Savings Rates Soar

In direct mail, banks promote rates well over 4%Chicago (March 13, 2008)—Wondering what to do with your tax return check? You might want to look back in your mailbox. Mintel Comperemedia reports that in 2007, 86% of direct mail savings account offers advertised rates between 4.01 and 5%. Even more, 10% of mailings promoted rates above 5%. ” in recent years, rates have skyrocketed for savings, especially online accounts, making a high yield more the rule than the exception,” comments Jenny Roock, director of research at Mintel Comperemedia. “Banks now offer high yield savings account rates that compete with those advertised for money market accounts and certificates of deposit.”