Certificates of Deposits
Certificates of deposit are a similar to savings account but they offer a slightly higher yield, typically 0.5 to 3 percent. However, they are locked in for a certain amount of time but you can access them before the time has lapsed with a penalty.
These deposits can be opened for 6 months to 5 years and sometimes even 10 years. Naturally, a 10-year CD will yield you higher returns than a 6-month CD.