Finding the Best Bank Rates

With new sites and deals popping up every minute, no specific service can ensure a complete up-to-date listing of bank rates. It comes down to you as a customer; how frequently you intend to use the services, your emphasis on online banking, or whether you use direct deposit are all relevant factors. Since online banks have no brick and mortar presence you can save a great deal using them. There are also consumer forums online which provide daily updates on changes in interest rates. Be warned, however, that there may be a delay in access to your money.

Identify Your Needs
When trying to find the best bank rates people often consider the interest rate alone, ignoring the sometimes extreme fees which accompany them.  As new regulations from Washington place tighter constraints on banks, they have to look for more ways to extract money from the consumer. You must do your due diligence. If you travel around the country often you may also want to consider the big banks (Citibank, Chase and Bank of America) which have thousands of ATMs nationwide.  ATM surcharges from opposing banks can really eat into your savings if you don’t watch out. Studies have shown that people often neglect to plan more wisely and basically hand the banks money for nothing. If you don’t require frequent banking, consider your neighborhood credit union too. Many are still offering free checking accounts, something that seems to be disappearing from banks these days.

Do Your Research
Finding the best bank rates begins with your situation. Consider Bankrate.com the most valuable source for all interest rates on high yield CDs and mortgage rates. ING is the front runner for internet banking. Don’t underestimate the importance of the interest rates for your savings accounts; it can be 3 or 4 points higher than traditional banks. Be completely aware that, while you may sometimes find a great deal online, it may come with several restrictions. Read the fine print carefully! When it comes to finding the best bank rates, remember a bank is not there simply to hand over money to you; self-awareness is your best guide.