This guest post is by Richard Barrington, CFA, senior financial analyst for MoneyRates.com.
The latest cruel trick played on savers is that while mortgage rates have started to rise, bank deposit rates haven’t budged. If you want higher interest rates on your deposits, you’re going to have to do something about it yourself.
According to the FDIC, five-year CD rates (certificates of deposit or CDs) are currently averaging just 0.75 percent nationally. Fortunately though, not all CDs are created equally. Here are 10 CDs that offer at least double the interest income that today’s average account provides:
The above are not necessarily the 10 highest-yielding five-year CDs in the country. They were chosen because their rates are at least twice the national average, they are available in multiple states and they have relatively user-friendly websites. You may find additional options in your area, but the points discussed above can still provide you with some framework for what criteria to consider — including rates, minimums and penalties — when choosing a CD. Happy hunting!