Source: Informa Research Services
(05/26/2010) According to Informa Research Services, rates on popular deposit products, such as checking accounts, money market accounts, and certificates of deposit (CDs) are steadily declining. Consumers concerned with finding the best rates on such products should consult online rate tables and take advantage of promotional offers if they are available.
Since deposit rates seem to be dropping slowly, it’s not too late for you to find a high-yield savings product. However, you should act quickly before rates drop further. The easiest way to find the highest rate is to use online rate tables such as those found on ERATE.com. The tables on ERATE.com provide rate information on numerous products from various lenders that are offered in your area.
Furthermore, when shopping for a deposit product in a declining rate environment, it’s not the best idea to put all your money into long term CDs. Keeping your funds liquid or in short term CDs keeps it readily available when this downward trend changes.
If you do want to take advantage of some longer term CDs, another option to keep your funds liquid is to ladder your CDs. By using CDs of varying terms and staggering the dates of maturity, you take advantage of higher yielding CDs while still ensuring your funds are available when rates rebound.
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