UPDATE: Sadly, Google has gotten rid of this, and it doesn’t seem that it’s coming back.
If you’ve never used Google Advisor, how on earth are you making your banking product decisions? It lets you compare CD interest rates, credit card rates & benefits, and savings & checking account rates & benefits, for both in-person and online-only companies, for ones near you and ones not. It also tells you what eligibility restrictions there might be, how much money that CD will earn you if you put x amount into it, etc. You can search for CDs by the minimum amount you’re willing to put into it and maximum length of time you’re willing to do it for.
Thanks to Google Advisor, I have a CD with a rate of 2.25% and it’s at a bank just a mile away from me. I had a high-yield online savings account for 1.14% APY (with Sallie Mae) and then, when they dropped it to a measly 0.75%, I said goodbye and put all my money into another one that’s 1.25%.
If your credit card doesn’t give you at least 1% cash back, if not more (or airline miles, if that’s your style and if you actually make use of them), what’s your excuse? (Mine gives 2% on gas and groceries and 1% on everything else.) If your bank account is giving you nearly ZERO interest, why stay with them? If a CD rate isn’t better than online savings accounts rates, why lock your money away in it? You don’t have to deal with pathetic rates and benefits. Just hop on Google Advisor, look around, and take your business elsewhere!