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This article is pretty old news for regular readers of BestCashCow but it reinfornces what we have known for some time - the best rates are with the small banks and the Internet banks.

I also found a few interesting statistics in the article on online banks.

"Although they (online banks) still hold less than 4 percent of total retail deposits of $4.2 trillion, the deposits have grown to $163 billion, from less than $2 billion in 2000, according to the TowerGroup, a financial-services research firm. And they’re increasing consumer deposits at a 23 percent annual clip—four times the rate of traditional banks.

Online banking and banks that offer competitive rates are here to stay.

 

Submitted: Jun 25, 2009    Views: 124    Comments: 0    Likes: 1   


View Article: http://www.smartmoney.com/investing/economy/Heres-How-to-Bank-on-Hi...


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