RateAPY

Banks Are Competing for Your Business

Posted by: RateAPY Bank Rates News
February 18th, 2010

Last year, over 100 banks failed and were taken over by the FDIC. That means that many of the remaining banks are strong. The past couple of years have been a struggle for survival of the fittest banks. Since the founding of the FDIC, not one depositor has lost a dime of their qualified insured deposits. Even with the market’s ups and downs, your deposited, FDIC-insured money is safe with today’s banks.

As banks have closed, investors have been looking to move money to a new home. Banks are very aware that depositors are searching for a safe place to park their money, so today’s banks are competing for your deposits. Take advantage of this interesting time in history to shop for a high-interest savings account. Competition between banks may mean higher yields on your savings accounts, money market accounts, and certificates of deposit.

Compare the highest yields on savings accounts, money market accounts, and certificates of deposit.