The Advantages of Getting the Best Bank CD Rates

Finding the best Bank CD rate has an obvious advantage: you get the highest return on your investment. There are two important factors consumers must consider in order to find the best Bank CD rate, however.
Read more below.

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1. Duration: The duration, or length, of a CD is chosen at the outset of an account opening, and it can vary anywhere from 3-months to upwards of five years. Rates can vary based on the duration. For example, the current interest rates will factor in. If rates are currently very high yet are expected to go down, then a longer CD duration will have a lower interest rate. If the market believes rates are likely to go up, then you may get a slightly higher interest rate for a longer-term CD. Some banks, including those in the MoneyAisle network, are willing to give higher rates on CDs in order to attract new customers. This is something to keep in mind when searching for the best Bank CD rate. With interest rate fluctuations, it's not always easy to decide what the best Bank CD duration for your deposit should be, which is another reason it's important to use online tools such as MoneyAisle.

2. Deposit Amount: The amount of money you wish to deposit into a CD can also affect its rate. Banks generally give higher CD rates for larger deposit amounts (CDs with over $100,000 deposited are called "jumbo CDs"). As with the previous factor, however, there are banks willing to give high rates on smaller deposit amounts to entice new customers to open accounts with them. The MoneyAisle network, with its array of online-savvy banks looking to expand their customer base, was designed to help you in your search for the best Bank CD rate by offering banks a low-cost way to attract new customers. It's also worth keeping in mind that the FDIC insures Bank CD deposits up to $250,000 - all the banks in the MoneyAisle network are Members FDIC.

At MoneyAisle, banks bid in free, live auctions to give you the best Bank CD rate available in our system for your deposit. It's easy to try: simply register for an account and then enter your duration and deposit amount. It's free, safe and easy. If you want to try MoneyAisle without registering, you can also try out a test-drive auction. Test-drive auctions show real rates offered up by the banks within our system, but you won't have the option of opening an account at the end. The entire auction process only takes a couple of minutes, and you are under no obligation to accept the winning bid - which is the best Bank CD rate available in our network at that time for your CD deposit.

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