CD Rates: Find a Great APY

Banks bid live for your business.

When comparing CD rates, you may notice that the Annual Percentage Yield (APY) can be drastically different for the same deposit amount. One institution may offer highly competitive CD rates, while another may offer a low APY. What's the best way to make sure you're getting the best CD rates?
Read more below.

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The Amount

A "jumbo" CD, generally consisting of a deposit of $100,000 or more, will frequently receive a higher rate. Some financial institutions, looking to get new Certificates of Deposit in their account, may offer a higher rate as part of a promotion.

Why the Difference?

Financial institutions tend to offer higher CD rates when they're trying to raise capital. Larger financial institutions, with their equally high customer base, are under less pressure to increase their deposit funds, so offering the best APY for your CD is frequently less of a priority.

Online institutions, with their low overhead, are able to offer competitive CD rates by not spending the money larger financial institutions would on postage and paper for endless printouts. The amount of money a bank spends on advertising may also factor into what the APY an offered CD is.

MoneyAisle: Leveling the Playing Field

MoneyAisle has entered this field with a new solution: our online reverse auction model provides a low-cost way for banks to bid amazing CD rates for each consumer, providing the consumer with the best available APY in our system at the time of the auction for his or her specific deposit.

Don't take our word for it, though. See for yourself, either by registering for an account or running a Test-Drive auction. It's free, and you have the option of declining the winning bid at the end of the auction. If you're looking for great CD rates, the APY offered at the end of a MoneyAisle auction is among the most competitive.

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