If the larger yield is offered by a bank you're unfamiliar with, the inconvenience and potential risk may not be worth the few dollars difference. Blindly seeking yield has other drawbacks. The promise of a higher yield on a riskier investment that you don't really know much about, like a high-yield bond, may not justify switching from a safer and more familiar U. S. Treasury or agency bond. When interest rates are low, this strategy seems appealing. But most experts caution against putting money into investments that you don't understand or that your broker can't explain to your satisfaction.
Timing is also an issue.
If rates go up, as they invariably do, you risk being locked into a lower yield or facing a loss if you liquidate. One solution may be a CD with an adjustable interest rate, which will increase at least once if rates in general go up. More recently, however, bond prices and their yields have fluctuated in response to changing economic conditions. A strong secondary market , where bonds are bought and sold, has flourished, and many investors buy bonds to trade. That means the old rule of buying low and selling high also applies.