You see a bank ad trumpeting a 3% interest rate and think, "Hallelujah! Finally, a certificate of deposit that will earn a decent return! " On closer inspection, though, you discover that the rate is for a home equity line of credit.
There's a reason most banks don't promote their CD rates: They're horrible. The average rate for a one-year CD last week was 0.44%, according to Bankrate.com. Most big banks are paying less than 1% on their savings accounts. Read
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