The Fed will be meeting on Tuesday and Wednesday of this week. Little change is expected when the Fed releases its statement on Wednesday. Hopefully, we’ll see some hints of a future rate hike. I’ll have more about the meeting and future interest rates tomorrow.
The trend that I mentioned last week continues: there have been more rate cuts than rate hikes in my survey of top CD rates. In particular, we saw rate cuts last week on long-term CDs from Doral Direct, Franklin Federal Savings Bank, Third Federal and First...Continue Reading
Belmont Savings Bank in Ohio has several competitive short-term and mid-term CD rates, and there are even better deals that are not listed on the bank’s website. The bank currently offers an extra 25 basis points for Jumbo CDs with minimum deposit of $98,000. With this extra 25 basis points, all of the bank’s CDs become very competitive, and the short-term and mid-term CDs become hot deals. IRA CDs have the same rates for terms of 18 months and over. The best CD deal is the 12-month term. It has...Continue Reading
How do you encourage people to save? That’s a question sure to spark a debate. Researchers from the Stanford Graduate School of Business and Tilburg University in the Netherlands have an answer -- make them feel more powerful.
"When it comes to managing finances, it’s easy for people to feel overwhelmed and out of control," Stanford PhD student Emily Garbinsky and co-author, said in a prepared statement.
In a series of five experiments the researchers showed that feeling powerful, defined as having control over valuable resources is a pleasant state...Continue Reading
In January 2013, I wrote about Security First Credit Union's (Texas) competitive CD and IRA rates. Security First Credit Union is continuing to offer attractive products with a 9-month CD Special (1.16% APY) and a 2-Year CD (1.36% APY up to $50K and 1.39% APY over $50K). The 2-Year CD is also available as an IRA, with the same earnings rate. Both CDs require a minimum $1k deposit to open and have no maximum cap.
Security First Credit Union offers membership to...Continue Reading
A small Illinois bank was closed by the Office of the Comptroller of the Currency (OCC) on Friday. GreenChoice Bank was the 14th bank in the nation to fail this year, and the fourth one to fail in Illinois. 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. The FDIC arranged for Providence Bank, LLC of South Holland, Illinois to assume all deposits...Continue Reading
I first wrote about F&A Federal Credit Union (FAFCU) four years ago, listing their many competitive checking, CD and IRA rates, and somewhat restricted membership requirements. Two years later, I updated that posting, (2012) noting FAFCU's continued leading rates. I'm pleased to report that FAFCU still maintains some of the highest CD/IRA rates and has slightly expanded their membership.
All the CDs/IRAs listed below can be opened with a $1K deposit and, according to FAFCU's website, there are no maximum balance caps. An extra feature of the 6-11 Month...Continue Reading
It has been 29 months since Capital One completed its acquisition of ING DIRECT and 18 months since ING DIRECT was converted to Capital One 360. The merger of the two banks continue. Capital One 360 just notified customers that they can now view their Capital One Bank accounts (those opened at branches) when they log in. Here’s how Capital One 360 described it in an email to customers:
The merging process is still not yet complete. If you want to view transactions or check your account details on...Continue Reading
As part of their "Summer 2014 Dollars & Sense" promotion, Frankenmuth Credit Union (Michigan) is offering a trio of CD Specials with very competitive rates and attractive lengths of term: 37-month CD Special (2.00% APY), 21-Month CD Special (1.51% APY), and 13-month CD Special (1.00% APY). The minimum deposit to open any of the three CDs is $500, with the 13- and 21-Month CDs requiring new money, but the 37-month CD is also available to funds already on deposit with Frankenmuth Credit Union.
Frankenmuth Credit Union...Continue Reading
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