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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
You’ve probably seen dozens of commercials from banks offering great interest rates on certificates of deposit and other products, but how can you be sure to get the best deal? Interest rates are important, but they aren’t the only factor in pinpointing what’s best for you. Consider these important aspects before you sign on the dotted line.
Online versus local
Online banks often beat local bank rates because their overhead costs are much lower. Physical locations and employees are huge expenses, so online banks have an advantage. But if you need access to ATMs, the ability to make deposits or just like to meet a teller face to face, an online bank may not be the best option. Know exactly how an online bank communicates with you, processes deposits and withdrawals, and calculates the cost of using an ATM.
Know your habits
Some banks will reward — or punish — you based on your banking habits. How often do you use your debit card? Do you use an online bill-pay service? How much money is usually in your checking and savings accounts? Do you need a credit card? The way you manage your money will greatly affect the bank you choose. If you seem to constantly pay fees due to low balances or infrequent debit card use, higher bank rates won’t be worth it in the end. Pay attention to your banking habits so you can determine suitable terms for your lifestyle.
Compare
Using comparative tools from Bankrate.com, you can easily find the best bank rates, online and in your area. You can compare rates, introductory bonuses, minimum balances, monthly fees and more. By educating yourself on each bank’s terms, you’ll be able to pinpoint the best option for you.
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