Business & Finance Personal Finance

How to Open a Certificate of Deposit Online

By Business & Finance Last updated Tuesday, May/28/2024

1). Search for the highest yielding CDs nationally. The best place to start is Bankrate.com. You can click through to the offers that interest you and start the account opening process right away.
2). Follow the bank's instructions for opening and funding your account, as they vary from bank to bank.
3). Check with FDIC for an extra layer of protection to make sure the offers are from legitimate institutions.
4). Open a discount brokerage account online. Many discount brokers offer high-rate CDs from multiple FDIC-insured banks. The advantage of this method is that you will have all your CDs in one place, detailed on one monthly statement. No need to move your money when a CD matures as you can roll it over into another one, even from another bank, with the click of a mouse.

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