The Bankrate Monitor Index tracked deposit interest rates at US banks and credit unions, giving consumers a reference point for comparing accounts. The index later evolved into Bankrate.com, a personal finance site with product research and planning tools.
What the Bankrate Monitor Index measured
The index covered rates paid on checking, savings, money market and certificate of deposit accounts. Its purpose was straightforward: help people see prevailing deposit trends and compare what different institutions offered for their money. It tracked rates, rather than representing a bank account consumers could open.
The Bank Rate Monitor began in 1976. Robert K. Heady created the index in response to the Garn St Germain Depository Institutions Act of 1982. That law deregulated savings and loan associations and allowed banks to offer adjustable rate mortgages and money market accounts.
Bankrate moved its operation online in 1996. In 2000, it adopted the name Bankrate Inc., joining the words “Bank” and “Rate.” The company went public on the New York Stock Exchange in 2011 under the symbol RATE, then returned to private ownership in November 2017 after Red Ventures acquired it.
How the index became a consumer finance resource
Bankrate.com is the modern successor to the original rate index. The site publishes research and consumer information about financial products, including credit cards, mortgages, savings accounts and other deposit products. Its resources include mortgage calculators and financial planning tools.
Product comparisons can help narrow a search, but they do not replace checking an institution’s current terms. Rates, account requirements and fees can differ by provider and may change. The historical index information does not give a live rate quote or a fee schedule, so consumers should confirm those details directly before opening an account.
Bankrate also gathers information on credit cards and mortgages. Its credit card comparisons include annual fees, credit requirements, interest rates and membership benefits. Mortgage searches can be filtered by ZIP code and the amount available for a down payment.
What to compare before choosing a deposit account
For a practical comparison, start with the account type you need, then check the provider’s latest rate and rules. A high advertised rate is only one part of the decision. Review any fees, balance conditions, access limits and eligibility requirements in the account’s official terms.
| Account type | What Bankrate’s index covered | Details to verify with the provider |
|---|---|---|
| Checking | Deposit interest rates | Current rate, fees and account requirements |
| Savings | Deposit interest rates and consumer comparisons | Current rate, balance conditions and access rules |
| Money market | Deposit interest rates | Current rate, fees and account terms |
| Certificates of deposit | Deposit interest rates | Current rate, term and withdrawal conditions |
Use comparison tools to identify options worth checking, then confirm the rate and full conditions on the bank or credit union’s own site. The index was designed to show market direction; the account agreement determines what a customer actually receives.
