Ask the Expert: Where Do I Find the Best CD Rates?
June 08, 2010
Q: Which bank offers the best CD rates?
A: While there isn't really a single, simple answer to that question, there are steps you can take to find the best CD rates for your needs and situation.
First, a good place to start is on the CD Rates page of MoneyRates.com. There, you can benefit from the research of the MoneyRates.com staff, which regularly checks bank rates from hundreds of banking institutions. The search tool on this page allows you to customize your search according to the length of the CD's term, and the size of your investment. In general, the longest CD terms carry the highest CD rates. Also, there are sometimes -- but not always --special rates for larger deposits.
Next, take the time to read some of the articles you'll find on the lower, right-hand side of the CD rates page. These are articles that are relevant to researching CD rates, including commentaries on recent conditions, and tips on comparing CD rates and terms.
This background should help you do two things. First of all, it should give you some insight into what length of CD you want to buy. That should be determined primarily by your needs, but if those needs are at all flexible, your outlook on whether bank rates are likely to rise or fall might have an influence as well.
The second thing that should be easier once you have some background on CDs is making sure you compare apples to apples. As you'll learn, there are many factors which can influence CD rates, and the highest CD rates are not always on products well-suited to your situation. So, figure out what terms you want, and then compare rates among products that have those terms.
Got a financial question about saving, investing, or banking? MoneyRates.com invites you to submit your questions to our "Ask the Expert" feature. Just go to our home page and look for the "Ask the Expert" feature on the bottom left.