when a consumer holds money in a savings account the consumer may not have immediate need the consumer may need to transfer funds to their checking account before they can be used savings accounts usually have higher apys than checking accounts because consumers face greater limits with them 
in addition when consumers hold a certificate of deposit they agree to sacrifice liquidity and access to funds in return for a higher apy the consumer can t use or spend the money in a cd without paying a penalty the apy on a cd is often the highest as the consumer is being rewarded for sacrificing immediate access to their funds 