Most people like to save money and a lot of people will look at CDs to help them do this. But which term should you go for? A 2 year CD seems like a pretty long time to lock up your money, while a 6 month CD usually doesn’t have great rates. This is why most people prefer to get a 1 year CD rate. Just make sure to do a CD rates comparison before you select your CD.
Many people will begin their CD search by checking out their local banks. Keeping your money at a local bank is convenient because they are easy to get to, and if you already have an account it will be quite easy to setup a new account.
Local banks also typically can offer higher rates than the big national banks. A good way to get a quick current CD rates comparison is to go online and compare rates from your local banks as well as national banks.
Once you find a great rate your work isn’t done yet. There are a few more steps you need to take before you open your account. The first thing you should look at are the bank fees. Bank fees on the account will reduce the amount you get on your investment. Next you should look at what sort of methods are available to fund your account. If it’s an online bank an ACH transfer is the easiest way to fund your account. Finally you should find out how long it takes to transfer your money out of your CD when it matures.
Now that you know how to find the best CD rates and where to look go out and find some. You can look at the rate table on this site to compare the CD rates that are available.