Best 2-month CD rates

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Let’s face it: 2-month certificates of deposit won’t make you rich unless you’re investing the equivalent of the gross national product of a small country. Even then, the rates may leave a bit to be desired.

But what short-term CDs lack in yield they make up for in stability. Two-month CDs give savers a safe and stable place to park their cash while earning a little bit of interest.

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What to look for in short-term CDs

As far as investments go, only Treasury securities backed by the full faith and credit of the U.S. government are as safe and predictable as CDs. But CDs have another thing going for them: They are exceedingly easy to purchase and understand.

One non-negotiable characteristic for savers in search of stability is deposit insurance from the Federal Deposit Insurance Corp., or FDIC. In the search for the best 2-month CD rates, make sure that the bank you choose is a member of the FDIC.

One all-too common sign that the bank may not be legit is exorbitant CD rates. If something seems too good to be true, it probably is. If you’re unfamiliar with the financial institution, check it out with the FDIC before parting with your cash.

Sometimes bona fide banks do offer surprisingly high CD rates. In such cases, it could be that the institution may be teetering on the verge of collapse.

If a bank needs to come up with cash, higher-than-average CD rates can entice savers to flood the bank with deposits. Though savers may benefit from higher CD rates, they may also get a crash course in making an insurance claim to the FDIC.

“Everyone has a different philosophy, but I’m more comfortable sticking with a bank that won’t need the FDIC insurance,” says Keith Lanton, president of Lantern Investments in Melville, New York.

Use Bankrate’s Safe and Sound ratings to check out the safety of your bank, thrift or credit union.