High Interest CD Accounts – Smart Investing

Looking for high interest CD accounts? It’s always a smart move to make your money work hard for you. After all,you worked hard for it, didn’t you? Getting the highest interest rates possible will require you to think outside the box a little bit. Don’t worry, I’m not talking about anything too out there. It just might make more sense for you to go online to look for the best rates rather than rely on your friendly neighborhood banker.

The reason for this is all about the bottom line. When a bank has to pay millions of dollars to build and staff a local branch, they simply can’t afford to pay as high of an interest rate to their customers. There is only so much money to go around and something has to give, so it’s usually the interest rate.

If you absolutely just can’t get your head around the idea of trusting your money to some online source, than at least call around the local banks in your area and check the rates. Even with an offline bank there can still be an enormous difference in the rates the banks are paying, better to check first so you can get the absolute most for your money.

If you are looking an online bank for your high interest cd accounts you can go to a website called Bankrate.com. Here you can compare the rates of many of the online financial institutions. Don’t get lazy and try to skip this step. Something as small as a 1% difference in interest rates can make you tens of thousands of dollars over the course of the CD. That’s a lot of money for a little amount of extra effort so it’s worth it to make sure you find the best high yield CD’s that you can.

Remember though, a high rate is only one of the things you need to consider. You want to know how long a term it is and how long the rate is good for. Also what are the minimum amounts you can deposit in your CD? Make sure you read all of the fine print so the choice you make is the best choice for you and your money.

It’s also very important to make sure that whatever bank you choose is federally insured. Having an FDIC insured institution can help keep your money safe and the limits have recently been permanently raised to a quarter of a million dollars. So you can earn high yields while keeping your money safe.

It’s important that you make sure you fully understand the terms and conditions before you put your money in a CD. If you have to get your money out before the term is up you will have to pay a big penalty, you will lose a lot of your interest.

Follow this advice to find very lucrative high interest CD accounts. It’s the best way to put your money to work for you around the clock, even when you’re not working!

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