As interest rates linger near record lows, locking your money away for years in a certificate of deposit may not sound appealing. You may need access to the money or want a chance at higher rates, so many banks have begun promoting nontraditional CDs to encourage investment.

These accounts provide increased convenience and liquidity, but they typically come with a trade-off -- lower yield potential than a traditional CD. Before you begin browsing the banking world for these alternatives, consider these five tips to better understand your options.