I've never understood this and wonder how these supposedly smart banks make wise advertising decisions.
Case in point, while just reading our local Sunday morning paper I've come across 6 different, expensive, quarter page ad's from different banks offering completely different CD rates. Many not even close to each other.
I'm taking 4.25% for 12 months, 4.40% for 11 months, 4.5% for 9 months, 4.00 for 12 months, 3.90% for 9 months, it goes on and on. All while I easily went online yesterday and opened a second 5% CD from Capital One.
Unless you're maybe an elderly customer who doesn't shop around or maybe doesn't want the bother, why would anyone pick any of these obviously low rate CD's? Even my elderly mother use to shop around for the highest rate.
Does anyone actually go into these banks offering such low rates and open accounts when the bank across the street probably has a better rate? It's like none of these banks do any type of comparison at all but still spend thousands on these full color, quarter page ad's.
Case in point, while just reading our local Sunday morning paper I've come across 6 different, expensive, quarter page ad's from different banks offering completely different CD rates. Many not even close to each other.
I'm taking 4.25% for 12 months, 4.40% for 11 months, 4.5% for 9 months, 4.00 for 12 months, 3.90% for 9 months, it goes on and on. All while I easily went online yesterday and opened a second 5% CD from Capital One.
Unless you're maybe an elderly customer who doesn't shop around or maybe doesn't want the bother, why would anyone pick any of these obviously low rate CD's? Even my elderly mother use to shop around for the highest rate.
Does anyone actually go into these banks offering such low rates and open accounts when the bank across the street probably has a better rate? It's like none of these banks do any type of comparison at all but still spend thousands on these full color, quarter page ad's.