Both CDs and IRAs have their advantages, but which one is better for you depends on your specific situation.

A CD, or certificate of deposit, is a savings account that typically offers a higher interest rate than a regular savings account. You can only access your money once it’s been withdrawn from the CD, which can be a disadvantage if you need to access it quickly.

An IRA, or individual retirement account, is a retirement account that offers tax advantages. You can contribute to an IRA even if you don’t have a job, and you can choose from a variety …