One option for getting the best interest rates on CD's is to go to a credit union. If you are looking at rate from the banks in your area, you probably know that about the best you can do right now at the beginning of 2010 is 1% for a 12 month CD. That is such a low rate that it is disheartening for all of us. At a credit union, you might be able to get a whole half a percentage rate or more better and that is worth checking out.

Credit unions are put together by groups of people (usually connected to a company) and they are not for profit. This means they can offer higher interest rates for savings and CD's along with lower loan rates for things like personal loans and mortgages.

Most credit unions are part of NCUA (National Credit Union Administration) that is a government agency that has been around for 70 years or so. Just like FDIC insurance with the banks, credit unions that are part of NCUA are insured up to $250,000 through 2013 so your money should be safe.

Many of you are looking for no risk CD's and this NCUA insurance guarantee is on a par with FDIC. What truly constitutes a no risk CD is open to interpretation as everything is backed by the United States government which is pretty close to bankrupt in reality.

If you are searching your town for the best CD interest rate, look into the different credit unions in your area. You don't necessarily have to be a member of the specific company they are associated with and just have to be a resident of the state. Credit unions are now offering upwards of 1.5% interest for a 12 month CD which is a whole 50% better than what you can get at most banks!

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