Wednesday, June 9, 2010

Why to avoid big banks

If you were thinking about opening a bank account or were looking at getting more from your savings account, don't look at Bank of America, Citibank, or other larger institutions. Big banks are paying large sums of advertising so they can attract customers with out offering them anything.

So why are the big banks, many of which are once again generating big profits, relative cheapskates when it comes to CDs and other interest-bearing accounts? The answer is simple: because they don't have to." says CNN Money.

If you aren't one to go to the ATM a lot (I use check card for everything) then I would suggest looking into smaller banks with less branches. They offer better rates and have better customer satisfaction according to another CNN Money article. Is now a good time to switch banks? Maybe.

Bankrate.com is a great site to compare rates of all the local banks.

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