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How To Predict What Interest Rates Will Do

Posted by: RateAPY Bank Rates News
March 10th, 2010

About every six weeks the Federal Reserve’s Federal Open Market Committee (FOMC) gets together to decide if they should change the Fed Funds Target Rate. If you want to know whether your certificates of deposit will be paying more in the near future, one way ... Read more »

Prime Interest Rate To Remain Low For Months

Posted by: RateAPY Bank Rates News
February 24th, 2010

Federal Reserve Chairman, Ben Bernanke, gave his semiannual monetary policy testimony today before the House Financial Services Committee. Last week the Federal Reserve raised the discount interest rate banks pay for emergency loans. Today, Chairman Bernanke reiterated that interest rates should remain low for several more months because economic recovery from the worst recession in ... Read more »

FOMC Leaves Interest Rates Unchanged though Hoenig Dissents

Posted by: RateAPY Bank Rates News
January 27th, 2010

When it comes to the Federal Open Market Committee (FOMC), which is the Federal Reserve’s committee on interest rates, sometimes it may be what is implied that matters. Today, the FOMC left its key interest rate, the fed funds rate, at 0.000%-0.250%. The statement that interest rates should remain low for an “extended period” also ... Read more »

How Politics May Affect Credit Card Rates

Posted by: RateAPY Bank Rates News
January 26th, 2010

It seems like the interest rates that you pay of your credit cards should be far removed from what goes on in Congress, right? There may be a few degrees of separation, but ultimately politics may have some effect on the interest rates on your credit cards. Here is an example of one possible effect:
... Read more »

Prime Interest Rate to Remain Low

Posted by: RateAPY Bank Rates News
January 6th, 2010

The Federal Reserve’s Federal Open Market Committee released the minutes from its most recent meeting of December 2009. The minutes show that there is a concensus to keep the fed funds rate, which affects the Prime Rate, low.
What Prime Rate Affects
The Prime Rate is a commonly used index to determine ... Read more »

The Stock Market Fears Interest Rates Will Go Up Sooner Than Expected

Posted by: RateAPY Bank Rates News
December 31st, 2009

Most economists believe that it is an economic certainty that when the economy recovers, interest rates on everything from mortgages to certificates of deposit and money market accounts will go up. They say it is not a question of “if” but a question of “when.” Yesterday, the stock market got spooked on continued good news ... Read more »

Ultima Bank Minnesota Gives “SMART” Youngsters a Money Market Account with 2.02% APY

Posted by: RateAPY Bank Rates News
December 7th, 2009

Money market accounts are sought after because they’re flexible, liquid, and secure. And Ultima Bank Minnesota’s “SMART” money market account is all three.
But it’s also different from most. To start with, it’s only available to those aged 18 years and under.
SMART with Money
That’s because “SMART” is an acronym that ... Read more »

Banking Giant Bank Of America Will Repay TARP

Posted by: RateAPY Bank Rates News
December 3rd, 2009

Banks are feeling restricted under US pay czar Kenneth Feinberg. Reducing compensation to upper management is amoung the issues causing banks to request deals with the government to repay TARP funds. Yesterday, Bank of America Chief Risk Officer Greg Curl succeeded: Bank of America will be allowed to repay $45 billion to the Treasury in ... Read more »

CD Rates, Money Market Rates Should Rise in 2010 and 2011, According to Philly Federal Reserve President

Posted by: RateAPY Bank Rates News
December 2nd, 2009

In speaking to the 31st annual Economic Outlook Seminar in New York yesterday, Philadelphia Federal Reserve President Charles Plosser said that real GDP growth should be 3% in 2010 and 2011. Plosser indicated that this “will cause real interest rates to rise, which would call for the Federal Funds Rate to rise as well.”
Interest on ... Read more »

Business Credit Card Interest Rates Are Lowest

Posted by: RateAPY Bank Rates News
November 30th, 2009

Only six months ago, the average interest rate on a business credit card was the highest out of ten categories of credit card types, at 16.74%. Currently, the average APR on a business credit card is now the lowest of those same ten categories, ... Read more »