The Money Times ran this post on “Maximise your returns with Money Market Instruments & Certificate of Deposits”, available at: http://www.themoneytimes.com/blogs/20070519/use_bestcdrates_before_investing-id-103831.html#comment-7437. My response is below, but I second the writer’s recommendation of http://www.bankaholic.com as a good source for bank money market and CD info.
From my reply post:
I agree that www.bankaholic.com is a great site. Bankrate.com has more information, but it’s very difficult to navigate. I’d suggest sticking with money market mutual funds, even over internet bank money market deposit and savings accounts. While a handful of banks are paying higher rates than the top money funds, banks’ historically have underperformed money market funds. Most banks will temporarily offer high rates in order to draw investors in, then they will hope savers don’t notice when they later fail to keep pace with market rates. Money funds follow the Fed, taking the rate decision away from someone who makes more money when paying a lower rate.
Check out our site at http://www.cranedata.us, where we show the top 5 money funds and top 5 bank savings. (No CDs though, we don’t consider these “cash” because they’re not liquid.)
Sincerely,
Pete Crane
Editor, Money Fund Intelligence
I agree bankrate is so frustrating because I find better CD rates at money-rates.com on FDIC banks. bankrate also misses banks that even USA Today includes in their very short list. Thanks for your own list of bank rates too.
Hi Pete,
I stumbled on your blog while looking for cranedata. I added you to my blogroll and my blogines, and would love a link back from you.
I look forward to reading your posts. Take care