Money Is On Sale
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Money Is On Sale

If you turn on the TV, open the Sunday newspaper, or log on to anything, you’ll see that while the holiday season is about family and friends, it is also about savings money and getting the best deals (when spending money).

What is being overlooked is that you can also get great deals now on savings money. For the first time in a decade, online banks, brick-and-mortar banks, and credit unions are all competing hard for your cold, hard cash.

Over the last couple of months, we see not just promotional rates but a campaign of attractive incentives competing for your hard-earned deposit dollars. Ally recently offered depositors bringing new cash a 1% bonus up to $1,000 (that promotion has now ended).

The Federal Reserve will have raised interest rates four times in 2018, and may raise them two or three more times in 2019. As banks (and credit unions) review their 2019 deposit goals, the “sales” are vigorous and ongoing and likely to continue.

The sales are in savings rates. You can find them on BestCashCow’s online savings page. Be sure to check rates at local banks and local credit unions as well. You’ll find that many smaller and less well-known institutions are also running sales too.

Sales are also in CD rates (where some 1-year rates are now pushing 3%). The especially pronounced sales in long-term CD rates, are especially impressive, where many local banks are offering 5-year CD rates that look and feel astronomical compared with what the public has been conditioned to seeing over the last decade. Be sure also to check BestCashCow’s list of special CDs. (BestCashCow continues to recommend extreme caution signing up CDs longer than one-year).

Sales are real today. The special deals on interest bearing accounts and deposit products can generate 5 times, 10 times, and, in a few cases, 20 times the national average rates. With rates as amazing as those highlighted on BestCashCow, you need to ask yourself why one would continue to let Chase, Citibank, Wells Fargo, Bank of America and others take your money for nothing now?

Ari Socolow
Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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