CDs are a great way to save money and if you lock into a long term high interest account you’ll earn more than you’d get in a savings account. If you already know you want to open a CD, your next job is to find a bank CD rates comparison. There are a few sites online that are best suited for this task.
The internet should definitely be your first stop in finding the highest CD rate. You can get price comparisons from dozens of banks that you just can’t find anywhere else. Sites like Bromoney.com offer rate comparison tables and reviews on individual banks.
After you search online you should then check out what they have at your local bank. Local banks will sometimes offer deals to existing customers for opening new accounts. Local credit unions are also worth checking out. Credit unions are winning the CD rate battle ever since the recession started so there’s a good chance you’ll find the best CD rate at a credit union.
The final place you should look is at what credit card companies have to offer. A lot of the credit card companies have started to offer banking products such as CDs and savings accounts and they’ve been known to offer some pretty good promotions to get new customers to start using these new banking products.
It’s hard to say which of these groups will end up having the best CD rates and it is always changing. If you really want to find the best rate you’re going to have to check out all of these groups, but it really doesn’t end up taking all that much time when all is said and done. You never know who is offering a new promotion or special deal so take the time to do a little homework. You’ll make more money in the long run this way.