Rather than comparing nontraditional CDs, consumers should explore the entire banking spectrum to find high interest rates, liquidity and convenience.

While regular CDs and nontraditional CDs can lock in above-average interest rates for a fixed term, the Bankrate 2010 high-yield checking study shows that many national banks offer account options with very competitive rates.

"High-yield checking accounts can be a slam-dunk for consumers who are comfortable with online statements, direct deposits and regular debit card usage," McBride says.

However, if you are looking for a new home for a large chunk of money, the 2010 high-yield checking study also highlights that these accounts come with maximum balance caps. After an account holder crosses a certain threshold, the surplus will not earn the above-average rate.

You can search for high-yield online savings and money market accounts, which offer above-average interest rates and convenient cash access. To understand how different interest rates can impact your yield potential, Bankrate's savings rate comparison calculator shows how a few points can make a big impact.