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Looking for a New Bank? These Web sites Help You Find the Best Option

Posted Wednesday, February 03, 2010 in Credit-Mortgages-Finances
by Elaine Roxane Winter

With news of bank closings in a tough economy, consumers don't want to risk choosing a bank that is in danger of closing, according to KOMO News.

Fortunately, there are websites out that help you choose banks, like Move Your Money, a grassroots website that favors conservative banks and credit unions. All you have to do is type in your zip code and you list banks rated “B” or higher.

There's also bankrate.com which lets you a credit union or bank's performance and financial stability using a star rating system. You can type in the name of an institution and the website gets retrieves information about capital adequacy, asset quality, profitability and liquidity of each rated financial institution and lets you compare interest rates of different banks.

Every Friday, The Federal Deposit Insurance Corporation posts a list of the latest failed banks and in addition, also tells you which banks are qualified to be taken over other banks that go under.

Read the full article at KOMO News by clicking here.

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