Ben Gran is a freelance contributor for Forbes Advisor on banking. He also writes for The Ascent (a Motley Fool service), where he covers insurance, credit cards, personal finance and investing.

"A no-penalty CD can be a great option over a high-yield savings account if you know you won't need to touch the money for a set period of time but want to keep it relatively safe from stock ...

CNBC Select will update as changes are made public. A no-penalty CD, also known as a penalty-free CD or a liquid CD, is a type of certificate of deposit that allows you to lock in a good savings ...

Yet which is better comes down to your deposit amount, need for access and savings goals. A no-penalty CD lets you earn a fixed interest rate on your savings without locking up your money.

A no-penalty certificate of deposit is a type of CD that charges no fee for withdrawing money before the term expires. It offers more flexibility than other CDs. Strict editorial guidelines to ...