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Until recently, putting your cash in certificates of deposit made about as much sense as stashing it in a shoe box. But one-year CD rates have been on a tear, nearly doubling in the past year to an average of more than 3 percent--a four-year high. Some banks were offering rates above 4.25 percent at press time in early October, on a par with 10-year Treasury yields and comfortably above yields for money-market funds and the rate of inflation.
To find the highest yields, shop online at sites such as Bankrate.com. Compare CDs by annual percentage yield, or APY, which accounts for the interest rate you earn and how often it's compounded.
Many of the richest CDs you'll find may be ...