Bank Deal Summary for May 27, 2006

This week EmigrantDirect finally raised the rate on their savings account. Unfortunately, the rate increase was the smallest they have ever done: only 0.15%. In the past, they've always made at least a 0.25% increase. Last September they even did a 0.50% increase. Their new yield is 4.65% APY which exactly matches HSBC's rate increase from the prior week. It looks like they're not worrying about being the rate leader but only near the top.

Next week is the last week to take advantage of World Savings' in-branch CD specials: 5.51% APY for terms between 7 and 11 months (post). In addition, you can add a 5.26% APY 3 to 5-month CD (post). For those who don't have a World Savings branch nearby, their 5-month internet special CD is looking good. They bumped that up this week from 5.16% to 5.31% APY.

CD rates continue to gradually increase. My list now has 5 banks with 12-month CDs of 5.40% APY and over. One new bank that I added to my list is First Internet Bank due to their very competitive 6-month and 12-month CD rates. Their long term CDs are also near the top. Unfortunately, their money market account has a relatively low rate of 3.61% APY.

I've also added EmigrantDirect to the list of CDs. They've reduced the minimum term on their My Way CDs from 9 to 6 months. The APY for all of the terms (6 months to 10 years) remains at 5.00%. They should have started off with terms as short as 6-months from the beginning. A 5% 6-month CD is not bad, but as you can see from my list, it's way below the top rate.

The big news for this week was with Agriculture Federal Credit Union. They started a CD special with a 6% APY 6-month CD and a 6.36% 36-month CD. Anyone can join this credit union by becoming a member of a non-profit organization (post). Also, the membership and account applications can be done online. This has attracted a lot of attention and they are not a large credit union. Hopefully, they'll be able to keep this special for awhile.

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 May 20th, May 13th, May 6th, Apr 29th, Apr 22nd, Apr 15th and Apr 8th.

As of May 27, 2006

Savings Accounts/Money Market Accounts:

• BankUnited - 5.00% (min $5K), my post
• interState Net Bank - 5.00% MMA (min $10K for APY/$2.5K to avoid fee), my post
• Presidential - 4.87% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Corus Bank - 4.81% MMA (min $10K to open)
• AmboyDirect - 4.75%, my post
• Citibank - 4.75%, requires checking account, my post
• GMAC Bank - 4.75% MMA (min $500), my post
• UmbrellaBank.com - 4.75% MMA (min $1K), offers checking, my post
• Heritage Bank Online - 4.72% (min $1K), my post
• CapitalOne/Costco - 4.72% MMA (min $5K, Costco members only, $25 deal for exec. members)
• Zions Bank - 4.71% (min $1K)
• American Partners Bank - 4.71% MMA (min $1K), my post
• HSBC Direct - 4.65%, offers checking, (rate history), my post
• EmigrantDirect - 4.65%, my post, (rate history)
• Western Financial Bank - 4.60% MMA, offers checking, my post
• VirtualBank - 4.60% (min $100), offers checking, my post ($20 bonus)
• FirstFedDirect - 4.57% (min $1K) (closed to CA residents), my post
• CapitalOne - 4.55% (MMA has same rate, but with checks and ATM. $100 min.), my post
• MyBankingDirect - 4.55% MMA (min $5K), my post
• Transportation Alliance Bank - 4.50% MMA (min $25), my post
• UFB Direct - 4.40%, offers checking, my post
• Self-Help Credit Union - 4.37% MMA (min $500), my post
• Countrywide - 4.25% (min $1K), my post
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• ING Direct - 4.15%, my post ($25 bonus), (rate history)
• Stonebridge - 4.00% ($100 min), my post
• First Internet Bank - 3.61% ($4K min)
• 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
• ETrade Bank - 3.00% (min $1K to avoid fees/$5K for APY), my post (4.75%/$50 bonus)

6-Month Certificates of Deposit:

• Agriculture FCU - 6.00% (min $1K), my post
• World Savings - 5.51% (7 months) (min $10K), branch only, new funds only, my post
• World Savings - 5.31% (5 months) (min $10K), new funds only, my post
• UFB Direct - 5.30% (min $8K)
• Corus Bank - 5.30% (min $10K)
• First Internet Bank - 5.27% (min $1K) my post
• AmTrustDirect - 5.25% (min $1K) my post
• VirtualBank - 5.25% (min $10K), my post ($20 bonus)
• ETrade Bank - 5.21% (min $1K), my post
• FirstFedDirect - 5.21% (min $10K), my post
• GMAC Bank - 5.20% (min $500), my post
• UmbrellaBank.com - 5.20% (min $1K)
• Meadows Credit Union - 5.12% ($1K min), new funds only, my post
• Countrywide - 5.11% (min $10K), my post
• Stonebridge - 5.00% ($500 min), my post
• NetBank - 5.00% (min $1K)
• EmigrantDirect - 5.00% (min $1K)
• ING Direct - 4.75%, my post
• ebank - 4.75% (min $1K), 5.00% for ePremium checking customers
• Self-Help Credit Union - 4.67% (min $500), my post
• Transportation Alliance Bank - 4.65% ($1K min)
• Western Financial Bank - 4.50% ($100 min)
• MetLife Bank - 4.50% ($1K min)

12-Month Certificates of Deposit:

• World Savings - 5.51% (11 months) (min $10K), branch only, new funds only, my post
• Corus Bank - 5.45% (min $10K)
• First Internet Bank - 5.43% (min $1K) my post
• AmTrustDirect - 5.41% (min $1K) my post
• Countrywide - 5.41% (min $10K), my post
• UFB Direct - 5.40% (min $8K)
• GTE FCU - 5.38% (min $500) my post
• GMAC Bank - 5.35% (min $500)
• UmbrellaBank.com - 5.35% (min $1K)
• Mutual Bank - 5.35% (min $2.5K) my post
• Melrose CU - 5.35% (min $5K) my post
• BankUnited - 5.35% (min $5K), my post
• VirtualBank - 5.35% (min $10K), my post ($20 bonus)
• FirstFedDirect - 5.32%, (min $10K) my post
• ETrade Bank - 5.30% (min $1K), my post
• ING Direct - 5.25%, my post
• Western Financial Bank - 5.25% ($100 min) (13-month)
• Stonebridge - 5.25% ($500 min), my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.15% ($1K min)
• American Partners Bank - 5.07% (min $1K), my post
• MetLife Bank - 5.05% ($1K min)
• Self-Help Credit Union - 5.04% (min $500), my post
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• EmigrantDirect - 5.00% (min $1K)

18-Month Certificates of Deposit:

• Stonebridge - 5.50% ($500 min), my post
• First Internet Bank - 5.43% (min $1K) my post
• Mutual Bank - 5.40% (min $5K) my post
• CapitalOne/Costco - 5.40% (min $5K, Costco members only)
• GMAC Bank - 5.30% (min $500)
• American Partners Bank - 5.18% (min $1K), my post

36-Month Certificate of Deposit:

• Agriculture FCU - 6.36% (min $1K), my post
• Pentagon Federal CU - 6.00% (min $1K), my post
• Melrose CU - 5.56% (min $5K) my post
• Stonebridge - 5.50% ($500 min), my post
• Transportation Alliance Bank - 5.44% ($1K min)
• First Internet Bank - 5.43% (min $1K) my post
• GMAC Bank - 5.35% (min $500)
• Self-Help Credit Union - 5.29% (min $500), my post

48-Month Certificate of Deposit:

• USA FCU - 6.01% (min $1K) my post
• Pentagon Federal CU - 6.00% (min $1K), my post
• Melrose CU - 5.67% (min $5K) my post
• Stonebridge - 5.50% ($500 min), my post
• Transportation Alliance Bank - 5.47% ($1K min)
• First Internet Bank - 5.43% (min $1K) my post
• GMAC Bank - 5.35% (min $500)
• Self-Help Credit Union - 5.32% (min $500), my post

60-Month Certificate of Deposit:

• Pentagon Federal CU - 6.00% (min $1K), my post
• Melrose CU - 5.77% (min $5K) my post
• First Internet Bank - 5.54% (min $1K) my post
• Transportation Alliance Bank - 5.51% ($1K min)
• Stonebridge - 5.50% ($500 min), my post
• Self-Help Credit Union - 5.36% (min $500), my post
• GMAC Bank - 5.35% (min $500)

84-Month Certificate of Deposit:

• Pentagon Federal CU - 5.95% (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
• 5.40% 6-month CD with $40K min
• 5.00% Money Market with $100K min
• 5.00% Money Market with $100K min

Checking and Saving Accounts at Local Credit Unions

• 5.25% no-minimum online savings account (New York)
• 5.00% Money Market Account (Wisconsin)
• 5.00% savings account (Pennsylvania)
• 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

• 6.25% 60-Month CD at a Carolina CU (Variable)
• 6.14% 60-Month CD at a Virginia CU
• 6.00% 61-Month CD at a Michigan CU (Open to All)
• 6.00% 60-Month CD at a Florida Bank
• 5.64% 60-Month CD at a South Carolina/Georgia CU

Terms of 24 Months to Under 60 Months

• 6.36% 36-Month CD at a DC CU (Open to All)
• 6.01% 48-Month CD at a California CU (Open to All)
• 6.00% 59-Month CD at a Missouri CU
• 6.00% 24-Month CD at a California CU (Variable)
• 5.96% 48-Month CD at a Washington DC CU
• 5.90% 27-Month CD at a California CU
• 5.87% 30-Month CD at a Wisconsin CU
• 5.75% 41-Month CD at a Missouri CU
• 5.75% 27-Month CD at a Florida CU
• 5.75% 36-Month CD at a Florida Bank
• 5.61% 24-Month CD at a Chicago Bank
• 5.60% 24-Month CD at a Georgia Bank
• 5.55% 24-Month CD at a Ohio CU
• 5.50% 35-Month CD at a Oklahoma Bank
• 5.50% 49-Month CD at a Georgia Bank
• 5.50% 36-Month CD at a New York Bank
• 5.45% 36-Month CD at a Los Angeles CU
• 5.39% 24-Month CD at a California/Texas CU
• 5.35% 48-Month CD at a Texas CU

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Dallas Bank ($5K max)
• 10.00% 12-Month CD at a Massachusetts Bank ($1K Max)
• 8.30% 12-Month CD at a Texas CU ($2K Max)
• 8.00% 12-Month CD at a NJ/NY/PA CU ($2K max)
• 5.90% 18-Month CD at a Houston CU ($90K min)
• 5.85% 20-Month CD at a Nevada CU
• 5.78% 12-Month CD at a Georgia Bank
• 5.60% 23-Month CD at a Indiana CU
• 5.55% 12-Month CD at a Georgia Bank
• 5.54% 13-Month CD at a California CU
• 5.50% 12-Month CD at a Virginia CU
• 5.50% 13-Month CD at a Massachusetts Bank
• 5.50% 20-Month CD at a Illinois CU (Open To All)
• 5.50% 12-Month CD at a New York/California Bank
• 5.50% 12-Month CD at a Georgia Bank
• 5.50% 18-Month CD at a Iowa CU
• 5.50% 18-Month CD at a New Jersey/Pennsylvania Bank
• 5.50% 12-Month CD at a California Bank
• 5.50% 15-Month CD at a Florida Bank
• 5.50% 13-Month CD at a Florida Bank
• 5.50% 13-Month CD at a Indiana CU
• 5.48% 18-Month CD at a Florida Bank
• 5.48% 18-Month CD at a Florida Bank
• 5.44% 12-Month CD at a Washington DC CU
• 5.40% 12-Month CD at a New York Bank
• 5.40% 12-Month CD at a Nebraska CU
• 5.40% 12-Month CD at a Chicago Bank
• 5.40% 15-Month CD at a Massachusetts Bank
• 5.38% 15-Month CD at a Maine CU
• 5.38% 12-Month CD at a CU Open to All
• 5.35% 13-Month CD at a Ohio CU
• 5.35% 15-Month CD at a Florida Bank
• 5.35% 12-Month CD at a Missouri Bank
• 5.30% 13-Month CD at a Georgia Bank
• 5.30% 13-Month CD at a Pennsylvania Bank
• 5.30% 19-Month CD at a Florida CU
• 5.30% 15-Month CD at a Florida Bank
• 5.27% 15-Month CD at a Kentucky Bank
• 5.25% 18-Month CD at a Florida Bank
• 5.25% 20-Month CD at a Pennsylvania Bank
• 5.25% 13-Month CD at a Florida CU
• 5.17% 12-Month CD at a Texas CU
• 5.15% 12-Month CD at a Pennsylvania Bank

Terms of Under 12 Months

• 8.00% 8-Month CD at a California CU ($5K Max)
• 6.00% 6-Month CD at a South Carolina Bank
• 6.00% 6-Month CD at a California CU ($5K Max)
• 6.00% 6-Month CD at a Virginia CU
• 6.00% 6-Month CD at a DC CU (Open to All)
• 6.00% 7-Month CD at a Vermont CU
• 5.75% 3-Month CD at a Virginia CU
• 5.75% 9-Month CD at a Georgia Bank
• 5.55% 11-Month CD at a Georgia Bank
• 5.51% 11-Month CD at a Wisconsin Bank
• 5.50% 9-Month CD at a Georgia Bank
• 5.50% 10-Month CD at a California CU
• 5.50% 7-Month CD at a Virginia Bank
• 5.50% 9-Month CD at a Maryland Bank
• 5.50% 10-Month CD at a Chicago Bank
• 5.50% 9-Month CD at a New Hampshire Bank (open to all)
• 5.50% 9-Month CD at a Georgia Bank
• 5.50% 7-Month CD at a Georgia Bank
• 5.50% 9-Month CD at a Virginia CU
• 5.45% 9-Month CD at a California Bank
• 5.40% 10-Month CD at a Nebraska Bank
• 5.38% 9-Month CD at a CU Open To All
• 5.38% 11-Month CD at a Arizona CU
• 5.40% 6-Month CD at a Multi-State CU (Open to All)
• 5.35% 10-Month CD at a Tennessee CU
• 5.33% 9-Month CD at a North Dakota Bank
• 5.30% 9-Month CD at a Massachusetts Bank (open to all)
• 5.25% 11-Month CD at a Michigan CU
• 5.25% 10-Month CD at a Massachusetts Bank
• 5.25% 7-Month CD at a Florida CU
• 5.25% 11-Month CD at a Wisconsin CU
• 5.25% 7-Month CD at a Georgia Bank
• 5.22% 6-Month CD at a California CU
• 5.20% 9-Month CD at a Nebraska CU
• 5.20% 9-Month CD at a Massachusetts Bank
• 5.15% 7-Month CD at a Georgia Bank
• 5.15% 10-Month CD at LaSalle Bank
• 5.12% 7-Month CD at a Wisconsin CU
• 5.00% 9-Month CD at a Wisconsin Bank

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Paypal Money Market Fund - 4.72% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting May 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey