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I run a bank rate website and I’ve found that when the stock market becomes unpredictable as it recently has people look for a safer place to put their cash. A lot of people have turned to FDIC insured accounts like CDs and savings accounts. When opening a CD you want to make sure you find the best cd rates. If you don’t like locking in your money then high interest savings accounts are probably more to your liking. When looking for a certificate of deposit or savings account you should check out online banks. Online banks have lower expenses than regular banks so they usually offer higher rates. You can even get a 1% higher yield or more on your account. The difference could be several hundred dollars a year or more depending on your balance. When put in those terms, it makes sense to shop around for bank rates. Before opening an online account you should make sure you’re comfortable with online banking. |