If your savings stash is stagnating, you may already be looking for the best CD rates to help grow your money. Current rates may not be ideal, but investing in CDs can help you safely accumulate more money for your needs down the road.

Here are three things to remember as you browse for certificates of deposit.

Keep with tradition

With CD rates at record lows, many banks are offering “bump-up” CDs that raise rates once as well as no-fee, early-withdrawal CDs that give investors flexibility and easier access to their funds. While these are attractive products, they typically do not offer the best CD rates. What you gain in convenience you may sacrifice in yield versus a traditional CD.

Add up the interest

As you compare the best CD rates around the country, keep in mind that the interest rate does not tell the entire story. How frequently that interest is compounded affects your overall yield. A compound interest calculator will show you how interest compounds and estimate how high your return could be.

Know your limits

Before you search for the best CD rates, determine how much money you can realistically afford to invest. Once you’ve stashed it in a new certificate of deposit, accessing those funds before the maturity date typically carries an early withdrawal penalty.

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