Alabama Banking Rates and News

It has been a while since BBVA Compass has offered competitive CD rates. BBVA Compass currently has one CD rate that's competitive. It's a 5-year CD with a 2.00% APY. Minimum deposit is $5,000, and the maximum is $1 million. This is listed on its CD rates page as of the morning of 2/7/2012. Rates may vary by area. I've confirmed this rate for several locations including Southern California, Houston Texas and Jacksonville Florida.

BBVA Compass provides few CD details on its website. I had to call their Telephone Banking Department at 1-800-266-7277 (option 2)...

SunTrust Bank continues to offer its special CD package with the competitive 2.40% APY. I first reported on this special in January. The special requires that you open both a 39-month CD and a 63-month CD with a $2K minimum deposit in both. Both CDs have a 2.40% APY. I have the full details in my SunTrust CD review.

SunTrust just came out with a new CD/IRA special with a higher rate. It's offering a 2.70% APY on a 66-month CD. Minimum deposit is $2K. This is listed at SunTrust's CD page as of...

Redstone Federal Credit Union is offering some competitive long-term CD rates. The best one is the 5-year CD which has a 2.75% APY. Minimum deposit is $1,000. The 5-year IRA CD and Jumbo CD have a 2.80% APY. Jumbo CDs require a $100K minimum deposit. The credit union's 3-year and 4-year CD rates are also fairly competitive with rates of 1.70% APY and 2.25% APY. These rates are listed in the credit union's certificates rate page as of 2/3/2011.

As compared to internet banks on 2/3/2011, the best 5-year CD rate is 2.75% APY at...

SunTrust Bank has brought back its special CD package. As you might expect, it's not as nice as what they were offering last year. Nevertheless, the current offer is competitive. The unusual feature is that it's actually two CDs: one with a 39-month term and one with a 63-month term. Both have a 2.40% APY. You must open both CDs with a minimum deposit of $2K for each CD for a total of $4K. Each CD must be funded with an equal amount. The special also requires that you have a SunTrust checking account. This can be opened at...

State Bank & Trust Company is offering a reward checking account and a companion savings account under the platinum name. These accounts have the following rates and features (as of 11/17/2010):

Platinum Checking Account:

• 3.50% APY on balances up to $15K
• 0.75% APY for over $15K
• 0.10% base rate if requirements are not met
• Refund of nationwide ATM charges up to $20 per month

Platinum Savings Account:

• 1.50% APY on balances up to $15K
• 0.75% APY for over $15K
• 0.10% base rate if requirements are not met

To receive the above rates requires meeting the following monthly requirements:

• 12 debit card purchases
• 1...

Gulf Winds Federal Credit Union is offering a reward checking account called Gulf Winds High-Yield Checking. Like many new reward checking accounts being launched these days, the balance cap is lower than what we have come to expect. Nevertheless, it's always nice to see a new reward checking account. The rates and features of the account if certain monthly requirements are shown below (as of 10/25/2010):

• 3.01% APY for balances up to $15,000
• 0.50% APY for balances over $15,000
• 0.05% base rate if requirements are not met
• ATM fee refunds up to $15 per cycle

Monthly requirements include:

• 12 debit...

Tyndall Federal Credit Union continues to offer a few competitive long-term CD and IRA CD rates. Below are some of the best standard rates as listed in the credit union's rate page as of 10/18/2010:

• 3.00% APY 5-year CD and IRA CD
• 2.50% APY 4-year CD and IRA CD
• 2.25% APY 3-year CD and IRA CD

They also offer a CD laddering program called Certificate Advantage which gives you an extra 0.25% APY on the above certificate rates.

Tyndall FCU also offers a reward checking account called e-Checking Account. However, the rate is...

Tuscaloosa Teachers Credit Union has several competitive long-term CD and IRA CD rates. The best ones are a 3.04% APY 5-year CD and a 2.02% APY 2-year CD. Minimum deposit is $1,000. As a comparison, one of the best internet banks, Sallie Mae Bank, is currently paying 2.75% APY for its 5-year CD. These credit union CD rates are listed at the credit union's rates page as of 10/13/2010.

According to the credit union's certificates page, the early withdrawal penalty for terms of 18 months and above is 90...

I see BBVA Compass is making the most out of its new alliance with SmartyPig. I just noticed Compass is advertising this $150 checking account bonus on SmartyPig's home page. Here's the direct link to the promo, and here are the requirements for the $150:

• Open a new Build to Order Checking account online
• Set up payroll Direct Deposit and earn $75
• Sign up for Online Bill Pay and earn $25 per month by paying at least 5 bills per month for 3 months

Unlike SmartyPig which is available nationwide, Compass bank products are only available where they have branches which...

BB&T continues to offer a $100 cash bonus for opening its free checking account. However, they have made it a little harder to get the full $100. Here are the steps required:

• Open a Free BB&T checking account online by 8/31/2010
• Register online at bbt.com/welcome100
• Get $50 for making 10 online bill payments ($25 minimum payment) within 90 days of account opening
• Get $50 for receiving two direct deposits of at least $50 from the same source within 90 days of account opening

Here's the direct link to the promotions page. It's also mentioned at BB&T's home page.

BancorpSouth is advertising three fairly competitive special CD rates. These include a 3.00% APY 59-month CD, a 2.50% APY 39-month CD and a 2.00% APY 23-month CD. A checking account is required. Minimum deposit is $1,000. These specials don't appear to be listed at the bank's website. They were advertised in yesterday's (6/06/10) Tyler Morning Telegraph newspaper. The ad is available online here.

The small print of the ad includes important info regarding where these specials are available and how long they are scheduled to last. Excerpts of the small print are shown below:

CD offer...

There were reports that this 3.00% CD special at SunTrust was going to end Friday, but I'm happy to report that the special is still listed at SunTrust's website as of 5/15/2010. This promo started in February, and has continued to become a better deal as the interest rate environment has worsened. The unusual feature of this CD is that it's actually two CDs: one with a 26-month term and one with a 49-month term. You must open both CDs with a minimum deposit of $2K for each CD for a total of $4K. Each CD...