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CD Rates

Find the best CD interest rates for your savings needs

By Maria St. Louis-Sanchez
If you have extra money saved, and plan to hold onto it for a long period of time, you should investigate CD interest rates. CDs, or certificate of deposits, are a safe way to save you money and make more interest than you would via savings accounts. The catch is that you have to leave your money in the CD for a specified time.

There are several places to search for the best certificate of deposit rate. In your search, make sure to:

1. Search local CD rates. Local banks and credit unions competing for your business will often have the best CD rates available.

2. Search online CD rates. With a few clicks of a button you can find what rates banks around the country are offering.

3. Look at jumbo CD rates. If you have a lot of money to invest, a jumbo CD rate can make you more money.

 

Search local bank CD rates

You'll often find the best CD rates in your own neighborhood. When banks compete locally, a lot of competition exists for the best price. Compare local banks for the best current CD rates.
Try: Credit union CD rates can often be very good, though you have to qualify for a credit union before you can join. Search local credit unions through the National Credit Union Administration. Interest.com will also let you search for CD rates by state.

Search online for the best high yield CD rates

By searching online, you can see what kind of bank CD rates are being offered around the country. There are also several Internet banks that will compete to give you the best business CD rates.
Try: Bankrate compares certificate of deposit rates around the country and will point out the best places to buy. Also, websites like Bankaholic and BankCD.com will search for the best rates.

Search for the best jumbo CD rates available

If you have a lot of money to save -- typically $100,000 or more -- a jumbo CD might be a good option for you. These CDs often have better rates, but often are only offered to businesses.
Try: Compare jumbo CD rates at Bauer Financial or JumboCDInvestments.com.

 

  • The best business CD rates will probably be found with a jumbo CD. But remember to keep your CD within FDIC insured limits or you could take a cut if the bank performs poorly.

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