I'd just put it in an Ally.com online savings account. Current yield is 1.75% and you have easy access to your money. Sure, you can probably find a year (or more) CD yielding nearly 2.5%, but if you believe interest rates are likely to continue to increase over the next 6 months at least, then the online savings account will be yielding that same 2.5% soon enough. Personally, I wouldn't bother looking at a CD until the Fed stops hiking interest rates. The difference between a CD and the Ally savings account is only going to amount to a few extra bucks one way or the other anyways, so might as well just choose the option that gives you the most immediate access to your funds.