Reply
Honored Contributor
Posts: 13,580
Registered: ‎03-10-2010

Is there a central online site,a person can compare different banks ,for cd interest rates,and how does credit unions differ?

When you lose some one you L~O~V~E, that Memory of them, becomes a TREASURE.
Honored Contributor
Posts: 14,175
Registered: ‎03-09-2010

I use bankrate.com to research.

Respected Contributor
Posts: 3,403
Registered: ‎03-14-2010

The interest rates are so low that it almost doesn't make any difference anymore.  The credit unions have the same offerings as regular banks.  Zilch!

Respected Contributor
Posts: 4,094
Registered: ‎12-02-2013

Agree with millieshops: bankrate.com

 

Some online banks may have slightly higher rates-- make sure they are FDIC insured.

 

Periodically, local banks will send out mailers with special limited time offers, especially if they are opening a new branch.  Worth researching, since every little bit helps.  Best one so far, a 5-year liquid CD paying 1.5 or 1.75 APY with early withdrawals not penalized.

 

Last year we got a mailer from a branch office located in a nearby supermarket that promised $125 for opening a checking account with a few dollars deposit and a monthly deposit ( I made mine for $2.00 ) each month for 3 months.  OK: told the manager what I intended to do:  after 3 months, I was going to take the reward and donate it to the local food pantry.  No problem: closed the account and made the donation.

We make a living by what we get. We make a life by what we give.
Sir Winston Churchill
Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: C D, interest rates

[ Edited ]

We keep our tax refund and a few thousand dollars in a passbook savings account at our local bank just as an emergency fund. - My DH calls it the slush fund. It has yet to earn even $2 in interest any given month. Savings accts. today are more for the convenience of having them than to earn any money.It is nice when we decide to make any large purchase we can just move it to checking and it's available to use, but it's earnings are insignificant.

Of course the other side of the coin is - interest rates on loans are also very low so anyone who has a car loan or a mortgage can appreciate that. 

Esteemed Contributor
Posts: 5,186
Registered: ‎03-11-2010

I have my CD at AllyBank.com - they have the highest rates. When u renew the CD, they give 1/4% extra. I've been with them for approx. 8 years/ Great service when calling - and they speak perfect English.

Frequent Contributor
Posts: 117
Registered: ‎01-14-2013

I worked in the banking industry for 30 years and remember when CD rates were as much as 18.00%  -- those with considerable funds to invest did very well. Alas, those days are gone, never to return again.

 

If you are putting money in savings or CD's in today's market, it really doesn't matter from one bank to another - none are paying enough to get rich on.  It is a safe haven for your money, but certainly not going to grow.

Respected Contributor
Posts: 4,627
Registered: ‎03-10-2010

@lucieinthesky wrote:

I worked in the banking industry for 30 years and remember when CD rates were as much as 18.00%  -- those with considerable funds to invest did very well. Alas, those days are gone, never to return again.

 

If you are putting money in savings or CD's in today's market, it really doesn't matter from one bank to another - none are paying enough to get rich on.  It is a safe haven for your money, but certainly not going to grow.


 

Yes, but it needs to be put in context.  Inflation was also very high, so the real rate of return was much less.  It was still better than return now, but real rate of return wasn't anywhere near 18%.   

Respected Contributor
Posts: 4,728
Registered: ‎07-02-2015

@lucieinthesky

 

You said:

High interest rates seen years ago will never be seen again..........

 

When it comes to interest rates, I learned long ago that it's not safe to say never. 

 

When I took my first real estate course back in the lmid-1970s--when my husband and I were carrying a home mortgage at 9.5 percent--the instructor  (who had worked in the banking industry) told our class that "interest rates will never go much above 9 percent, because the public won't stand for it". 

 

As you probably know, interest rates  soared to almost 19 percent not long after that.   The so-called "public" had no say in the matter. 

 

 So I don't think "never" is a good prediction to make.  Anything can happen, and the Federal Reserve doesn't control all rates.  Also, inflation is showing signs of ticking up,even though low oil and gas prices  might be fooling people into thinking inflation is stable or low.

 

The best defense right now against the low interest rates paid on savings accounts (in my opinion) is to invest in high-dividend-paying stocks and do business with online, rather than brick-and-mortar, banks that are paying the best rates on CD and savings accounts.  Bankrate.com is a good source of information about such banks.

Honored Contributor
Posts: 30,108
Registered: ‎03-12-2010

I have Smith/Barney invest my money.  It fluctuates but the average is around 14%.  Last year my broker told me he got me around 18% at times.

 

I don't think many things are making much money these days.

 

We've always invested in the stock market, some CD's, etc.  Never do just one thing.

 

Once someone asked me if my husband would invest some money in the stock market for them (my husband was an investor but dealt in the stock market).  I told my husband.

 

He looked at me and said, "Tell them this.  'Do you have money that you can afford to lose?  If you do, invest in the stock market.  Otherwise find a safer place for it'.  I told them and they said, 'forget it'.

 

Again, I don't think many things are making a lot of money these days.  If you want a good return my broker said to invest in pharmaceuticals.

 

I can believe it.  My medicine went from (I swear to you this is the truth). It went from $13.85 months supply to $100 per month.  This is crazy!!

 

I think if you have money to invest you should contact a broker and get their advice.