Bank CD Rates Give You Very Little Return
Low interest rates help those that are trying to buy a home or a new car, but they hurt anyone who has money to invest. With low interest rates being the norm for so long now, anyone who has to rely on interest income is in a very bad position as it looks like nothing will change for quite some time.
Low interest rates hurt anyone who has money and doesnt need to borrow. Typically, seniors fall into this category and they are the single largest group that gets hurt at times like this. Seniors should have most or all of their money in safe investments such as CDs, money market accounts and government bonds. When interest rates are low, this means they are earning very little money and for a senior on a fixed budget, this is not a good thing. Seniors get very little media attention but it must be noted that in this down economy, seniors are suffering right along with the rest of us.
To find the best interest rates you need to look in many places to find them. Your local bank will most likely not have the best rates nor will the nearest city to where you live. You will need to search the entire country and to do that you can use the Internet. A nationwide search will quickly reveal where you can find the highest interest rates on any one day and luckily you will probably be able to make the purchase right online.
By looking on the Internet you will be able to find banks that give the best rates and maybe even ones that have promotions for an extra quarter point or so. You need not worry that you might be sending your money to an institution that is in another state or even clear across the country. You will be able to electronically transfer the money to them and so it doesnt matter where the bank is physically located. However, take note that even the highest rates you will find online are still very low compared to a handful of year ago.
One thing to take note of is that if you have a maturing bank CD, you will rarely get the best rate they offer by just letting it automatically roll over. For some reason that the banks will never disclose, you have to physically go into a bank and request the best rate on an expiring CD that you want to roll over. You will probably have to close out your CD and then open a completely new one to accomplish this. This is a minor inconvenience but one that you have live with if you want to get the best CD rates. - 23218
Low interest rates hurt anyone who has money and doesnt need to borrow. Typically, seniors fall into this category and they are the single largest group that gets hurt at times like this. Seniors should have most or all of their money in safe investments such as CDs, money market accounts and government bonds. When interest rates are low, this means they are earning very little money and for a senior on a fixed budget, this is not a good thing. Seniors get very little media attention but it must be noted that in this down economy, seniors are suffering right along with the rest of us.
To find the best interest rates you need to look in many places to find them. Your local bank will most likely not have the best rates nor will the nearest city to where you live. You will need to search the entire country and to do that you can use the Internet. A nationwide search will quickly reveal where you can find the highest interest rates on any one day and luckily you will probably be able to make the purchase right online.
By looking on the Internet you will be able to find banks that give the best rates and maybe even ones that have promotions for an extra quarter point or so. You need not worry that you might be sending your money to an institution that is in another state or even clear across the country. You will be able to electronically transfer the money to them and so it doesnt matter where the bank is physically located. However, take note that even the highest rates you will find online are still very low compared to a handful of year ago.
One thing to take note of is that if you have a maturing bank CD, you will rarely get the best rate they offer by just letting it automatically roll over. For some reason that the banks will never disclose, you have to physically go into a bank and request the best rate on an expiring CD that you want to roll over. You will probably have to close out your CD and then open a completely new one to accomplish this. This is a minor inconvenience but one that you have live with if you want to get the best CD rates. - 23218
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Do you want to learn about getting the best no risk CD rates? Please go to my website Interest Rates On CDs to learn more.
posted by X - Men @ 1:22 AM
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