Ask The Banker: Look online for best interest rates for deposits

Interest rates for deposits remain low, but Oregon Pacific Bank President and CEO Ron Green said there’s an online resource that can help.

Posted: Feb 28, 2019 3:15 PM
Updated: Feb 28, 2019 3:15 PM

EUGENE, Ore. -- Interest rates for deposits remain low, but Oregon Pacific Bank President and CEO Ron Green said there’s an online resource that can help.

How can I find the best interest rates for my deposits?

Green said you can look through your phonebook or Google all the local banks and start calling around and asking for rates. But there’s an easier way.

A great online source called bankrate.com allows you to find all CD rates, deposit rates, money market rates and interest rates. You can check rates for all the banks in your area and nationwide.

Still, Green said it’s important to think about what your objective is. If you have a $100,000 deposit and you can get a quarter percent higher at a bank down the street, that’s $250 a year. Is that going to make a significant difference in your lifestyle and your income?

So Green said it’s important you talk to your banker, identify what your needs and objectives are, and maybe a DC or the highest rate is the best option, but maybe not.

If you have a banking or finance question for Green, click here

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