If the bank can’t offer a savings account rate higher than 0.05 percent, the next question to ask your bank is, ‘What else can you offer me?
EL SEGUNDO, CA (PRWEB) March 27, 2013
In an official statement by the Federal Reserve, the federal funds rate – an important benchmark for consumer interest rates – is expected to remain at zero to .25% through mid-2015. With such dire news for consumers attempting to grow their savings with interest offered on deposit accounts, GoBankingRates investigates how Americans can still gain a financial edge despite low interest rates today, and finds seven bank promotions whose value makes up for lowered rates.
GoBankingRates editor, Jennifer Calonia, says, “In today’s economy, it’s important for bank customers to ensure their savings remain priority number one. If the bank can’t offer a savings account rate higher than 0.05 percent, the next question to ask your bank is, ‘What else can you offer me?’"
Calonia adds, "Bank promotions, whether temporarily tied to a product or simply a giveaway, get consumers more for their money.”
The findings in the report uncover seven bank promotions that range in value from $25 to as much as an entire year’s worth of mortgage loan payments.
Offers are from US Bank, Plaza Bank, Sovereign Bank, PS Bank, BBVA Compass, Premier Bank and American National Bank.
To see the details, please click here.
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations
Source: Federal Reserve, Press Release, October 24, 2012.