Rates Current as of Thursday September 09, 2010

Credit Card Shopping Updates

Posted in December 13th, 2009

As the U.S. economy continues to move thorough a credit crunch, it is important for consumers to shop and compare credit card offers before committing to just any new credit card. It can be even more important now that credit is harder to come by to choose wisely and shop around for a credit card [...]

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CD Rate Updates

CD Interest Rates Continue to Fall July 19, 2010

National certificate of deposit rates once again moved lower for the week ending July 16, 2010. According to the most recent survey of bank CD rates performed by Selectcdrates.com, CD interest rates were lower for three of the five CD maturities measured and remained unchanged for the remaining two terms.
The average of the top [...]

Bank CD Interest Rates June 21, 2010

Certificate of deposit interest rates were just fractionally lower for the week ending June 18, 2010 based on the survey of bank CD rates performed by Selectcdrates.com. National CD rates for the three month, six month and two year maturities ended the week unchanged from the prior week. The one year and five [...]

Bank Certificate of Deposit Rates June 14, 2010

Certificate of deposit interest rates ended the week on June 11th with mixed results across the various maturities. The average yield for the five year CD rates ended with a gain on the week while the six month and one year term CDs remained unchanged. Unfortunately, the average rate on the top ten [...]

Banking & CD FAQs

Is it possible to increase FDIC insurance coverage by dividing my bank deposits into several different accounts at the same bank?

Yes, deposit insurance coverage can actually be increased if the accounts are held in different categories of ownership. These categories include single accounts, retirement accounts, joint accounts and revocable trust accounts. The accounts must be distinctly, different owned accounts.

I am buying an expensive item from someone several hundred miles away and need to send them a substantial amount of money. Do I use a money order or a certified check or a cashier’s check?

That depends upon how much you are paying. Most people and businesses prefer a money order or a cashier’s check, because you buy those from the bank, and the person is paid with the bank’s money, not yours. A certified check is as liquid as a cashiers check, meaning the check should be

If I bank by telephone or the Internet, are my legal protections the same as when I bank in person?

Yes. In addition, you’re protected by the Electronic Fund Transfer Act, which governs consumer rights involving errors in the handling of electronic deposits, payments or withdrawals, and limits on consumer liability for unauthorized transfers.

The bank where I have my CDs says that interest on the CD account is compounding daily. If the interest earned from the CD is paid monthly, how can they say they are compounding it daily?

When your bank states it compounds the interest daily on a CD but it pays out that interest monthly, it is engaging in a fairly standard process. The bank calculates your interest each day on the CD and simply processes that amount as a computer entry without actually paying that interest out.

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