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Best Interest Rates On CDs

Updated on September 22, 2009

Interests Rates Are Very Low

With interest rates so low, anyone with money is in a quandary when trying to think of where to invest. If you like safety, bank CD's have always been a favorite along with Treasury bills. Now though, you are getting next to nothing in interest and for a while,Treasuries were in fact paying 0% interest. The best money market rates are also close to zero as are savings account rates at your bank.

Low interest rates might help anyone who needs to borrow money but they hurt anyone who counts on interest income. It is a bad time for all those people who have money to invest and don't want to risk it in stocks. With rates this low, the saying "time is money" is no longer accurate because we are all getting very little for the time we loan out our money

Where To Get The Best Interest Rates

With the Internet available to almost anyone, the place to look for the highest interest rates on CDs are online. No longer should you go from bank to bank in your home town trying to find out which ones offer the best rates. If you want to truly find the highest returns for certificate of deposits, you should be looking online.

It is a little strange investing your money online for someone who is not used to doing it that way. The old school way of giving your bank your money in return for the CD has been thrown out the door with the Internet. Now you have to find which institution is giving the best deal and find a way to open an account with them. This can usually be done quite easily online and you might have your money wired in from your account to your new account.

Beware Of The FDIC Changes

Right now your accounts in any one financial institution are guaranteed by the FDIC up to $250,000.00 but that runs out on 12/31/09. After that, the amount is set to go back down to only $100,000.00 which is where it was before this financial crisis took place.

The only way it will stay at $250,000 is if Congress votes to extend the higher amount and that is doubtful whether they will do that. So, you should be aware that the amount of your investments that is FDIC insured may change later this year. Ordinarily this might not be so big a deal but now in this environment, any bank is a candidate to go bankrupt and you should really make sure you stay within the amount FDIC insures.

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