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How To Find The Best CD Rates

By Tom Tessin

If youíre ready to find the best CD rates in your area or on a national level, itís 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 youíre new to the bank. Below, we will highlight exactly how you find the best CD rates youíre looking for and where to find them.

Know exactly what you want

Before you start your search, know exactly how much money youíre going to invest into a CD. This will help your search when youíre 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 youíre going to get but this isnít always the case. Once you know how much youíre 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, youíre generally locking your money with the bank for a certain time period. Depending on the time period, this will determine how much youíre interest is going to be. The longer you let the bank hold onto your money, the more youíre going to get on your money. The only downfall is, is that youíre not going to be able to touch this money until the CD matures. You can access your money before the CD matures but youíre 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, itís all up to you. Once you decide, jot this down along side of the amount youíre going to invest. Typically, this is what the banks will need.

Find a bank

Youíre usually going to find the best rate online. When youíre 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 youíre uncomfortable with an online bank, you may also check your local branches. Donít 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, itís all up to you. If you do apply online, youíre 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 youíre going to make on that CD, make sure you use some helpful CD rate calculators online. This will show you the exact amount youíre going to receive from the bank at the end of the maturation for the CD.

About the Author: Find the best cd rates and more of Tom's work at GOtalkmoney

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