RateAPY

3 Tips for Finding the Best Banks

Posted by: RateAPY Bank Rates News
June 8th, 2010

It would be very time consuming to survey 200 banks to find the best one. Whether you are looking for a checking account, savings account, money market account, or a high yield certificate of deposit, here are three rules of thumb to follow when looking for the very best banks.

Tips for Researching Banks

1. Is it FDIC-insured? It is very important to know that your money is safe should the bank go out of business.
2. Are you getting an above-average market return? Check to find out if the bank is offering the highest yields for checking accounts, savings accounts, money market accounts, or certificates of deposit.
3. Is your investment what you think it is? Read the fine print. Look for Annual Percentage Yield (APY) rather than starting interest rate. Make sure the term is what you want. Does the bank offer the services you need? How low are the fees?

Ask these and other questions before investing your money at any bank.