The Internet is your best resource for finding low CD rates from reliable banks.

You turn to your owner's manual to find out what that flashing light on your dashboard means. You consult the latest edition of Consumer Reports to decide which flat screen TV to purchase. But where do you go to find the very best rates on certificates of deposits (CDs)?

The Internet is typically the most up-to-date and comprehensive resource for the best CD rates and most reliable CD issuers. There are several reasons for this:

• Brick and mortar banks often publish their CD rates online because it's an easy way to let more people know about their high-rate deposit products.
• Brick and mortar banks sometimes offer higher CD rates if they're set up online rather than in the branch; these special rates are promoted to the bank's website visitors.
• Several banks provide their services only via the Internet; these must publish their rates online because that's the medium they use to communicate with current and prospective customers.
• Bank customers use blogs to post their experiences with their least favorite banks.

Organizing your search

Before you start your online search, set up a spreadsheet to help you track your findings. Recording the rates you find, along with where you find them, will help you recognize a great deal when you see it. Your spreadsheet should include the CD's stated rate, its annual percentage yield (APY), its maturity, and the URL where you found it. You can then use your spreadsheet's data sorting function to analyze the rates of CDs that have similar maturities.

Several websites compile CD rates from banking institutions nationwide. But your search shouldn't end there. You'll also have to look at the websites of the banks you know, such as regional and community ones in your area. Then, if you find that the best rates are offered by banks you've never heard of, there's still more research to do. First, verify that the bank is offering FDIC-insured CDs. If they're not, you may be carrying more risk than you're willing to accept. Next, search financial blogs and message boards for information on the financial institution. If it has a track record of poor customer service, you're likely to read about it on the financial blogs. You might be willing to take a slightly lower APY on your CD in return for working with a bank that has a great reputation with its customers.

Finally, if market CD rates aren't dazzling you, use the same research process to find good money market rates. Money market accounts are a decent alternative to CDs, because they're liquid and the rates are relatively attractive.

When you're searching for the most profitable ways to deposit your cash, let the Internet be your guide. It may not be the Consumer Reports for deposit products, but it's pretty close.