If you read yesterday’s CD Rates This Week, you might have noticed the downward trend for bank savings rates over the past year.
In a nutshell, the interest rate picture isn’t a pretty one. According to numbers compiled by Financial Systems, Inc., from May 21, 2009 to April 21, 2010, the following bank deposit rates have trended in a southerly direction:
Category Trend via %
Interest Checking -13.64%
Money Markets -34.57%
One-Year CDs -40.24%
Even so, the rates and fees that banks charge to handle your money are on the rise. For example, Financial Systems estimates that the monthly flat fee banks charge for checking services has increased by 0.8% in the past year.
Hey, nobody ever said life was fair. But when bank rates dive, and bank fees rise — all while big financial institutions gorge themselves on taxpayer bailout money — you can’t blame consumers for being royally ticked off at banks.
Let’s start this edition of Deals of the Week with an update on the Chase Freedom MasterCard and its seasonal “cash back” deal.
We’ve written about this deal before: Chase (Stock Quote: JPM) offers 5% cash back on specific purchase types at particular times. For example, you can earn 5% cash back if you visit Home Depot (Stock Quote: HD) this spring and use your Chase Freedom MasterCard to buy a few lawn chairs.