Maximize CD Returns with These Helpful Tools

Cutting costs to increase the amount of money that you can save should be a primary goal. Whether saving for a first home, college education, or retirement … it’s critical to always live below your means so that you have money left over to save. The best way achieve this is to “pay yourself first” –  tuck some money away in savings first and then pay the bills. If you set a budget and live below your means, saving money should be an on-going monthly process even if it’s just $25.00 a month.

Once you’ve built up a little nest egg it’s important to maximize the return on your money as best as possible. In this economy it’s an even greater challenge. If you want to go the low risk route and have your money accessible you can tuck it away in a CD (Certificate of Deposit).

My father-in-law shared with me his handy CD Interest Rate Tracking Chart. When he opens a new CD or has one coming up for renewal he always calls all of the local banks and even some regional or internet banking options and asks for their current CD rates and specials. While a lot of this can be found online, he prefers talking to someone directly. He pulls out his Excel spreadsheet which contains all of the contact info for these financial institutions and then logs in the rates.

By doing his homework he is always maximizing his return and he makes a game of it to see if he can consistently keep finding better rates in this lousy market.

Below you will find the CD Interest Rate Tracking Chart and a handy link to a CD Rates Calculator and Resource Page where you can check current rates, calculate the amount you will earn based on the given interest rate and there’s even a glossary of common terms.

Be wise and invest your money well.

CD Interest Rate Tracking Chart (customize as you like)