In June, the City Council approved a plan to divide the city into 51 zones and allow only 1% of homes in each zone to operate as short-term rentals. The plan also required that rentals be 500 feet apart unless they are side-by-side. However, many residents felt the proposal was too restrictive.

To address some of the concerns, City Council wanted to consider creating a new use called a “homestay rental” that only applies to residents who remain in their homes while renting a single room. Earlier this month, the Planning Commission recommended moving forward with creating that use.

Zoning Administrator Allison Jackura explained that under the proposal, homestay rentals are a separate category from short-term rentals and would not be subject to the density and buffer requirements of a short-term rental, where residents make their entire homes available for rent.

She said homestays apply for guests living in a home for 30 days or less. They would be allowed in single-family dwellings.

The proposed rules outline that a homestay rental operator must live in the home as their primary residence and reside there during all guests’ stays. The operator also has to maintain and provide proof of residency within one day of the zoning administrator requesting it.

No events, such as weddings, reunions or birthday parties, would be allowed with homestay rentals.  Furthermore, the operator — designated as a “responsible local person” would be required to provide contact information for the city website in case of any issues, respond within one hour after being called by the city for any nuisance complaint and be on-site at all times between 10 p.m. and 7 a.m. when overnight lodgers are present.

“We think that somebody living there has a vested interest in kind of making sure that there aren’t any nuisances,” Jackura said. “And we tend to see those in those overnight hours — that 10 p.m. to 7 a.m. — so we think having that person be there, staying there, would help to reduce that.”

Under the proposal, homestay rentals would require a Zoning Administrator Permit.

Jackura said the city does not have an exact number of homestay rentals currently operating. She said around 94 rentals currently advertise less than a whole home for rent, though that doesn’t indicate the owner is occupying the property.

The commission largely supported the proposal, but chair Michael Harris voted against an ordinance outlining the “standards of uses” for homestay rentals. He said in an interview that his objection was over requiring the homeowner to remain on the property between 10 p.m. and 7 a.m., as he felt the rule was too restrictive.

The commission is also recommending the City Council reduce the required buffer between short-term rentals from 500 feet to 300 feet. Commission member Tracy Brooks was the only one to vote against the matter during the July 18 meeting. She could not be reached for comment Monday to clarify her vote.

At the meeting, a few Hampton residents voiced concerns about the rules the City Council adopted last month limiting the density of short-term rentals. One woman said many Hampton residents will no longer be able to rely on the retirement income they were planning to earn through short-term rentals.

Hampton City Council is expected to vote on the changes during its Aug. 14 meeting. If approved, these changes will go into effect on Sept. 1.

Josh Janney, joshua.janney@virginiamedia.com

The company, which provides coverage in 23 states, plans a phased approach in Virginia during its initial rollout, granting access to additional agencies each month, according to a news release. The business sells exclusively through independent agents.

Openly, founded by insurance veterans Ty Harris and Matt Wielbut in 2017, differentiates itself with its technology, data and easy-to-use digital platform.

Boar’s Head Provisions Co. recalled its liverwurst because it may be tainted with the listeria bacteria, the U.S. Agriculture Department said. The company is also recalling additional deli meats that were produced on the same line and on the same day as the liverwurst.

The USDA said a sample of Boar’s Head liverwurst from a Maryland store tested positive for listeria. The sample was from an unopened package, collected by the Maryland Department of Health as part of an investigation into the listeria outbreak.

Testing is underway to determine if the liverwurst sample is connected to the outbreak, health officials said.

The outbreak was first reported last week. As of Thursday, 34 people were sickened, with all but one hospitalized. Two people died.

People most commonly reported eating deli-sliced turkey, liverwurst and ham, officials said.

Listeria can contaminate food and sicken people who eat it. Symptoms include fever, muscle aches, nausea and diarrhea. It can be treated with antibiotics, but it is especially dangerous to pregnant women, newborns, the elderly and those with compromised immune systems.

An estimated 1,600 people get listeria food poisoning each year and about 260 die, according to the Centers for Disease Control and Prevention.

The Boar’s Head recall includes a number of products stamped with an August 10 sell-by date, including bologna, garlic bologna, beef bologna, beef salami, Italian Cappy-style ham and Extra Hot Italian Cappy-style ham. Also included is Steakhouse Roasted Bacon Heat and Eat, with a sell-by date of Aug. 15.

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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom ordered state agencies Thursday to start removing homeless encampments on state land in his boldest action yet following a Supreme Court ruling allowing cities to enforce bans on sleeping outside in public spaces.

This executive order directs state agencies “to move urgently to address dangerous encampments while supporting and assisting the individuals living in them.” It also provides guidance for cities and counties to do the same, which applies pressure on them, though they are not legally bound to the order.

California is home to roughly one-third of the nation’s population of homeless people, a problem that has dogged Newsom since he took office. There are thousands of tents and makeshift shelters across the state that line freeways, and fill parking lots and public parks.

Under Newsom’s direction, state agencies — including state parks and the department of transportation — would be required to prioritize clearing encampments that pose safety risks, such as those along waterways. Officials should give “reasonable” advance notice to homeless people, offer to connect them to local services and help store their belongings for at least 60 days. Local cities and counties are urged to adopt similar protocols.

Last month the U.S. Supreme Court overturned a lower court ruling that said governments could not force people to leave encampments if there weren’t any shelter beds available. The case was the most significant on the problem to come before the high court in decades. Cities across the country have been wrestling with the politically complicated task of how to deal with a rising number of people without a permanent place to live and public frustration over related health and safety issues.

Newsom’s administration wrote in support of cities’ arguments that previous rulings, including one that barred San Francisco from clearing encampments, have prevented the state from solving a critical problem.

“There are simply no more excuses. It’s time for everyone to do their part,” Newsom said in a statement Thursday.

Newsom’s decision garnered praise from some local elected officials and business groups, who said they were left with no options to address homeless encampments before the Supreme Court’s ruling. San Francisco Mayor London Breed recently said the city will start an “aggressive” campaign to clear encampments across the city in August. Her office noted that the governor’s order does not affect the city’s operations.

“I applaud Governor Newsom’s emphasis on urgency,” Kathryn Barger, a member of the Los Angeles County Board of Supervisors said in a statement. “He rightfully points out that local government remains at the helm of homeless encampment removals. Cities have an obligation to develop housing and shelter solutions in tandem with support services provided by County government.”

Even Republican lawmakers, who have repeatedly blasted Newsom over his handling of the crisis, are rallying behind the order Thursday.

“Homelessness is one of the biggest challenges we face today and it is imperative we take swift, decisive and effective action to address it,” Republican Senator Roger Niello said in a statement. “This executive order is a good step but it will require significant follow-through to ensure its effectiveness.”

Homeless people and advocates say the sweeps are cruel and a waste of taxpayer money. They say the answer is more housing, not crackdowns.

“You get your highway off-ramp clean for a moment only,” Democratic Assemblymember Alex Lee said on social media. “Without meaningful services and housing, all sweeps do is making a prominent inequality less visible.”

While Newsom cannot order local authorities to act, his administration can apply pressure by withholding money for counties and cities. In 2022, he threatened to withhold $1 billion in homelessness spending from local governments over the lack of progress.

Newsom touted that his administration has spent roughly $24 billion cleaning up streets and housing people but acknowledged the persistent issue. Newsom’s administration has also come under fire recently after a state audit found that the state didn’t consistently track whether the huge amount of public money spent on this actually improved the situation.

Earlier this year, Newsom threw all of his political weight behind a ballot measure to allow the state to borrow nearly $6.4 billion to build 4,350 housing units, which passed with a razor-thin margin.

The order comes as Republicans have stepped up their criticisms of Vice President Kamala Harris — a former California district attorney, attorney general and senator who just launched her presidential campaign. Harris entered the race over the weekend after President Joe Biden’s announced that he would not seek reelection.

Newsom himself has presidential ambitions, though he’s said he wouldn’t run against Harris or Biden. He has long been a top Biden campaign surrogate.

The timing of the executive order is “curious” given recent developments in the 2024 presidential race, California political analyst Brian Sobel said. He doubts though that Newsom’s move would have much impact on Harris’ campaign.

“Harris’ problem isn’t in California, because California is a done deal,” he said. “Where she needs to do well on issues like this are in swing states.”

Rather, the order is a logical step for Newsom, who called himself the state’s “homeless czar,” said Wesley Hussey, a political science professor at California State University, Sacramento.

“I don’t think it’s being motivated by the presidential race as much as it’s definitely something that Newsom cared a lot about,” Hussey said. “If you’re going to put it in a political context of the election, this isn’t going to magically fix the problem.”

Virginia Beach Housing & Neighborhood Preservation is currently collecting information online from organizations that could make land they own available for the development of affordable housing.

“We have heard from churches over the years that have brought this up that they’d like to be part of the solution,” said Sharon Shoff, the city’s housing finance coordinator. “The first thing we want to know is who is really interested in doing something about affordable housing with their land.”

One in three Virginia Beach households (about 59,000) are housing cost-burdened, which means they pay 30% or more of their income on their total housing costs, according to a recent city housing study. Increased competition in the housing market is making it harder for first-time and moderate-income buyers to purchase homes, and for many renters — especially seniors who live alone — to find quality, affordable units, according to the city.

“We have significant housing affordability challenges, and there’s just demand for more options for low-income renters,” Shoff said.

After gathering information from area nonprofits, city staff will consider the location, the amount of land available and the current zoning of each property. The city can provide resources to help nonprofit organizations interested in developing their land for affordable housing, Shoff said.

“The city would not be purchasing the land,” she said. “It’s really about them taking the next step.”

Virginia Beach has more than 200 churches, according to the city.

Several state groups are pushing for legislation that would cut through some of the red tape that religious institutions face if they want to offer affordable housing on land they own. A bill introduced this year in the Virginia General Assembly session that would streamline the process for faith communities to build affordable housing on their land was referred to a subcommittee and continued until next year.

About 12 religious organizations in Virginia have built affordable housing on their land, according to Sheila Herlihy Hennessee, an organizer with Virginia Interfaith Center for Public Policy.

“It’s really exciting when government works with faith communities because so often the process is so confusing and so expensive the good intentions get lost along the way,” Hennessee said.

Virginia Beach recently updated its housing study to analyze the current housing market and identify strategies to address housing needs. In May, the City Council directed the city manager to advance discussions with the Virginia Beach Development Authority to fund new, large-scale, mixed-use development projects; design a housing education campaign with community engagement; and research opportunities to simplify the permitting and review process.

Permanent affordable housing has not yet been built on a religious organization’s property in Virginia Beach, according to the city.

The Judeo-Christian Outreach Center, a nonprofit organization, recently broke ground on a supportive housing project for people experiencing homelessness. JCOC already owned the property near the Oceanfront and previously operated an emergency shelter there.

Shoff said it’s an example of a nonprofit using its land for affordable housing, but the city is also interested in helping to facilitate projects for the broader community, including low-income seniors and families.

In a public survey conducted last fall on what should be the City Council’s top priorities, respondents ranked “affordable housing/housing affordability and homelessness” among the top five.

The city is offering an online quiz at www.speakupvb.com to help gain insight into the community’s understanding of what affordable housing is and why it is important to have an adequate supply. The quiz is open until Aug. 11.

For those organizations interested in developing their land, a request for information form is available online at VirginiaBeach.gov/HousingRFI until 5 p.m. Aug. 14.

Stacy Parker, 757-222-5125, stacy.parker@pilotonline.com

Now, a new study has revealed some of the reasons why. Young people who responded say the cost of living, lack of career opportunities and housing availability are the key factors influencing a decision to leave the area.

“This is regional,” said Nancy Grden, president and CEO of the Hampton Roads Executive Roundtable, who helped commission the study. “People are taking it seriously and there are efforts underway to address it.”

The findings are based on a December online survey of 511 Hampton Roads residents that was commissioned by the Hampton Roads Executive Roundtable and the Hampton Roads Workforce Council. Of those surveyed, three out of four are planning on staying in Hampton Roads during the next five years. The rest are either unsure or plan to move away.

The study also revealed the characteristics of Hampton Roads residents who are considering leaving the area. They are usually age 35 and younger, working remotely, have moved to the area as adults, are childless and not connected to the military.

Young people have been leaving the region for years, according to previous studies. A 2023 Old Dominion University report found the number of residents ages 20-34 declined around a half of a percent from 394,728 in 2020 to 391,168 in 2022. Overall, the region’s share of the Virginia population declined from 23.6% in 1990 to 20.2% in 2022.

Grden said the new study was commissioned to learn why these young people were leaving the region.

Economic conditions are driving much of the concerns prompting residents to consider moving, according to the study. Across the United States, the price of all goods in June increased 3% compared to 12 months ago, not seasonally adjusted, according to Bureau of Labor Statistics.

Population growth in Hampton Roads has in recent years lagged behind growth in other populous Virginia regions like Richmond and Northern Virginia. And some Hampton Roads cities have seen a decline in population since the pandemic.

Among those considering leaving the area, 39% are thinking of moving somewhere else in the United States and 20% are thinking of moving somewhere in the Mid-Atlantic, according to the study. Only 13% said they are thinking of staying in Virginia, and another 15% said they are considering another city in Hampton Roads.

Housing availability and affordability also remains a significant issue, according to the study. The median selling price of a home in Hampton Roads increased 4.35% over the past 12 months, from $345,000 in June 2023 to $360,000, according to the Real Estate Information Network multiple listing service. Average monthly asking rent costs in Hampton Roads increased nearly 27%, to $1,474 in 2023 from $1,162 five years ago, according to a March ODU report.

Security and safety also registered as a top issue for study respondents. Respondents who were likely to leave the area or unsure about staying were more likely to say they felt unsafe living in the region, according to the study.

The groups presented the study to the Hampton Roads Planning District Commission on Thursday. After the presentation, attendees discussed other reasons young people might be leaving the region. Those included a 2022 Norfolk crackdown on nightclubs after downtown shootings, lack of public transportation and the absence of a major sports team.

Grden said an Executive Roundtable group is also looking into how to address some of the key study findings.

Trevor Metcalfe, 757-222-5345, trevor.metcalfe@pilotonline.com

Mortgage rates broke below the 7% barrier this week, according to Bankrate’s latest lender survey. It was the first time since February that the average 30-year rate was in the sub-7 range. The reason: optimism that the Federal Reserve might cut rates in the near future.

The 30-year mortgage rate fell to 6.92%. The 15-year rate fell to 6.92% and the 30-year jumbo to 6.92%.

The 30-year fixed mortgages in this week’s survey had an average total of 0.28 discount and origination points. Discount points are a way for you to reduce your mortgage rate, while origination points are fees a lender charges to create, review and process your loan.

Monthly mortgage payment at today’s rates

The national median family income for 2024 is $97,800, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in May 2024 was $419,300, a record, according to the National Association of Realtors. Based on a 20% down payment and a 6.92% mortgage rate, the monthly payment of $2,214 amounts to 27% of the typical family’s monthly income.

Will mortgage rates go down?

In the simplest sense, the economy drives whether mortgage rates go up or down. Thirty-year mortgage rates tend to fall in recessions — but not always — and today the economy is anything but a downturn. The jobs market has been strong, and inflation, while lower compared to a few months ago, is still above the Federal Reserve’s 2% target.

The Fed is likely to cut rates this year, if only once, and optimism about a rate cut allowed mortgage rates to slip below 7%, says Michael Merritt, senior vice president at BOK Financial, a bank headquartered in Tulsa, Oklahoma.

“They’re not where consumers want them to be or where mortgage companies want them to be, but there is some relief there,” Merritt says.

To be clear, mortgage rates are not set directly by the Fed, but by investor appetite, particularly for 10-year Treasury bonds, the leading indicator for fixed mortgage prices. That can lead to intense rate swings — they soar on news of Fed hikes, then plummet in anticipation of a cut. Given the Fed doesn’t expect to cut rates as much this year as it initially predicted, mortgage rates are likely to dip rather than plunge.

Methodology

The Bankrate.com national survey of large lenders is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison. Our rates differ from other national surveys, in particular Freddie Mac’s weekly published rates. Each week Freddie Mac surveys lenders on the rates and points based on first-lien prime conventional conforming home purchase mortgages with a loan-to-value of 80%. “Lenders surveyed each week are a mix of lender types — thrifts, credit unions, commercial banks and mortgage lending companies — is roughly proportional to the level of mortgage business that each type commands nationwide,” according to Freddie Mac.

(Visit Bankrate online at bankrate.com.)

©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.

Since 2022, Dragas Associates Inc. has been working to rezone a large area of the Dominion Boulevard Corridor District for a suburban mixed use development. The request at Tuesday’s City Council meeting was to rezone about 173 acres from A1 agriculture and R15 residential to a PUD, or a planned unit development. But following a request to defer a vote from attorney J. Bryan Plumlee, who’s representing the applicant, City Council voted 6-1 to postpone the rezoning request indefinitely.

Council member Amanda Newins opposed, council member Robert Ike was excused and council member Debbie Ritter abstained due to a relationship with an individual associated with the project.

Plumlee told council members the applicants would work with city staff to amend the plan to mitigate school overcrowding concerns, which required an indefinite continuance. Council member Don Carey said he supported the continuance request to allow applicants that due diligence.

The project, called Springton at Grassfield, proposes a variety of housing options, including 528 multi-family units, 169 carriage homes, 120 three-story townhomes, 166 two-story townhomes, 192 luxury villas and 117 single-family detached units. About 6 acres will comprise commercial space that can accommodate a building measuring 75,000 to 250,000 square feet. Plans also include nearly 50 acres of open space with a trail network, community amenities and a public park dedication.

The property, owned by Dominion Boulevard Partners LLC, straddles the suburban and rural overlay districts, with about 1.5 miles of frontage along Dominion Boulevard and two large triangular areas connected by a 3-acre parcel owned by the Dome of Canaan Church. The church will be rezoned to PUD and continue operations.

The Planning Commission approved the project 4-2 in June, but city planning staff recommend denial.

“The proposed PUD fails to achieve the level of community quality expected of a planned unit development in the city of Chesapeake and promotes typical suburban development forms inconsistent with the vision of Dominion Boulevard Corridor study,” said Planning Director Jimmy McNamara. “The proposed PUD also allows certain uses in the commercial center to be permitted by-right when normally the land use has required a conditional use permit.”

McNamara said the proposed project would lead to more overcrowding at nearby schools, including Grassfield Elementary, which would be at 174% capacity, exceeding the 120% threshold. But a new elementary school at Culpepper Landing is scheduled to open for the 2027-28 school year to help relieve the overcrowding.

In a letter submitted to city staff this week, Plumlee said the applicant agreed to not request any permits for the residential units until after a building permit has been requested for the new school in Culpepper Landing. Additionally, applicants said they wouldn’t request a certificate of occupancy until January 2027 or the certificate of occupancy is issued to the new school, whichever occurs first.

Several speakers at Tuesday’s meeting, who were told to only speak to the deferral and not the merits of the project, opposed the continuance, noting that residents often bear the brunt of additional costs incurred from multiple deferrals. Plumlee said project applicants told supporters not to attend Tuesday’s meeting because of the deferral request.

The project was first submitted in June 2022 and subsequently withdrawn by the applicant in October 2022. The planning commission granted the project an indefinite continuance in July 2023 after it had been submitted to city staff again in February 2023.

Before approving the project, the planning commission considered 10 emails and six speakers in opposition, with the main concerns being the high density, impact to local schools, loss of rural lifestyle and agricultural land, potential environmental impacts, traffic and the burden on city services.

Natalie Anderson, 757-732-1133, natalie.anderson@virginiamedia.com

The contract, with Chesapeake-based Heartland Construction, Work Program Architects and VMDO Architects, directs the firms to complete 35% of the design work, then present plans to the Norfolk School Board.

The contract includes $400,000 to design a replacement for the school’s indoor swimming pool complex.

Numerous speakers at the meeting came out in support of the new school and the pool complex.

“A pool at Maury High School will benefit the entire school system and is essential for building a high-quality swimming program,” said parent Jeff Belcher.

Council member John “JP” Paige voted against the measure, saying he wanted to see other city high schools, such as Booker T. Washington, receive the same treatment.

The design contract includes a site plan, design of utilities, storm water systems and environmental aspects, according to Norfolk City Manager Patrick Roberts. Additionally, the work will include a preliminary design of other athletic facilities such as a multipurpose field, baseball field, softball field and tennis courts.

According to the contract, design work is scheduled to be complete by March. The new school could open by 2028, according a presentation by Roberts.

The contract does not decide the fate of the old Maury building — Roberts said City Council members will need to make that decision at a later date. The city originally floated the idea of turning the old building into apartments, but no decision has been made.

Alice Allen-Grimes, Norfolk Preservation Alliance president, admonished the city for backing away from concrete plans to save the historic structure.

“This process has been the opposite of transparent,” Allen-Grimes said.

However, Mayor Kenny Alexander and Council member Andria McClellan said during the meeting that they still support adaptive reuse of the current building.

The city anticipates scheduling additional community meetings on different design aspects of the project in the summer through next spring.

Maury High School is more than a century old, making it the oldest high school in the city and one of the oldest in Virginia. Even though the high school is a Ghent fixture, architects say there is water erosion and rust on the exterior. The building has extensive water leaks, according to Pilot reporting, and in 2014, a portion of the auditorium roof collapsed during a band concert.

Trevor Metcalfe, 757-222-5345, trevor.metcalfe@pilotonline.com

Remember, there is a large but low-profile flock of folks with money who like to profit in a very old-fashioned way – savings accounts.

For almost two years, these investors enjoyed the highest rates on these zero-risk bets since the turn of the century. But now it seems the “bull market” for no-brainer savings may be coming to an end.

So for fans of these less-than-sexy investments, it may be time to get busy locking in some longer-term deals with certificates of deposit. And I wish I could end this column right here and tell you to simply go to your neighborhood banking institution and load up on attractive CD rates.

But unfortunately, finding decent deals is not very simple. So let me walk you through the CD maze.

First a history lesson

Before the Fed’s war on inflation began in 2022 with rising rates, the post-Great Recession era was painful for savers. Yields crumbled to near zilch as the Fed used cheap money to ease the financial woes. Then they repeated the tactic to soothe the pandemic’s business challenges.

Think about rates on 1-year Treasury bills – a benchmark for typical savings rates. In the last 38 years of the 20th century, 1-year yields averaged almost 7%. But they paid barely 1% on average since the global financial crisis erupted in 2008 – until 2023.

So last year’s 5% rates – the highest 1-year yields since 2000 – made savers euphoric.

What’s your stash?

First, figure out how much money you can put away for a year or more. This sum can be split into buckets by years, and you can match any savings needs to the maturity length of the CD.

Please be realistic with your liquidity needs. Most banks and credit unions – but not all – charge significant fees if you have to exit your CD early.

Where to look

If you contact your bank or credit union, it’s unlikely they have the most exciting rates.

Get online. A simple search will offer you numerous lists detailing “best” CD rates. Sadly, you’ll have to wade through a half-dozen personal finance websites to find a CD or two that stands above the pack.

Be aware that many CD rankings promote partner institutions. So highlighted rates may not be the best available. Still, institutions paying for this kind of marketing often offer decent deals.

Online friendly?

You’ll increase your odds for a worthy rate if you are willing to bank remotely.

Still, my quick survey of recent high-rate CDs found several offerings from institutions with California branches for anyone who still needs to do face-to-face business.

Another geography factor is that certain must-have rates come with geographic or other limits.

There are banks that only do business in certain states. And many credit unions have odd membership requirements, where you live being one of them.

The caveats

There also are some too-good-to-be-true offers.

First, make sure you’re getting a certificate of deposit from a federally insured institution. Some “best rate” list are sprinkled with annuities – an insurance company product that looks and feels a lot like a CD.

Also, make sure an attractive account has a fixed rate. Some institutions sell variable-rate CDs with yields that will certainly change as rates go down as forecast in the coming years.

Don’t forget to check what size deposit qualifies for a high rate.

Some deals come with high-balance requirements. And believe it or not, some “wow!” rates are good only for modest amounts. Savings above the maximums often get paid mere pennies.

But there’s a but …

Allow me to note two twists on CDs worth considering — if your head isn’t already spinning from all the details required to get what is supposedly a boring investment.

No-penalty CDs: Fixed rates for an extended term with two catches: Savers can withdraw money from the account early without penalty, but rates run slightly below similar offerings that come with early withdrawal penalties.

Still, they provide comfort to the saver who is anxious about tying up money for an extended period.

Brokered CDs: These are bought on financial markets – just like stocks and bonds. Curiously, some of the giant banks that offer next to nothing on their branch CDs will be very competitive in the broker CD world.

The “but” is that these can be confusing to acquire.

For the do-it-yourself investor, online brokerage accounts don’t make it easy to find or buy these CDs.

And if you go to a financial adviser with your stash of cash, you’ll likely get a pitch about other investments – most containing some level of risk – that you may not want to listen to.

Bottom line

Locking in two to five years of near-5% yields doesn’t make for “financial genius” bragging rights.

But CDs are great for earning extra money on your spare cash – or folks who need to know economic gyrations or political hijinx won’t dent their nest egg.

And today’s CD rates look like a bargain that will evaporate soon.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com