Chicago Tribune Article Cover Current Money Market Rates
Posted on July 14th, 2008 in Money Market Rates |
In a new article at ChicagoTribune.com rebounding cash yields are being examined in the wake of no rate cuts from the fed:
“Now that the Fed has moved to the sideline, we’ve seen a little bit of a rebound,” said Greg McBride, senior financial analyst for Bankrate.com.
The article recommend people to use the Internet to find the best deal:
“A local bank where you have your checking account is likely to offer a mere 1 percent or less on a traditional savings account. To find the highest bank yields, you have to look online. The Internet is a cheap and easy way for banks to amass loads of new cash. As a result, depositors are rewarded with higher yields.
The article cautions that many of the best yields are introductory only. One example is Everbank where the highest yield, 4.76%, only lasts for three months. After that the regular rate drops to 3.51%w
HSBC Direct is currently promoting an increased yield on its online savings product at 3.5 percent, but the rate is guaranteed only through Aug. 15.
