The online CD Rate market has become very competitive. A few well thought out searches can return some of the best online CD Rates in the country. Just pick your favorite search engine and try a few of these.
First identify the type of online CD you want. Do you need CD rates for amounts less than $50,000? Are you looking for higher interest rates for your IRA CD? Do you need rates for Jumbo CDs? If you go to Google and type “CD Rates”, the top pages will give you access to high online CD rates available for amounts as low as $500.00 You will see a site for bankaholic and bankrate at number one and two. You may see a site for jumbocdinvestments in number 10. The top three positions are pretty stable; the remainder can change quite often. Each of those pages gives you access to online CD Rates.
If you are looking for IRA CD rates, try searching for “IRA CD Rates”. This time bankrate and jumbocdinvestments take top honors. Scotttrade comes in tenth. For Jumbo CDs (usually CDs that are greater than $100,000), you can try “Jumbo CD Rates”. Bankrate and jumbocdinvestments take top honors again. A page from the NYT is in the tenth spot.
Between those sites, you should find some high online CD Rates. If you aren’t comfortable working with online banks and companies, you can always print out the offers you find and see if your local bank will match or come close to the online rates.
As of 10/03/08, the FDIC increased the insurance limit to $250,000 at each bank you have deposits with. Your savings, checking, money market accounts, and CDs are added together and considered in aggregate. The increased limit is only temporary, however. It is set to expire on 12/31/09 unless congress makes it permanent or extends it. IRA, Joint, and Revocable Trust accounts are considered separately for insurance coverage. So it is possible to have quite a bit of money insured at one bank. Those online CD rates and searches can sure come in handy at that point.