Getting the best bank CD rate can involve doing a bit of homework, but not too much. You should be able to get a good grasp on the best CD rates by visiting just a few banking websites. People just starting out might not know where to look though and get lost in the dozens of banks offering certificates of deposit. This website will allow you to find the best CD rates easily and with as little hassle as possible.
There are a lot of banking websites to look up CD rates and if you want to do some quick calculations to figure out your return on investment, there are CD rate calculators out there as well. One such website is Bromoney.com. They have a bank CD rates comparison chart as well as a rate calculator. It is regularly updated with posts about both national and local bank rates. If you’re interested in other types of deposit accounts like savings or checking they have you covered there as well.
When you visit these banking websites you should have some type of spreadsheet or notes ready to take down what interest rates you find at which banks. Banks will often offer promotional rates as well and you’ll want to jot down the details on these as well.
You should note the minimum deposit on the accounts you find. You should find out how long the grace period is at maturity and if they require you to request your money back in writing or over the phone. Most banks let you make your deposit through an ACH transfer, but some don’t. Make sure you know which is the case for each bank you look at. The final aspect you need to know is the early withdrawal penalty. Sometimes it can be worth your money to take the penalty to get your CD in a higher yield account so a low penalty is definitely a plus.