Banking Deal Summary for Dec 3rd

There were a few increases in money market account rates this week. GMAC Bank just recently raised its money market rate from 4.05% to 4.10% APY. This matches the new rate at MyBankingDirect.

The Self Help Credit Union (SHCU) made a 0.20% increase to its money market account. The rate is now 3.86%. Although the SHCU's CD rates change daily, the week ended with some new high CD rates. SHCU's 6-month CD increased from 4.66% to 4.76% APY and the 12-month CD increased from 4.84% to 4.97% APY. The longer term CDs with terms of two years and over all have rates over 5% with the 5-year CD rate at 5.12% APY. These CDs have the unique feature that allows you to add to them during the term without affecting the rate or term. I describe in this post how this feature can be used to offset interest rate uncertainty.

The only other bank to make an increases to its CD rates was GMAC Bank. Its 1-year CD went from 4.75% to 4.80% APY. I've also added the 6-month CD offered by MyBankingDirect. Its 6-month CD (now earning 4.20% APY) finally has a rate over its money market rate.

I posted on two new signup bonuses this week for these high-interest-rate national banks. The first was a $50 bonus from ebank for signing up for its ePremium Checking account. The second was a new $25 signup bonus for HSBC's OnlineSavings account.

In the list below I've added MMA next to the rates to indicate money market accounts. Most of these money market accounts have check writing and ATM cards. Online savings accounts usually lack both of these.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Nov 26th, Nov 19th, Nov 12th, Nov 5th, Oct 29th and Oct 22nd.

As of December 3, 2005

Savings/Money Market Accounts:

• Western Financial Bank - 4.25% MMA, offers checking, my post
• UmbrellaBank.com - 4.15% MMA (min $1K), offers checking, my post
• Presidential - 4.12% (min $5K, only first $35K receives this rate), offers checking, my post
• GMAC Bank - 4.10% MMA (min $500), offers checking, my post
• MyBankingDirect - 4.10% MMA (min $5K), my post
• CapitalOne/Costco - 4.04% MMA (min $5K, Costco members only, $25 deal for exec. members)
• HSBC - 4.00%, offers checking, (rate history), my post ($25 bonus)
• EmigrantDirect - 4.00%, my post, ($10 signup bonus), (rate history)
• Corus Bank - 3.97% MMA (min $10K to open)
• Self-Help Credit Union - 3.86% MMA (min $500), my post
• UFB Direct - 3.80% MMA, 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), (rate history)
• MetLife Bank - 3.50% MMA (min $5K), my post ($50 deal)
• NetBank - 3.36% MMA ($500 min), requires checking, my post ($175 deal)
• ebank - 3.30% MMA ($1K min, rate for $10K-25K balance), offers checking with ($50 bonus)

6-Month Certificates of Deposit:

• Self-Help Credit Union - 4.76% (min $500), my post
• Corus Bank - 4.55% (min $10K)
• UmbrellaBank.com - 4.50% (min $1K)
• GMAC Bank - 4.45% (min $500)
• VirtualBank - 4.40% (min $10K)
• ebank - 4.35% (min $1K), 4.60% for ePremium checking customers
• NetBank - 4.35% (min $1K), my post ($25 CD deal)
• MyBankingDirect - 4.20% ($2.5K min)
• ING Direct - 4.10%
• Western Financial Bank - 3.75% ($100 min)

12-Month Certificates of Deposit:

• Self-Help Credit Union - 4.97% (min $500), my post
• Corus Bank - 4.84% (min $10K)
• GMAC Bank - 4.80% (min $500)
• UmbrellaBank.com - 4.80% (min $1K)
• VirtualBank - 4.70% (min $10K)
• NetBank - 4.65% (min $1K), my post ($25 CD deal)
• ebank - 4.60% (min $1K), 4.85% for ePremium checking customers
• MetLife Bank - 4.51% ($1K min)
• Western Financial Bank - 4.40% ($100 min)
• ING Direct - 4.35%

18-Month Certificates of Deposit:

• CapitalOne/Costco - 4.75% (min $5K, Costco members only)

Checking and Saving Accounts at Local Credit Unions

• 5.12% money market account (California)
• 4.25% no-minimum savings account (New York)
• 4.00% checking account (CU that's open to all)

CD Specials at Local Credit Unions/Banks

• 6.25% 120-month CD (New York)
• 5.96% 60-month / 4.67% 6-month CDs (Michigan)
• 5.50% 60-month / 5.00% 30-month CDs (Chicago)
• 5.09% 15-month CD (Virginia/Maryland/DC)
• 5% 7-month CD (Kentucky)
• 5% 9-Month CD (North Virginia)
• 5% 12-month/4.75% 9-month CD (California)
• 5% 15-month CD (Georgia)
• 5% 15-month CD (Massachusetts)
• 5% 24-month/4.75% 12-month CD (Chicago)
• 5% 24-month CD (Ohio)
• 5% 25-month CD (Chicago)
• 5% 30-month CD (Ohio)
• 4.55% 6-month CD (Austin, Texas)

CD Alternatives

• I Bond Article, New I Bond Rate, I Bonds as CD Alternatives