While these fixed-interest accounts have an early withdrawal penalty to consider, they often include higher interest rates than the average savings or money market account. Look for promotional CDs at brick-and-mortar banks to earn high rates meanwhile, online banks and credit unions often have competitive CD rates on a variety of terms.Ī CD can be a great savings option if you're looking to lock money away for a few months or years.However, many financial institutions pay higher CD rates than the national average.