While some consumers may enjoy the easy cash access that a no-penalty CD provides, there are ways to keep your money within reach without sacrificing yield.

Todd Pietzsch, manager of public relations at BECU, says that now is not the best time to invest in long-term CDs. As an alternative, he says consumers can consider laddering CDs over a certain period and extending into longer maturities when rates begin to rise.

CD laddering is a strategy that diversifies your total CD investment among varying maturity dates. McBride says that investing in shorter maturities now gives consumers a chance to study the market as they determine how to structure their CD ladders in the future.

"In the meantime, you'll get the opportunity to survey the interest rate landscape as shorter CDs mature," McBride says.

For consumers considering spreading their funds across a range of CDs, Bankrate's CD ladder calculator highlights how the strategy can help maximize your return on investment.