US Banking System

If you are saving money to build an emergency fund, you may prefer a savings account or a money market account in order to have immediate access to your money when you need it. If you are saving for a specific goal or want to build some of your savings faster, a certificate of deposit (CD) might be a better choice.

MyBankingDirect, an online-only service of New York Community Bank, currently offers a 7-month CD that pays 1.00 percent APY. The minimum deposit and balance requirement is just $500. As with most CDs, payments apply for early withdrawal. The funds in all MyBankingDirect accounts are fully FDIC insured.

Compare CD rates and terms online to get the best bank deals.

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