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Looking around for the best CD rates is worthwhile, as a difference of a few tenths of a percentage point in a rate adds up over time. CD rates are quoted in terms of annual percentage yield (APY). Before you invest, compare the APY for different CDs with the same maturity and investment amount.
Since exceptions always exist, do your research carefully and thoroughly, and you may find a nice surprise. Keep in mind that banks will often give their most valued customers special rates on CDs. Sometimes, to qualify for a higher rate, you may need to have a certain minimum investment with an institution, and consolidating your holdings with a few financial institutions may be worthwhile.
Jumbo CD Bank Accounts
In addition, compare rates for the same investment levels; for example, many institutions offer better rates for larger, or “jumbo”,[link widoczny dla zalogowanych], investments for CDs of the same maturity. Bank A may offer a 5% APY for a three-year CD over $100,[link widoczny dla zalogowanych],000 but a 4.5% APY for a three-year CD of $25,000.
Why Certificate of Deposits Pay Higher Rates
A CD will pay higher rates than a savings account, as the investment you put into a CD cannot be accessed for the duration of the CD. Investing in a CD is not difficult; simply go to your bank or any other financial institution offering CDs and tell them you’re interested in investing in a CD. After filling out a form and receiving instructions on how to transfer funds, you’ll have yourself a CD.
Best 6-Month CD Rates
CD Bank Interest Rate (APY) Notes First Fed Direct 5.46%
$10,[link widoczny dla zalogowanych],000 minimum deposit Net Bank 5.40%
$1,000 minimum deposit Merrill Lynch Bank
5.50%
$25,000 minimum deposit
Finding the Best CD Rates
To find the best rates on CDs, you need to do some research, a lot of which can be done online. First, a little on CDs themselves. A certificates of deposit (CD) is a very safe investment vehicle-one of the safest in the market for investors. Up to a certain limit (as regulated by the FDIC), your funds are insured. Although CDs offer low-risk, this low risk also comes with relatively low returns. Therefore, searching for the best CD rates is a worthwhile exercise.
There are several places to look to find the best CD rates. Check with your banking institution on their current CD rates. Using these rates as a benchmark, do research on the Internet to find even lower rates. Institutions sometimes offer “sales” or “deals” at various times during the year on their rates to attract investors. Many online resources exist, such as bank websites, online-only banking services, personal finance blog sites that track CDs and are knowledgeable about the best rates being offered, and brokerage firms. Brokerage firms have access to large blocks of CDs that they trade and thus may be offer better rates than banks.
* * * The CD (Certificate of Deposit) Rates table has moved to cdrates.bankaholic.com * * *
When doing your research, be sure that you are comparing apples to apples. CDs with longer maturities typically have higher rates than CDs with shorter maturities, as your money is tied up for a longer period. Compare 10-year CD rates with other 10-year CD rates.
CD Bank Interest Rate (APY) Notes E-Trade Bank 5.40%
$1,000 minimum deposit Net Bank 5.40%
$1,000 minimum deposit AmTrust Direct
5.41%
$1,000 minimum deposit
Your CD will pay you interest, which you may either spend or reinvested to earn more interest (this is called compounding and is recommended as it will grow your investment faster). At maturity, you will have a few days to decide on whether to take your funds or roll them over into a new CD.
Best 12-Month CD Rates
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