Even the highest CD rates in today’s market aren’t much to celebrate. However, investing in CDs can be a good financial move, depending on your objectives. If you are looking to stash your money safely away yet earn a return, a CD could be the savings vehicle for you.

Here are three tips for finding the best CD rates.

Move outside your bank comfort zone

You may have your checking and savings accounts at a bank or credit union with a branch location down the street, but it pays to seek the highest CD rates out there. Search for CD rates at online banks and banks outside your local area to find the best deal.

Time equals money

If you’re looking to earn the highest CD rates, you must be willing to lock your money away for longer periods. Rates for five-year CDs can pay substantially more than shorter-term CDs. But beware — removing money from CDs early typically incurs a penalty, so you should make sure you have adequate emergency savings.

Know your penalty

Another way to take advantage of the highest CD rates is to weigh an early withdrawal penalty against what you might earn from higher interest rates. While this strategy does take more research, it can give you the option to withdraw and reinvest if rates have increased.

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