Bank Deal Summary for April 1, 2006

After the Fed increased the funds rate this week, I had expected more money market account rate increases. ING Direct did raise their non-promo rate from 3.80% to 4.00% APY which isn't much to be excited about. UmbrellaBank slightly increased their money market account from 4.61% to 4.66% APY. EverBank increased their promotional 3-month rate on their FreeNet Checking Account from 5.01% to 5.51%.

The big news for this week in savings and money market accounts was Citibank's new 4.50% e-Savings account. Although there are many online accounts that offer 4.50% and higher, it does represent more competition for online savings accounts when a major bank gets into the field.

Several banks raised their CD rates this week. VirtualBank's 6-month CD reached 5% APY. GMAC Bank just increased rates on many of their CDs today. The 3-month APY increased from 4.60% to 4.70% APY. The 1-year APY increased from 5.10% to 5.15%, and the 2-year and 3-year APYs increased from 5.15% to 5.20%. UmbrellaBank also had similar CD rate increases earlier in the week.

The best 6-month CD deal continues to be World Savings with a 5.26% APY special (see post). The best 6-month CD deal online is at Meadows Credit Union with a 5.12% APY special (see post).

On the local deals, I'm seeing more 10% 1-year CDs. These always have a maximum deposit limit but if the limits are over $2K, you can earn at least an extra $100 from these specials (see 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 25th, Mar 18th, Mar 11th, Mar 4th, Feb 25th and Feb 18th.

As of April 1, 2006

Savings/Money Market Accounts:

• HSBC - 4.80%, offers checking, (rate history), my post (bonus info)
• UmbrellaBank.com - 4.66% MMA (min $1K), offers checking, my post
• GMAC Bank - 4.65% MMA (min $500), offers checking, my post
• VirtualBank - 4.60% (min $100), offers checking, my post ($20 bonus)
• Corus Bank - 4.59% MMA (min $10K to open)
• 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.)
• ING Direct - 4.00%, my post (4.75% promo and $25 bonus), (rate history)
• MetLife Bank - 4.00% MMA (min $5K), my post ($50 bonus)
• Self-Help Credit Union - 3.97% MMA (min $500), my post
• 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 - 5.12% ($1K min), new funds only, my post
• VirtualBank - 5.00% (min $10K), my post ($20 bonus)
• Corus Bank - 4.99% (min $10K)
• GMAC Bank - 4.95% (min $500)
• UmbrellaBank.com - 4.95% (min $1K)
• ETrade Bank - 4.92% (min $1K), my post
• FirstFedDirect - 4.91% (min $10K), my post
• UFB Direct - 4.90% (min $8K)
• NetBank - 4.75% (min $1K)
• Transportation Alliance Bank - 4.55% ($1K min)
• Western Financial Bank - 4.50% ($100 min)
• ebank - 4.50% (min $1K), 4.75% for ePremium checking customers
• MetLife Bank - 4.50% ($1K min)
• Self-Help Credit Union - 4.48% (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 - 5.15% (min $500)
• UmbrellaBank.com - 5.15% (min $1K)
• VirtualBank - 5.15% (min $10K), my post ($20 bonus)
• FirstFedDirect - 5.10%, (min $10K) my post
• NetBank - 5.06% (min $1K), my post (iPod/$50 bonuses)
• Pacific Mercantile Bank - 5.02% (min $10K), my post
• ETrade Bank - 5.00% (min $1K), my post
• Self-Help Credit Union - 4.91% (min $500), my post
• MetLife Bank - 4.90% ($1K min)
• UFB Direct - 4.90% (min $8K)
• ebank - 4.75% (min $1K), 5.00% for ePremium checking customers
• ING Direct - 4.50%

18-Month Certificates of Deposit:

• GMAC Bank - 5.15% (min $500)
• Pacific Mercantile Bank - 5.13% (min $10K), my post
• CapitalOne/Costco - 5.07% (min $5K, Costco members only)

36-Month Certificate of Deposit:

• Melrose CU - 5.56% (min $5K) my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• GMAC Bank - 5.20% (min $500)
• Self-Help Credit Union - 5.12% (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)
• Self-Help Credit Union - 5.16% (min $500), my post
• Pacific Mercantile Bank - 5.13% (min $10K), 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)
• 5.51% 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

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

• 6.00% 60-Month CD at a California CU
• 5.76% 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 Illinois Bank (gradual withdrawal CD)
• 5.25% 60-Month CD at a Massachusetts Bank

Terms of 24 Months to Under 60 Months

• 5.66% 48-Month CD at a South Carolina CU
• 5.64% 36-Month CD at a Michigan CU
• 5.56% 24-Month CD at a Nashville CU
• 5.50% 30-Month CD at a Philadelphia Bank
• 5.50% 24-Month CD at a New York Bank
• 5.25% 24-Month CD at a Philadelphia Bank
• 5.25% 24-Month CD at a Massachusetts Bank

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Multi-State CU ($2.5K max)
• 10.00% 12-Month CD at a Dallas Bank ($5K max)
• 5.54% 12-Month CD at a Ohio CU ($100K min)
• 5.50% 13-Month CD at a Chicago Bank
• 5.50% 15-Month CD at a Florida CU
• 5.35% 12-Month CD at a New York CU (Open To All?)
• 5.30% 13-Month CD at a Georgia Credit Union
• 5.30% 20-Month CD at a Illinois Bank
• 5.30% 12-Month CD at a New York Bank
• 5.30% 13-Month CD at a Virginia Bank
• 5.26% 15-Month CD at a Florida Bank ($50K min)
• 5.25% 12-Month CD at a Massachusetts Bank
• 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
• 5.25% 12-Month CD at a Texas Bank
• 5.20% 12-Month CD at a Georgia CU
• 5.18% 12-Month CD at a Georgia Bank
• 5.16% 13-Month CD at a Pennsylvania 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
• 5.00% 12-Month CD at a New Jersey Bank

Terms of Under 12 Months

• 7.00% 7-Month CD at a Indiana CU ($14K max)
• 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
• 5.25% 9-Month CD at a Illinois Bank
• 5.25% 3-Month / 6-Month CD at a Massachusetts 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
• 5.15% 11-Month CD at a Multi-State CU
• 5.10% 9-Month CD at a Ohio Bank
• 5.10% 7-Month CD at a Kentucky CU
• 5.10% 10-Month CD at a Virginia Bank
• 5.05% 7-Month CD at a Tennessee Bank
• 5.05% 5-Month CD at a Tennessee 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
• 5.00% 6-Month CD at a Washington State CU
• 5.00% 9-Month CD at a CA/MD/TX CU
• 5.00% 5-Month CD at a Tennessee Bank
• 4.85% 4-Month CD at a California Bank

CD Alternatives

• Money Magazine article on risk-free investments
• I Bond Fixed Rate Predictions, I Bond Article, New I Bond Rate, I Bonds as CD Alternatives