Rate shoppers beware!

We all know the old adage, "you can't believe everything you hear [or read]."

Yesterday another bank in Oshkosh advertised about their money market that "It's simply the best Money Market in town." What a great statement, if only it were true! Rate shoppers beware. Many rates out there appear to be great or will flat out tell you that they are great but unfortunately it is up to you to find out the truth behind the glamorous rate. Here are some things to watch out for when shopping for ways to invest your hard earned money:

Teaser rate: A very high but introductory rate used to entice customers into opening a CD, Money Market or Checking Account. The rate is usually adjustable and goes down over time. In the case of a CD, the rate will be good for the first given number of months and then drop for the remainder of the term.

Tier rates: A great advertised rate that is available only on balances over a given amount. An example of this would be a Money Market advertised at 4.15% which is only available on balances over $250,000.

Fine print: A great rate on a given account but the fine print tells you that you need to sign up for one or more of the following items to get the rate:
A new checking account
Direct deposit
Automatic withdrawal
Bill pay
Paperless statements
There may also be other terms or conditions:
ATM/Debit card usage requirements
Only available with a new account
Only available to new customers

Keep these things in mind the next time you are looking for a great rate. You deserve the best account that will give you the best return. Read the fine print, challenge rates that are too good to be true and don't be afraid to ask questions!