Photo: Depositphotos.
Photo: Depositphotos.

Maximize Your Savings with CDs and Money Markets

During times of high-interest rates, saving your money is more important than ever.


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With inflation rates continuing to drive the cost of living higher and higher, boosting your savings is critical.

Some may be looking to save money on everyday expenses, others may be considering what to do with their current savings.

WSFS provides two great options, regardless of which end of the spectrum you land on.

For those with money saved that is intended for long-term uses, a Certificate of Deposit, or CD, is a popular and profitable savings option. 

A CD is an account with your bank that earns a fixed interest rate for a specific term or length of time. 

Generally, terms range from 3-6 months to five years or more, depending on what term your bank offers and how long of a commitment you want to make.

This commitment is important to consider, as unlike traditional savings accounts, a CD requires that you leave the money in the account for the full term. The commitment enables banks to offer a higher interest rate, and in return, you earn more money on your investment. 

A CD opened at an FDIC-insured bank is also insured up to $250,000, making it a great option to grow your savings with the confidence that your money is secure. 

If you are looking for higher interest rates than a traditional savings account, but want the flexibility to access your cash for planned or unforeseen withdrawals, a money market account may be a great option. 

Money market accounts earn interest over any period of time and because they are considered liquid, you can make deposits and withdrawals with no penalties for early withdrawals, which can be a factor in other investment accounts. 

Depending on your amount of savings in a money market account, a high-yield money market account can reward you with even higher rates. 

While you won’t likely get the rate of return on a money market account that you would on a CD, you have more flexibility to add money to the account, essentially building on your savings while also earning interest, and you can use it more fluidly for a rainy day or emergency fund. 

Considering that there is no one-size-fits-all approach to savings, having a nice mix of options to consider is always a good way to maximize your return, manage access to your money, and to use a higher interest environment to your full advantage. 

It’s always a good idea to speak with your banker to decide the best approach to your savings plan. 


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