Why not do your own homeworK instead of using Bankrate? Right NOW I can get FDIC insured 58 month for 2% at US BANK….1.2% CD at Synchrony Bank TWELVE Month.ALLY Bank will beat the rates u quoted. I have been keeping some of savings in CD’s for over 25years. There has NEVER been a time I have not gotten a significantly higher yield than what Bankrate publishes! Both 2% and 1.2% in Chicago Tribune today 3/1/15. You have mislead your readers.
Terry Says: Thanks for reading — and writing to me. I quote the national average on Bankrate.com to give people an idea of what their local financial institutions offer in yields. You can use the same page at Bankrate.com to search for the HIGHEST yields. Just remember that you typically have to wire transfer funds to that institution, and it might involve a charge that lowers your overall yield. And if you switch frequently in search of higher yields, it may also involve a couple of days in which your money is not earning interest.
It’s definitely worth seeking out higher yields, if you want to move money –and keep it there for a while. Just make sure (and I’m sure you do — but others, less sophisticated will be reading this!) that you are putting your money in an FDIC-insured investment. Even banks offer higher yielding products that are not FDIC insured. So don’t be misled by the bank’s name on the door!