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CD Rates Are On The Rise

Certificates of Deposit, those banking vehicles that typically tie up your money for six months or longer and pay higher interest rates are on their way back. Several years ago consumers were avoiding CDs as rates were miniscule, almost embarrassing. Today, certificate of deposit rates have topped five percent and are certain to continue climbing. Are you looking for a great certificate of deposit rate? If so, read on and we'll explore just how you can get more money for your money.

Why leave your money in a poor performing bank account paying one percent or less? Sure, liquidity is important but did you know that some banks are paying more than five percent for your money? In some cases you can find online banks paying high rates too for everyday savings accounts, let alone certificate of deposits.

The best ways to find great rates are as follows:

Shop Online - Let your mouse to the clicking and head over to Bankrate.com and the Motley Fool to read up on money trends. Bankrate will actually provide great rate information and articles while the Motley Fool offers terrific advice for visitors. Google a search for "certificate of deposit" and you can almost guarantee that the first ten results are mostly banks offering these investment options. Pick one, any one and go directly to their site.

Ask Around - Chances are your financial friends and investment buddies already know about great places where you can park your money. Some will suggest ING Direct, a brokerage house, yet another may point you to the local branch of that big savings bank.

Your Bank - Yes, you guessed it. Overlook your current financial institution and you may be missing out on the best buy going. Contact your bank to see what they have to offer you. It could be that the best rate is where you already do most of your banking.

Rates are subject to change without notice however when it comes to Certificate of Deposits once you open up your account, the rate that you will be paid will remain constant for the life of the certificate of deposit.

Yes, why settle for less when it comes time to invest your money? You needn't be held hostage by those thinking they are doing you a favor by paying you a piddling amount for your hard earned money. Instead, shop around for the certificate of deposit deal that is certain to help you create wealth and stave off inflation.