The second one (but in theory it is still that same purchasing power since it is keeping with inflation). There's some rules on if you cash out before 5 years

The second one (but in theory it is still that same purchasing power since it is keeping with inflation). There's some rules on if you cash out before 5 years (you give up the last 3 months of interest) and you MUST hold for 12 months. You can ladder them too and have different amounts / times of purchase. I like it for planned emergency funds that would otherwise be cash, ladder into it so you always have your EF available.