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What's the difference between a time locked CD and paying excessive tax withholding to the government that you don't get back until the following year? Its not available either way.
I only ever buy CD's 6 to 12mo at a time, you arent required to buy some long term 36 or 48mo CD.
The point I am making is that OP apparently has that extra income but is not utilizing it right. He's loaning it to the government for free if he gets a 10k tax refund yearly, that's actual insanity. No properly set tax withholding should ever have a refund more than $500-1k.
Hell, 10k in a 12mo CD right now is an extra $450 in your pocket yearly. Rather than loaning it to the government for free, you can make some side cash with it. Plus he can fine tune his savings rate to be more comfortable for the rest of the year rather than waiting for that refund check to breathe easy.
I have a good chunk of money getting 4% APY right now. I just mainly do the overpayment on my paycheck so I get a big payday in April. I know my money is better off there, I just like having money set aside that I cannot touch. In theory I can just set a direct deposit to an account and just not log in and throw away the debit card, which is probably what I'll do, but I'd rather this not be forced upon me by having absolute morons raiding our government's coffers to worry about.