If you’re looking for a higher rate of earning for your dollar, investing in the stock market is an option to explore. Those investments can pay more than you’d earn in interest with a CD, but there is a risk of losing money. High-yield savings accounts are also a good option. Their interest rates may not be as high as a CD’s would be, but many banks offer comparable rates. For example, the Aspiration Spend & Save account offers an APY up to 1.00% (as of May 9, 2023). With a savings account, there are no fixed terms to worry about, so you’ll also be able to add and take out money if needed for an emergency.