Bank Deal Summary for June 3, 2006

The wait for the 5% no-minimum savings account from a major online bank continues. Unless ING does a summer save up sale, it's unlikely that ING Direct will be the first. This week ING Direct bumped up its savings account rate from 4.15% to 4.25% APY continuing its lackluster performance (see post).

A new high yield savings account came out this week from Ascencia Bank with an APY of 4.75% and a minimum deposit requirement of only $50. There are no minimum balance requirements or monthly maintenance fees (see post). This account isn't new but the previous rate was only 1.25%. We'll have to wait and see if it'll continue with high rates.

Countrywide Bank increased the yield on its new Savingslink account for balances over $50K. The APY is now 5%. The APY between $1K and $50K remains at 4.25%. For those with large balances, this may be a nice account. It can also make it easier to open one of their competitive CDs.

For CDs, there were several disappointments this week. Corus Bank ended its long streak of rising CD rates. Corus Bank's 1-year and 6-month CD remained at 5.45% and 5.30% APY. Pentagon FCU made some major reductions on its CD rates. The 6% 3-year CD dropped to 5.31%. Also, Agricultural FCU ended its 6% 6-month special CD. However, they are still offering a 6.36% 3-year CD (see post).

There were a couple of CD bright spots this week. Crestmark Bank re-started offering several high yield CDs including a 5.30% 90-day CD, 5.50% 180-day CD and a 5.65% 1-year CD. The bank isn't the most user friendly. CDs and applications must be done by mail (see post).

Some more CD bright spots this week included a small bump-up in GMAC Bank CD rates and a new 5.41% APY 1-year EverBank CD. I've now added EverBank in my list. With some competitive CD rates combined with a nice 5.51% 3-month checking account promotion, they may be a good bank for the long term.

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 27th, May 20th, May 13th, May 6th, Apr 29th, Apr 22nd and Apr 15th.

As of June 3, 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 - 4.82% MMA (min $10K to open)
• AmboyDirect - 4.75%, my post
• Citibank - 4.75%, requires checking account, my post
• Ascencia Bank - 4.75% (min $50), 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
• Self-Help Credit Union - 4.48% MMA (min $500), my post
• UFB Direct - 4.40%, (4.91% $50K+) offers checking, my post
• Countrywide - 4.25% (min $1K), (5% $50K+) my post
• ING Direct - 4.25%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• 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 - 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:

• Ascencia Bank - 5.35% (min $500), 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
• GMAC Bank - 5.25% (min $500), 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
• 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
• EmigrantDirect - 5.00% (min $1K)
• NetBank - 4.95% (min $1K)
• EverBank - 4.92% ($1.5K min)
• ING Direct - 4.75%, my post
• ebank - 4.75% (min $1K), 5.00% for ePremium checking customers
• Self-Help Credit Union - 4.74% (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:

• Corus Bank - 5.45% (min $10K)
• First Internet Bank - 5.43% (min $1K) my post
• AmTrustDirect - 5.41% (min $1K) my post
• EverBank - 5.41% ($1.5K min)
• Countrywide - 5.41% (min $10K), my post
• GMAC Bank - 5.40% (min $500), my post
• UFB Direct - 5.40% (min $8K)
• GTE FCU - 5.38% (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
• 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 - 5.20% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.15% ($1K min)
• Self-Help Credit Union - 5.11% (min $500), my post
• 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:

• 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 - 5.35% (min $500)
• American Partners Bank - 5.18% (min $1K), my post

36-Month Certificate of Deposit:

• Agriculture FCU - 6.36% (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)
• Pentagon Federal CU - 5.31% (min $1K), my post
• Self-Help Credit Union - 5.30% (min $500), my post

48-Month Certificate of Deposit:

• USA FCU - 6.01% (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
• Pentagon Federal CU - 5.32% (min $1K), my post

60-Month Certificate of Deposit:

• 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 - 5.35% (min $500), my post
• GMAC Bank - 5.35% (min $500)
• 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
• 5.50% 6-mo / 5.65% 12-mo CD with $25K min
• 5.40% 6-month CD with $40K min
• 5.00% 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)
• 5.00% 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

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

Terms of 24 Months to Under 60 Months

• 6.36% 36-Month CD at a DC CU (Open to All)
• 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
• 5.75% 36-Month CD at a Florida Bank
• 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)
• 8.30% 12-Month CD at a Texas CU ($2K Max)
• 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 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
• 5.44% 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

• 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)
• 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
• 5.75% 3-Month CD at a Virginia 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
• 5.40% 10-Month CD at a Nebraska Bank
• 5.37% 6-Month CD at a Multi-State CU (Open to All)
• 5.33% 9-Month CD at a North Dakota Bank
• 5.30% 9-Month CD at a Massachusetts Bank (open to all)
• 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 - 4.73% 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