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3% is a pretty good deal. If there are no monthly fees, doesn't it make more sense vs. tying my money up in a CD? What is the catch?

The checking rate is variable. The CD rate is fixed.

To illustrate, in the past month or so, the American Express high-yield savings rate and the Bank of Internet's Boomer and Senior checking rates dropped about 0.5%. They can go up or down.

Also, some people here have access to CD rates from credit unions that currently can beat the high-yield checking and savings rates and the highest CD rates listed at bankrate.com.
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