How Internet Banks Have Inched Ahead on Rates
Sunday's New York Times has an article by John Kimelman on how Internet banks are providing better rates on accounts to consumers.
Traditionally, banks in small communities have often offered some of the highest rates on money market deposits and C.D.'s, to try to keep up with loan demand. But the emergence of the Internet has led to the rise of branchless banks, which benefit from low overhead to offer better rates on deposits, also backed by the F.D.I.C.Indeed, the three banks that now advertise the best rates are not found on neighborhood streets, according to Bankrate.com. They are the Bank of Internet USA, Virtual Bank and National InterBank.
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