Things You'll Need:
- Internet
- Money
- Knowledge
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Step 1
Assess your personal need for the liquidity. Do you need cash immediately, in next few months, a year or longer? Determine what length of time you could comfortably keep your cash away from your life.
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Step 2
Choose accordingly the term of the CD that you will be signing up for. Since interest rates change with time in either directions it may not be wise to lock your money for more than a year especially if the interest rates are low, such as less than 3-4%.
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Step 3
Choose 'No Penalty' CDs over regular CDs whenever and wherever possible. No penalty CDs are just like saving accounts where your interest rates are locked and you pay no penalty if you decided to withdraw funds before the date of maturity. Term of CD in such cases should make no sense. If interest rates are good lock your money for any number of years. Ally bank is offering such product for a 9 month term with above average interest rates. See links below.
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Step 4
Type in Google: 'Highest interest CD and Saving account'. You will find some of the highest interest rates available. Click on the resources posted below to search the best interest rate bank accounts.
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Step 5
Do not hesitate investing in 'Online Savings' or 'Online CDs'. Online accounts nowadays offer best rates. The down side however is that your money can only be accessible after you transfer funds to the regular bank accounts. This process usually takes 1-2 weeks. If 'quick access' of the cash is a priority please look elsewhere.
