These 2 savings accounts have interest rates of about 5%: Here’s which one you should choose

Since the start of 2022, the highest interest rates on high-yield savings accounts (HYSAs) and certificates of deposit (CDs) have surged from nearly 1% to closer to 5%, making them a much more attractive place to put your cash.

Compared to the average interest rate of 0.6% you get for checking accounts, moving money from your debit account into either one of these savings accounts can be a smart move. But which one should you choose? The answer depends on what you plan to do with the money, and when you’ll spend it.