federal reserve

Boost your CD rates

It's not easy to negotiate your own CD rate with a bank. Many won't negotiate, but a few will. Unfortunately, some have requirements that leave the majority of customers out in the cold. They may require you to have hundreds of thousands of dollars on deposit with them or have multiple relationships, such as a mortgage, car loan, credit card and the like. Too often, even if you meet the requirements, you'll find the bank willing to cough up only a few extra basis points.

If you want better than average rates you'll need to shop for high-yield CDs or money market accounts. For the most part, you'll find rates that are significantly higher than standard rates.

For instance, as of this writing, while the standard yield on a one-year CD is 1.07 percent, Bankrate's high-yield tables are showing one-year CDs with yields ranging from 1.3 percent to 2.05 percent.

You can also try building a CD ladder, which will enable you to take advantage of longer-term rates, presumably the high end of the yield curve, on a routine basis.

You can compare CD yields using Bankrate's search tool.

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