How Do You Figure Out Bank Interest Rates?
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Whether you are putting money away for a rainy day or borrowing money to buy a home or car, it is important to understand how interest rates work. If you are saving money, you want to get the highest interest rate you can since that puts more money in your pocket. On the other hand, if you need to borrow money, you want to keep your interest rate low since a lower interest rate means lower monthly payments and less money paid out in the long run. Purchase a financial newspaper, such as the Wall Street Journal, Barrons or Investors Business Daily. Each publication has a section that lists interest rates on various financial instruments, such as Treasury bills and notes. Look for information on key interest rates, such as the Federal Reserve funds rate. These rates are used to finance everything, from car loans and mortgages to credit cards and money market funds. Examine a copy of your most recent credit card statement or disclosure statement and review the section that lists interest r
