How to Monitor Bank Rates
With today’s fragile economy, monitoring bank rates is especially important. It will be in your best financial interest to be sure you are getting the best return on your money and to know when it is a good time to apply for a loan. Finding a lower interest rate could save you a significant sum of money over the course of the loan.
Instructions
- Visit online websites for banks and credit unions. Many banks have a list of current rates for different types of loans such as car loans, credit cards and mortgages. Checking the bank websites frequently can help you watch for trends from certain banks. Keep in mind that you may not qualify for the lowest rate they are advertising depending on your credit score and other debt.
- Check the financial section of the newspaper. This can be done in the actual paper or by checking the online version of the newspaper. Check in the business or stocks section for the prime rate. This is the rate that banks use to decide what rate they will provide for loans. If the prime rate increases, so will interest rates.
- Visit online news and information sites covering the financial industry, including Bankrate and MarketWatch. Many websites include information on different types of loans. They also track interest rates relating to recent changes, trends and national averages. Bankrate has a “compare rates” section you can visit and you can select what type of loan or investment you wish to purchase and the length of the commitment. You can search the site for the highest rates in the country or in the local area.
- Check back frequently to compare the rates before you decide to apply for a loan or invest. This will give you the most information possible before making a decision.