Bank Deal Summary for April 8, 2006

A week after the Fed increased the funds rate, we finally saw several banks make rate hikes to their savings accounts and CDs. Presidential and Western Financial Bank both made 0.25% increases. UFB Direct raised their no-minimum savings account from 3.75% to 4.40% APY. This almost puts the rate back to where it was when UFB Direct slashed the rate in early March. The jumbo money market rate also increased (from 4.50% to 4.75% APY). GMAC Bank continued a gradual and steady rate climb to remain near the top on rates. GMAC Bank's money market is now 4.70% APY.

I've added two banks to my lists. Citibank was added to the savings account list with their 4.50% e-Savings account. I should have added it last week. I also added American Partners Bank which is offering a 4.71% money market account and some high yield CDs.

In addition to money market accounts, there were several rate hikes to CDs. GMAC Bank and Virtual Bank now offer 5.20% 1-year CD. I now list 10 banks and credit unions (open to all) with one year CD rates at or above 5.15% APY.

There was a deal that's sort of available to all. It's a 5.38% APY 9-month CD at the America's Christian Credit Union. The credit union only has branches in California and Kansas. However, their field of membership allows anyone to join who agrees to sign a Christian statement of faith.

For local deals, RateEdge.com increased the yield on their no-minimum savings account from 4.75% to 5.00% APY. RateEdge.com is an online division of Sunmark FCU with a FOM that includes areas of New York State. RateEdge's savings account has had higher rates in the last 8 months than any other online savings account.

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 Apr 1st, Mar 25th, Mar 18th, Mar 11th, Mar 4th and Feb 25th.

As of April 8, 2006

Savings/Money Market Accounts:

• HSBC - 4.80%, offers checking, (rate history), my post (bonus info)
• American Partners Bank - 4.71% MMA (min $1K), my post
• GMAC Bank - 4.70% MMA (min $500), my post
• UmbrellaBank.com - 4.66% MMA (min $1K), offers checking, my post
• Corus Bank - 4.64% MMA (min $10K to open)
• Presidential - 4.62% (min $5K, only first $35K receives this rate), 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)
• Citibank - 4.50%, requires checking account, my post
• Western Financial Bank - 4.50% MMA, offers checking, my post
• Transportation Alliance Bank - 4.50% MMA (min $25), my post
• UFB Direct - 4.40% MMA, offers checking, my post
• CapitalOne/Costco - 4.30% MMA (min $5K, Costco members only, $50 deal for exec. members)
• FirstFedDirect - 4.25% (closed to CA residents), my post
• CapitalOne - 4.25% (MMA has same rate, but with checks and ATM. $100 min.)
• Self-Help Credit Union - 4.16% MMA (min $500), my post
• 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)
• 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
• World Savings - 5.01% (5 months) (min $10K), new funds only, my post
• GMAC Bank - 5.00% (min $500)
• VirtualBank - 5.00% (min $10K), my post ($20 bonus)
• Corus Bank - 5.00% (min $10K)
• FirstFedDirect - 4.97% (min $10K), my post
• UmbrellaBank.com - 4.95% (min $1K)
• ETrade Bank - 4.92% (min $1K), 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 - 4.47% (min $500), my post
• ING Direct - 4.50%

12-Month Certificates of Deposit:

• Melrose CU - 5.35% (min $5K) my post
• American Partners Bank - 5.23% (min $1K), my post
• Pacific Mercantile Bank - 5.23% (min $10K), my post
• GMAC Bank - 5.20% (min $500)
• VirtualBank - 5.20% (min $10K), my post ($20 bonus)
• Corus Bank - 5.18% (min $10K)
• FirstFedDirect - 5.17%, (min $10K) my post
• Western Financial Bank - 5.15% ($100 min) (13-month)
• Transportation Alliance Bank - 5.15% ($1K min)
• UmbrellaBank.com - 5.15% (min $1K)
• NetBank - 5.06% (min $1K), my post ($25 bonus)
• ETrade Bank - 5.00% (min $1K), my post
• Self-Help Credit Union - 4.93% (min $500), my post
• MetLife Bank - 4.90% ($1K min)
• UFB Direct - 4.90% (min $8K)
• ING Direct - 4.75%
• ebank - 4.75% (min $1K), 5.00% for ePremium checking customers

18-Month Certificates of Deposit:

• American Partners Bank - 5.28% (min $1K), my post
• Pacific Mercantile Bank - 5.26% (min $10K), my post
• GMAC Bank - 5.20% (min $500)
• CapitalOne/Costco - 5.13% (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
• Pacific Mercantile Bank - 5.26% (min $10K), my post
• GMAC Bank - 5.25% (min $500)
• Self-Help Credit Union - 5.17% (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
• Pacific Mercantile Bank - 5.26% (min $10K), my post
• GMAC Bank - 5.25% (min $500)
• Self-Help Credit Union - 5.22% (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)
• 5.51% 3-month intro rate on checking account
• 5.38% 9-month CD (must sign a Christian statement of faith)
• 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% no-minimum savings account (New York)
• 5.00% Money Market 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
• 5.64% 60-Month CD at a South Carolina/Georgia CU
• 5.61% 60-Month CD at a Minnesota Bank
• 5.50% 60-Month CD at a Illinois Bank (gradual withdrawal CD)

Terms of 24 Months to Under 60 Months

• 5.81% 30-Month CD at a Wisconsin CU
• 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
• 5.55% 24-Month CD at a Ohio CU
• 5.50% 30-Month CD at a Philadelphia Bank
• 5.50% 24-Month CD at a New York Bank
• 5.39% 24-Month CD at a California/Texas CU
• 5.35% 48-Month CD at a Texas CU
• 5.25% 24-Month CD at a Philadelphia 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)
• 8.00% 12-Month CD at a NJ/NY/PA CU ($2K max)
• 5.90% 12-Month CD at a New York CU (based on NCAA picks)
• 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?)
• 5.35% 13-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
• 5.30% 12-Month CD at a New York Bank
• 5.30% 13-Month CD at a Virginia Bank
• 5.30% 13-Month CD at a Georgia Bank
• 5.26% 15-Month CD at a Florida Bank ($50K min)
• 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
• 5.25% 18-Month CD at a Florida Bank
• 5.25% 20-Month CD at a Pennsylvania 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
• 5.15% 12-Month CD at a Pennsylvania 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
• 5.38% 9-Month CD at a CU Open To All
• 5.25% 9-Month CD at a Illinois Bank
• 5.25% 11-Month CD at a Michigan CU
• 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