Find the Best Interest Rates for CDs

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With interest rates on savings accounts hovering near zero at major banks, it’s easy to feel frustrated that your hard-earned cash is sitting idle rather than growing.

One alternative that is worth looking into is a certificate of deposit. The gist of a CD is that you get a higher interest rate than a traditional savings account in exchange for agreeing to lock that money away for a set period of time, anywhere from one month to five years. If you need to withdraw money early, you will have to pay penalties.

Sound like something that could work for you? This nifty calculator from Bankrate.com shows you real-time interest rates for different lengths of CD at different banks.