I took a look at my ING savings account yesterday and man, I need to pay better attention to my rates. I know that everyone is suffering from low interest rates on their savings and money market accounts, but there has got to better savings rates than what I am getting right now.

Lock it Up

That’s why I’m thinking of locking up my money in a bank CD for the long term. I don’t see the current interest rate crunch lightening up anytime soon and I already have a lot of my money in the stock market. So today I’ve been searching for the highest CD rates on bank CD’s at Bankrate.com.

I think I’ve got it narrowed down to two. The Discover three year CD at 2.75%. And the First Midwest 32 month CD at 2.76% with a guaranteed interest rate boost every 8 months.

Both of these are pretty good rates given the climate. I’m just not sure if I want to lock up my money for 3 years. My next step is going to be researching money market rates.