This week I had to do some banking. I have learned that it definitely pays to take the time to shop for the best bank rates. There is a definite difference in what the banks are offering. I have also learned that the different banks also have various rates depending on where you opened the account. If you call customer service they will ask you in what state is your account?
The rules vary a great deal on renewing a new CD for your account. Some banks require more than a phone call to customer service. In addition, when you call the rates can vary from day to day. Sometimes you can even call the bank directly, and if you like the rate they will let you lock in and then as soon as they get a check for the money, your new rate begins.
This year since interest rates have been low, I have been going for the best rate, even if it is long term. You can always take a penalty if you wish to take your money out before it matures. Usually, if a new rate is two points higher than the rate you have, it may be worth it to cash in the lower rate CD.
Learning about banks can be a full time job. In the long run, it does pay to take the time to do your homework. You are your best investor, and once you learn to do your homework, you will be the winner. No one cares more about your money than you!
Fancy Nancy says do your homework, before you invest!
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