If you normally spend $3,000 a month and you have $20,000 on hand, you may not want to tuck all of that cash into a savings account, where it's apt to earn minimal interest. The upside of opening a CD is that your money is protected (provided you don't put in more than $250,000), and you'll generally snag a higher interest rate than you will with a regular savings account. There's really no good way to sugarcoat it: Today's CD rates are, in a word, terrible.
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