As the year of 2009 comes to an end, CD rates headed down again this week over last. This year has been the most dismal year for deposit rates – for most of 2009, 12 months CD rates have been hovering just above 1.00 percent.

The average five year certificate of deposit rate has been under 3.00 for most of the year. Back in the summer of 2008 you could find 12 months CD rates paying more than 3.00 percent.

Find a local list of CD Rates in your zip code by searching our CD rate tables here.

Read more…

Top Online Savings Accounts: November 2009

November 6th, 2009 Posted in Checking Accounts, money market accounts

Despite the consistent downward trend in CD rates over the last several months, online savings accounts have (at least momentarily) stabilized. In fact, a select few have even seen their rates increase, albeit from abysmal levels to begin with. Etrade, for example, was providing a yield of 0.60% APY for a few months this past summer and has since seen it’s interest rate rebound to 0.95% APY.

Online savings accounts, in general, function the same way as money market accounts do and are sometimes even synonymous. The most notable benefits of online savings accounts are their flexibility, lucrative returns, and FDIC protection. Most people, especially those who carry a large balance on their checking accounts, tend to opt for these particular accounts in order to have their idle cash earn some extra interest. <

Read more…