How do you compare the CD rates from local banks?


Quick Answer

To compare certificate of deposit rates with different banks, visit Bankrate.com and use its Rates tool to make a comparison of local CD rates. The tool makes it possible for users to find the best high-yield CD rates with just a few clicks of the mouse, according to Bankrate.com.

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Full Answer

To compare local rates on CDs, follow the steps below, as noted by Bankrate.com.

  1. Visit the website
  2. Navigate to Bankrate.com and hover over the Bank Rates tab at the top of the home page. Slide the mouse down to and click on the CD Rates option.

  3. Set search parameters
  4. Set the parameters for the CD rate comparison by clicking on the Local button to limit results to local banks. Select a state and city from the drop-down menus, and then select the account type and product from the options shown. Click the Search button to initiate the search. Alternatively, click the Enter by ZIP option under the Local button to compare CD rates within a specific ZIP code.

  5. View results
  6. The website presents results in table format, including the name of the institution, the annual percentage yield of the CD and the date the APY was configured. It also includes information regarding minimum deposits for CD purchasers.

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