IS YOUR MONEY BEING HELD HOSTAGE

I am outraged and disgusted at how some banks trap you into investing with them. I was assisting an investor redeploy some of their assets out of low interest-bearing accounts into a better investment.

How would you react to being charged $3,513.85 in penalties to get your $80,000 back? The bank is taking a 4.39% fee for early withdrawal out of a 0.66% term deposit. The banks pays out $528 of interest next year. In the meantime, this investor will lose out on an opportunity to create a 15% return. 

Beware of locking in your money for supposedly higher interest rates. There are 1.35% and 2.4% savings accounts available right now that beat the term deposits without being locked in. Shop around and be an aware consumer. Otherwise, you are defaulting to the path of least resistance and you'll find yourself at the mercy of the banks.

Here is a list of 10 banks with the highest interest rates that you've probably never heard of.