After years of declining, the personal savings rate is going up. People are savings more, in part, because credit is harder to come by than in the past. The unemployment rate is high which causes people to worry about their incomes. People are keeping more of their money in liquid accounts such as savings accounts, money market accounts, and certificates of deposit, in case they have an urgent need.
There has never been a better time to shop for interest rates. Over 100 banks were taken over by the FDIC last year. With so many depositors looking for a new home for their money, banks have created many new strategies to attract market share. Now is a great time to shop banks and ask what sort of incentives they are offering to attract new customers. Follow these links to compare the best rates on savings accounts, money market accounts, or certificates of deposit.
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