Banking Deal Summary for Oct 8th

There were lots of rate increases this week. The most notable was MyBankingDirect's increase of the money market account to 4% APY which now matches EmigrantDirect's American Dream Savings Account. The largest money market rate increase was by GMAC Bank. On Friday, they raised their money market rate from 3.45% to 3.75%. Both Umbrellabank and Corus increased their money market rates by 0.10%.

There were also many CD rate increases this week. Umbrellabank had the largest increase. Their 12-month CD went from 4.10% to 4.45% making it the top of my list for 1-year CDs. Virtualbank raised its 6-month CD from 4.15% to 4.20%. With the increase, Virtualbank's CD remains on top of my 6-month CD list. ebank didn't raise its CD rates; however, it did start a new deal in which ePremium checking customers are able to get an extra 0.25% on CDs. So if this is taken into account, ebank would have the highest 6-month and 12-month CD rates.

Hopefully, these increases will spur ING Direct to raise their rates. Their Orange Savings Account remains at a meager 3.40%. On October 1st, ING Direct did raise their long term CD rates. However, the savings account rate and 1-year CD rate remained the same. I wouldn't be surprised if they do raise the savings account rate next week. However, I doubt they'll raise it more than 0.15%.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Oct 1st, Sept 24th, Sept 17th, Sept 10th, Sept 4th, Aug 28th, Aug 20th, and Aug 13th.

As of October 8, 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 - 3.77% (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 - 3.59% (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 - 4.20% (min $10K)
• Corus Bank - 4.17% (min $10K)
• UmbrellaBank.com - 4.15% (min $1K)
• GMAC Bank - 4.10% (min $500)
• ebank - 4.00% (min $1K), 4.25% for ePremium checking customers, my post ($25 CD deal)
• NetBank - 4.00% (min $1K), my post ($25 CD deal)

12-Month Certificates of Deposit:

• UmbrellaBank.com - 4.45% (min $1K)
• GMAC Bank - 4.40% (min $500)
• Corus Bank - 4.40% (min $10K)
• VirtualBank - 4.35% (min $10K)
• NetBank - 4.35% (min $1K), my post ($25 CD deal)
• ebank - 4.25% (min $1K), 4.50% for ePremium checking customers, my post ($25 CD deal)
• MetLife Bank - 4.25% ($1K min)
• ING Direct - 4.20%

18-Month Certificates of Deposit:

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

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