Arizona Deposit Account Rates and Deals

Greater Western Bank is offering three CD specials. The most competitive one is a 2.18% APY 18-month CD. The other two are a 2.68% APY 38-month CD and a 3.08% APY 58-month CD. These rates include a 0.15% bonus for new or existing checking or savings account customers. Minimum deposit is $5,000, and new money is required. These special CD rates are listed in the bank's CD page as of 2/01/2010.

It appears that a branch visit is required. Branches are located in the states of Arizona, Colorado, Kansas, Nebraska, South Dakota, Iowa and Missouri.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1935 (FDIC Certificate # 15289).

Vantage West Credit Union is offering a special 18-month IRA share certificate special with a 3.00% APY. Minimum deposit is $500. New money is required. The offer is scheduled to end on February 27, 2010. This special is listed at the credit union's promo page as of 1/23/2010.

Membership is open to those who live, work, worship, or volunteer in Pima County, Pinal County and parts of the Greater Phoenix metro area. You can also be eligible to join based on your employer, your college or an association membership. Please refer to the credit union's membership page for the full details. Membership requires a minimum $5 balance in the regular share savings account.

The credit union's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 data. The credit union is federally insured by the NCUA (Charter # 68558).

Thanks to the reader who mentioned this special in the Open Discussions Thread.

Other IRA CD Deals

If you're looking for better CD rates on an IRA, January is a good time. Banks and credit unions often have good deals during this time since people often make their IRA contributions between January and April 15th when you can make a contribution for both the current and previous year.

Two easy-to-join credit unions are still offering 3% IRA CD deals as of 1/23/2010:

• 3.00% APY 14-month IRA CD at Apple FCU
• 3.00% APY 60-month No-Penalty IRA CD at Agriculture FCU

As I've been reporting, banks are trying new ways to encourage customers to use their debit cards with the credit (signature-based) option. High-yield reward checking is one way, and this mostly benefits those with larger balances ($25K or more). The larger banks have tried reward checking that rewards with cash back rather than high interest rates. M&I Bank is the latest example with their Cash Back Checking.

In addition to the cash-back features, M&I Bank is offering a $100 cash bonus for opening their Cash Back Checking Account. Offer is scheduled to last until 2/12/2010. Here's the small print of the offer:

Simply open an M&I Cash Back Checking account by February 12, 2010. To receive your $100 you must make five qualifying** purchases with your M&I Bank Check Card within the first 45 days after account opening. Your account will be reviewed 45 days after opening. The $100 cash bonus will be paid within 2 weeks of that review if the requirement above has been met. Offer applies to new accounts opened with new money not currently on deposit with M&I Bank, no exceptions. One bonus per household ever 12 months. Cannot be combined with other offers.

Note, qualifying purchases requires signature-based purchases with the debit card.

Here's the summary of the cash back features of this checking account:

• 0.25% cash back bonus based on the total amount of your net signature-based M&I Bank Check Card purchases made during the statement cycle.
• $0.25 for a deposit up to a maximum of $2 per statement cycle (8 deposits)
• $0.25 for each monthly online statement
• $0.05 for automatic payments deducted from your account (Online Bill Payment, internal M&I loan payment and ACH debit) up to a maximum of $2 per statement cycle (40 payments)

Note, high-yield reward checking accounts often require the above activity to qualify for the high yield. For those with small balances, the above cash-back features could earn you more than high interest rate.

One downside to the Cash Back Checking is the potential of a $10 monthly maintenance fee which would eliminate the benefits of the above rewards. The bank lists these three options to avoid this fee:

• making 3 transactions per statement cycle
• maintaining $1,000 minimum average daily balance in the account
• if you are under the age of 25

The offer appears to only be available where M&I Bank has branches. You need to enter your zip code if you apply online, and it'll tell you if you're not in their market area. According to their branch locator, the states where they have branches include: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. Most of the branches are located in Wisconsin which is where their headquarters is located.

M&I is a large regional bank with $51.6 billion in assets. It has been a FDIC member since 1934 (FDIC Certificate # 1020).

Credit for this find goes to FW member buyerbware who posted it on this FW thread.

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

• Open any new personal checking account
• First recurring direct deposit must be posted to your account within 60 calendar days of your account opening date
• The 10 bill payments must occur within 60 calendar days of your account opening date
• Bonus will be credited to your account within 60 days after satisfaction of conditions
• Offer valid for a new personal checking account opened from with $100 or more from a financial institution other than Bank of the West
• Offer does not apply to second or multiple checking accounts and/or existing checking customers
• Limit of one $100 bonus per household per calendar year
• Value of the offer reported to the IRS on Form 1099

• 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

• 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.

• 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.

• 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

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

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

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

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

• 5.03% APY on balances up to $30,000
• 1.25% APY on portion of balance over $30,000
• 0.01% base rate if requirements are not met
• Refunds ATM fees nationwide

• 12 debit card purchases
• 1 direct deposit or automatic ACH payment
• Receive e-statements

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service charge