Charter Oak Credit Union Bank (Connecticut) is celebrating its 75th anniversary, the opening of its 14th branch, and the opening of its new Headquarters in Waterford, by offering two GO CD Specials: a 17-month GO CD (2.00% APY) and an 8-month GO CD (1.00% APY). These offers are only for new money unless Gold Rewards membership applies. In addition, the GO CDs will not renew and will roll into a Jumbo Money Market Account at maturity.
These promotional rates are automatically...Continue Reading
The parent of CIT Bank recently announced it has entered into an agreement to buy OneWest Bank. According to CIT’s press release:
OneWest assumed all deposits of IndyMac Bank in 2009 after IndyMac failed in 2008. When IndyMac failed in July 2008, the FDIC took over as conservator of the bank. The FDIC managed the bank until it was sold to OneWest in 2009. OneWest Bank was formed by investors for the purpose of acquiring IndyMac.
According to this LA Times article:
OneWest grew larger in 2009 and 2010 after it acquired two...Continue Reading
CFG Community Bank is offering a very competitive, promotional 12-month "One Time No Penalty Withdrawal" CD. This CD earns 1.35% APY with a checking account relationship and 1.10% APY without a checking account relationship. The rate is quite attractive and the no penalty withdrawal feature equally so. As the name implies, the no penalty feature allows for a one-time withdrawal (partial or closing) with no penalty. A $500 minimum deposit and balance is required for the CD to earn the stated APY.
The following conditions...Continue Reading
US Bank (OH) is helping to "Power Up Your Summer" with a cash bonus of up to $150 when opening a new checking account. In addition, when the account is opened ($25 minimum), you are automatically entered for a chance to win a 2014 Tesla Model S or $100K in cash. US Bank offers five checking accounts (Easy Checking, Silver Checking, Gold Checking, Premium Checking and Platinum Checking) that are connected to this promotion. Any of these accounts can be opened online, by phone or in person....Continue Reading
The Fed’s decisions on monetary policy should be driven by economic data, primarily the unemployment rate and the inflation rate. Today, inflation data was released by the government, and it showed that CPI increased 0.3% in June, which was inline with the consensus forecast. The core CPI, which excludes food and energy, increased by 0.1% which was under the consensus forecast of 0.2%. Over the past 12 months, CPI is up 2.1%, and the core CPI is up 1.9%. These are close to the Fed’s 2% target, and thus, this...Continue Reading
Last week was another week with more rate cuts than rate hikes in my survey of top CD rates. Two internet banks cut their rates on 1-year and 18-month CDs. Both were close to the rate leaders. EverBank reduced its 1-year CD rate by 9 basis points to 1.01% APY and its 18-month CD rate by 12 basis points to 1.05% APY. VirtualBank reduced its 1-year CD rate by 6 basis points to 1.01% APY and its 18-month CD rate by 9 basis points to 1.08% APY.
EverBank’s 5-year CD rate...Continue Reading
After four years, Shell Federal Credit Union (Houston, Texas metro area) continues to offer their high-yield reward BE GREEN Checking account. Even though the BE GREEN Checking has two downsides for a reward checking account (an above average debit card usage requirement and a below average balance cap), the upside is having a reward checking account available in a large metropolitan area.
BE GREEN monthly requirements include:
In January 2013, Silvergate Bank begin offering online CDs (1-year and 2-year) on its website. These two High Yield Online CDs debuted with competitive rates, albeit not spectacular rates. The rates on both CDs dropped soon after the initial offering, but have continued to climb back to the original rates. Silvergate Bank has recently raised the rate on the 1-Year CD, pushing it beyond its original rate.
The rates, as of today, are:
Moving is often a chance to make a fresh start. Is it also an opportunity to dump your bank?
According to new research from TD Bank, moving impacts banking behavior. Twenty nine percent of those surveyed said they opened a checking account at a new bank when they moved. This was especially true for the 55-plus crowd, 32% of whom switched banks. In contrast, among Millennials, (those 18-34), only 24% did so.
That Millennials were not quick to leave was not news to some. "They see traditional banking as irrelevant. Branch...Continue Reading
A small Georgia bank was closed by state regulators last Friday. Eastside Commercial Bank was the 13th bank in the nation to fail this year, and the first one to fail in Georgia. At this time last year there had been 16 bank failures, and for all of 2013 there had been 24 bank failures.
Friday’s bank closure was typical in that the FDIC was able to find a buyer. Consequently, no one lost any money. According to the FDIC FAQs:
CD customers of the failed bank will have to wait...Continue Reading
Cooper State Bank (a private, locally owned and managed community bank in the Columbus, Ohio area) has raised the rates on two of its CDs: the 36-Month Step Up Special and the 12-35 Month CD. The 36-Month Step Up Special CD's new rate is 1.60% APY and can be opened with $500; it also allows one "step-up" during the term of the CD. The 12-35 Month CD's new rate is 1.10% APY and also has a low minimum of $500 to open.Continue Reading
Adirondack Bank's (central New York state) eCo Checking account offers a great combination of benefits by allowing you to manage your checking account electronically as you earn up to 3.04%. Adirondack Bank eCo Checking has two recurring transactional requirements:
If you fulfill only one of these requirements, your account still earns 1.51% on the account balance up to $25K, with balances over $25K earning 0.05%. In addition, online banking...Continue Reading