With interest rates down nationally, finding the best bank rates in 2009 is not an easy task. Many have lost money in the stock market crash of 2008 and are looking to save money in banks. This article will help you to find the best bank rates whether you are looking for certificate of deposit rates, savings account rates, money market rates or checking rates.Lower Interest in 2009
As the Federal Reserve continues to lower interest rates, the interest paid by United States banks keeps decreasing. This decrease in savings account interest, CD rates and checking interest is make finding a good bank difficult.
Bank Financial Instability
Another problem that people are facing is the uncertainty of the financial condition of local banks and nationwide banks. As the real estate market continues to recede, United States banks are facing severe balance sheet problems. This makes finding the best online banks even more important than before.
Best Bank Rates
Finding the best bank rates is more difficult than ever. Last year you could find savings account interest at 3.00%, money market rates at 3.00% and CD APYs as high as 5.00% for 5 year CDs. All of that changed in August of 2008.
Best High Interest Savings Account Rates
At first Washington Mutual Bank, Countrywide Bank and AIG failed. The demise of these banks stopped the online banks race for the highest interest. Emigrant Direct, WaMu and ING Direct all immediately lowered their interest on their high interest savings accounts.
The best bank rates in 2009 are now being seen at the newly formed Ally Bank (formerly GMAC Bank), Dollar Savings Direct and WT Direct. But, no longer are we seeing 3% savings account interest. Instead, the best savings account rates in 2009 are around 2%. Unfortunately, the 3% savings account APYs are no more.
Best CD Rates
The best CD rates have also fallen. Last year you could find the occasional local bank offering 5% 5 year CD rates. But, now you are doing great to find 3% CD for 5 year CDs. Shorter term CDs are in the 2% range.
The best bank rates in 2009 are now being seen at the newly formed Ally Bank (formerly GMAC Bank), Dollar Savings Direct and WT Direct. But, no longer are we seeing 3% savings account interest. Instead, the best savings account rates in 2009 are around 2%. Unfortunately, the 3% savings account APYs are no more.
Best CD Rates
The best CD rates have also fallen. Last year you could find the occasional local bank offering 5% 5 year CD rates. But, now you are doing great to find 3% CD for 5 year CDs. Shorter term CDs are in the 2% range.
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