7%+ CD rates?

[Vapors]

Hi all. I found this website today when I did a search on historical CD rates. I was trying to decide if I should lock into longer term CDs. Anyway, my search results included this thread:

http://www.savingadvice.com/forums/investing-banking/18371-historical-cd-rates.html

In it, Slimcustomer says that if you know where to look, you can get rates at 7% or more. I have been investing in CDs a lot the last few years and never saw anything above 5.6% or so (rate, not yield). I currently have CDs at Etrade, GMACBank, Virtual Bank and MBNA. I read Money magazine most every month as well. And I have never heard of this before.

So, can anyone give me an idea as how to find these rates? I looked in the stickied saving thread in this forum and see the rates I would expect to see. I currently have money sitting in the GMAC money market account (was at Virtual Bank until this past week) that I would love to find a nice rate for.

Thanks for any help or info you can provide.

Edit: grammar

[sweeps]

Practically any of the 7%+ CDs you will find have low maximum deposits ($1,000, $2,000, etc.). Check Bank Deals for a fairly exhaustive list of CDs.

Be careful with transaction/transfer times. If it takes you 15 days to get in and out of a CD, the extra 1 or 2 percentage points of interest are worthless.

[Vapors]

Thanks a lot for the link. Pretty much all the ones I would like to open I don't meet membership requirements =( I will keep this site in my favorites though and check back from time to time.

Thanks again.

[kv968]

Thanks a lot for the link. Pretty much all the ones I would like to open I don't meet membership requirements =( I will keep this site in my favorites though and check back from time to time.

Practically all the ones with the higher rates have some sort of membership requirements since it's usually a credit union offering them.

[Ima saver]

The highest I am getting is a yield of 5.75%

[Vapors]

I read about Prosper in Money magazine a few months ago. It's an interesting concept but would be wary of trying it myself. I don't know anyone who has actually tried it. Anyone here tried it??