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. The paltry interest rates of recent years punished retirees, she said, so higher C.D. rates of 3 to 5 percent offer welcome relief: “We’re in this golden moment.”But given concerns about the economy and uncertainty about whether the Federal Reserve will continue raising rates, it’s unclear how long banks will continue to pay the high rates.

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