CD rates can vary greatly depending on the term and location of the account. Don’t settle on the first rate you’re offered; researching the rates from all the banks and credit unions in your area will likely result in finding competitive offers you never knew existed.

A certificate of deposit account can be a great way to safely invest your money. if you chose to go this route, the most important factor to look at is the interest rate. This will determine how fast you can grow your money. Interest rates will vary depending on if you want a short-term six month CD, or a longer investment period of one or two years in order to earn a higher rate. Furthermore, CD interest rates vary by location and financial institution. This is why locating an account with the highest CD rate that also meets your savings needs and goals is crucial to making a wise investment. The information below will help simplify this process for you.

You have worked hard to save your money, now it’s time to make your money work hard for you. Investing your money is the easiest way to make your net worth grow, even while you sleep. Depending on the amount of funds you have to invest and your investment goals, you will want to research the different options carefully.

Sarasota Banking Rates want to help you earn money, save money and put yourself in the best position for your own financial situation. If you have a savings account that you do not need for the rest of this year, it may be a good idea to invest into a 6-12 month CD and take advantage of the higher interest rates. You can earn up to 1% or more in a CD versus a savings account with a $5000 CD over 10 years; that can be over $500-$1000 more in interest payments with the higher CD rate.

Certificates of deposit provide an easy way to create a timed investment. Whether you leave it in the bank for six months or five years, you know your CD will continue to accrue interest. The only thing you need to worry about is unforeseen circumstances which would cause you to withdraw money earlier than its maturity date, which could incur fees and result in a loss of interest. The first step in picking a CD to improve your finances is choosing the type of CD which is right for your needs. Sarasota Banking Rates has put together a list of the most common types of CDs.