Best Bank Offers 2011
The best bank offers 2011 are a mixed bag of goodies. The best rates on loans and deposit accounts are currently at the federal credit unions that cover the nation.
The best bank offers for personal banking are different for each person. Understanding how the financial sector works is also important. A perfect example is deposit rates. The large banks that took the federal bailout currently are offering rates on deposits significantly lower that the national average. The main reason given for this is they do not need depositors opening new accounts.
They have already been bailed out and have a firm financial foundation again. They are only seeking large profits now and giving away good rates is counterproductive to their business plan.
As an example are Bank of America and Chase. Their Bank Rates on their CDs are less than half of the national average. From 3 to 9 months BoA’s rates are at 1/5th that of the national average. They are basically advertising they do not need your money.
Free checking is another thing that is going away from nearly all the large financial institutions. They feel it’s a privilege to allow you to deposit your money with them. This is the reason they are charging the new fees. It is also to raise their profit margins. The first quarter profits for BoA in 2010 were at $2.8 billion and Chase had a 4th quarter profit in 2010 of $3.3 billion. These financial establishments are profit making machines for them not you.
The local community banks are the only places where the American consumer can get a fair deal and good service for their financial needs. This is where you will find the best bank offers 2011
For additional resources involving financial help, please view How to Repair Credit Score – 5 Must Know Tips on this website.
We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.
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Mon, 7th Feb 2011 6:03 am
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