Here's what they had to say about CDs. (Text is edited for clarity.)
How do you know if you're choosing the right bank or credit union for your CD?
Make sure it's FDIC or NCUA insured. Also, keep your desired banking experience in mind. Do you like walking into a bank? You need a local branch. Is it OK if you never see your bank? Then you'll probably be happy with an online-only bank. Do you write checks? Do you not write checks? Thinking through how experience before you make that decision.
- Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
Create a list of what you prioritize most in a bank account. Some banks charge monthly service fees for accounts, so I would see what the requirements are to waive the monthly service fee and whether I think I could meet those requirements. If you're searching for an interest-earning bank account, pay attention to interest rates. The account should pay a higher interest rate than the average bank account.
- Sophia Acevedo, banking editor, Business Insider
How do you decide how long to keep your money in a CD?
Think about when you'll need the money, then compare that with the current CD rates. Consider what makes sense from a financial perspective, but also from the perspective of your own personal timing.
- Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
Have a plan for your funds. If the money you're putting in a CD is supposed to be a house fund, and you want to wait for another two years to buy a house, that's when you should plan to have this money.
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
How can someone decide if a no-penalty CD is right for them?
Pay attention to the interest rate and see if it's significantly higher than other savings options. If it is almost the same as a high-yield savings account or money market account, you might prefer one of the latter because you can make additional deposits. With a no-penalty CD, you'll only be able to deposit money when you open an account or when the term ends.
- Acevedo, Business Insider
Methodology: How we Chose the Best No-Penalty CDs
Business Insider's personal finance team reviewed no-penalty CD offerings from around a dozen national banks using our CD rates methodology. For each account, we compared the minimum opening deposits, miscellaneous features, fees and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, security, and ethics.