Banking Deal Summary for Sept 24th

The major bank news for this week is the 0.5% increase in EmigrantDirect's savings account rate. It's now at 4.0% APY and is the undisputed leader of the savings account. ING Direct disappointed their members with a pathetic 0.1% increase. The Orange Savings Account rate is now at 3.4%. I thought they would at least raise the rate to 3.5%.

Unfortunately, there were no big rate increases with the short term CDs. In fact, several of the high ones are no longer offered. Digital Credit Union ended their 5% 16-month CD. Their new CD deal is a 4.40% 11-month CD. Ebank had been on top of the 6-month CD with a 4.25% APY. It's now only 4.00%. Corus Bank has retaken the lead with their 4.09% 6-month CD.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Sept 17th, Sept 10th, Sept 4th, Aug 28th, Aug 20th, and Aug 13th.

As of September 24, 2005

Savings/Money Market Accounts:

• EmigrantDirect - 4.00%, my post
• Presidential - 3.87% (min $5K, only first $35K receives this rate), offers checking, my post
• CapitalOne/Costco - 3.81% (min $5K, Costco members only, $25 deal for exec. members)
• HSBC - 3.75%, offers checking, my post ($50/$35 deals)
• MyBankingDirect - 3.75% (min $5K), my post ($25 deal)
• UmbrellaBank.com - 3.75% (min $1K), offers checking, my post
• UFB Direct - 3.70%, offers checking, my post
• Corus Bank - 3.56% (min $10K to open)
• MetLife Bank - 3.50% (min $5K), my post ($50 deal)
• GMAC Bank - 3.45% (min $500), offers checking
• ING Direct - 3.40%, my post ($25 deal)
• ebank - 3.30% ($1K min, rate for $10-25K balance), offers checking
• NetBank - 3.04% ($500 min), requires checking, my post ($175 deal)

6-Month CDs:

• Corus Bank - 4.09% (min $10K)
• GMAC Bank - 4.05% (min $500)
• UmbrellaBank.com - 4.05% (min $1K)
• ebank - 4.00% (min $1K)
• NetBank - 3.80% (min $1K), my post ($25 CD deal)

12-Month CDs:

• Corus Bank - 4.36% (min $10K)
• GMAC Bank - 4.30% (min $500)
• ebank - 4.25% (min $1K)
• MetLife Bank - 4.25% ($1K min)
• ING Direct - 4.20%
• NetBank - 4.15% (min $1K), my post ($25 CD deal)
• UmbrellaBank.com - 4.10% (min $1K)

18-Month CDs:

• CapitalOne/Costco - 4.40% (min $5K, Costco members only)

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