I don't think CDs are particularly useful for any time horizon under three years because, in most cases, you can get the same, if not better, rate with a high-yield savings account. Plus, with a savings account, you can access your money — and add to it — at any time, penalty-free.
The only benefit is you lock in an interest rate. If you locked in a three-year CD with a 1.15% interest rate, and then rates fell and high-yield savings accounts started paying 0.75% in annual interest, you'd still be making 1.15% until your CD expired. , but college tuition is the only middle ground in which you know with a high degree of certainty that there is a fixed payment due one, two, three, and four years from today .
Of course, you could use CDs for other short-term savings goals, such as down payments, home renovations, automobiles, travel, and more. The reason I choose not to is because plans frequently change. If my travel plans get canceled or I decide to buy a home a year later or sooner, I'd prefer to have that flexibility with my money.is a common tax-advantaged solution that many people turn to.
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