Banks need deposits and in this environment often need them quickly.
So far, in 2009 alone, we have seen a couple of banks quickly raise large amounts of deposits with promotional savings rates. Cheasapeake Bank launched ClearSkies, an online banking arm, to offer depositors a 3 month lock on a 3.75% earlier this year. The promotion was so successful that the bank quickly lowered its rate because it got more deposits than it needed. East Boston Savings Bank recently followed suit with a 4 month lock on a 2.82% rate, which it recently lowered for the same reason. Currently, Acacia Federal Savings Bank is offering a 4 month lock on a 2.25% rate.
Promotional savings rates, especially those where the bank commits to locking a certain rate for a certain period - are a win-win situation. With the distribution on the internet, and site such as BestCashCow.com, the information on these rates gets out quickly and enables banks to quickly raise the funds that they need. Depositors wind up with a rate that is well in excess of comparable-length CDs. Additionally, depositors can rest assured that the banks usually will need to remain competitive after the guarantee date.
For the best savings rates today, see the BestCashCow.com rate table.
Sponsor Updates and Offers
|
|
|
Related Articles:
DollarSavingsDirect Raises Online Savings Rate to 4% APY by Sam Cass - Oct 10, 2008
The Savvy Investor Can Dramatically Increase Safe Returns in Minutes by DanS - Apr 22, 2009
Acacia Federal Savings Bank Offers 60 Month (5-Year) CD for 4.50% APY by BankMan - Jan 05, 2009
EBSB Direct by BankMan - May 13, 2009.
Add to reading list
