In the current economic conditions, most people are trying to maximize the returns on their savings so that the effect of the financial crisis on their lifestyle is reduced. Both the stock markets and real estate markets have given negative returns over the last one year. Bank CDs are a relatively safe investment, since the banks are highly regulated.

The CD rates depend on many factors like the duration of the CD , amount and the bank where the CD is kept. For a shorter duration, a lower interest rate will be offered for the CD, while CDs for a period of two to three years will usually have a higher interest rate. Usually larger banks offer a lower CD rate compared to smaller banks.

To get the best CD rates, it is important to monitor the rates offered by the different banks for different periods of time . You can do conveniently using websites like Select CD rates, which also list the CD rates in major states for the convenience of their visitors. Trends in CD rates are also monitored on a weekly basis.