Bank Deal Summary for July 29, 2006

Jul 29, 2006 - 5:20 PM by Ken Tumin

The big news for this week was the expected 0.15% rate bump for EmigrantDirect's savings account and the unexpected website problems that Emigrant customers experienced trying to access their accounts (see post). Besides Emigrant, there weren't many rate increases for savings accounts or for CDs. GMAC Bank and Corus Bank both did a small rate bump to 5.10% for their money market accounts.

There are signs that we may be at a turning point on interest rates. Yesterday, government reports signaled the US economy is slowing. It's looking less likely that we'll get another 0.25% rate hike by the Fed on August 8th. T-Bill rates have moved down a little in the last two weeks. Likewise, several banks have lowered CD rates, especially longer term CD rates.

Yesterday, GMAC Bank lowered the rates of all CDs with terms of 1-year and longer. The 1-year CD rate went from 5.65% to 5.50% APY. CD rates also went down at Transportation Alliance Bank and at Self-Help Credit Union.

So for those who have been waiting to lock in high rates into long-term CDs, be sure to keep an eye on rates over the next month. I still list one 6.00% APY long-term CD that's available to all at Agriculture FCU. This credit union had 6.00%+ rates in May and June on shorter term CDs. Today, only the 5-year CD has a 6% APY (see post).

There was one new 6% CD that's available to everyone this week. Digital Credit Union came out with a new 6.00% APY 16-month CD promotion (post). DCU often has these 16-month CD promotions. Several times last year it had offered a 5% 16-month CD.

Dime Savings Bank is still offering a 6% APY 3-month promo on its Rewards Money Market Account. The account is open to all (see post).

A reader mentioned that World Savings will be coming out with a 6.00% APY 9-month CD at a Colorado branch this Monday. I wasn't able to confirm this yesterday from the national or local World CSRs, but I'll check again on Monday. This may be another one of World's secret in-branch only CD deals. Currently, World does have a nice 10-month branch-only CD special that's listed at their website. The rates vary by state. Some branches have rates as high as 5.76% APY (see post).

For local CD deals, many CD promotions may be ending in July. This includes Chartway's 8% 8-month CD (see post) and a 6.5% 1-year CD at a New York HSBC Branch (see post).

There were many new local 6% CD deals this week. This includes a 6% 6-month CD at a California Bank (post), a 6% 12-month CD at a large California Credit Union (post), a 6% 6-month CD at a Pennsylvania Credit Union (post) and a 6.00% 13-month CD at a Florida Bank (post). I posted on a few 6% CDs this week that ended within a day or two after the post. Many of these deals don't last long, so be sure to check with the bank for the latest info.

Citibank is still offering 6% APY 6-month CD for those in Texas. Outside of Texas the rate is 5.50% APY (see post).

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 July 22nd, Jul 15th, July 8th, July 1st, June 24th and June 17th.

As of July 29, 2006

Savings Accounts/Money Market Accounts:

Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
OneUnited - 5.25% (min $10), my post
BankUnited - 5.25% (min $5K), my post
FirstFedDirect - 5.17% (min $1K) (closed to CA residents), my post
Domestic Bank - 5.16% MMA (min $2.5K), my post
Tennessee Commerce Bank - 5.16% (min $10K), my post
EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
Apple Bank - 5.15%, my post
Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
GMAC Bank - 5.10% MMA (min $500), my post
UmbrellaBank.com - 5.10% MMA (min $1K) (5.20% $50K+), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Corus Bank - 5.10% MMA (min $10K to open)
CapitalOne/Costco - 5.08% MMA (min $5K, Costco members only, $50 deal for exec. members)
Zions Bank - 5.07% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
Heritage Bank Online - 5.06% (min $1K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
AmboyDirect - 5.05%, my post
Citibank - 5.00%, requires checking account, my post
CapitalOne - 5.00% (MMA has same rate, but with checks and ATM. $100 min.), my post
Ascencia Bank - 4.75% (min $50), my post
Self-Help Credit Union - 4.68% MMA (min $500), my post
Western Financial Bank - 4.60% MMA, offers checking, my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
UFB Direct - 4.50%, (5.13% $50K+) offers checking, my post
Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
ING Direct - 4.35%, 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
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
Imperial Capital - 3.65% MMA ($2.5K min), offers free checking, my post
NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
ETrade Bank - 3.15% (min $1K to avoid fees/$5K for APY), my post (5.00%/$50 bonus)

3-Month Certificates of Deposit:

UFB Direct - 5.38% (min $8K)
UmbrellaBank.com - 5.35% (min $1K)
Imperial Capital - 5.30%, ($2K min), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
GMAC Bank - 5.25% (min $500), my post
Security Savings Bank - 5.25% (min $1K), very small bank with no online banking, see post
EverBank - 5.10% ($1.5K min)
Corus Bank - 5.10% (min $10K)
ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
VirtualBank - 5.02% (min $10K), my post ($20 bonus)
ETrade Bank - 5.00% (min $1K), my post
Self-Help Credit Union - 4.85% (min $500), my post

6-Month Certificates of Deposit:

Corus Bank - 5.64% (min $10K)
UmbrellaBank.com - 5.57% (min $1K)
UFB Direct - 5.57% (min $8K)
VirtualBank - 5.55% (min $10K), my post ($20 bonus)
World Savings - 5.51% (5 months) (min $10K), new funds only, my post
FirstFedDirect - 5.51% (min $10K), my post
Citibank - 5.50% (min $500), 6% for Texas, my post
GMAC Bank - 5.50% (min $500), my post
Imperial Capital - 5.50%, ($2K min), my post
Countrywide - 5.50% (min $10K), my post
ETrade Bank - 5.46% (min $1K), my post
AmTrustDirect - 5.42% (min $1K) my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
Security Savings Bank - 5.35% (min $1K), very small bank with no online banking, see post
EverBank - 5.35% ($1.5K min)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
Wells Fargo - 5.10% (7 month) (min $5K), rate and min vary by state, my post
NetBank - 5.05% (min $1K)
ING Direct - 5.00%, my post
MetLife Bank - 5.00% ($1K min)
Self-Help Credit Union - 4.90% (min $500), my post
Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
Western Financial Bank - 5.60% ($100 min)
UmbrellaBank.com - 5.60% (min $1K)
Imperial Capital - 5.60% ($2K min), my post
Countrywide - 5.60% (min $10K), my post
FirstFedDirect - 5.60% (min $10K), my post
GMAC Bank - 5.50% (min $500), my post
AmTrustDirect - 5.50% (min $1K) my post
EverBank - 5.45% ($1.5K min)
Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
EmigrantDirect - 5.35% (min $1K)
VirtualBank - 5.30% (min $10K), my post ($20 bonus)
ING Direct - 5.10%, my post

12-Month Certificates of Deposit:

Melrose CU - 5.82% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Corus Bank - 5.72% (min $10K)
UFB Direct - 5.71% (min $8K)
Transportation Alliance Bank - 5.69% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
UmbrellaBank.com - 5.67% (min $1K)
FirstFedDirect - 5.67%, (min $10K) my post
Western Financial Bank - 5.65% ($100 min)
Mutual Bank - 5.65% (min $2.5K) my post
Countrywide - 5.65% (min $10K)
GTE FCU - 5.64% (min $500) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
GMAC Bank - 5.50% (min $500), my post
Digital CU - 5.50% (11 month) (min $1K), my post
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
EverBank - 5.50% ($1.5K min)
BankUnited - 5.50% (min $5K), my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
VirtualBank - 5.45% (min $10K), my post ($20 bonus)
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
Washington Mutual - 5.30% (13-month) (min $1K), my post
ING Direct - 5.25%, my post
MetLife Bank - 5.25% ($1K min)
Self-Help Credit Union - 5.18% (min $500), my post

16-Month Certificates of Deposit:

Digital CU - 6.00% (min $500), my post

18-Month Certificates of Deposit:

Imperial Capital - 5.75% ($2K min), my post
AmTrustDirect - 5.68% (min $1K) my post
Mutual Bank - 5.65% (min $5K) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
CapitalOne/Costco - 5.57% (min $5K, Costco members only)
ETrade Bank - 5.56% (min $1K), my post
GMAC Bank - 5.50% (min $500)
Countrywide - 5.45% (min $10K)

36-Month Certificate of Deposit:

Mutual Bank - 5.80% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Melrose CU - 5.72% (min $5K) my post
AmTrustDirect - 5.68% (min $1K) my post
Transportation Alliance Bank - 5.65% ($1K min)
GMAC Bank - 5.60% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Countrywide - 5.45% (min $10K)
Pentagon Federal CU - 5.31% (min $1K), my post
Self-Help Credit Union - 5.26% (min $500), my post
Agriculture FCU - 5.25% (min $1K), my post

48-Month Certificate of Deposit:

Melrose CU - 5.77% (min $5K) my post
AmTrustDirect - 5.68% (min $1K) my post
Transportation Alliance Bank - 5.65% ($1K min)
GMAC Bank - 5.60% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.45% (min $10K)
USA FCU - 5.33% (min $1K) my post
Pentagon Federal CU - 5.32% (min $1K), my post
Self-Help Credit Union - 5.27% (min $500), 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
Imperial Capital - 5.75% ($2K min), my post
AmTrustDirect - 5.68% (min $1K) my post
Transportation Alliance Bank - 5.65% ($1K min)
Washington Mutual - 5.65% (min $1K), my post
ETrade Bank - 5.61% (min $1K), my post
GMAC Bank - 5.60% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.45% (min $10K)
Self-Help Credit Union - 5.35% (min $500), my post
Pentagon Federal CU - 5.32% (min $1K), my post

84-Month Certificate of Deposit:

Washington Mutual - 5.65% (83 months) (min $1K), my post
Countrywide - 5.45% (min $10K)
Pentagon Federal CU - 5.32% (min $1K), my post

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

CD Specials at Local Credit Unions/Banks Over the Last Two Months

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

Bank Deal Summary for July 29, 2006

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