These days a handful of basis points on a savings account or certificate of deposit is enough to make savers shut down a bank account and move it across town for a higher interest rate.
Of course, it’s not always so easy to pull up anchors and move on. For instance, once you’re locked into a CD heading out for higher-yielding horizons typically incurs a hefty early-withdrawal penalty.
There are a couple of ways to land the best CD rates available
A brokered CD is, as the name implies, sold through a second-party seller. CD brokers offer CDs from all over the country.
Not to get all self-promotional, but Bankrate’s CD rate tables do show the highest local and national CD rates available.
Banks offer special CD rates in order to attract deposits for a certain amount of time. For instance, they may need deposits for 13 or 18 months rather than 1 or 2 years, so a special offer is floated with a bit of a bonus rate attached.
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Senior investing reporter Sheyna Steiner is a co-author of “Future Millionaires’ Guidebook,” an e-book written by Bankrate editors and reporters. It’s available at all the major e-book retailers.