With the stock market as unpredictable as it is these days, many people are looking for a safe, consistent income that they know they can count on. A CD, or certificate of deposit, may be one way to get it. A certificate of deposit is an investment that you make at a bank that earns a higher interest rate than a savings account, but you generally must keep the deposit invested for a certain period of time or face a withdrawal penalty. A CD can be opened for as little as three months or as long as five years, and should always be opened at a bank that is FDIC insured.

First, to determine the highest CD rates, decide how long you want to invest the money into the CD. Make sure that the money you invest is money that you are comfortable not having access to for that period of time, or has no penalty or a penalty that you are comfortable paying if you find yourself in circumstances that you need the money.

Next, decide whether you want to open the CD in a bank that is local to you. Most banks these days offer online banking, so this is simply a matter of convenience. Some people prefer to bank with people that live near them, or are uncomfortable putting their personal information in an online form. Bankrate.com offers free tools to determine the best CD rate either locally or nationally.

To find the highest rate on a CD, simply go to www.bankrate.com/cd. Decide whether you want to search amongst banks that are near you, or operate nationally. Enter the length of time you wish to have the CD, and if you are investing more than $100,000, select “Jumbo CD”. A list of banks offering the CD of the length specified will appear on the next screen. Click the word “Rate” to sort by highest rate. Most of the banks listed will have a website or contact information.

You may also choose to simply contact the banks near you to find out their CD rates, and compare them for yourself. Either way, you are well on your way to opening a CD with a high rate of return.