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Why the No-Penalty CD Is the Ultimate Hybrid Savings Account

When it comes to savings accounts, no-penalty CDs can offer the best of both worlds.

Traditional CDs can be great long-term savings tools, but many people aren’t in a position to lock away any substantial amount of cash for an extended period of time, especially during a recession brought on by the coronavirus pandemic. And while high-yield savings accounts offer easy access, they aren’t always going to offer the best returns.

But a no-penalty CD is kind of a hybrid. These liquid CDs offer fixed, competitive rates along with the reassurance of easy access to your money, even if you withdraw early.

“They’re a nice middle ground option for people,” says Adam Stockton, director of consumer pricing at Novantas, a consulting and research firm that works with financial institutions. “Everyone has to make the trade-off of how much they value the rate versus the access to their funds, but it can be a best of both worlds option in some cases.”

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