MoneyRates.com monthly resolution #10: Finding better CD, savings and money market rates

The old joke is that everybody talks about the weather, but nobody does anything about it. Sometimes it seems the same is true of bank deposit rates.

The difference, of course, is that you can do something about bank deposit rates. It's easy to grumble about the low-rate environment, but it's better to take action. MoneyRates.com's monthly resolution for October is to make sure your bank rates are still competitive.

Reevaluating your product line-up: savings, CDs, or money market accounts?

Before you start shopping for the best CD rates, savings account rates and money market rates, take a fresh look at what types of bank products you are using. It might be that different products might better fit your needs.

For example, money market accounts and savings accounts are fairly similar -- but according to Federal Deposit Insurance Corporation (FDIC) figures, money market rates are typically higher than savings account rates, especially for jumbo deposits (those exceeding $100,000). So if you can meet the requirements for money market accounts, it might make sense to switch from savings accounts to money market accounts.

You might also consider whether you can lock your money up for longer periods to get the best CD rates. Conversely, if you have a CD due to expire, you might consider holding off on rolling it over such a low-rate environment.

Finding the best savings accounts, the best CD rates or the best money market rates

Once you've decided what products fit your needs, do some comparison shopping on MoneyRates.com. The best savings accounts and money market accounts offer rates that are 1 percentage point or more over the national average. The best CD rates might not offer quite as much of a premium over the FDIC-reported national average, but that's still no reason to settle for average.

Be sure to pay attention to any restrictions or requirements on fund availability, access or account balances. You'll find plenty of choices, and you'll soon get the sense of whether your bank is offering competitive rates, or whether you could do better elsewhere.

You can't cure the low interest rate environment, but you can do something to make it a little better. Do it this month!