Friday, January 16, 2009

Bank Rates

Are you one of those who in the midst of the financial turmoil, was able to save money but don't know what to do with it? If your answer is yes, then I recommend you a site where you can gain a lot of interesting information to help you decide.

Monitor Bank Rates shares the latest financial news, especially on the best certificates of deposit rates also known as CD rates. For newbies, a CD is actually commonly called "time deposit". A CD is somewhat similar to saving accounts but with a twist. Unlike online saving accounts where you are free to withdraw anytime, CD's have fixed terms. The common term is 3 months but some offer up to 5 years. During this times, you can't withdraw your money, but your are guaranteed to earn fixed interest rates. This service is offered by banks, thrift institutions, and credit cards. Your deposit is safe as it is insured by the gov't through FDIC's, at a certain amount. With the stock market going for a wild ride, CD's are a safe bet.

Monitor Bank Rates provides a lot of information on the banks that offer the best cd rates. On one of the post it says "Virtual Bank is offering one of the best CD rates for a 1 month CD, currently the annual percentage rate is 2.40% and the annual percentage yield is 2.43% for their 1 month eCD". How's that for a teaser? Aside from cd rates, you can learn about topics ranging from 0% credit card offers, mortgages and personal finance tips. So what are you waiting for? Visit the site and start putting that savings to good use.

1 comment: said...

Can you please remove the links to in this post
Thank you very much
Brian McKay


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