You can often get higher than advertised rates at your local branch if you do your homework. Print out the "Highest CD Rate Survey" and bring it in with you. Also print out some of the advertisements showing rates advertised on your bank's competing web sites so you have proof. (Make sure the date shows on your printout so they know it is current.)
From the "Highest CD Rate Survey + Current US Treasury Rates" at VeryBestCDrates.com, the best CD rate is 5.00% at Capital One Bank for Terms of 7 and 10 years.
Here is the table with more rates and terms:
"Highest CD Rate Survey + Current US Treasury Rates"
|Term ||Date ||Highest |
(Click link for Full Rate Sheets)
|Daily Savings ||11/06/08||2.78% || Vanguard Prime Money Market Fund |
|Tax Exempt ||11/06/08||1.79% ||Vanguard Tax Exempt Money Market Fund|
|Online Savings||11/06/08||3.00 || at HSBC Bank |
|3-Month Treasury ||11/06/08||0.33% ||US Treasury Rates at a glance|
|6 Months||11/06/08||4.15% || Excel National Bank and 4.00% at HSBC Bank |
|6-Month Treasury||11/06/08||0.83%||US Treasury Rates at a glance|
|7 Months||11/06/08||3.00% || Wachovia Bank |
|1 Year ||11/06/08||4.40% ||Flagstar Bank & 4.36% @ GMAC Bank,|
|1 Year Treasury||11/06/08||1.16% ||US Treasury Rates|
|18 Months||11/06/08||4.50% ||Advanta Bank Corp |
|2 Years ||11/06/08||4.50%||GMAC Bank|
|3 Years||11/06/08 ||4.75%||Intervest National Bank|
|3-Yr Treasury||11/06/08||1.59%||US Treasury Rates at a glance|
|4 Years ||11/06/08||5.00%||Intervest National Bank & 4.96% @ Discover Bank|
|5 Years ||11/06/08||5.05%||Intervest National Bank & 5.00% @ Capital One|
|5 Yr Treasury||11/06/08||2.47%||US Treasury Rates at a glance|
|7 Years||11/06/08 ||5.00%||Pentagon Federal Credit Union|
|10 Yr Treasury ||11/06/08||3.69% ||US Treasury Rates at a glance |
|30 Yr Treasury||11/06/08||4.20% ||US Treasury Rates at a glance|
If the above text is too small to read, then read it at "Here in a larger font."
Be careful when you go to your bank and ask for their best rate. They will often use that as an excuse to sell you an annuity that sounds good on the surface, but is far more profitable for them due to the higher fees.
Make sure you read the Article: Beware of Annuities