Alabama Deposit Account Rates and Deals

Army Aviation Center FCU is offering several competitive short- and mid-term CD rates. Higher rates are available for Jumbo CDs. The most competitive rates include:

• 1.50% APY 6 month (1.75% Jumbo)
• 1.75% APY 9 month (1.80% Jumbo)
• 2.00% APY 12 month (2.10% Jumbo)
• 2.10% APY 18 month (2.15% Jumbo)
• 2.35% APY 24 month (2.50% Jumbo)

These rates are listed in the credit union's rates page as of 1/18/2010. Most of these CDs have a $1,000 minimum deposit ($100K for the Jumbos). Similar rates are also available in IRAs for terms of 12 months and longer.

In addition to certain military groups, you can also be eligible to join this credit union if you live, work, worship or attend school in Pike or Crenshaw County in Alabama or in Walton County in Florida. Refer to the credit union's membership eligibility page for the full details. Membership requires a $1 fee and a $5 minimum in the share savings account.

The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The credit union is federally insured by the NCUA (Charter # 17642).

Worthington Federal Bank is offering a fairly competitive CD special. It's a 2.30% APY 21-month CD. Minimum deposit is $1,000. The bank also has some competitive standard CDs including a 2.05% APY 18-month CD and a 1.85% APY 12-month CD. These rates are listed in the bank's deposit rate sheet as of 1/10/2010.

The bank also offers a high-yield reward checking account without a balance cap. As you might expect for a reward checking without a cap, the rate isn't that great. It's currently at 1.75% APY (see post).

In the rate sheet above the CD special, it states "Specials Alabama Market Area." So it appears that this special is available only to those in Alabama. The bank is located in Huntsville.

The bank's ratings for safety and soundness have gone down a bit since my July post. The current ratings are a little weak: 3 stars (adequate) at BauerFinancial (based on 9/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1989 (FDIC Certificate # 32649).

Thanks to the reader who mentioned this bank in the bank deals hub.

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

BBVA Compass Bank is offering a bonus of up to $150 for opening a new checking account, using online bill pay and direct deposit. Here's the promotion page link. To earn the first $75 requires the use of Online Bill Pay. The second $75 requires direct deposit. The new checking account must be opened by 2/28/2010. Here are the details:

Earn up to $75 when you use online bill pay

• Open a new Compass checking account and sign up for Online Bill Pay by 2/28/10
• Pay at least 5 bills online every 30 days for the first 90 days your account is open
• For each month that you do, you'll get $25 - up to $75 total

Some important small print:

• Online bill payments must be made to a third party and be at least $25 in order to be eligible
• Each $25 bonus will be deposited into the new checking account from which online payments were made, within 60 days of fifth eligible online payment for each 30-day period.

$75 for signing up for Payroll Direct Deposit

• Open a new checking account online by 2/28/2010 and sign up for payroll Direct Deposit.
• Get your first payroll Direct Deposit within 30 days that your account is open.
• $75 bonus will be deposited, within 120 days of first recurring payroll direct deposit, into the new checking account that receives the direct deposit.

Some important small print for both bonuses:

• Minimum $25 opening deposit required
• Offer available to new checking households only
• Bonus may be subject to income tax reporting
• Limit one bonus totaling $150 per household
• Bonuses are paid on the last business day of the month

Requirements for Opening Compass Bank Accounts:

• Must be a U.S. Citizen
• Must be a resident of one of the following states: Alabama, Arizona, Colorado, Florida, New Mexico, or Texas.

BBVA Compass now has branches in California after its acquisition of the failed Guaranty Bank last August. However, these branches may not be transitioned over yet to allow people to qualify for these Compass promotions. If you're in California and interested in this promo, it may be worth a call to Compass.

Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my last Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.

BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).

Thanks to the reader who commented on this promo in the bank deals hub.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

North Alabama Bank is offering a 2.25% APY 12-month CD. Minimum deposit is $10,000. Early withdrawal penalty is 3 months interest. This CD isn't listed at the bank's website. A reader emailed me news of this, and I contacted the bank today (12/29/09) for more details. According to the CSR, the rate hasn't changed since April 2009, and she hasn't been told of any future changes.

A branch visit is required to open an account. This CD rate is available at all of the bank's branches which are located in Hazel Green and Huntsville, Alabama.

The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1989 (FDIC Certificate # 27560).

Thanks to the reader who emailed me news of this CD.

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

Regions Bank has adjusted its special CDs, but they remain competitive in many states. All areas appear to have the same long-term CD special rates: 2.50% APY for 23 months and 3.00% APY for 42 months. The 7-month CD special also appears common for all areas, but it's not nearly as competitive with a 1.25% APY. They used to have a 12-month special, but the term is now 15 to 17 months. The APY is 2.00% for many states (I've confirmed this for AL, GA, IL and TX). In some states it's only 1.75% APY (I've confirmed this for FL and IN). The rates vary by area, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The above rates were checked on 12/16/09.

Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com (overview of DepositAccounts.com)
• My weekly list of hot nationwide and local CD deals

CharterBank is offering two competitive rates on its CD specials: 2.25% APY for 11 months and 3.70% APY for 59 months. Minimum deposit is $1,500. The 59-month CD also has a bump-up feature. These rates are listed in the bank's rates page as of 12/09/09.

Last month I posted on CharterBank's reward checking account. It's still paying 5.01% APY on balances up to $25,000 if the typical reward checking requirements are met.

A branch visit is required to open an account. Branches are located in the Georgia cities of West Point, Newnan and Lagrange, and in the Alabama cities of Valley, Auburn and Opelika.

The bank's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 6/30/09 data) The bank has been a FDIC member since 1954 (FDIC Certificate # 30720).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

Update 12/14/09: The 11-month CD rate dropped this morning. I haven't confirmed this for all branches, but for two in Texas, it's now 2.00% APY. Update 12/17/09: A reader has also confirmed this 2.00% APY for Florida.

Colonial branches of BB&T is again offering a very competitive 11-month CD special with a 2.25% APY. I last reported on this in September. That one ended in mid-October, and it appears they brought it back a couple of weeks ago. As before this special isn't listed at the bank's website. A reader emailed me info on this, and I just called three branches to confirm. I received confirmation from branches in Central Texas, South Florida and Las Vegas. For all three cases the special was a 2.25% APY 11-month CD with no checking account requirement. The only difference was the minimum deposit requirement which varried from $500 to $1,500. This special rate is as of 11/17/09. The three CSRs didn't know how much longer this special was going to last. The Texas CSR said rates typically are changed on Mondays.

It may not be available at all Colonial branches. If you have Colonial branches in your area and you're interested in this CD, call your local branch to confirm it's available. There are also branches in Alabama, Georgia and Nevada.

Colonial Bank failed on August 14th, and the FDIC arranged for BB&T to take over the bank. As we've seen in the last two years, banks that fail and are taken over by other banks will often come out with attractive deals. Examples include IndyMac, BankUnited and Guaranty Bank. The nice aspect of these deals is that new accounts would be under the strong banks that took over the failed banks. So there's no more immediate concern about bank closures. Of course it's still advisable to keep under the FDIC limits.

According to this Reuters article, BB&T expects to finish the integration of Colonial Bank by May 2010.

BB&T is a member FDIC (FDIC Certificate # 9846).

Update 12/11/09: I called branches in Birmingham, AL; Austin, TX and Miami, FL and confirmed this CD special is still available. The Texas CSR didn't know when it might end, but she thought it will likely continue through next week.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

BBVA Compass is offering a 8GB iPod touch for opening a new Build-to-Order Free Checking account by 12/15/09 and setting up payroll direct deposit. Here's the promotion page link. As instructed at that promo page, make sure you first register to receive the claim code.

Some important details listed in the small print include:

• $100 minimum opening deposit required to qualify for the bonus
• Direct deposit must begin within 6 weeks of account opening and must continue at least once per statement cycle
• At 6 months your account will be verified again to confirm you are still meeting the payroll direct deposit requirement. If not, BBVA Compass will debit $180 (the approximate cost of the iPod touch) from your checking account.
• You must pay for shipping and handling of the iPod touch
• Does not apply to anyone who already has a BBVA Compass checking account
• Limit one iPod touch per household
• BBVA Compass may report its value to the IRS

Requirements for Opening Compass Bank Accounts:

The online application specifies the following requirements for opening a checking account:

• Must be a U.S. Citizen
• Must be 18 years old (19 in Alabama)
• Have a permanent residence within a state where Compass Bank has a banking center (Alabama, Arizona, Colorado, Florida, New Mexico, or Texas).

Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my previous Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. Last December I received the $25 credit as promised. I confirmed with a CSR that this bonus will occur every year as long as the checking account remains active.

Compass Bank is a FDIC member (FDIC Certificate # 19048).

Credit for this find goes to FatWallet member rcbullock who posted the deal at this FW thread.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

CharterBank is offering a high-yield rewards checking account with the following rates and features of certain monthly requirements are met:

• 5.01% APY on balances up to $25,000
• 1.01% APY on portion of balance over $25,000
• 0.10% base rate if monthly requirements are not met
• ATM fee refunds up to $20 per cycle

The monthly requirements include:

• 10 check card purchases
• 1 direct deposit or automatic payment
• Enroll and receive online statements

Additional features of the account regardless of the monthly requirements include:

• $50 minimum initial deposit
• No minimum balance requirement
• No monthly service charge

There's an apply button located in the bank's rewards checking page. However, this apply button takes you to an online application that must be printed and taken to one of the bank's branches.

Branches are located in the Georgia cities of West Point, Newnan and Lagrange, and in the Alabama cities of Valley, Auburn and Opelika.

The bank's ratings for safety and soundness are mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1954 (FDIC Certificate # 30720).

Thanks to the reader who mentioned this reward checking account in the comments

Other Reward Checking Accounts

Note, this bank is not related to Charter Bank in New Mexico that just recently made a major change to its nationwide reward checking account (see post).

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Update 1/09/2010: The special CDs have changed, and the rates have fallen. Please check the bank's website for the latest rates.

Regions Bank just came out with a special 12-month CD rate of 2.00% APY. Also, the longer terms specials continue to be very competitive. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The 2% was available in zip codes in Texas, Illinois, Central Florida and Georgia. However, a lower 1.75% APY was listed for South Florida, Indiana and North Carolina. The longer term rates were the same for all of the above areas. The full list of special CD rates as of 10/28/09 include:

• 3.25% APY 42-month CD
• 2.50% APY 23-month CD
• 2.00% APY 12-month CD (1.75% APY in some areas)
• 1.25% APY 7-month CD

Minimum deposit is $10,000 of new funds, and the maximum deposit is $1 million. It also requires a Regions checking account. A reader mentioned in the comments that the Regions Preferred Plus Banking checking is $50 to open, has no annual fee and no monthly fee with the $10,000 CD.

I last posted on these specials in September. Before today the 42-month CD rate had gone down to 3% APY in many areas.

When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

Regions Financial Overview

Regions Financial reported its third quarter results last week. According to this Reuters article, Regions' third-quarter loss was more than what analysts expected. However, the results were good enough to be encouraging to analysts.

One interesting thing to note in the earnings report is that Regions plans to close 121 branches to cut costs. Also, as you might expect with the CD specials that they have offered for many months, their deposits have grown with 270,000 new checking accounts. Average low cost deposits increased $1.3 billion versus the second quarter. These were highlights in the earnings report and show why they require a checking account with these special CDs.

Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).

Regions Bank's rating for safety and soundness at Bankrate.com has dropped from 2 stars to 1 star (lowest). It continues to be 3 stars (adequate) at BauerFinancial. Both ratings are based on 6/30/09 financial data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).

Thanks to the reader who mentioned this new 12-month CD special in the bank deals hub page.

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals