Chances are, you’ll earn more than twice as much interest by using NerdWallet’s interest rate comparison tool than you would by walking into your local bank.
Redwood City, California (PRWEB) October 25, 2011
As big banks look for ways to garner more fees, consumers are seeking alternative banking options to find the highest interest rates possible. To help savers make the best out of the situation, NerdWallet.com is leveraging its award-winning technology to launch a new interest rate comparison tool.
The tool allows savers to compare all sorts of deposit product rates, at over 7,000 depository institutions, at once. With a few simple questions, the NerdWallet interest rate comparison tool determines the best rates available across CDs, savings accounts, money market funds, municipal bond funds and treasuries.
“While nearly all deposit accounts are depreciating in value these days, after taking inflation into account, many credit union CDs still earn a respectable interest rate,” says Tim Chen, founder and CEO of NerdWallet. “Chances are, you’ll earn more than twice as much interest by using NerdWallet’s interest rate comparison tool than you would by walking into your local bank.”
While there are other websites that compare deposit rates, NerdWallet’s tool produces better search results by figuring out each user’s credit union eligibility and estimated tax rate, and tailoring results accordingly.
Some standout credit unions, for example, deliver substantially better CD, money market and savings account rates than their for-profit counterparts. However, because they lack the marketing budgets of larger nationwide banks, and have awkward eligibility requirements, many consumers are unaware of their products. NerdWallet’s technology figures out exactly which credit unions you can join, and ranks their offerings alongside products from big banks.
NerdWallet’s new interest rate tool also breaks new ground by comparing normal deposit products against tax-advantaged products like municipal and treasury bonds.
Savers can find substantial information about how deposit rates compare across national and regional banks, credit unions, and savings & loans on the NerdWallet site, http://www.nerdwallet.com/rates.
NerdWallet.com, one of the nation’s premier personal finance sites, helps its users save money and time finding credit cards, credit unions and deposit rates online. NerdWallet was rated Money Magazine’s best credit card site in 2010 and has been featured in The New York Times, Forbes and by consumer advocate Clark Howard. It currently tracks more than 1,700 credit cards, offering personalized advice for savers, students, jetsetters and more.