Source: Informa Research Services
(10/29/2010) The national annual percentage
yield (APY) on 12 month certificates of deposit (CDs) at $25,000 continued its
steady descent this week, falling to 0.72% according to Informa Research
Services’ Interest
Rate Review.
 This figure is 47 basis points short of the same figure one year
ago.
By
comparison, the national average on the same product at the Top 50 U.S. banks is
nearly 20 basis points lower at 0.5%. Â Informa Research Services reminds
consumers to consider financial institutions of all sizes when shopping for an
effective savings vehicle.
Savings
rates are not at historically high levels; however, banks and credit unions frequently
offer promotional rates that may be higher than the usual rate for a given
product. Â Be sure to read and understand the details and requirements necessary
to receive the special rate. Â More often than not, if all the requirements are
not met, the higher APY is forfeited for a lower one.
One
of the easiest ways to locate these rates is to use the internet. Â Resources
such as ERATE.com provide useful comparison tables which make rate shopping as quick and easy as
possible! Â These tables do not require any sensitive information and include
many promotional as well as core products.
Other related articles:
Debit
card regulations may hamper benefits
Combat
the Weak Dollar With Smart Savings
Don’t
Let Low Rates Scare You Away from Saving
Look Online to
Kick Off Your Savings the Right Way
Turn
to Short Term CDs and Promo Rates in Low Rate Environment
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