How to Find a High Interest Rate Certificate of Deposit (CD)

As interest rates go lower and lower, it is even more important to research so you can find the highest interest rates for your savings. To ensure safety of your savings make sure your bank is FDIC insured. myfdicinsurance.gov is a great resource to learn about the FDIC program. At times Certificates of Deposit (CDs) will offer higher interest rates than savings accounts, so this can be a good savings vehicle. Additionally you can use the guaranteed interest rate over a period of time to your benefit, when you expect interest rates to be reduced further.

TAKE TIME TO RESEARCH:
BankRate.com is one of the best places to find the current interest rates for CDs, savings accounts, loans, and credit cards. As these interest rates frequently change, it is good to check back every 3 - 6 months to see if you can find a better deal. HSBC Direct and etrade are two well known high interest rate CDs.

OPEN YOUR CD:
Once you have chosen a CD with the highest interest rate, that is also FDIC insured, follow the instructions by the bank or institution to open your new CD. Most CD's have a minimum deposit of $1000, but this will vary between banks.

CONTINUE TO SAVE:
Each day, week, or month try to add more to your savings account until you have accumulated enough to purchase another CD. Any small amount you can spare will add up in the long run. Keep saving and the residual income from your interest will keep accumulating!