Bankrate Monitor Index

What Is the Bankrate Monitor Index?

The Bankrate Monitor Index is an index of money market interest rates paid on depository accounts at banks and credit unions in the United States. These accounts incorporate checking, savings, money market, and CD accounts.

In 1996, the Bankrate Monitor Index moved online and has since developed into a famous personal finance website, Bankrate.com.

How the Bankrate Monitor Index Works

The Bank Rate Monitor Index was made by Robert K. Powerful in response to the Federal Government's section of the Garn-St Germain Depository Institutions Act of 1982, which liberated savings and loan associations and permitted banks to issue adjustable rate mortgages and money market accounts. The purpose of the Index was to assist consumers with understanding winning trends in deposit rates so they can shop for the best conceivable deal for their own money.

In the wake of moving online in 1996, the company changed its name to Bankrate Inc. in 2000. In 2011, it went through a initial public offering (IPO) and turned out to be publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol RATE. In November 2017, the company returned to private ownership following its acquisition by the online marketing company, Red Ventures.

Today, Bankrate is one of the financial business' leading aggregators of research and data on interest rates and personal finance news. It circulates daily financial research and market conditions to leading media outlets, for example, the New York Times, USA Today and the Wall Street Journal. Through its personal finance website, Bankrate.com, it gives a scope of shopper situated content, for example, mortgage mini-computers, financial planning instruments, and different resources.

Real World Example of the Bankrate Monitor Index

The modern replacements to the Bankrate Monitor Index are the different overviews of interest rates and different highlights that Bankrate distributes for consumers through its website. These incorporate ratings for credit cards, mortgages, savings accounts, and other well known financial products.

For instance, Bankrate consistently incorporates data about various credit cards and positions them as per highlights, for example, their annual fees, credit requirements, interest rates, and participation benefits. Perusers can indicate which highlights are generally important to them and filter out various credit card suppliers in view of their scores. For mortgages, perusers can access comparative data while additionally filtering offers relying upon their postal division and their budget for down payments.

Features

• The Bankrate Monitor Index is an index tracking interest rates on well known financial instruments.
• It has since developed into Bankrate.com, a website zeroed in on personal finance resources.
• The website today gives interest rate data, mini-computers, and different resources for products, for example, credit cards, mortgages, lines of credit, and vehicle insurance.