The Benefits of Finding the Best Bank CD Rates

Getting the highest bank CD rate is obviously to your advantage: you find the highest APY for your deposit, and you're secure in the knowledge that you're maximizing your return on your hard-earned cash. However, there are some things to keep in mind when you're searching for the highest bank CD rate.
Read more below.

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The bank CD's duration is set when you open your account - anywhere from three months to five years. Bank CD rates can change depending on the duration. Current interest rates are one of the factors. If current interest rates are at their highest but are expected to get lower, a more extended bank CD length will get you a lower APY. If the consensus is that rates are likely to rise, your chances of getting a higher interest rate for a long-term CD go up. Several banks, including the ones you find by running MoneyAisle auctions, are even amenable to giving higher bank CD rates in the interest of attracting new customers. Keep this in mind when you're searching for the highest bank CD rate.

In addition to duration, your CD deposit amount can also affect its rate. Traditionally, a larger deposit amount can net you a higher bank CD rate (CDs with over $100,000 at the time of deposit are referred to as "jumbo CDs"). As with duration, however, some banks will give a higher rate on a smaller deposit in order to attract new customers. Since MoneyAisle contains a large number of banks looking to increase their customer base, it's a great tool to help you find the highest bank CD rate.

To run a free, live auction and see what the highest bank CD rate currently available in our system for your deposit is, just register for an account and then set your deposit amount and the duration of your CD. MoneyAisle will send that information to its network of banks, who will then bid against each other in a live, active auction. You'll get the results almost instantly, and you'll be able to see what the highest bank CD rate available in our system is with no fees and no catches.

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