With interest rates expected to rise in 2015, investors might be considering rising-rate CDs, but a new Bankrate.com analysis of 150 banks and credit unions found they almost always favor the financial institution.

Liquid/No Penalty CDs

• These products provide investors with a way to access some or all of their investment prior to maturity without penalty. 
• During the survey period, the top-yielding nationally available online savings account was 1.05%, which exceeded the yields offered on any of the liquid CDs with maturities of two years and under. 
• While Bankrate found three- and five-year liquid CDs with yields exceeding 1.05%, the yields still fell short of what could be obtained on the top-yielding nationally available three- and five-year traditional CDs.

Bump-Up CDs

• Bump-up CDs give investors the option to increase their rate at some point during the term should interest rates rise. 
• However, the yields offered on the bump-up CDs in the survey fell short of the top-yielding nationally available traditional CDs of the same maturity, often by a wide enough margin that there is no hope of 'bumping up' to a high enough yield to offset the lower initial yield. 
• The highest-yielding two-year bump-up CD in the survey paid 0.85% APY, while the top-yielding nationally available traditional two-year CD earned 1.5% APY.

Step-Up CDs

• Step-up CDs offer predetermined increases in the rate at specified periods during the term. 
• In all cases that Bankrate analyzed, the blended APY (accounting for the amount and timing of each scheduled increase) fell well short of the top-yielding traditional CD.

Callable CDs

• These can be called in prior to maturity at the issuing financial institution's discretion and are typically a 'heads I win, tails you lose' proposition. 
• If the yield is attractive, it will likely be called so the institution can reissue at a lower yield. 
• On the other hand, a yield that only appears attractive if the CD is called in quickly probably won't be called in because the CD is unlikely to be reissued at a lower yield.

"All of these products sound good in theory, but in practice, we didn't find much value for investors," said Greg McBride, CFA, Bankrate.com's chief financial analyst. "Rising-rate CDs are not necessarily a bad deal, but savers can often do better by shopping around for the best returns on online savings accounts and traditional CDs. And with interest rates likely to remain low for a while longer, investors should also seek yield from other parts of their portfolios such as high-quality bonds, dividend-paying stocks and real estate investment trusts."