Everbank is offering their classic 3 month promo rate. Right now the rate is 4.01% APY guaranteed for the first 3 months of the account. Then, it drops down to 3.06% APY, which isn't bad.
Some express skepticism at the rate but I think it actually works for several reasons. First, you can open an account at another bank but there's no guarantee they won't drop rates the next week. Everbank is guaranteeing you 3 months of high interest.
Second, you can look at this as a high yield three month CD. Right now, the top 3 Month CD rate according to BestCashCow is 3.35% APY. So you'd be much better off putting the money in Everbank for 3 months, where the rate is guaranteed and the money is liquid.
Thursday, June 19, 2008
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About Me
- Mr. Saver
- For some strange reason I like to talk about rates. The Internet is changing the name of the game and I like following what is happening. Who would have thought banking could be fun.
