Tips on Using Our Rate Tables

Some people prefer to bank at local banks or credit unions. Last year I asked readers in a poll if the rates and terms are the same, would you open a CD at a local bank office or at an internet bank. Out of 72 readers who took the poll, 61% said they would open the CD locally if the institution were within 10 miles. That's one reason we report on local deals. Also, local deals are sometimes better than the nationwide deals. This is especially the case in certain states like Iowa and Texas.

If you're looking for the best rates in your state, it's important to understand how to use our rate tables. After an email from a reader, I realized some of the features of our rate tables may not be well known. So I thought a quick reminder would be worthwhile.

Our rate tables allow you to search for both local and nationwide rates. You can modify your search by using the "Filters Accounts" button on top of the rate table. Here's a snapshot of what this looks like.

Once you select the "Filters Accounts" button, you'll see a box as shown below. In this box you can select your state under the availability section. If you want to keep these settings the same for future visits, log into DepositAccounts.com and go to the control panel. On the sidebar under "Account Details", select "Set Rate Filter Preferences".

It's important to note that the banks and credit unions listed for a state aren't necessarily available to everyone in the state. Many small banks will require a branch visit or will require new customers to reside in their market area. Credit unions have fields of membership which typically include residents of only certain counties. Also, several credit unions limit members to employees of certain companies or industries. Unfortunately, many credit unions with the best rates have narrow fields of membership.

There are two ways you can determine if you will be eligible to open an account at the listed bank or credit unions. If you click on the plus sign to the left of the bank or credit union name, the row expands to provide several account details. The snapshot below has an example of this.

One of the details for credit unions is a brief description of the credit union's field of membership. Other account details listed in this expanded row include the rate tiers and a table and graph of the rate history.

If you want more details of the bank or credit union, you can click on the name of the institution. This will take you to our hub for that institution. On this hub page, you can view a map of the branch locations. This page also has the financial information for the institution, product rates and reader reviews. We also have links to the blog and forum posts. My blog posts usually include information on account availability. Finally, if you still need more information, we have the institutions's website address and phone number. It's always best to get information directly from the institution before trying to apply for an account.