Rates Comparisons

clycett
clycett   |     |   4 posts since 2019

How are rates being gathered and verified before they are posted here?



Answers
Ken Tumin
Ken Tumin   |     |   6,031 posts since 2009
We use both automated and manual techniques to gather, verify and list the rates. We have lots of manual checks to ensure our rate data is accurate. This can be the reason for delays. If you're not seeing a bank or credit union in the main tables, use our search box to search for that institution. That will bring up our bank page for that institution. In the rates section for that page, if you see "Rates for [institution name] are currently being reviewed", a manual review is in progress.

We aren't perfect, but we keep trying to be the best deposit rates resource. Banks often don't make it easy for us when they don't publicly list their rates and specials.

Hope this explanation helps. Thanks everyone for your support!
AnnO
AnnO   |     |   96 posts since 2018
The rate tables are collected automatically by Ken's software visiting each bank's rates webpages. Community discussion posts are shared by individual people who notice something interesting in the rate tables changes, or by manually checking their local banks' websites/Facebook/ads for things Ken's software doesn't yet monitor.
clycett
clycett   |     |   4 posts since 2019
How often are bank rates checked and updated?
AnnO
AnnO   |     |   96 posts since 2018
Looks like daily. From a 2017 press release:

"Deposits Online, LLC, operates DepositAccounts.com, the largest and most comprehensive online publication in the United States dedicated to providing bank deposit account information for consumers. It covers all 11,500+ federally insured banks and credit unions and utilizes its patented technology to daily track and update more than 270,000 consumer deposit rates. The site features more than 12,000 editorial articles detailing creative depository strategies and highlighting current bank rates and offers. It is also home to one of the largest communities of depositors on the Web, hosting more than 120,000 comments, customer reviews, and forum threads."

Once a day checking on what is now 'approximately 12,000' (from the about page) banks/CUs means the software is checking one bank/CU website (often multiple pages on each site) every 7.2 seconds, 24/7. Some specials that don't get added to the institution's normal rate-list webpages can be missed until someone spots them manually, and any institution that redesigns their website would need their checker reprogrammed.
QED
QED   |     |   80 posts since 2013
AnnO

Your post surely, clearly and self-evidently, is spot on. Great CD rates ARE being missed . . . over long periods of time. So sad.  Concerning.
paoli2
paoli2   |     |   2,567 posts since 2011
What about our responsibility to do our own due research? Everyone has different needs and DA can't possibly know what they are and fill them. For example, I only want banks or credit unions in my home town now and I can see a couple of new ones going up as I drive by. Can DA put cameras on every street for us to know this? Others are willing to go nationwide for the highest rates as I did before now. Is DA to know where any new ones are that have just opened? Many of my best banks were small hometown bank that were geared to hometown folks and only allowed us to open CDs because we found them by accident. There are institutions that are not interested in being listed in Ken's CD list for whatever reason. Believe it or not.

I think we should appreciate all the great info we can get from this site and not nitpick what little the site doesn't give us.
ConfedrcyDunces
ConfedrcyDunces   |     |   121 posts since 2016
Thank you for the explanation Ms. Paoli. Always interesting comments, I did not realize Lending Tree had agents on the ground checking these things out. Sounds expensive, but it is a big business, Ken was paid what $30 million?
Hooked
Hooked   |     |   14 posts since 2019
Agree 100% with paoli2. We should all be grateful for the information from this site, and to those who take the time to share. I am new to DA and am now hooked. Thanks, Ken and everyone!
clycett
clycett   |     |   4 posts since 2019
I am finding that our rates at HomeBank of California haven't been updated on this site. Who can I mention this to so that it can be updated?
AnnO
AnnO   |     |   96 posts since 2018
There should be a "Report an issue" link next to their rate table.
Ally6770
Ally6770   |     |   2,703 posts since 2010
Only the highest rates are noted. Lower rates are dropped
AnnO
AnnO   |     |   96 posts since 2018
Ally6770 - We're talking about the individual bank/CU pages, which are intended to list ALL current rates. Not the bi-weekly 'best-of' posts.
paoli2
paoli2   |     |   2,567 posts since 2011
AnnO - My biggest gripe with banks and even some credit unions is that don't list all current rates. I have to always call the ones I am interested in and get them to tell me what their latest rates are. Their favorite excuse is "we have not had a chance to update our online site yet". I always ask them what day they "usually" get new rates in so I can at least know if the rates had a chance to go up or down from previous week's rates. Frankly, I think it is amazing Ken and his troopers do as well as they do with posting the rates we see on DA. My suggestion is that one always calls the bank or cu to get the latest rates if you want a CD at a certain time.
paoli2
paoli2   |     |   2,567 posts since 2011
BTW: Is there any reason we can't have back the short period we had before to catch our spelling errors and correct them after we post? That really came in handy, imo. Thanks.
clycett
clycett   |     |   4 posts since 2019
Well this site does post rates in individual balance tiers, so it isn't just posting highest rates of each deposit category. I.e. a $25k balance rate could be different from a 75k rate and it normally is reflected when you enter in a deposit amount in the search field.


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