How to Find the Best Interest Rate Bank CD
A certificate of deposit, or CD, is a simple form of investment made at a bank. A CD is similar to a savings account in that it offers a fixed interest rate and is guaranteed by the federal government against loss. However, you cannot withdraw money from a CD as easily as you could from a savings account. Usually, you must keep the money in a CD for a fixed period of time, after which you can withdraw it, with the accrued interest. It is critical to find the highest interest rate CD available, as your money will be locked into the account for a lengthy period of time.
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Instructions
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Bankrate.com
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Navigate to Bankrate.com. Click the "CDs & Investments" category on the navigation bar.
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Click the drop-down menu under "Products" to choose the term of the CD. Generally, longer-CD terms correlate with higher interest rates.
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Click the blue "Rate" link until each CD is listed in order of interest rate, with the highest interest rate at the top of the list. The table will also display the bank where you can get the CD and any minimum deposit.
MoneyRates
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Navigate to the MoneyRates website. Click the "CD Rates" category in the top navigation bar.
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Filter your CD search results by clicking on the drop-down menu below "Term." The term, again, refers to the fixed period of time that you must keep your money in the CD. Click the drop-down menu below "Amount" to select the amount of your deposit into the CD.
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Click the "Update Results" button to generate a list of high-rate CDs. This list will contain the CD institution, the term of the CD and the rate of interest.
Google Advisor
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Navigate to the Google Advisor website. Click the "CDs" category in the top navigation bar. Click the link for "Short term (up to 12 months)" or "Long term (up to 5 years)," depending upon whether you want to invest in a short- or long-term CD.
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Refine your CD results in the left pane of the webpage. Enter the amount you wish to deposit into the CD below "Amount." Type in your ZIP code below "ZIP code" to find banks near you that offer CDs.
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Click the "APY" link until the CDs are listed by highest interest rate to lowest.
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Tips & Warnings
Banks will allow you to withdraw the money in a CD prior to the end of the fixed term, but you will incur a fee.
