How to Locate the Highest Paying CD Rate

Get the most for your money.

If you need a safe place to park some cash, a certificate of deposit can be an excellent savings vehicle. With a bank CD, there is no risk of loss, and you can earn a competitive rate of interest on the money you put away. Banks compete against one another all the time to offer the most competitive interest rates, so taking the time to shop around can get you more for your money.

Instructions

1. Watch for bank grand openings in your area. Many banks offer specials on certificates of deposit, savings accounts and other deposits for new customers.

2. Contact the bank where you have your other accounts and ask for information about their certificates of deposit. Use the CD rates offered by your own bank as your point of comparison when you start shopping around.

3. Visit other banks in your area and ask about the CD rates they have available. Compare those CD rates to what you found at your own bank.

4. Compare the best rates you can find locally to the rates available at online banks. You can check both local and online CD rates at comparison sites (See Resources.)

References

• Bank Rate: How to Find the Best CD Rates

Resources

• Bank Rate: Highest CD Rates
• Bankaholic: CD Rates
• CNN Money: Take an Interest in Interest