With the Federal Reserve maintaining a low interest rate environment, many investors and savers look to short terms CD rates as safe and secure account to hold their savings while the wait out the future course of interest rates. While investors and savers contemplate their investment goals and plans, they often question how to find the best 3 month CD rates.
The answers on how to find the best 3 month CD rates is not a difficult one but it will involve some work by the CD rate shopper. Local banks and big national banks often do not compete aggressively for new money in high yielding accounts. If a rate shopper were to review the bank rates of the thousands of U.S banks they would find too many commercial and savings banks still offer anemic interest rates on their certificates of deposit.
One type of bank that is frequently on the top of the list for the best 3 month CD rates are online banks. Online banks have fewer expenses due to the lack of a bank branch network and this cost savings allow these banks to pas on higher yields to their customers. In addition, in this highly competitive arena where consumes will gravitate to the bank based on interest rates alone, online banks watch what their competitors are doing, to ensure their special rates can be used to attract new money.
But it’s not just rates that consumers should be comparing when reviewing the highest CD rates, account conditions are also critical to consumers looking for a secure place for their money. Account conditions to consider should include the early withdrawal penalties associated with the account, the bank CD account renewal policies and the ease of access to the bank and bank CD account.
Of course, rates and terms are only part of the CD shopping process, and some otherwise attractive CDs are out of reach because they require big minimum deposit requirement. Be sure to review the deposit requirements before you narrow your search down to the best CD rates for your needs.
If you’re serious about finding the best deal, try the Internet. Most banks have easy to navigate Web sites, so you can sit at your home or office computer to research and check out new bank offers – including any minimums or other special conditions – at most banks in the region.
Always check out deals from within your geographic region and outside the area. To take advantage of the best 3 month CD rates or any short term CD rates, you have to shop around for the best deal.
A good 3 month CD rate will provide a competitive rate of return that will not keep your money tied up forever, allowing you to make investment adjustments if rates change dramatically. And a short term CD will often pay a lot more interest than a savings account or money market account.
For more information on the best CD rates by term refer to the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates.
To see a list of the best rates on CDs please refer to Best Rates on CDs.
Additional state specific CD rates can be found at California CD Rates, New York CD rates, Florida CD Rates, Illinois CD Rates, Pennsylvania CD Rates, Ohio CD Rates, Michigan CD Rates, Texas CD Rates.
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