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How Can Banks Offer High CD Rates?

Category: Articles- gotalkmoney.com- 1:56 pm/ June 30, 2008

Many often wonder that when they see a CD rate that seems too high compared to industry standards, they just assume it’s a scam or too good to be true.  While sometimes this can be the truth, it necessarily isn’t always true.  When it comes to higher CD rates, there are a few things you should look out for before you submit your application.

Check the terms and conditions

Every legit bank online or in person will have a set of terms and conditions when it comes down to the CD you want to apply for.  If the rate sounds too good to be true, there are a few things you’re going to have to note.

Does the bank require that you do something each month?

In order to make money on your CD, the bank may require that you sign up for direct deposit or a debit card and make at least x amount of purchases each month to keep that rate in tack.  If you don’t keep these minimum requirements, they will drop you down to the default rate.  Keep in mind that the banks rarely give you a warning; instead they just drop you without further notice, so it’s important that you remember to make those minimum requirements each month.

How do I know it’s legit?

In order to make sure it’s legit, make sure you check for the FDIC insurance logo and also check the FDIC’s main website at fdic.gov.  If the bank is listed, the bank is legit.  If it isn’t, I would highly suggest you stay way or invest at your own risk.  If the bank isn’t FDIC insured and the bank goes under, you’re out of luck!  If the bank is insured, go back to step one and see what the requirements are.

Sometimes the banks will offer a nice promotional rate with no strings attached just to draw in new customers or receive a hefty set of money for other ventures.  Even though it sounds too good to be true, it isn’t!  The next time you see an unbelievable rate, jump on it, it may be the last time you see it!

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M+T Bank Dominates CDs This Week

Category: CD Rates- gotalkmoney.com- 7:35 pm/ June 25, 2008

M+T Bank is making a big impact this week offering some very nice CD rates.  Some of their rates are among the #1 in the industry.

M+T Bank aka Manufacturers and Traders Trust Company is located in the state of New York and has been doing banking for over 150 years.  All of M+T Bank’s CDs are open to everyone.  The rates are listed below –

M&T Promo CD - 13 months 3.45 %
M&T Select Promo CD - 6 months 2.75 %
M&T Select Promo CD - 12 months 3.55 %
M&T Promo CD - 60 month 4.35 %
M&T Select Promo CD - 18 months 3.75 %
M&T Select Promo CD - 24 months 3.50 %
M&T Select Promo CD - 36 months 4.05 %

 

For more information, visit M+T’s main website.

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WTDirect Raises Rates

Category: Misc. Deals- gotalkmoney.com- 5:44 pm/ June 19, 2008

The past few weeks we have seen a few increases in CD rates but the money market has been consistently going down or staying still.  For the first time in nine months, WTDirect raised their rate from a 3.16% APY to a 3.26% APY.  Is this a sign that the market is making a turn?  Let’s hear your thoughts.

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Discover Bank CD Rates

Category: CD Rates- gotalkmoney.com- 2:14 pm/ June 17, 2008

For the week of June 17, 2008, Discover Bank has been offering some pretty spectacular deals.  Right now, Discover bank is holding the #1 industry spot for the 18 month, 2 year, 3 year, and 5 year CD charts.  All of Discover Bank’s certificates of deposit require a minimum of $2,500.

Below are the rates that are accurate as of 6/17/08 –

Term Interest Rate APY4
3 months 2.75% 2.78%
6 months 3.22% 3.27%
9 months 3.50% 3.56%
1 year 3.70% 3.76%
1½ years 3.95% 4.02%
2 years 4.15% 4.23%
2½ years 4.25% 4.34%
3 years 4.35% 4.44%
4 years 4.60% 4.70%
5 years 4.85% 4.96%

All of Discover Bank’s CDs are FDIC insured and for more information or to apply, visit Discover Bank’s website or call 1-800-347-7000

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Get $50 with Bank of America

Category: Bank Deals- gotalkmoney.com- 12:39 pm/ June 15, 2008

Right now, if you act quickly, Bank of America is giving all new customers who open up a new checking account $50.  In order to receive the $50 bonus, you must open up your account with at least $100.

This offer will expire on September 30, 2008.

When you apply on the website, make sure use offer code AOU260608

To apply, please visit Bank of America’s website.

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