5 questions before renewing your CD

Think outside the CD box.

With some high-yield checking accounts offering superior rates, consumers can consider alternative strategies for increasing yield. Bankrate's 2010 High Yield Checking Study shows that consumers can take advantage of increased rates with a few additional restrictions and balance caps.

However, McBride warns that certain depositors should not break with CDs.

"For an investor who is renewing a CD that's part of a CD ladder, it's unwise to disrupt that ladder based on interest rates," McBride says.

For a comprehensive comparison of earnings potential based on different interest rates, you can use a savings rate comparison calculator to estimate your earnings among a range of banking products.