Alabama Banking Rates and News

For those who don’t want to lock into PenFed’s long-term CDs, you’ll have to search hard for short-term CDs with rates above 1%. Once in awhile you may find a good deal at a local bank. That’s the case for Cross River Bank in Teaneck, New Jersey. It’s offering a 6-month CD with a 1.30% APY. Minimum deposit is $50,000. New money is required. This CD is listed in the bank’s CD rates page as of 12/02/2013. Thanks to DA member stormdog123 who posted on this deal in the forum.

BBCN Bank has two good deposit deals. The first is a money market account special for consumers only. The bank is guaranteeing a 1.00% APY until 12/31/2014 for balances of $50,000 to under $1 million. The second special is a CD promotion for consumer and business customers. It’s a 12-month CD with a 1.10% APY. Minimum deposit is $50,000, and the maximum is $250,000 per customer. Both offers require new money to the bank. The promotion is scheduled to end when the bank’s deposit goal amount is met or on...

If you live in the market area of Capital One Bank, customers can get a good savings account deal. This is similar to Capital One’s past checking account promotions. It’s the Smart Savings Account, and a high rate is guaranteed on all balances for 12 months. The guaranteed APY is 1.00% for most Capital One market areas. It’s only 0.70% for the Austin, Texas metro area and only 0.40% for Louisiana. Thanks to DA member stormdog123 for posting on this in the forum.

Details of this promo are listed at...

In today's interest rate environment, most all short-term CDs have rates under 1%. I found one exception at Xceed Financial Credit Union which has a special 7-month share certificate with a 1.00% APY. It’s also available in an IRA. Minimum deposit is $500. This special CD rate is listed on the credit union's rates page and in the credit union's news & events page as of 11/01/2013.

Xceed has a history of CD specials. I reviewed the last one in 2012.

The credit union has two features that make it convenient for...

McGraw-Hill Federal Credit Union is once again offering CD specials with top rates. Just like last year, there’s a special 15-month share certificate with a 1.50% APY. There’s also a special 5-year CD with a 2.00% APY. Unlike last year, there are quite a few requirements. Minimum deposit is $1,000, and the maximum is $250,000. These promo rates require an S3 account with monthly recurring direct deposit. Direct deposit into the S3 account must be established within 60 days of account opening. If direct deposit is not established, the rate...

Investors Bank is offering two deposit account specials. One is a money market special which guarantees a 1.05% APY until April 30, 2014. The balance that qualifies for this rate is between $100,000 and $2 million. The rate falls to 0.60% for balances between $25,000 and $100,000. Balances under $25,000 earn only 0.04%. New money is required, and the minimum balance to open the account is $10,000. It’s a money market account, but it does not offer check writing privileges. This special is not listed on the bank’s website. DepositAccounts.com...

XCEL Federal Credit Union just recently started to offer a high-interest reward checking and savings account called Kasasa Cash and Kasasa Saver. The rates and balance caps are not the best, but it’s always nice to see another institution offering these accounts. In addition to these high-yield accounts, XCEL is also offering Kasasa Cash Back and Kasasa Tunes. These accounts provide rewards based on debit card usage without any dependence on the account balance. So they can be a good choice for those who anticipate maintaining a small balance. For...

Garden Savings Federal Credit Union has recently begun to offer a very competitive 2-year CD special. It has a 1.51% APY, and a minimum deposit of $1,000. New deposits are required which are defined as funds that have not been on deposit at Garden Savings for at least 90 days prior to CD opening. The credit union continues to offer a 6-month CD special with a 1.00% APY. I first reported on this 6-month CD in June. These CD rates are listed in the credit union’s rates page as of...

In the last month we’ve seen several small banks and internet banks come out with 2%+ 5-year CDs as Treasury yields have risen. M&T Bank is the largest bank that I’ve seen to come out with a 2% 5-year CD in the last month. It’s currently offering a 5-year promo CD with yields that range from 1.97% to 2.22% depending on your location. You can see the rates available in your area from this M&T Bank CD page. You first have to enter your zip code to see the rate...

Update 9/4/13: The special 15-month CD rate has fallen.

Over the last month we have seen some increases of long-term CD rates as Treasury yields have risen. However, there have been fewer short-term CD deals, and that’s why I’m happy to see this new CD deal at Aspire Federal Credit Union. It just came out with a special 15-month CD that has a 1.25% APY. Minimum deposit is $1,000. This special CD is listed in the bank’s rates page as of 7/31/2013. The credit union calls this an eCD that...

Capital One continues to offer a nice bonus for new business checking accounts. The bonus amount is $300, and the promotion is scheduled to last until 8/31/2013. It requires a branch visit (see below for branch locations). When I last reported on this promotion in January, it had an April end date. So I wouldn’t be surprised if the expiration date gets extended again.

Here are the steps to earn the $300 bonus:

• Go to the Capital One promo page, print the coupon and take the coupon to a Capital One branch
• Open...