The failure to research CD rates can cost you a fortune since most that invest casually do rarely obtain the best possible deal with this type of investment. Being a serious investor is hard work that takes dedication to achieve your goals.

Researching the best possible CD rates is not as hard as it may seem. One thing you should avoid is going to a branch office and asking about their CDs in person. This is the slowest and most inefficient way of proceeding with this conservative investment. Most financial institutions that have decent to great rates advertise them on the internet. If a bank does not and suggest you travel to their branch office, odds are that their CD rates are not attractive and they hope to get you into their office where comparing to other financial institutions is no longer available to you.

Remember, knowledge is power so never allow any institution to limit your resources. The use of the telephone or internet is the fastest, easiest, and most cost effective way of obtaining the knowledge on who has the best CD rates in your area.

As a simple example, Chase Manhattan Bank is a nationwide institution with a very good reputation. Their current CD rate on a 1 year CD is .025% APY. Another nationwide bank is ING that currently has a 1 year CD earning an APY of 1.00%. Then, there is Ally Bank with a 1 year CD that is earning an APY of 1.29% APY. By just comparing these three financial institutions, you can see the difference of over 4 times the amount of interest you can accrue from the lowest to the highest.

This is just one example of how your failure to research CD rates can cost you a fortune. Many financial institutions are in business to make the largest profit for them while giving out the lowest possible returns so they make money, not you.

We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.

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