Looking to maximize your savings? Consider a high-yield certificate of deposit (CD) with rates exceeding the national average of 0.4%. Financial institutions offer promotional CDs with higher rates for a limited time, locking in your earnings for the term. Check out some of the best rates available in August, like Dort Financial CU’s 7-month CD at 4.75% APY.

Flagler Credit Union, a division of Dort Financial, also offers a 4.4% APY 7-month promotional CD. OMB Bank provides a 4.36% APY online high-yield CD for a 3-month term. Global Innovations Bank offers a 4.30% APY 6-month CD, while Compass Federal Credit Union has a limited-time 4.25% APY 12-month CD.

Consider the minimum opening deposit, which may be higher for promotional CDs. Pay attention to the terms, like irregular durations, and ensure the CD aligns with your savings goals. Remember, promotional CD rates are temporary, so take advantage of competitive rates while they last.

Read more at Yahoo Finance: These are the best promotional CD rates available today (up to 4.75% APY)