5.30% 11-Month CD / XM Radio Checking Account Bonus at Compass Bank
Jun 17, 2006 - 9:51 AM by Ken Tumin
Compass Bank is offering a 5.30% APY 11-month certificate of deposit. The minimum is $5K. The maximum is $1M.
This isn't a great CD special, but like the 5.25% 11-month CD special at Wachovia that I posted on last Sunday, it's nice to see some competitive CD specials at large banks. Compass isn't the size of Wachovia, but it is a large regional bank with branches in Alabama, Arizona, New Mexico, Colorado, Florida and Texas. Compass branches in all states seem to have this same 5.30% special.
Another type of Compass CD that might be considered is their Option Certificates of Deposit. They allow you to make additional deposits and request rate bumps if interest rates rise during the term. However, with a 11-month fixed rate CD paying 5.30%, it's hard to justify these Option CDs when the highest one is only paying 5.10% APY (60 month term). You may be interested in these, however, if you already have one. You'll want to know when these rates have increased so you can request a bump. There haven't been many rate changes since I reported on them back in March. Here are the current and March APYs by terms:
XM Radio Checking Account Bonus
Another good aspect about Compass Bank is their free checking account with no minimum requirements to avoid monthly fees, free checks for the life of the account and refunds of ATM charges by other banks.
Every now and then Compass has been offering a $50 Amazon gift card when you open a new checking account. My last post on this was back in April. This doesn't seem valid anymore, but instead they now are offering a free XM Radio for opening a Free Checking account by June 30th. This bonus does require a $50 minimum opening deposit and the account must remain opened for 180 days to avoid a $25 early closure fee. A minimum new 6-month subscription for XM service is required.
This isn't a great CD special, but like the 5.25% 11-month CD special at Wachovia that I posted on last Sunday, it's nice to see some competitive CD specials at large banks. Compass isn't the size of Wachovia, but it is a large regional bank with branches in Alabama, Arizona, New Mexico, Colorado, Florida and Texas. Compass branches in all states seem to have this same 5.30% special.
Another type of Compass CD that might be considered is their Option Certificates of Deposit. They allow you to make additional deposits and request rate bumps if interest rates rise during the term. However, with a 11-month fixed rate CD paying 5.30%, it's hard to justify these Option CDs when the highest one is only paying 5.10% APY (60 month term). You may be interested in these, however, if you already have one. You'll want to know when these rates have increased so you can request a bump. There haven't been many rate changes since I reported on them back in March. Here are the current and March APYs by terms:
Term March APY Today's APY
12 Month 4.65% 4.80%
24 Month 4.95% 5.05%
36 Month 5.00% 5.05%
48 Month 5.05% 5.05%
60 Month 5.10% 5.10%
XM Radio Checking Account Bonus
Another good aspect about Compass Bank is their free checking account with no minimum requirements to avoid monthly fees, free checks for the life of the account and refunds of ATM charges by other banks.
Every now and then Compass has been offering a $50 Amazon gift card when you open a new checking account. My last post on this was back in April. This doesn't seem valid anymore, but instead they now are offering a free XM Radio for opening a Free Checking account by June 30th. This bonus does require a $50 minimum opening deposit and the account must remain opened for 180 days to avoid a $25 early closure fee. A minimum new 6-month subscription for XM service is required.
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