Bank Deal Summary for Jan 14th, 2006

Jan 14, 2006 - 4:52 PM by Ken Tumin

This week there was a new money market rate leader with a rate of 4.54% APY at Hillcrest Bank. The only problem is that this rate requires a $50K balance. Due to the high balance requirement, I excluded it from my main MMA list and added it to the "High Rate with Conditions" list. For my main MMA list, UmbrellaBank remains the leader with its 4.40% Pot of Gold Money Market Account. I'm starting to give up on the hope that EmigrantDirect will take the lead with a 4.50% rate.

In addition to being the MMA leader, UmbrellaBank has always been near the top on my 6-month and 12-month CD lists. This week it got closer with new CD rate increases. The 6-month CD increased from 4.50% to 4.65% APY and the 12-month CD increased from 4.80% to 4.85% APY. The only problem with UmbrellaBank is that you don't get any better rates for the longer terms. The 5-year CD only earns 4.90% APY.

GMAC Bank also had some CD rate increases. Both the 6-month and 12-month CDs increased by 0.05% and now equal UmbrellaBank's rates of 4.65% and 4.85%. I give the edge to GMAC Bank due to better rates on long-term CDs, lower minimum deposit requirements and an easy online ACH transfer system.

Another significant CD rate increase was made by ebank. Its 12-month CD was raised from 4.60% to 4.75% APY. You can actually receive 5% APY if you open an ebank's ePremium checking account. Unfortunately, ebank's $50 sign-up bonus for the checking account expired last month. I wouldn't be surprised if ebank offers a similar deal in the next few months.

The rates listed below are in APY. No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. Previous weekly summaries are available for Jan 8th, Dec 31st, Dec 17th, Dec 10th, Dec 3rd and Nov 26th.

As of January 14, 2006

Savings/Money Market Accounts:

UmbrellaBank.com - 4.40% MMA (min $1K), offers checking, my post
GMAC Bank - 4.30% MMA (min $500), offers checking, my post
CapitalOne/Costco - 4.27% MMA (min $5K, Costco members only, $50 deal for exec. members)
HSBC - 4.25%, offers checking, (rate history), my post ($25 bonus)
Western Financial Bank - 4.25% MMA, offers checking, my post
FirstFedDirect - 4.25% (closed to CA residents), my post
Corus Bank - 4.23% MMA (min $10K to open)
Presidential - 4.12% (min $5K, only first $35K receives this rate), offers checking, my post
MyBankingDirect - 4.10% MMA (min $5K), my post
CapitalOne - 4.00% (MMA has same rate, but with checks and ATM. $100 min.)
EmigrantDirect - 4.00%, my post, ($10 signup bonus), (rate history)
UFB Direct - 4.00% MMA, offers checking, my post
Self-Help Credit Union - 3.96% MMA (min $500), my post
ING Direct - 3.80%, my post ($25 deal), (rate history)
MetLife Bank - 3.75% MMA (min $5K), my post ($50 deal)
VirtualBank - 3.55% (min $100), offers checking, my post
NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
ebank - 3.30% MMA ($1K min, rate for $10K-25K balance), offers checking