You used to go to a local bank to get the best bank CD rates. Now there are many different comparison shopping sites online like MonitorBankRates.com which list the best CD rates from banks and credit unions. Online shopping makes finding the highest CD rates a lot easier than it used to me. You had to walk down to a local brick and mortar bank or credit union to check on CD rates which pretty much guaranteed you didn’t get the best CD rates at banks. Now you can get the best rates sitting in your living room.
CD rates at banks and credit unions are not that high these days, but doing a little searching online can get you a better interest rate, sometimes substantially high CD rates are found online. If you do find a CD rate that is better than most you might want to take advantage and lock in your investments at a high rate.
Bank CD rates and credit union CD rates can vary greatly from institution to institution. To give you an example, current 12 month CD interest rates right now can found between 0.05% and up to 2.00% for a rewards CD rate. That being said it pays to comparison shop of the best rates.
The highest CD rates on 1 year certificates of deposit are around 1.40%, which isn’t bad considering the average 1 year rate is around 0.50%. Start your search for the best CD rates at monitorbankrates.com.