Banking Deal Summary for Nov 5th

This was a busy week for new rates. After the Fed raised the funds rate to 4%, several banks followed with rate hikes of both money market accounts and CDs. In the last day both HSBC and GMAC Bank have raised their savings account rates from 3.75% to 4.00% APY. While many online banks are making 0.25% increases, ING Direct seems to want to take it slow. Thursday it raised its Orange Savings Account rate from 3.40% to 3.50%. At least ING increased its 6-month CD by 0.25%. Now it's at 4.00%.

I've updated my chart comparing the rates of EmigrantDirect, HSBC, and ING Direct for 2005. It now includes the latest rate changes. Also, I've added the Fed funds rate. I discuss more about this chart in this previous post.

In addition to all the increases in bank deposit rates, the Treasury department announced the new rates for the I Bonds on November 1st. The new composite rate is 6.73%. Unfortunately, the fixed rate went down by 0.2% to 1.0%, apparently to compensate for the very high inflation component.

Finally, I've added a new bank to the list. Actually, it's not a bank but a credit union called the Self-Help Credit Union (SHCU). Unlike most credit unions, this one is open to residents of all states. Its field of membership only requires being a member of a non-profit organization which has a one-time membership fee of $25. The notable aspect of SHCU is its very high CD rates. Currently, the 6-month and 12-month CD rates are 4.63% and 4.92%. For more info on SHCU refer to my Thursday and Friday posts.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Oct 29th, Oct 22nd, Oct 15th, Oct 8th, Oct 1st and Sept 24th.

As of November 5, 2005

Savings/Money Market Accounts:

• Presidential - 4.12% (min $5K, only first $35K receives this rate), offers checking, my post
• HSBC - 4.00%, offers checking, my post ($35 deal)
• EmigrantDirect - 4.00%, my post, ($10 signup bonus)
• GMAC Bank - 4.00% (min $500), offers checking
• UmbrellaBank.com - 4.00% (min $1K), offers checking, my post
• MyBankingDirect - 4.00% (min $5K), my post
• Corus Bank - 3.96% (min $10K to open)
• CapitalOne/Costco - 3.95% (min $5K, Costco members only, $25 deal for exec. members)
• UFB Direct - 3.80%, offers checking, my post
• CapitalOne - 3.75% (MMA has same rate, but with checks and ATM. $100 min.)
• VirtualBank - 3.55% (min $100), offers checking, my post
• ING Direct - 3.50%, my post ($25 deal)
• MetLife Bank - 3.50% (min $5K), my post ($50 deal)
• Self-Help Credit Union - 3.40% (min $500), my post
• 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:

• Self-Help Credit Union - 4.63% (min $500), my post
• GMAC Bank - 4.35% (min $500)
• Corus Bank - 4.35% (min $10K)
• UmbrellaBank.com - 4.25% (min $1K)
• VirtualBank - 4.25% (min $10K)
• NetBank - 4.10% (min $1K), my post ($25 CD deal)
• ING Direct - 4.00%
• ebank - 4.00% (min $1K), 4.25% for ePremium checking customers, my post ($25 CD deal)

12-Month Certificates of Deposit:

• Self-Help Credit Union - 4.92% (min $500), my post
• GMAC Bank - 4.70% (min $500)
• Corus Bank - 4.65% (min $10K)
• VirtualBank - 4.60% (min $10K)
• UmbrellaBank.com - 4.50% (min $1K)
• NetBank - 4.45% (min $1K), my post ($25 CD deal)
• MetLife Bank - 4.41% ($1K min)
• ING Direct - 4.25%
• ebank - 4.25% (min $1K), 4.50% for ePremium checking customers, my post ($25 CD deal)

18-Month Certificates of Deposit:

• CapitalOne/Costco - 4.65% (min $5K, Costco members only)

Short Term Special CDs

• Very Short Term Bank/CU Specials (Oct 28th)
• Credit Union Short Term CD Specials (Oct 26th)

Longer Term CDs

• Highest Rates on Bank CDs (Oct 11th)
• Highest Rates on Credit Union CDs (Oct 13th)

CD Alternatives

• New I Bond Rate / I Bonds as CD Alternatives

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