A Certificate of Deposit (CD) would be the best choice if you want to invest in a short-term low risk instrument. The only difference between a CD and a savings account is that you cannot withdraw your investment at your otherwise both of them allows you to save money besides earning interest on it. Try to get the best term deposit rates possible because a higher interest rate will yield higher earnings too.
The broker will always offer you high interest rates, but there some drawbacks associated with this. One is that they require a much larger investment amount as compared to a bank or a credit union.
Sometimes they require at least a minimum investment of $10, 000 or probably more. Secondly, there is a possibility that these brokers may or may not be insured by the Federal Insurance Deposit Corporation (FDIC) which would increase the risk even more. To be on a safer side you, go should always go to a bank or credit union. At last, the brokerage fees which they charge is ridiculously high. Make sure you investigate about the charges before you purchase one. You will come to a conclusion that it's better to go to a financial institution because the brokerage fees is much higher than the amount that you would make from the higher interest rates.
Remember the maturity date of your CD. In case you forgot the CD would be automatically renewed by the financial institutions or the brokers when it matures. If this happens, you have to bear the old interest rate until it matures again and you would miss out on a higher term deposit interest rate. You can avoid this and take the money and reinvest it into a different, higher rate one.
If you want to invest in a long-term investment then the best option would be investing in a long term CD but you will not be able to maintain the absolute best term deposit rates.
It's not at all difficult to get the best term deposit rates on your certificate of deposit. You need to do a little research and you should have patience too.