I’ve noticed little ways that desperate banks are trying to grub a few extra pennies in hopes that a multitude of con jobs will keep them afloat.
Some banks will let you take out a CD without telling you the interest doesn’t accrue monthly, but only when it matures. (It’s in the fine print somewhere, but they won’t take pains to point that out to you.) This way, the interest won’t compound on itself during the duration of the CD. And if you break open the CD before the maturity date, you won’t get any of the interest you normally would. Creepy!
A lot of banks will also give you their best CD rate only if you also take out a checking account. They figure this way you’ll constantly be depositing your checks in there and helping them out. Little do they know you HAVE no checks.
And finally, at Amalgamated, they have a promotional CD which you CAN open–but only to add more money into it! This is a sneaky way for them to lure you into handing them even more dough–but if their 2-point-something rate turns out to be better than most of what’s out there now, it’s good for you too! See how desperate people can help each other?