As many of you already know, in order to get the best CD rates, you will need to make a minimum deposit of $10,000. Doing this gives you an advantage of 1% in some cases. The lengths of the terms for a minimum $10,000 deposit varies from one institution to another but it’s well worth grouping a few of your smaller CD’s together to get one big one in order for your money to make more in the same amount of time. If you have several smaller CD’s that aren’t making the same CD rates as the $10,000 minimum deposit ones but they don’t add up to a total of $10,000, start putting some extra cash aside so that when your smaller CD’s come due you can add it to what you already have and get a single CD with the better CD rates.

At the end of October, 2008 the best CD rates you can get with a minimum deposit of $10,000 comes from the Corus Bank in Chicago, IL. They are currently paying 4.51% with an APY of 4.60% on a 1 year deposit. The Virtual Bank based in Palm Beach Gardens, FL is currently paying a rate of 4.35% with a 4.60% APY. E-Loan comes in just under that for the same amount and term with a 4.27% CD rate and an APY of 4.36%. Advanta Bank Corp. is currently offering 4.16% and an APY of 4.25%. The Pacific Mercantile Bank is paying CD rates of 4.13% with an APY of 4.22%. Centennial Bank has their CD rates set at 4.10% and an APY of 4.18%. Centennial is based in Fountain Valley, CA.

Dropping down into the 3% range for CD rates is the Palladian PrivateBank at 3.75% with the same APY. Next in the list is the Excel National Bank. They are currently offering CD rates at 3.54% with an APY of 3.60%. And last in the list for a minimum deposit of $10,000 is Countrywide Bank, FSB based in Thousand Oaks, CA. Their CD rates are just under Excel’s at 3.53% with an APY of 3.60%.

All of the above CD rates could quickly change as the economy changes. Remember that they are all based on a 1-year term for a certificate of deposit in the amount of $10,000.

Everyone is different in what they feel comfortable investing in. However we do know that Certificate of Deposits or CD’s are one of the most safe investments you can put your money in. The CD rates aren’t always as important to an investor as are the security and amount of holdings a bank currently has. You may want to stick with a local bank that you can walk into and find out the CD rates for that day, or you may be perfectly fine with investing in an online bank such as E-loan.

If you don’t have enough money to get a $10,000 Certificate of Deposit right now, start with what you do have and keep adding to it. Eventually you will have enough invested to be able to put it all into a $10,000 CD so that you can get the best CD rates possible.

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