Finding the best CD rates can be a time consuming process. Traditionally, you would have to look in your local newspaper, or visit bank branches. While web sites like BankRate exist, they are primarily display CD rates in which they get compensated for, not truly the best rates for you. In addition, they primarily focus on national rates, not what’s available in your local bank, or credit union. In the past two years there has been an increasing trend to use local community banks or credit unions. Research has shown credit unions typically offer better rates than what’s available national banks. With banks getting government bailouts, isn’t it time someone help the little guy find the best CD rate? Based upon my own frustrations, I decided to develop a web site as an unbiased source for investing in certificate of deposits.
Unlike many others that simply use an affiliate system to display CD rates, ours was custom developed in-house and updated on a daily basis. What makes our service unique?
- Search for CD rates available nationally or local to your area based upon your zip code
- Not only just banks but credit unions
- With local banks, displays the local branches within your area
- Twitter and Facebook notifications of rate changes
- Blog updates of bank promotions not discussed anywhere else
For many of my personal finance blogger friends, I have developed free widgets you can install on your web site. As of today I’m proud to formally announce the new web site, and hope you find the service useful. Please tell us what you think, and look forward to any constructive comments to help make the service better.
There are alternatives to low CD bank rates. Annuities pay higher interest but are a much longer term investment (many things need to be considered when investing in annuities vs. CD's which I will not go into here). Bonds and bond funds can both out yield CD's, with bond funds being the riskiest of the three. By doing your homework or consulting the right advisor, you can increase your yield over your local bank CD without increasing your risk.
I also should mention that brokered CD's through a financial advisor can be a significantly better deal than local bank CD's. Brokered CD's are FDIC insured as well.
Hi Phil, Good point on brokered CD. At least in my experience the CD Rates for brokered CDs weren't much higher what else is out there. After all, if it's FDIC insured the bank must adhere to the same guidelines.
Your right, it's not always the case but sometimes better deals can come up with brokered CD's through investment firms.
Brokered CD's can sometimes be purchased at a discount which can increase overall return to the investor.
That is an excellent point I never thought of. Like bonds. Buying them below par.
That's right, but in this current low rate environment it''s not always easy finding good deals on CD's through brokers or banks.