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How To Find The Best CD Rates

Feb 5, 2008
If you're ready to find the best CD rates in your area or on a national level, it's not as hard as you think. It only takes a few minutes of your time and another few minutes to sign up for a new account if you're new to the bank. Below, we will highlight exactly how you find the best CD rates you're looking for and where to find them.

Know exactly what you want

Before you start your search, know exactly how much money you're going to invest into a CD. This will help your search when you're looking at online banks or at your local banks. A majority of the banks you look at will require some sort of minimum. The minimum usually ranges anywhere from five hundred dollars and up. Generally, the higher the minimum is, the better the rate you're going to get but this isn't always the case. Once you know how much you're going to invest, jot this down on a piece of paper to begin your search.

How long do you want?

When you invest into a CD, you're generally locking your money with the bank for a certain time period. Depending on the time period, this will determine how much you're interest is going to be. The longer you let the bank hold onto your money, the more you're going to get on your money. The only downfall is, is that you're not going to be able to touch this money until the CD matures. You can access your money before the CD matures but you're going to look at early withdrawal penalties with your bank.

Bank CDs generally come in all sorts of terms. Some of the popular lengths are 6 months, 1 year, 2 years, and 5 years. Once again, depending on how long you want to have the bank hold onto your money, it's all up to you. Once you decide, jot this down along side of the amount you're going to invest. Typically, this is what the banks will need.

Find a bank

You're usually going to find the best rate online. When you're searching for a CD rate, make sure that the bank is FDIC insured and also make sure that the bank has a good reputation. If you're uncomfortable with an online bank, you may also check your local branches. Don't go with the first local branch you encounter, there are chances that other banks are offering higher CD rates.

Whether you want to apply online or locally, it's all up to you. If you do apply online, you're going to get a better rate. Once you find the proper bank, the bank will be able to guide you through the process on how to set it up. If you want to find out how much money you're going to make on that CD, make sure you use some helpful CD rate calculators online. This will show you the exact amount you're going to receive from the bank at the end of the maturation for the CD.
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