Boost Your CD Yields

How would you like to boost your CD profit by as much as 2%?

You can do it today with a simple phone call to an out-of-state bank. Don't be leery of opening an out-of-state account - it's no more difficult than investing over the phone with Treasury Direct.

Here's the easy way to do it:

Step 1: Find a listing of the highest-yielding CDs in the country. The Wall Street Journal carries a listing on Wednesdays; USA Today on Mondays.

Step 2: Call the bank with the highest yield and tell them you'd like to open an out-of-state CD account (many have a national representative especially to help you.)

Step 3: Ask if the CD is FDIC insured. If it isn't, don't invest. If it is, tell the representative the specific maturity you want (we recommend six months to a year) and how much you want to invest. Then ask for the current interest rate and annual percentage yield (the amount you earn when you count the interest you make on your interest) on that specific CD. These figures can change daily, so be sure they still beat what other banks are offering.

Step 4: If the rates are attractive, ask for the forms you need to open your account. Be sure you make note of the person's name so that you can talk with the same person if you have any future questions. When you get the bank's forms, fill them out, make copies for your files, and send them in with your check.

Step 5: After you send back your forms, you'll get a signature card (which you should sign, photocopy and send back) and either your actual certificate or a confirmation statement, depending on the bank.

That's all there is to it!

You can find more on getting the best CD rates at BankRate.com. Take the time to look into it today. A few percentage points on your CD can make a big difference in your return!

For more ways to boost your investing profits, we recommend the following articles:

• 3 Ways to Earn Money Through Mutual Funds
• 4 Ways to Profit From a Weak Dollar
• How to Choose a Successful Stock