you can choose a shorter term (WaFd offers terms as low as 7 months) but the longer term you choose, up to 5 years, the higher interest rate you’ll get.

Here at WaFd Bank, once your CD matures, or is at the end of its agreed upon term, you have a grace period of 10 days to contact us to request to have your money deposited into one of your accounts. If you don’t, your CD will roll over into the same term with the current interest rate, so it’s important to keep an eye on your mailbox or set a calendar reminder so you can make arrangements. A letter is sent 30 days before your CD matures as a reminder, but if you don’t act and your CD rolls over, you are locked in for the same term. For example, if you chose a 13 month CD and don’t contact us to give instructions when it matures, it will roll over into another 13 month CD at whatever the current interest rate is at the time, which could be lower or higher than your original choice.

WaFd Bank is Here to Help

Here at WaFd Bank, stability is our middle name. Opening our doors in 1917, we have more than 105 years of experience helping our clients, and that’s no small feat! Our bankers have the expertise necessary to answer any questions you might have and find the best option for you. If all you need is a CD or money market, there’s no need for extra accounts, but we can’t promise you won’t be impressed with all the digital tools we have to offer, like voice activated banking. WaFd is also FDIC insured to give you extra peace of mind, which means your money is backed by the federal government.

You can open an account online, give us a call at 1-800-324-9375 or stop by your local branch today! Join the bank that Newsweek awarded Best Big Bank three years in a row.

Have Questions?

Schedule a call or meeting with your local WaFd banker.

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