As CD rates rise above 7%, experts recommend shopping around, avoiding penalties, and diversifying rather than relying solely on your bank

CD rates are now topping 7% APY as the Fed raises interest rates to combat inflation.
Financial advisors recommend comparing CD rates across banks to find the best returns.
Withdrawing CD money early can result in penalties and lower earnings, so avoid locking emergency funds into CDs.
Investors should split large deposits across multiple CDs and institutions to maximize FDIC coverage.
Using CD ladders, with staggered maturity dates, can help lock in higher rates over time while maintaining access to cash.