Bank Deal Summary for Mar 25, 2006
Mar 25, 2006 - 6:04 PM by Ken Tumin
There weren't too many major rate changes this week. We may see more next week after the Fed meeting on Monday and Tuesday. It's widely anticipated that the Fed will increase the targeted Federal funds rate from 4.50% to 4.75%.
The best national deal this week is World Savings 6-month 5.26% APY CD (see post). This is even better than World Savings 5.01% APY 5-month liquid internet certificate of deposit. As is typical with World Savings specials, this 5.26% CD is not advertised. Most World Savings branches seem to honor this CD once you specifically mention it. However, it does require new money. This seems like a common strategy at World Savings (and many banks). They lure you in with a great rate CD. If you just let the CD automatically renew, you end up in a low-rate CD. To get in on the next great CD, you have to bring in new money or jump through hoops of moving your money. But if you're willing to stay on top of things and go through the extra work, you can profit from these deals.
Corus Bank made its typical weekly rate update. All of its rates increased a little. The money market account increased from 4.60% to 4.65% APY. The 1-year CD increased from 5.15% to 5.18% APY and the 6-month CD increased from 4.96% to 4.99% APY.
One Bank that I added to my list is Transportation Alliance Bank (see post). It's an online bank that's offering a 4.50% APY low-minimum money market account and a 5.15% APY 12-month CD.
ETrade's money market account doesn't have competitive rates, but it does have a nice 4.75% 3-month promo rate along with a nice $50 sign-up bonus (see post). ETrade's CDs have been competitive. If you're going to open an ETrade CD, this money market account promotion may be worthwhile.
Some of the best local deals for this week include a 7% CD at an Indiana credit union (see post). There's a $14K maximum deposit limit, but that's large enough to make this a decent deal. The 7.25% CD deal at a Santa Clara California credit union that I posted on in a previous week still seems to be available. This one has a $50K max.
For a good overview of risk-free savings alternatives, I recommend this Money Magazine article. It also has a list of some useful websites (including this one!). For my commentary on this article, refer to this post.
Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't include all of the best rates in this summary.
The rates listed below are based on Annual Percentage Yield (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 Mar 18th, Mar 11th, Mar 4th, Feb 25th, Feb 18th and Feb 11th.
As of March 25, 2006
Savings/Money Market Accounts:
6-Month Certificates of Deposit:
12-Month Certificates of Deposit:
18-Month Certificates of Deposit:
36-Month Certificate of Deposit:
60-Month Certificate of Deposit:
84-Month Certificate of Deposit:
High Rates with Conditions - Open to All
Checking and Saving Accounts at Local Credit Unions
CD Specials at Local Credit Unions/Banks Over the Last Two Months
Terms of 60 Months and Over
Terms of 24 Months to Under 60 Months
Terms of 12 Months to Under 24 Months
Terms of Under 12 Months
CD Alternatives
The best national deal this week is World Savings 6-month 5.26% APY CD (see post). This is even better than World Savings 5.01% APY 5-month liquid internet certificate of deposit. As is typical with World Savings specials, this 5.26% CD is not advertised. Most World Savings branches seem to honor this CD once you specifically mention it. However, it does require new money. This seems like a common strategy at World Savings (and many banks). They lure you in with a great rate CD. If you just let the CD automatically renew, you end up in a low-rate CD. To get in on the next great CD, you have to bring in new money or jump through hoops of moving your money. But if you're willing to stay on top of things and go through the extra work, you can profit from these deals.
Corus Bank made its typical weekly rate update. All of its rates increased a little. The money market account increased from 4.60% to 4.65% APY. The 1-year CD increased from 5.15% to 5.18% APY and the 6-month CD increased from 4.96% to 4.99% APY.
One Bank that I added to my list is Transportation Alliance Bank (see post). It's an online bank that's offering a 4.50% APY low-minimum money market account and a 5.15% APY 12-month CD.
ETrade's money market account doesn't have competitive rates, but it does have a nice 4.75% 3-month promo rate along with a nice $50 sign-up bonus (see post). ETrade's CDs have been competitive. If you're going to open an ETrade CD, this money market account promotion may be worthwhile.
Some of the best local deals for this week include a 7% CD at an Indiana credit union (see post). There's a $14K maximum deposit limit, but that's large enough to make this a decent deal. The 7.25% CD deal at a Santa Clara California credit union that I posted on in a previous week still seems to be available. This one has a $50K max.
For a good overview of risk-free savings alternatives, I recommend this Money Magazine article. It also has a list of some useful websites (including this one!). For my commentary on this article, refer to this post.
Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't include all of the best rates in this summary.
The rates listed below are based on Annual Percentage Yield (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 Mar 18th, Mar 11th, Mar 4th, Feb 25th, Feb 18th and Feb 11th.
As of March 25, 2006
Savings/Money Market Accounts:
- HSBC - 4.80%, offers checking, (rate history), my post (bonus info)
- GMAC Bank - 4.65% MMA (min $500), offers checking, my post
- Corus Bank - 4.65% MMA (min $10K to open)
- UmbrellaBank.com - 4.61% MMA (min $1K), offers checking, my post
- VirtualBank - 4.60% (min $100), offers checking, my post ($20 bonus)
- MyBankingDirect - 4.55% MMA (min $5K), my post
- EmigrantDirect - 4.50%, my post, ($10 signup bonus), (rate history)
- Transportation Alliance Bank - 4.50% MMA (min $25), my post
- Presidential - 4.37% (min $5K, only first $35K receives this rate), offers checking, my post
- CapitalOne/Costco - 4.30% MMA (min $5K, Costco members only, $50 deal for exec. members)
- Western Financial Bank - 4.25% MMA, offers checking, my post
- FirstFedDirect - 4.25% (closed to CA residents), my post
- CapitalOne - 4.25% (MMA has same rate, but with checks and ATM. $100 min.)
- MetLife Bank - 4.00% MMA (min $5K), my post ($50 bonus)
- Self-Help Credit Union - 3.97% MMA (min $500), my post
- ING Direct - 3.80%, my post (4.75% promo and $25 bonus), (rate history)
- UFB Direct - 3.75% MMA, offers checking, my post
- NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
- ebank - 3.50% MMA ($1K min, rate for $10K-25K balance), offers checking
6-Month Certificates of Deposit:
- World Savings - 5.26% (min $10K), branch only, new funds only, my post
- Meadows Credit Union - 5.01% ($1K min), new funds only, my post
- World Savings - 5.01% (5-month) (min $5K), new funds only, my post
- Corus Bank - 4.99% (min $10K)
- GMAC Bank - 4.95% (min $500)
- ETrade Bank - 4.92% (min $1K), my post
- UmbrellaBank.com - 4.90% (min $1K)
- FirstFedDirect - 4.81% (min $10K), my post
- VirtualBank - 4.80% (min $10K), my post ($20 bonus)
- NetBank - 4.75% (min $1K)
- UFB Direct - 4.55% (min $8K)
- Western Financial Bank - 4.50% ($100 min)
- ebank - 4.50% (min $1K), 4.75% for ePremium checking customers
- Transportation Alliance Bank - 4.55% ($1K min)
- MetLife Bank - 4.50% ($1K min)
- Self-Help Credit Union - 4.43% (min $500), my post
- ING Direct - 4.30%
12-Month Certificates of Deposit:
- Melrose CU - 5.35% (min $5K) my post
- Corus Bank - 5.18% (min $10K)
- Western Financial Bank - 5.15% ($100 min) (13-month)
- Transportation Alliance Bank - 5.15% ($1K min)
- GMAC Bank - 5.10% (min $500)
- UmbrellaBank.com - 5.10% (min $1K)
- VirtualBank - 5.10% (min $10K), my post ($20 bonus)
- NetBank - 5.06% (min $1K), my post (iPod/$50 bonuses)
- Pacific Mercantile Bank - 5.02% (min $10K), my post
- FirstFedDirect - 5.02%, (min $10K) my post
- ETrade Bank - 5.00% (min $1K), my post
- MetLife Bank - 4.90% ($1K min)
- ebank - 4.75% (min $1K), 5.00% for ePremium checking customers
- Self-Help Credit Union - 4.83% (min $500), my post
- UFB Direct - 4.72% (min $8K)
- ING Direct - 4.50%
18-Month Certificates of Deposit:
- CapitalOne/Costco - 5.21% (min $5K, Costco members only)
- GMAC Bank - 5.15% (min $500)
- Pacific Mercantile Bank - 5.13% (min $10K), my post
36-Month Certificate of Deposit:
- Melrose CU - 5.56% (min $5K) my post
- Pentagon Federal CU - 5.50% (min $1K), my post
- GMAC Bank - 5.15% (min $500)
- Self-Help Credit Union - 5.05% (min $500), my post
60-Month Certificate of Deposit:
- Melrose CU - 5.77% (min $5K) my post
- Pentagon Federal CU - 5.67% (min $1K), my post
- GMAC Bank - 5.20% (min $500)
- Pacific Mercantile Bank - 5.13% (min $10K), my post
- Self-Help Credit Union - 5.07% (min $500), my post
84-Month Certificate of Deposit:
- Pentagon Federal CU - 5.88% (min $1K), my post
High Rates with Conditions - Open to All
- 10% Savings Account for kids ($500 max)
- 5.01% 3-month intro rate on checking account
- 5.00% Money Market with $30K (3-month intro rate)
- 5.00% Money Market with $100K min
- 5.00% Money Market with $100K min
- 4.00% checking account (CU that's open to all)
Checking and Saving Accounts at Local Credit Unions
- 5.00% Money Market Account (New York)
- 4.75% no-minimum savings account (New York)
- 4.50% checking account promo (Oklahoma)
CD Specials at Local Credit Unions/Banks Over the Last Two Months
Terms of 60 Months and Over
- 6.66% 62-Month CD at a Pennsylvania CU
- 6.40% 60-Month CD at a South Carolina CU
- 6.00% 60-Month CD at a California CU
- 5.80% 60-Month CD at a Virginia CU
- 5.75% 72-Month CD at a CU
- 5.66% 60-Month CD at a South Carolina CU
- 5.64% 60-Month CD at a New York CU
- 5.61% 60-Month CD at a Minnesota Bank
- 5.50% 60-Month CD at a CU
- 5.50% 60-Month CD at a Illinois Bank (gradual withdrawal CD)
- 5.45% 60-Month CD at a Massachusetts CU
- 5.38% 60-Month CD at a Utah CU
Terms of 24 Months to Under 60 Months
- 5.81% 30-Month CD at a Wisconsin CU
- 5.64% 36-Month CD at a Michigan CU
- 5.56% 24-Month CD at a Nashville CU
- 5.50% 55-Month CD at a California CU
- 5.50% 30-Month CD at a Philadelphia Bank
- 5.25% 24-Month CD at a Florida Bank
- 5.25% 24-Month CD at a New York Bank
- 5.25% 24-Month CD at a Philadelphia Bank
Terms of 12 Months to Under 24 Months
- 5.54% 12-Month CD at a Ohio CU ($100K min)
- 5.50% 12-Month CD at a Ohio CU
- 5.50% 18-Month CD at a Washington State CU
- 5.50% 13-Month CD at a Chicago Bank
- 5.50% 15-Month CD at a Florida CU
- 5.5% 17-Month CD at a Nevada Bank
- 5.30% 15-Month CD at a Ohio CU
- 5.30% 13-Month CD at a Georgia Credit Union
- 5.30% 20-Month CD at a Illinois Bank
- 5.26% 15-Month CD at a Florida Bank ($50K min)
- 5.25% 19-Month CD at a OH/KY Bank
- 5.25% 17-Month CD at a Wyoming CU
- 5.25% 13-Month CD at a Minnesota CU
- 5.25% 13-Month CD at a Illinois Bank
- 5.25% 16-Month CD at a Florida Bank
- 5.25% 13-Month CD at a California CU
- 5.25% 12-Month CD at a New York Bank
- 5.25% 12-Month CD at a Vermont Bank
- 5.20% 12-Month CD at a Georgia CU
- 5.19% 12-Month CD at a North Carolina Institution
- 5.18% 12-Month CD at a Georgia Bank
- 5.15% 12-Month CD at a Michigan CU
- 5.15% 12-Month CD at a Georgia Bank
- 5.15% 15-Month CD at a Florida Bank
- 5.13% 12-Month CD at a Washington State Bank
- 5.12% 12-Month CD at a California Bank
- 5.12% 12-Month CD at a Texas Bank
- 5.10% 12-Month CD at a Washington State Bank
- 5.09% 14-Month CD at a Pennsylvania CU
- 5.05% 13-Month CD at a CA CU (Open to All)
- 5.05% 13-Month CD at a Florida Bank
- 5.05% 12-Month CD at a New York Bank
- 5.02% 13-Month CD at a Florida Bank
- 5.00% 12-Month CD at a Pennsylvania CU
- 5.00% 15-Month CD at a Texas Bank
- 5.00% 12-Month CD at a Georgia Bank
- 5.00% 12-Month CD at a Washington State CU
- 5.00% 15-Month CD at a OH/KY Bank
- 5.00% 12-Month CD at a Wisconsin/Illinois CU
- 5.00% 19-Month CD at a Tennessee CU
- 5.00% 13-Month CD at a Georgia Bank
- 5.00% 12-Month CD at a Western Bank
- 5.00% 13-Month CD at a South Carolina Bank
- 5.00% 13-Month CD at a Georgia Bank
- 5.00% 18-Month CD at a Ohio Bank
- 5.00% 12-Month CD at a Georgia Bank
- 5.00% 12-Month CD at a New Jersey Bank
Terms of Under 12 Months
- 7.25% 11-Month CD at a CA/TX CU ($50K max)
- 7.00% 7-Month CD at a Indiana CU ($14K max)
- 6.00% 6-Month CD at a South Carolina Bank
- 6.00% 6-Month CD at a Oregon CU
- 6.00% 5-Month CD at a Oregon CU
- 5.50% 11-Month CD at a California CU
- 5.36% 7-Month CD at a Tennessee Bank
- 5.25% 3-Month CD at a Florida CU
- 5.25% 9-Month CD at a Illinois Bank
- 5.20% 9-Month CD at a California Bank
- 5.20% 7-Month CD at a Kentucky CU
- 5.15% 11-Month CD at a Georgia CU
- 5.15% 11-Month CD at a Minnesota Bank
- 5.15% 10-Month CD at a Florida Bank
- 5.13% 6-Month CD at a Oregon CU
- 5.10% 9-Month CD at a Ohio Bank
- 5.10% 7-Month CD at a Kentucky CU
- 5.07% 5-Month CD at a Tennessee Bank
- 5.05% 7-Month CD at a Tennessee Bank
- 5.05% 5-Month CD at a Tennessee Bank
- 5.00% 5-Month CD at a Wisconsin CU
- 5.00% 6-Month CD at a Michigan CU
- 5.00% 11-Month CD at a Massachusetts CU
- 5.00% 5-Month CD at a New Jersey Bank
- 5.00% 3-Month CD at a Ohio Bank
- 5.00% 6-Month CD at a Missouri Bank
- 5.00% 3-Month CD at a Texas Bank
- 5.00% 7-Month CD at a Illinois Bank
- 5.00% 7-Month CD at a Pennsylvania Bank
- 5.00% 6-Month CD at a California Bank
- 5.00% 7-Month CD at a Florida Bank
- 5.00% 6-Month CD at a Virginia Bank
- 5.00% 3-Month CD at a Ohio CU (pick any term)
- 5.00% 9-Month CD at a Massachusetts Bank
- 4.95% 7-Month CD at a California CU
- 4.85% 7-Month CD at a Georgia Bank
- 4.85% 4-Month CD at a California Bank
CD Alternatives
Featured Accounts
Useful Resources
Nationwide Savings Accounts
Anonymous - #1, Saturday, March 25, 2006 - 6:14 PM
I am fedoff with these rate numbers, decided to take risk and going for my father-in-law's suggestion(which effectively makes around 20% yield for four years with a 50% of the money insured and the risk is very slim since that process has been working succesfully for the last 42 years). If need details, its not in USA, overseas .. I cant spend more time on numbers hunt for rates. :-)
Banking Guy (anonymous) - #2, Monday, March 27, 2006 - 2:08 PM
5.25% CD on terms from 3 months to 71 months for those in Massachusetts.
I forgot to mention that this CD deal is still active at Middlesex Savings Bank. Unfortunately, this is now only available to residents of Massachusetts. See post.
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