I was wondering if many of you have checked your bank, for current rates on CD's and Money Market accounts? Struggling banks need cash bad.

BofA is paying 2.3% on a money market. As a long time customer, thats really unheard of.

I'm seeing close to 5% on some CD products.

Do a little digging. There are some really good deals out there right now.

Check out:
www.bankrate.com

Make sure your money is safe before stashing it in a bank offering above market rates. I'm not saying... I'm just saying... ya know what I'm saying?

True Story:

A customer went into a bank and asked their rate on a CD. Banker quoted the rate and the customer thought for a moment. She said, that is the lowest rate around, I know my money will be safe here and opened the CD.

Now, it's not quite that simple, but banks pay high rates when they really need the money, either to finance something or in today's world, shore up their books.

Beware of great rates. There could be a catch at some point. You'll likely get your money back in the event of a failure, but do you really want to have to deal with or wait for the government to get your money.

That being said, in today's time there are some great deals out there in deposit rates, real estate, boats, etc.

My grandfather made a lot of his money during the economic downturn in the 70's. He bought many properties just by taking over payments. He was in a good place and others weren't.

No doubt...use your head and be careful. There are ways to investigate your bank's financials and health. I have posted links to that very topic.

Unless it gets REAL bad (which some experts are predicting ), you will never feel the effects of a bank 'going under'....provided you haven't exceeded the insurance maximums. Seriously. To the bank customer...the only hassle they will endure is having to order new checks with the new bank logo.