IMO, it's not so much about possibly needing the money. Especially for a long-term CD, the ability to just accept the early withdrawal penalty and get out of the CD to buy one with a higher rate could be very valuable if rates go up. This "insurance" is free if the CD is bought straight from the issuer, but generally unavailable in brokered CDs. If rates go to 5% and I have to find a buyer for a 3% CD with 3 years left on the contract, I'm gonna lose some money (about $55 per $1000 CD value, plus any trading costs). OTOH, the early withdrawal penalty on a 5 year CD at Ally bank is 150 days of interest (about $12 per $1000 CD value, no trading costs).Regarding #1, the easy takeaway is to not buy CDs with money where there is any chance you will need it earlier.
There's no doubt that brokered CDs are more convenient in many cases.
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