NerdWallet’s New Interest Rate Comparison Tool Helps You Save Wisely
Whether you’re on the cusp of retirement and watching your nest egg dwindle, or you’re fresh out of college and wondering where to leave your money, you know that today’s deposit rates fall far behind inflation. And at the same time that savings account yields hit historic lows, prices for necessities like food and gas continue to rise.
That’s where we come in – we want to help you save wisely, not just spend wisely. We’ve crunched the numbers on credit cards and credit unions, and now we’re launching our new interest rate tool, which compares current rates from thousands of credit unions and banks nationwide to find the best yields available.
It may seem like you’re better off stuffing your money under a mattress than putting it into a savings account, for all the return you’re getting. But we’re here to help make the most out of trying times, searching over 7,000 not-for-profit credit unions that traditionally offer higher rates on CDs and money market and savings accounts. Check out our interest rate tool press release, or simply read on:
The best rate for you isn’t always the best for me
Still, finding the best rates is quite a challenge. There are thousands of credit unions, each with their own location, association or employment-related eligibility requirements. Saving becomes even more complicated for families in higher tax brackets: tax-advantaged products like muni bond funds and Treasuries are difficult to compare, apples to apples, to other savings products.
We’ll make it easy for you, taking your credit union eligibility and taxes owed to Uncle Sam into account when making our recommendations. Just answer a few quick questions, and we’ll give you a list of the best tax-adjusted rates available across CDs; savings, interest checking and money market accounts; muni bond funds and Treasuries.
And this is your savings account, so we’ll tailor our recommendations to the products you want, your tax bracket, your credit union eligibility and other factors that will influence your rates. We’ll help you compare savings products to find not just the highest rates advertised, but the highest value to you personally.
We’ll help your money help you
These are especially difficult times for baby boomers and retirees, who are seeing their lifestyles threatened by painfully low interest rates. But while most accounts are paying out negative interest, after accounting for inflation, many credit unions are still offering a solid yield. Based on our analysis, you’re likely to earn twice as much interest by using our tool than you would by simply walking into the nearest bank.
So whether you’re enjoying your golden years, planning to send your kid to college, or putting your first paycheck in savings, let us help you find the place where your money works the hardest. We’ve done the homework on spending, now let us take the headache out of saving.