I've been very lazy about my various CDs for the past couple of years. When they mature, I just let them automatically renew at the same term without making sure that's the highest rate. I always mean to be more proactive about it, but I always procrastinate. And as the saying goes, the only difference between proactive and procrastinate is that you have to move the c, substitute a v for an n, and...
Well, anyway, in these trying times, I'm attempting to be a little better about this! I just had my two-year E*Trade CD mature, and I managed to change it to a one-year term before the grace period was over. The one-year rate was the best deal right now, at 3.10% APY. Weirdly, you get that same rate for a 5-year CD:
Is this the best rate I could have gotten right now? No. BostonGal just got a 4.25% rate at ING. This looks like one of the best 12-month CD rates available out there right now, according to Jonathan's comparison, unless you have $10,000 to invest. You can see more up to date CD rates here. I didn't feel like moving the E*Trade CD to another bank, but I may look at some of these other banks to open a new CD. I have some cash savings that have accumulated in my Chase savings account-- it's earning a pittance there, so I will probably transfer some of that money to a CD. I'd still have enough cash for an emergency in my FNBO savings account, which is earning 3.25% APY.
I wish these rates were all higher, but it's comforting to have some money that is safely and conservatively invested during all this craziness in our economy!