Banking Deal Summary for Oct 1st

The rate wars continue. Presidential Bank overtook Emigrant Direct with the best savings account rate. Presidential's savings account rate improved by 0.25% to 4.12% APY. However, Emigrant's 4.0% APY is still the best without restrictions. Presidential requires a minimum of $5K deposit, and balances over $35K only earn 2.82% APY.

I've added Virtual Bank to the lists. Their money market rate of 3.55% APY is a little better than ING Direct's savings rate. But the primary reason I added Virtual Bank is due to their high short-term CD rates: 4.15% for 6-month, 4.35% for 12-month, 4.40% for 18-month, and 4.50% for 2-years. I have more info on them in this post.

Besides Presidential Bank, there were a couple of banks which made increases to their savings account rates. UFB Direct raised its High Yield Money Market Savings rate from 3.70% to 3.80% APY. Netbank increased their savings rate from 3.04% to 3.20%. As usual, Corus Bank tweaked their rates. This time it was a slight decline from 3.56% to 3.49%.

For CDs, the new 6-month leader is Virtual Bank with their 4.15% rate which just beats Corus Bank's 4.14%. For 12-month CDs, the new leader is GMAC Bank with a rate of 4.40%.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Sept 24th, Sept 17th, Sept 10th, Sept 4th, Aug 28th, Aug 20th, and Aug 13th.

As of October 1, 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
• CapitalOne/Costco - 3.81% (min $5K, Costco members only, $25 deal for exec. members)
• UFB Direct - 3.80%, offers checking, my post
• 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
• VirtualBank - 3.55% (min $100), offers checking, my post
• MetLife Bank - 3.50% (min $5K), my post ($50 deal)
• Corus Bank - 3.49% (min $10K to open)
• GMAC Bank - 3.45% (min $500), offers checking
• ING Direct - 3.40%, my post ($25 deal)
• ebank - 3.30% ($1K min, rate for $10K-25K balance), offers checking
• NetBank - 3.20% ($500 min), requires checking, my post ($175 deal)

6-Month CDs:

• VirtualBank - 4.15% (min $10K)
• Corus Bank - 4.14% (min $10K)
• GMAC Bank - 4.05% (min $500)
• UmbrellaBank.com - 4.05% (min $1K)
• ebank - 4.00% (min $1K)
• NetBank - 3.90% (min $1K), my post ($25 CD deal)

12-Month CDs:

• GMAC Bank - 4.40% (min $500)
• VirtualBank - 4.35% (min $10K)
• Corus Bank - 4.32% (min $10K)
• ebank - 4.25% (min $1K)
• MetLife Bank - 4.25% ($1K min)
• NetBank - 4.25% (min $1K), my post ($25 CD deal)
• ING Direct - 4.20%
• UmbrellaBank.com - 4.10% (min $1K)

18-Month CDs:

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

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