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Word: bankses (lookup in dictionary) (lookup stats)
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Beleaguered financial institutions looking to shore up their funding are battling for your deposit dollars, driving interest rates on bank products abnormally high. At first glance, that's fantastic news for consumers who are finding CDs that yield 4% and money-market accounts that pay 3%. But the competition for...

Author: /time Magazine | Title: The CD-Rate Scramble: Better for Depositors than for Banks | 12/8/2008 | See Source »

Consider that the average yield on a one-year CD is 2.39%, the same as it was in mid-August, according to a weekly survey by Bankrate.com, even though the prime rate - the rate at which banks lend to their most creditworthy customers - has fallen from 5% to 4%. That...

Author: /time Magazine | Title: The CD-Rate Scramble: Better for Depositors than for Banks | 12/8/2008 | See Source »

Yet even banks on more solid financial footing and those that sell themselves on qualities other than high rates are finding they have to keep up. "People who bank with us aren't going to bank with us because we're the highest rate on the street, but if we...

Author: /time Magazine | Title: The CD-Rate Scramble: Better for Depositors than for Banks | 12/8/2008 | See Source »

And more competition is on the horizon. In the past two months, Goldman Sachs, Morgan Stanley, Raymond James, GMAC, American Express and business financier CIT have all applied to convert into bank holding companies, partly in order to be able to get access to cheap funding through deposits. GE Capital...

Author: /time Magazine | Title: The CD-Rate Scramble: Better for Depositors than for Banks | 12/8/2008 | See Source »

One of the big problems with all this is that in many cases the firms most aggressively competing for deposits aren't taking the money and lending it out but are instead holding on to it to buttress their balance sheets. Since consumers and businesses are so starved for credit...

Author: /time Magazine | Title: The CD-Rate Scramble: Better for Depositors than for Banks | 12/8/2008 | See Source »

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