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Step 1
First, there are factors that can bring you a higher CD rate before you begin comparing one lending institution with another. Sometimes these variables will increase the interest rate offered to you. A higher principal may increase your interest rate. Personal CD accounts tend to receive higher interest rates than business ones. Longer terms may increase the interest rate available.
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Step 2
Once you have established what you have to save in a certificate of deposit and the term you can put the money away for, there are many online sites that list banks and credit union rates. Bankrate.com is a good example but there are many other reputable web sites. See below for a few options.
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Step 3
Once you have a list of a few lending institutions that are offered rates and terms that you are interested in, make sure you contact the individual banks to confirm that the details you researched are accurate. When you contact them directly, they may have additional programs not listed online so be sure to ask.
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Step 4
Before you go ahead with another source, check with your own bank or credit union. On occasion they will offer special programs to their existing customers.
