Banking Deal Summary for Oct 15th

This week most of the changes were with CDs. ING Direct added new CD terms including a 6-month CD. Unfortunately, their 6-month rate is only 3.75% and their current 1-year CD rate remains at an unimpressive 4.20%. Overall, there was a sizable jump in 1-year CD rates. Two banks now have 12-month CD rates of 4.60% (Virtual Bank and GMAC Bank).

Only Corus Bank and Capital One made changes to the savings account rates. Corus made a decent increase of 0.10% on their money market account (3.59% to 3.69%). Capital One/Costco did another tweak of their rate. It's now at 3.80%. However, the regular Capital One savings account rate (open to all) now has a rate of 3.75%.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Oct 8th, Oct 1st, Sept 24th, Sept 17th, Sept 10th and Sept 4th.

As of October 15, 2005

Savings/Money Market Accounts:

• Presidential - 4.12% (min $5K, only first $35K receives this rate), offers checking, my post
• EmigrantDirect - 4.00%, my post
• MyBankingDirect - 4.00% (min $5K), my post
• UmbrellaBank.com - 3.85% (min $1K), offers checking, my post
• UFB Direct - 3.80%, offers checking, my post
• CapitalOne/Costco - 3.80% (min $5K, Costco members only, $25 deal for exec. members)
• HSBC - 3.75%, offers checking, my post ($35 deal)
• GMAC Bank - 3.75% (min $500), offers checking
• Corus Bank - 3.69% (min $10K to open)
• VirtualBank - 3.55% (min $100), offers checking, my post
• MetLife Bank - 3.50% (min $5K), my post ($50 deal)
• ING Direct - 3.40%, my post ($25 deal)
• ebank - 3.30% ($1K min, rate for $10K-25K balance), offers checking, my post ($50 deal)
• NetBank - 3.20% ($500 min), requires checking, my post ($175 deal)

6-Month Certificates of Deposit:

• VirtualBank - 4.25% (min $10K)
• Corus Bank - 4.24% (min $10K)
• UmbrellaBank.com - 4.15% (min $1K)
• GMAC Bank - 4.13% (min $500)
• NetBank - 4.10% (min $1K), my post ($25 CD deal)
• ebank - 4.00% (min $1K), 4.25% for ePremium checking customers, my post ($25 CD deal)
• ING Direct - 3.75%

12-Month Certificates of Deposit:

• GMAC Bank - 4.60% (min $500)
• VirtualBank - 4.60% (min $10K)
• Corus Bank - 4.48% (min $10K)
• UmbrellaBank.com - 4.45% (min $1K)
• MetLife Bank - 4.41% ($1K min)
• NetBank - 4.40% (min $1K), my post ($25 CD deal)
• ebank - 4.25% (min $1K), 4.50% for ePremium checking customers, my post ($25 CD deal)
• ING Direct - 4.20%

18-Month Certificates of Deposit:

• CapitalOne/Costco - 4.46% (min $5K, Costco members only)

Longer Term CDs

• Highest Rates on Bank CDs
• Highest Rates on Credit Union CDs

CD Alternatives

• I Bonds as CD Alternatives

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