How to Find Bank CD Rates

How to Find Bank CD Rates

How to Find Bank CD Rates

When it comes to finding out bank CD rates, you have a virtually unlimited set of resources at your fingertips. These days, competition between banks for the best CD rates has grown and exploded online, making it easier than ever for consumers to compare rates, deposit amounts and term lengths to find the best bank CD rates for their needs. Here's what you need to know to get the best possible rate.

Know Your Savings Goals

Whether it's a family vacation this summer, or help with funding your child's college education, a CD is a secure, reliable way to meet your savings goals. That's because bank CD rates give you a return depending on how much you deposit and how long you leave it there (called the term length). When your CD reaches the maturity date, you can then withdraw it without any penalties, or you can have it set to automatically renew which may generate even more of a return on your investment. Bank CD rates can change however, the accounts with higher interest rates generally have longer term requirements.

Flexibility is key when looking at bank CD rates. For example, you can start with as little as $1,000 and invest it for anywhere from six months to five years (and several timeframes in between). This makes CDs a great way to securely save for a future financial goal, whether it's a year from now, or longer. You can easily compare bank CD rates online, but look closely at the terms and conditions to make sure you're getting the best deal for your customer loyalty.

Security and Stability You Can Count On

Bank CDs, unlike other types of investments, are backed by the security and stability of the Federal Deposit Insurance Corporation, a branch of the U.S. government (if the bank is a member of the FDIC). The FDIC is a federally-backed corporation that insures bank assets like CDs. This type of security isn't available to all of the bank's offerings (such as mutual funds and other investments subject to the whims of the stock market), but it makes CDs one of the safest ways to invest your money. And, while the returns aren't as great as what you might get playing your odds on the stock market, you still get the stability and safety of a reliable rate of return when searching for bank CD rates.

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