Source:
Informa Research Services
(12/03/2010) Despite
mortgage rates rising for the past few weeks, deposit rates continued to
maintain their low levels this week. The national average rate on a 12-month
certificate of deposit at $25,000 stayed at 0.68% this week, down 23 basis
points from 6 months ago when it was 0.91%, according to Informa Research
Services Interest
Rate Review.
Consumers should check
online rate tables such as those found on ERATE.com which make deposit rate shopping a fast, easy
process.
While
deposit rates are nowhere near record highs currently, there are frequently
promotional and teaser rates being offered by financial institutions. These
offers are typically directed toward winning new customers. However, any savvy
savers can take advantage of these offers as they frequently involve higher
rates.
Before
signing up for your promotional account, be sure to read through all the fine
print and thoroughly understand the hoops you are required to jump through to
receive the promotional rate. Many times, if all the requirements are not
fulfilled, promotional rates are often forfeited for a much lower core
rate.
By
checking online rate comparison tables, you can quickly locate the best local
rates in your area. These tables include promotional rates as well so you don’t
have to go searching for them yourself.
Other related articles:
How your down
payment adds up
Don’t Let Black
Friday Break the Bank
When
Shopping for a Savings Account, Don't Forget About Credit
Unions
Don’t
Let Low Rates Scare You Away from Saving
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