February 14, 2024 / 4:25 PM EST / CBS News CD accounts offer a great way to grow and protect your money right now but the long-term forecast is unclear. Getty Images ...

Why a long-term CD is better: Just compare the potential rates. You can get a 4.20% rate on a 3-year CD and a 4.35% rate on a 5-year CD now - that's 876% and 911% better than what traditional ...

Right now, CD rates generally top out around 4.50%, according to Bankrate, while money market account rates are around 4.46% or lower.

Some of the best CD rates have started to drop for several CD terms, but you can still find many nationwide competitive options paying around 5% APY. Find out if now is a good time to open a CD.

The highest short-term CD, based on the banks that CNET tracks, offers 4.75%, while the highest long-term CD is paying 4%. That doesn't mean you shouldn't lock in a long-term CD.

Today's CDs allow you to lock in a record rate—up to 5.75%—for months or years down the road when savings account rates inevitably drop. Is now a good time for a CD?

CD rates are at record levels not seen since at least 2009, with dozens of options paying an annual percentage yield (APY) of at least 5.00% and reaching as high as 5.35%.