Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Red Venture's senior editor of content partnerships. Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc.

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. If you've been able to put away a large, five-figure sum of money, then, ...

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, ...

There are a lot of great reasons to buy a CD, especially since rates are above 5.00% right now. But you don't want to rush into opening one before you make absolutely sure that it's right for you. To ...