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5 Things to Know When Deciding on Where to Stash Your Cash

1/21/15 11:36 AM EST
Technology is quickly changing the way we bank and providing customers with a different kind of access to their funds. But are the financial products you're using offering the services you need? Here are a few things you should you know before deciding where to stash your cash. Online savings accounts offer a better deal. Because they don't have to maintain physical branches you'll find better interest rates and lower charges. The next best thing is an online checking account. Opt for a credit union. They offer over ten times more interest on checking accounts than national banks and 573% higher rates on savings accounts. Checking account rates are increasing. With interest at all time lows, the only way is up. Wallethub reported a checking account rate increase of 9.3% in 2014. Business Checking accounts don't stack up. You won't find a bargain there. A typical business checking account charges 127% more than a personal one. They also return 73% less when in interest. Certificate of deposit rates aren't worth it. They're so low they're almost a waste of time. Surveys show that a three year CD offers basically the same interest rate as an online savings account. So even though savings rates are pretty lacklustre right now, it looks like you'll still find the best deals online

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