Final answer:
The best interest-bearing account for people who won't need access to their money for more than a year is a certificate of deposit (CD), which offers higher interest rates and requires depositors to leave their money untouched for a specific period of time.
Step-by-step explanation:
The best interest-bearing account for people who won't need access to their money for more than a year is a certificate of deposit (CD).
CDs offer higher interest rates compared to regular savings accounts, as they require depositors to leave their money untouched for a specific period of time, usually ranging from a few months to several years.
While there is a penalty for early withdrawal from a CD, they are a good option for individuals looking to earn higher interest on their savings without needing immediate access to the money.