Home Checking & Savings Rates CD Rates Questions
Because a small rate increase can produce a substantial interest earnings increase. The table below shows examples of APY increases of 0.50%. Interest earned increased from 50% for 1 year, to 58% for 20 years of saving:
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We only list FDIC-insured banks and NCUA-insured credit unions, therefore it makes no difference whether you make a deposit at a local branch or send it to a far away institution. Since 1934, the FDIC, and since 1970 the NCUA, have been protecting the money depositors put in banks and credit unions. And in all that time, no one has ever lost a penny of insured deposits.
Often, smaller less known institutions can offer better rates, since they have lower overhead. Since rates are constantly changing we update our list on a daily basis.
The standard insurance amount is $250,000 per depositor, per insured institution, for each account ownership category. The FDIC and NCUA provide separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC or NCUA requirements are met. (For details on the requirements, go to FDIC: Deposit Insurance or NCUA: Share Insurance Fund Information).
APR (Annual Percentage Rate) is simple interest without compounding. For example, $10,000 @ 6.00 APR for 2 years will produce $600 of interest per year (or $300 semiannually, or $150 quarterly, or $50 monthly). APY (Annual Percentage Yield) is compounded interest (usually daily or monthly) calculated for 1 year (even if the term is longer). For example, $10,000 @ 6.00 APR for 2 years compounded monthly, produces a 6.17 APY which returns a total of $11,272.07 after 2 years. For comparison purposes, banks often quote the APY of investments that don't compound interest. This is interpreted as "if the interest were to be compounded, this would be the APY".
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