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I have some cash that I would like to buy a 1yr CD with. Right now it is sitting in CDs at E-loan and GMAC, and will mature in a few weeks. I get the feeling these are not the most stable places, but I am not sure what bank is best. I have used WAMU and Wachovia in the past, but their rates are way down now. The credit unions in my area seem to have lousy rates.
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Go to bankrate.com and search for the highest rate on a 1-year CD. I'd also suggest checking on slightly shorter or slightly longer terms as the rate can sometimes peak at a different term. So a 10-month or 15-month might be paying more than a 12-month depending on the bank. As long as it is FDIC-insured, you'll be fine.Steve
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THE GMAC looked like a good deal and it is fdic insured.Comment
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