We’re irritated — and disappointed — with the CD rates big banks offer these days.
And we’re tired of writing the same post over and over when it comes to the pitiful rates of the Big 4 – Bank of America, Chase, Citi and Wells Fargo.
Hiding our disdain has become harder and harder.
No more, savers. No more.
We’re taking a stand.
No more giving press to big banks offering awful rates for your hard earned dollars.
Here’s a blanket statement: You shouldn’t buy certificates of deposit at the Big 4.
The editors at Bankaholic.com had the best of intentions when they started these reviews in 2010.
They knew that people were investing at the Big 4, especially if that’s where they had savings and checking accounts, because it was easy and convenient.
The goal with the big bank reviews was to point out standard-term, odd-term or special CD rates better than the bank’s other offerings.
And even though CD rates at big banks weren’t as high as what you could find on our CD Rates Leaderboard, typically at least one rate was at or above average.
Those were different times, for sure.
In September 2010, Wells Fargo paid 1.90% APY for 54-month CDs, which easily beat the average 60-month rate of 1.72%
Of course, it didn’t touch the term’s top rate on the CD Rates Leaderboard that week, which was 3.03% APY.
Today, Wells Fargo pays 0.50% for its special 58-month CDs for the Chicago region, more than a quarter of a percentage point below the average annual yield for 60-month CDs.
Let’s be honest – that 0.78% APY shouldn’t be tough to beat.
So, starting next week, we’ll only highlight banks that fulfill Bankaholic’s original mission for these posts.
You’ll see reviews of online and larger regional banks, like the ones we track daily for the CD Rates Leaderboard, and the national’s biggest credit unions.
While their rates may not beat the Leaderboard’s term leaders, the majority will be above average.
So long, big, bad banks.
As always, if you see great rates at your local bank or credit union, please let us know. You can comment on any CD post, and we’ll see it and check it out.