Shop for the best rates online

Interest rates are constantly changing, and so is the list of financial institutions offering the best CD deal of the moment.

I recommend: Compare CD rates quickly and easily at Bankrate.com. Use the calculator to compute earnings. Also compare rates at Money-rates.com and see what the big national banks serving small business, such as Bank of America, are offering.

Check out cyberspace investing

Many on-line banks offer higher interest rates than brick-and-mortar banks because their overhead is lower, and they can pass savings to you.

I recommend: Go to Ing Direct to open and fund a CD in less than five minutes online. There's no minimum, and you can start with a six-month CD. Other options: Emigrantdirect.com, Imperial Capital Banking and HSBC.

Customize your CD

These days, banks will often customize a CD to terms that match your small business needs. So if you're afraid to tie up cash for a year, choose a very short-term CD of one month.

I recommend: Check out Chase.com and ask for a one-month CD. 1st Mariner Bank offers a flexible CD that lets you bump up the rate once during the term and withdraw without penalty once.

Create a ladder of CDs

Depending on which way interest rates are headed, a CD ladder allows you to lessen your risk, increase your return and gives you access to some of your cash. Buy several CDs at once with different maturity dates, each representing a rung on a ladder.

I recommend: All of these can create a ladder for you: Countrywide Bank, United Bank, LaSalle Bank and Guaranty Bank.