IRAs, cds bonds, savings account

[williaam]

I need to put a large sum in the bank. What pays the most interest? I don't want to be heavily penalized if I need to draw money out to invest in something else periodically. What is the difference between IRAs, CDs, bonds, savings accounts, etc?

[dzug]

You sound as though you are in the US (some of the terms you use are uncommon here in the UK although not unknown).

In another context a CD is a compact disk and IRA is the Irish Republican Army - these would be the first thoughts of anyone here though they do have financial meanings. CD certificate of deposit and IRA??? no idea.

If you are in the UK someone like Ing or ICICI Bank are among the highest rates with near-instant withdrawal.

If you are in the US you'll get better advice at home.