CD's (or certificate of deposits) are probably the best investment for short term no risk investments.  When a client is looking for an investment with zero downside risk and the ability to use 100% of it at any given time a CD can be a terrific investment.  Typically we see cd's being used such purposes as emergency funds, saving for a specific purchase like a house or car, or other short term need. 

What if your plans for the money are longer?  What if you just don't know when you might need the money but don't want to risk losing it in the stock  market? If this is the case you should consider such investments as Fixed Annuities, Fixed Indexed Annuities or Bonus Rate Annuities.  All of these annuity contracts are Fixed Annuities.  In essence they all pay an interest rate that is guaranteed, there is no stock market risk and as long as you are not taking the interest your interest will grow tax deferred. 

Fixed Annuities tend to have longer term contracts typically 5-10 years however they do offer fixed annuities from 1-5 years as well.  Many fixed annuity contracts have generous liquidity provisions that allow the contract holder the ability to withdrawal 10% and sometimes 20% of the contract value in any given year.  With liquidity like that, even the person who thinks they may need to get their hands on part of their money, could have the option to withdrawal some of it in a given year. 

Although we don't recommend fixed annuities for savings accounts, or emergency funds the funds that you just don't know what to do with may be a good suit for fixed annuities.