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Low CD Rates at Traditional Banks
Ditch your “brick-and-mortar” bank if they are not paying up on your deposits.
Too many credit unions pay a decent rate (the best I’m finding is about 3.3% on a 33-month CD at NFCU) on deposits and CDs. Brick-and-mortar banks will try to “sell” you on a relationship as to why they are not paying up, but you can get the same or better service and rates at a credit union.
Best CD Rates at Credit Unions!
Currently, I’m finding the best rates at Navy Federal and Penn Fed for CDs, but look around in your area at credit unions, and don’t be “sold” on some “relationship” as a reason to accept a LOW rate on your hard-earned money.
“Deposit rates are more than anything a reflection of banks’ efforts to attract new deposits” or at least retain existing ones, said Greg McBride, chief financial analyst for Bankrate.com. And banks “are sitting on a mountain of deposits” after the pandemic swelled account balances, he added.”
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Mike Greco is a finance expert and business consultant based in Fort Lauderdale, Florida. Mike holds an MBA from Chaminade University of Honolulu. He has a wealth of experience in the military, construction, and banking industries. He is passionate about helping people and businesses succeed and shares his knowledge through his blog. Mike enjoys spending time with his wife, Elsie, and their mini poodle, Humberto.
