3 ways to find the best CD rates

Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

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.

So how can you find the highest CD rates?

There are a couple of ways to land the best CD rates available

  • Check out brokered CDs.

A brokered CD is, as the name implies, sold through a second-party seller. CD brokers offer CDs from all over the country.

  • Search online.

Not to get all self-promotional, but Bankrate’s CD rate tables do show the highest local and national CD rates available.

  • Look for CD specials.

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.

Get more Investing News with our free weekly newsletter.

Follow me on Twitter @SheynaSteiner

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.