Saturday, September 1, 2012 - 8:31 AM

Your Savings Account's New Best Friend

Over the past few years, bank rates have offered depositors a pretty bad deal. Having fallen to near zero, rates on savings accounts and other depositshave consistently trailed inflation. Now, however, might be the time to give bank rates a fresh look. No, savings account rates haven't suddenly risen, nor have CD or money market rates. But with inflation suddenly taking a step back, bank rates now represent a better deal than they did just a few months ago.

Lower Inflation Gives Boost to Savings Account Rates

Shorebreak1,316 posts since
Apr 6, 2010
Rep Points: 4,986

1. Sunday, September 2, 2012 - 8:52 AM

Unfortunately, I cannot find a bank or credit union in my locality which is giving anything near the rates some out of state banks like CIT etc. are giving. I have some funds I need to keep liquid for "just in case" for this coming year and the best I can do is get a one year CD for .50% or maybe one other for .75%. I don't want to lock up a large amount of liquid cash in a bank which isn't local like Ally etc. So for some of us savings accounts are not better.

paoli2461 posts since
Aug 10, 2011
Rep Points: 1,813