If you're shopping for a new savings partner, you may feel overwhelmed by the vast array of brands, claims, products, and offers. With nearly 900 FDIC-insured savings institutions in the marketplace today,
how can you be sure you're choosing the bank that's best for you?
For starters, know what you want. Are you mainly focused on capturing the highest interest rate possible, or is your primary concern convenience and access to your money? Do you want a savings-only bank or one that also offers checking, mortgages, and car loans?
Every bank is different, but regardless of your specific priorities and preferences, any serious contender for your business should offer the following:
Getting the right fit.
Looking for the right bank is like looking for love, says Sheila McKean of the Federal Reserve Bank of Chicago. "Don't just settle for the first one that comes along."
That's not to say a hasty choice will permanently derail your financial plans or throw your life into chaos. But better to take the time to sort out the options and choose a trusted partner-like CIT Bank-that fits your lifestyle and the way you like to save.
The U.K. vote to secede from the E.U. had an immediate impact on U.S. mortgage rates. A 30-year fixed-rate mortgage now hovers around 3.25%, a record 3-year low. If you considered refinancing your mortgage, now might be the time to lock in low rates.