How To Find the Best Bank Savings and CD Rates

By | March 4, 2013

Looking for a good savings and CD rate in this economy is like looking for a needle in the haystack. However, there are ways to maximize your returns if you follow these tips.

  • Check the bank rates for savings, money market and CD accounts on Remember to check both local and national rates. If you are going to use a national bank, make sure that they have an online website to expedite the handling of any deposits or withdrawals.
  • While you are at, remember to check out the bank’s safety rating at the Safe and Sound section of this site. Most deposits are FDIC insured if they are under $250,000 for a single owner account. The account will be insured for a higher amount for joint accounts. For example, a joint ownership account with two owners will be insured up until $500,000. You can increase the amount of FDIC insurance by adding survivorship titles to the account. Check with a knowledgeable account representative if you need more information. Insurance is complicated, so make sure you get correct information and double check that the account is titled correctly once you receive the final paper work.
  • Subscribe to the blog at This blog contains most of the latest information about banks that are offering special rates. Also check out all of the advertisements which may have special offers available for a very short time.
  • If you are purchasing a CD, make sure you understand the penalties for pre-mature withdrawal of funds. Some banks can be up to a year penalty. Most are six months. Some, such as Ally Bank, are considerably less, sometimes as low as 2 months. A low penalty allows you to purchase a long-term CD rate without fear of a massive penalty should you decide you wish to move your money to a different bank.
  • Check if the bank offers any bonus interest rates for renewals. Ally Bank frequently offers up to .25% for renewals. One strategy is to take a out a short term CD and then at renewal take out a long-term CD with the bonus .25% tacked on.

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