Bank Deal Summary for June 24, 2006

It was a hectic week with many rate hikes on savings accounts and CDs. Unfortunately, there were just modest gains at HSBC and EmigrantDirect. Both increased the APY on their savings accounts from 4.65% to 4.80%. The most impressive rate hike was at BankUnited which raised the rate on its savings account from 5.00% to 5.25% APY. This account has an initial deposit requirement of $5K but only $300 balance is required to maintain the maximum APY and to avoid monthly fees (see post).

We had many CD rate gains this week. My list now includes six 1-year CDs with an APY of 5.50% or higher. This is up from one last week. The best CD deal for this week is an unadvertised 3-month CD special at World Savings. It has an APY of 5.76%. I've listed it as a 6-month CD since you have the option to renew it for another 3 months at the same rate (see post).

One bank fell off the 5% savings account club this week. InterState Net Bank dropped the rate on its money market account from 5% to 4.08% APY. One reason I keep all of the rate lists from the previous weeks is that it allows you to see which banks are able to consistently maintain the high rates. Banks often have teaser rates or promos. By choosing a bank with a track record of high rates, you won't have to rate chase as much.

The Chartway Credit Union's 8% 8-month CD deal continues and is available for those who meet membership requirements and are able to get referrals. Feel free to request referrals in this Chartway CD referral post.

It's widely expected that the Fed will be raising the target federal funds rate to 5.25% next week, and a bump to 5.50% seems likely for August (see article). So we will likely see more weeks like this one with higher rates on money market accounts and CDs.

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 June 17th, June 10th, June 3rd, May 27th, May 20th and May 13th.

As of June 24, 2006

Savings Accounts/Money Market Accounts:

• BankUnited - 5.25% (min $5K), my post
• OneUnited - 5.00% (min $10), my post
• Corus Bank - 4.94% MMA (min $10K to open)
• Presidential - 4.87% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• HSBC Direct - 4.80%, offers checking, (rate history), my post
• EmigrantDirect - 4.80%, my post, (rate history)
• GMAC Bank - 4.80% MMA (min $500), my post
• CapitalOne/Costco - 4.77% MMA (min $5K, Costco members only, $50 deal for exec. members)
• Zions Bank - 4.76% (min $1K)
• AmboyDirect - 4.75%, my post
• Citibank - 4.75%, requires checking account, my post
• Ascencia Bank - 4.75% (min $50), my post
• UmbrellaBank.com - 4.75% MMA (min $1K), offers checking, my post
• Heritage Bank Online - 4.75% (min $1K), my post
• American Partners Bank - 4.71% MMA (min $1K), my post
• FirstFedDirect - 4.68% (min $1K) (closed to CA residents), my post
• Western Financial Bank - 4.60% MMA, offers checking, my post
• VirtualBank - 4.60% (min $100), offers checking, my post ($20 bonus)
• CapitalOne - 4.55% (MMA has same rate, but with checks and ATM. $100 min.), my post
• MyBankingDirect - 4.55% MMA (min $5K), my post
• UFB Direct - 4.50%, (5.01% $50K+) offers checking, my post
• Transportation Alliance Bank - 4.50% MMA (min $25), my post
• Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
• Self-Help Credit Union - 4.48% MMA (min $500), my post
• ING Direct - 4.25%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• interState Net Bank - 4.08% MMA (min $10K for APY/$2.5K to avoid fee), my post
• EverBank - 4.01% ($1.5K min), 5.51% 3-mo checking account promo, my post
• Stonebridge - 4.00% ($100 min), my post
• First Internet Bank - 4.00% ($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 (5.00%/$50 bonus)

6-Month Certificates of Deposit:

• World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
• ETrade Bank - 5.46% (min $1K), my post
• UFB Direct - 5.40% (min $8K)
• Corus Bank - 5.37% (min $10K)
• Ascencia Bank - 5.35% (min $500), my post
• AmTrustDirect - 5.32% (min $1K) my post
• World Savings - 5.31% (5 months) (min $10K), new funds only, my post
• GMAC Bank - 5.30% (min $500), my post
• VirtualBank - 5.30% (min $10K), my post ($20 bonus)
• First Internet Bank - 5.27% (min $1K) my post
• FirstFedDirect - 5.21% (min $10K), my post
• UmbrellaBank.com - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K), my post
• EverBank - 5.15% ($1.5K min)
• NetBank - 5.05% (min $1K)
• Stonebridge - 5.00% ($500 min), my post
• EmigrantDirect - 5.00% (min $1K)
• Self-Help Credit Union - 4.97% (min $500), my post
• ING Direct - 4.75%, my post
• ebank - 4.75% (min $1K), 5.00% for ePremium checking customers
• MetLife Bank - 4.75% ($1K min)
• Transportation Alliance Bank - 4.65% ($1K min)
• Western Financial Bank - 4.50% ($100 min)

12-Month Certificates of Deposit:

• ETrade Bank - 5.56% (min $1K), my post
• AmTrustDirect - 5.51% (min $1K) my post
• Transportation Alliance Bank - 5.50% ($1K min)
• BankUnited - 5.50% (min $5K), my post
• UFB Direct - 5.50% (min $8K)
• Countrywide - 5.50% (min $10K), my post
• Corus Bank - 5.48% (min $10K)
• GMAC Bank - 5.46% (min $500), my post
• Melrose CU - 5.46% (min $5K) my post
• FirstFedDirect - 5.46%, (min $10K) my post
• VirtualBank - 5.45% (min $10K), my post ($20 bonus)
• First Internet Bank - 5.43% (min $1K) my post
• GTE FCU - 5.38% (min $500) my post
• Self-Help Credit Union - 5.36% (min $500), my post
• Ascencia Bank - 5.35% (min $500), my post
• UmbrellaBank.com - 5.35% (min $1K)
• Mutual Bank - 5.35% (min $2.5K) 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 - 5.45% (min $1K), my post ($100 bonus)
• EverBank - 5.26% ($1.5K min)
• American Partners Bank - 5.07% (min $1K), my post
• MetLife Bank - 5.05% ($1K min)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• EmigrantDirect - 5.00% (min $1K)

18-Month Certificates of Deposit:

• ETrade Bank - 5.56% (min $1K), my post
• CapitalOne/Costco - 5.51% (min $5K, Costco members only)
• GMAC Bank - 5.46% (min $500)
• First Internet Bank - 5.43% (min $1K) my post
• Stonebridge - 5.40% ($500 min), my post
• Mutual Bank - 5.40% (min $5K) my post
• American Partners Bank - 5.18% (min $1K), my post

36-Month Certificate of Deposit:

• Self-Help Credit Union - 5.57% (min $500), my post
• ETrade Bank - 5.56% (min $1K), my post
• Melrose CU - 5.56% (min $5K) my post
• Transportation Alliance Bank - 5.52% ($1K min)
• GMAC Bank - 5.51% (min $500)
• First Internet Bank - 5.43% (min $1K) my post
• Stonebridge - 5.40% ($500 min), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post

48-Month Certificate of Deposit:

• Melrose CU - 5.67% (min $5K) my post
• Self-Help Credit Union - 5.58% (min $500), my post
• Transportation Alliance Bank - 5.53% ($1K min)
• GMAC Bank - 5.51% (min $500)
• First Internet Bank - 5.43% (min $1K) my post
• Stonebridge - 5.40% ($500 min), my post
• USA FCU - 5.33% (min $1K) my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post

60-Month Certificate of Deposit:

• Agriculture FCU - 6.00% (min $1K), my post
• Melrose CU - 5.82% (min $5K) my post
• ETrade Bank - 5.61% (min $1K), my post
• Self-Help Credit Union - 5.60% (min $500), my post
• Transportation Alliance Bank - 5.55% ($1K min)
• First Internet Bank - 5.54% (min $1K) my post
• GMAC Bank - 5.45% (min $500)
• Stonebridge - 5.40% ($500 min), my post
• Pentagon Federal CU - 5.32% (min $1K), my post

84-Month Certificate of Deposit:

• Pentagon Federal CU - 5.32% (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
• 5.49% 6-month CD with $40K min
• 5.25% Savings Account with $50K 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)
• 5.15% Savings Account (Massachusetts)
• 5.00% Money Market Account (Wisconsin)
• 5.00% savings account (Pennsylvania)
• 5.00% Money Market Account (New York)

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 Florida Bank
• 6.00% 60-Month CD at a Vermont CU
• 6.00% 60-Month CD at a Virginia CU
• 5.50% 60-Month CD at a Virginia CU (5 bump-ups)

Terms of 24 Months to Under 60 Months

• 6.17% 33-Month CD at a Virginia CU (Fort Belvoir)
• 6.17% 36-Month CD at a Wyoming CU
• 6.00% 36-Month CD at a Colorado CU
• 5.96% 48-Month CD at a Washington DC CU
• 5.90% 27-Month CD at a California CU
• 5.86% 31-Month CD at a South Dakota CU
• 5.75% 36-Month CD at a Florida Bank
• 5.75% 24-Month CD at a Florida CU
• 5.60% 24-Month CD at a Georgia Bank
• 5.50% 36-Month CD at a New York Bank

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Massachusetts Bank ($1K Max)
• 10.00% 12-Month CD at a Wisconsin CU ($1K Max)
• 10.00% 12-Month CD at a Massachusetts Bank ($1K Max)
• 8.30% 12-Month CD at a Texas CU ($2K Max)
• 6.50% 12-Month CD at a South Dakota CU
• 6.00% 13-Month CD at a Colorado CU
• 5.85% 20-Month CD at a Nevada CU
• 5.78% 12-Month CD at a Georgia Bank
• 5.75% 12-Month CD at a Florida CU
• 5.65% 14-Month CD at a Maryland CU
• 5.64% 18-Month CD at a Florida CU
• 5.60% 23-Month CD at a Indiana CU
• 5.60% 18-Month CD at a Massachusetts Bank
• 5.55% 12-Month CD at a Georgia Bank
• 5.55% 15-Month CD at a Massachusetts CU
• 5.55% 15-Month CD at a California CU (open to all)
• 5.55% 13-Month CD at a Georgia Bank
• 5.54% 13-Month CD at a California CU
• 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
• 5.50% 13-Month CD at a New Hampshire CU
• 5.50% 12-Month CD at a South Dakota CU
• 5.50% 12-Month CD at a Massachusetts Bank
• 5.50% 13-Month CD at a Pennsylvania CU
• 5.50% 12-Month CD at a Colorado Bank
• 5.50% 12-Month CD at a Texas Bank
• 5.50% 12-Month CD at a California Bank
• 5.50% 12-Month CD at a California Bank
• 5.50% 12-Month CD at a Virginia CU
• 5.47% 13-Month CD at a California CU (The Golden 1)
• 5.44% 12-Month CD at a Washington DC CU
• 5.40% 12-Month CD at a Chicago Bank
• 5.40% 15-Month CD at a Massachusetts Bank
• 5.35% 12-Month CD at a Missouri Bank

Terms of Under 12 Months

• 10.00% 3-Month CD at a Georgia Bank ($10K Max)
• 8.00% 8-Month CD at a California CU ($5K Max)
• 8.00% 8-Month CD at a Multi-State CU ($8K Max)
• 7.00% 6-Month CD at a California CU ($5K Max)
• 7.00% 7-Month CD at a California CU ($7K max)
• 7.00% 7-Month CD at a California CU ($7K Max)
• 6.25% 6-Month CD at a Michigan CU
• 6.17% 6-Month CD at a Massachusetts CU
• 6.17% 9-Month CD at a Delaware CU
• 6.00% 6-Month CD at a California CU ($5K Max)
• 6.00% 6-Month CD at a Virginia CU
• 6.00% 7-Month CD at a Vermont CU
• 6.00% 6-Month CD at a California CU
• 6.00% 7-Month CD at a Nevada CU
• 5.75% 9-Month CD at a Georgia Bank
• 5.61% 9-Month CD at a South Carolina CU
• 5.51% 11-Month CD at a Wisconsin Bank
• 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
• 5.50% 11-Month CD at a Texas Bank
• 5.50% 9-Month CD at a Massachusetts Bank
• 5.50% 11-Month CD at a Florida CU
• 5.45% 11-Month CD at a California CU
• 5.40% 10-Month CD at a Nebraska Bank
• 5.40% 7-Month CD at a Tennessee Bank
• 5.38% 6-Month CD at a Washington State Bank (Variable Rate)
• 5.37% 6-Month CD at a Multi-State CU (Open to All)
• 5.35% 9-Month CD at a California Bank
• 5.34% 9-Month CD at a Florida CU
• 5.33% 9-Month CD at a North Dakota Bank
• 5.30% 9-Month CD at a Massachusetts Bank (open to all)
• 5.30% 6-Month CD at a California Bank
• 5.30% 11-Month CD at Compass Bank
• 5.22% 6-Month CD at a California CU
• 5.20% 9-Month CD at a Massachusetts Bank

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Paypal Money Market Fund - 4.77% 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