The best tool to compare CD rates will pay higher that what you would get from putting your money in the best savings account because they are neither difficult nor are they assessed for the life of the CD. Therefore, when you make a concerted effort to finding the best CD rates you may be able to find one that will be a tiny miniscule percentage point better and when these are added up can make a difference to your returns in the long term. You will normally be quoted CD rates as annual percentage yield or APY. You should make a point of comparing different APYs before you make your choice.

You can look for CD rates with your bank and use their rates as a benchmark to find lower rates. It is also possible to get an offer of a sales or deals on the banking institutions’ rates at different times in a year which they do in order to attract more investors. Or, you can check out websites of banks, blogs about personal finance and also online-only banking services, and even brokerage firms that will often give you better rates than even banks.