Aug 3 2018
Where to get the best CD and Money Market Savings Interest Rates?

Are you looking to get the maximum return on your money with FDIC insurance?

There are several online resources that track the rates offered by both online and retail location banks.

Some of the best rates are now being offered as interest rates have been ticking up and the Federal Reserve has increased the rate at which banks can borrow money, so the upside is that you as a consumer can put your money with a bank and earn a return that has not been seen in years.

Shoppers should pay special attention to penalties and terms.  In many cases some banks will automatically renew your term at the current rate, you have to pay attention.  Some banks impose penalties of six months interest and it doesn’t matter when you end the term.  There are some banks that allow for a term upgrade, so if there is a better rate, you can get the better rate, but that may only be a one time.

Popular Direct is currently offering 2% interest on savings and 2.95% on a 24mo CD. These rates for these terms are hard to beat, but we expect with the anticipated increases in the Fed rate that they could tick up higher and then as the market corrects and cools, the rates could come down. So a strategy employed by some is to ladder your cd investments.  Taking advantage of the longer term 3% APY being offered locking.

Synchrony and CIT are some of the others offering competitive rates.

Locally Union Bank with branches throughout Los Angeles is offering a 2.75%APY for a 13-23MO cd, but be aware that the rates for other terms are comparable if not lower than national banks.



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