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High Yield Bank Accounts – January, 2007

This is just another update from my favorite banking deals blog. May turn out very useful in case you are in trouble figuring out where to stash away all that cash. ;-)

Savings Accounts/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

High Rates with Conditions / Large Balances – Open to All

Source: Bank Deals Weekly Summary for January 27, 2007 at BankDeals


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3 Responses to “High Yield Bank Accounts – January, 2007”


  1. 1 Linda Jan 28th, 2007 at 2:25 am

    I feel like I already know the answer to my question, but I gotta ask anyways: is it really worthwhile to “shop around” for the best rates when I already have a mediocre one (Etrade)? My thing is: you go through the trouble and the time of opening an account, setting up transfers, and at the end, the difference between 5.30% and 5.00%, for example, doesn’t seem all that worthwhile. I was just wondering what you think on this issue.

    ING has slipped on their rates but I’ve still kept my savings account there because they transfer into my checking account a lot faster than Etrade, which has a higher rate. I figure that’s a lot more useful in cases when I need fast transfers.

  2. 2 Linda Jan 28th, 2007 at 2:30 am

    I feel like I already know the answer to my question, but I gotta ask anyway: is it really worthwhile to “shop around” for the best rates? My thing is, after you shop around, sign up for an account and get approved, set up external accounts for transfer, etc.. the difference between 5.30% and 5.00%, for example, doesn’t seem all that lucrative anymore. I was just wondering what you think about this.

    I’ve kept my savings account at ING despite their seemingly-low rate because they transfer money to my checking account a lot faster than Etrade, which has a higher rate, does. I figure that’s a more important feature to have.

  3. 3 Yan Jan 28th, 2007 at 11:36 am

    Linda, you are right to the point.

    I once read a detailed analysis (by one of the personal finance bloggers) on when it makes sense to move to a better rate. The main point was that while funds are transferred you don’t earn anything and the better rate has to compensate this loss.

    In addition I personally think that the time and effort you spend moving the funds also has its price and only you know what it is. So it is really up to you to decide if you should go ahead and do it.

    The convenience is a whole different factor and should be considered separately. I use Citibank for everyday banking since this is where convenience is for me. Then I have these other accounts (mostly CD’s) that I open once in a while when I want to take advantage of a promotion or to use a good rate.

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