KCI
TUG Member
Many of our local banks are offering better CD rates than the big banks, but are they a safe bet? You can find each bank/Thrift/Credit's Union rating on Bankrate.com. Just go to: http://www.bankrate.com/brm/safesound/ss_home.asp and select one of the five selection criteria and follow instructions. If you find a CD rate that seems to be better than all the rest, you should check out the banks rating before investing. Many banks that are in trouble offer higher rates to mask the problem.
We have 3 local banks in our area (Bluffton, SC) offering 4.35% APY and I checked all 3 on Bankrate. 2 had a mid range (normal) rating and the third had a poor rating. I know CD's at protected by FDIC, but why go looking for trouble. They explain the rating system on the web site. In this day and age we can't be too careful.
KCI's wingman
We have 3 local banks in our area (Bluffton, SC) offering 4.35% APY and I checked all 3 on Bankrate. 2 had a mid range (normal) rating and the third had a poor rating. I know CD's at protected by FDIC, but why go looking for trouble. They explain the rating system on the web site. In this day and age we can't be too careful.
KCI's wingman
