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Why bother for a small rate increase?

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:

Deposit APY Years of Saving Interest Earned Interest Increase
$50,000 1.00% 1 $500 -
$50,000 1.50% 1 $750 50%
$50,000 1.00% 10 $5,231 -
$50,000 1.50% 10 $8,027 53%
$50,000 1.00% 20 $11,010 -
$50,000 1.50% 20 $17,343 58%


How do I make a deposit in an out-of-state bank?

You can use ACH (electronic transfer), wire transfer or mail a check.


How safe are these institutions?

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.


Which institutions offer the best deposit rates?

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.


How can I have more than $250,000 insured?

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 or NCUA).


What is the difference between APR and APY?

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".


What are the different types of CDs?

  • Add-To CD, Add-On CD: Allows the depositor to add funds during the term of the CD.
  • Brokered CD: Issued by an FDIC-insured bank but sold by a brokerage. If early withdrawal is required the brokerage may resell the CD at a profit/loss, depending on market conditions.
  • Bump-Up CD, Adjustable rate CD, Jump-Up CD: The depositor can adjust the rate (usually once) if it rises.
  • Callable CD: The institution can return the deposits plus accrued interest before the end of the term.
  • CDARS CD: The CD is FDIC-insured by up to $50 million. CDARS distributes the funds among its bank members. Rates are generally lower than for the top non-CDARS CDs.
  • Fixed rate CD: The rate of the CD is guaranteed for the length of the term.
  • Foreign currency CD: Some FDIC-insured US banks convert US dollar funds into one or more currencies and reconvert them back to US dollars at maturity. You may incur a profit/loss if the currencies appreciate/depreciate.
  • Jumbo CD: CD of over $100,000 (some banks use $99,000, $95,000 or $90,000).
  • Liquid CD: There is no penalty for early redemption of the CD.
  • Mini CD: CD of less than $100,000 (some banks use $99,000, $95,000 or $90,000).
  • Step-Up CD, Step-Down CD, Step-Rate CD: Rates change at different times during the term. Eg, a 4-year CD may have a rate of 4.60% during the 1st 12 months, 4.85% during the 2nd 12 months, 5.00% during the 3rd 12 months and 5.10% during the last 12 months; for a total of 5.00% APY. In other words, it would be equivalent to a 4-year CD @ 5.00% APY.
  • Variable rate CD: The rate of the CD can fluctuate during the term.


What is the difference between checking, savings and money market accounts?

  • Checking account: A transactional account that allows for unlimited transactions (checks, cash and electronic debits/credits).
  • Money market account: A deposit account that allows for limited transactions (checks, cash and electronic debits/credits).
  • Savings account: A deposit account that allows for limited withdrawals (cash and electronic debits/credits).


Why are so many depositors using this service?

Because of our wider search capabilities, no other source offers higher rates than us. And unlike other sources, our list is updated daily.


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