Putting your money into a brokered CD -- one sold by a financial adviser or a broker -- is easy. But making early withdrawals usually isn't.
"Stay away if you might withdraw prior to maturity," says McBride. "Getting your money out isn't as simple as just forfeiting interest."
Why? Brokered CDs don't usually permit early withdrawals. If you need money for an emergency, you're out of luck. Your one option is to sell the CD on the secondary market to other investors.
"You get what they're willing to pay," says McBride, adding that it could be less than your investment.
It's tough to calculate exactly what your risks will be, he adds. With bank-issued CDs, for example, you know your early withdrawal costs.