Bank Deal Summary for July 8, 2006
Jul 8, 2006 - 6:12 PM by Ken Tumin
The number of 5-percent-plus savings and money market accounts continues to grow. My list now has 15 which is 7 more than last week and 13 more than on June 24th. EmigrantDirect officially reached 5% on the Fourth of July. Even though they're not leading the rates like they did for much of last year, at least they're staying close to the top.
There were a few surprises this week. Dime Savings Bank started offering to everyone a 6.00% APY 3-month promotion on its Rewards Money Market Account. Previously, this had only been offered to the bank's local customers (see post).
Another surprise this week was a 5.40% savings account with only a $100 minimum. This is available at Security Savings Bank (see post). Even though the bank is FDIC insured with average financial ratings, it's a very small 11-employee, one-branch bank that lacks online banking. The bank also has CDs that are near the top in rates for most terms. We'll see if they'll be able to keep these rates high.
There were other surprises from some banks that we haven't seen much from lately. I've been reporting on Mutual Bank since last year with occasional CD promotions. Not only have they come out lately with some high CD rates, but they did a major rate increase on their money market account. The rate is 5.10% APY for deposits over $5K, and if you have a very large balance you can get 5.70% APY for balances over $1M (see post).
Last week I had given up on MyBankingDirect, and removed the bank from my list. Their money market account had been stuck at 4.55% since March, and with a $5K minimum initial deposit requirement, it didn't seem worth to list. Well they finally came back this week with something worthwhile. They did a 0.55% rate increase, and now the money market account pays 5.10% APY. This makes it tied with Mutual Bank as the highest rate for a money market account with check writing (see post).
Similar to money market account rates, there were many CD rate increases this week. Early in the week, World Savings increased the rate of their 5-month internet CD. It's now 5.51% APY. So if you don't live near a World Savings Branch and can't take advantage of their special in-branch-only 5.76% APY 3/6-month CD, you can come close with this internet special (see post).
Another good CD deal that came out late this week is at Patelco Credit Union. The credit union is now offering a 5.75% APY 8-month CD that even allows additional deposits during the term. It should be noted that Patelco is not NCUA insured (see post).
For local CD deals, we're seeing more and more 6-percent-plus CDs. Some local HSBC Bank branches are offering a 6.50% APY 12-month CD for new customers (see post). Navy Federal Credit Union (the largest credit union in the nation) began offering a 6.25% APY 18-month CD (see post). Chartway Credit Union started a new CD promotion with a 6.25% APY 13-month CD and a 6% APY 10-month CD (see post).
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.
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 1st, June 24th, June 17th, June 10th, June 3rd and May 27th.
As of July 8, 2006
Savings Accounts/Money Market Accounts:
3-Month Certificates of Deposit:
6-Month Certificates of Deposit:
9-Month Certificates of Deposit:
12-Month Certificates of Deposit:
18-Month Certificates of Deposit:
36-Month Certificate of Deposit:
48-Month Certificate of Deposit:
60-Month Certificate of Deposit:
84-Month Certificate of Deposit:
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
There were a few surprises this week. Dime Savings Bank started offering to everyone a 6.00% APY 3-month promotion on its Rewards Money Market Account. Previously, this had only been offered to the bank's local customers (see post).
Another surprise this week was a 5.40% savings account with only a $100 minimum. This is available at Security Savings Bank (see post). Even though the bank is FDIC insured with average financial ratings, it's a very small 11-employee, one-branch bank that lacks online banking. The bank also has CDs that are near the top in rates for most terms. We'll see if they'll be able to keep these rates high.
There were other surprises from some banks that we haven't seen much from lately. I've been reporting on Mutual Bank since last year with occasional CD promotions. Not only have they come out lately with some high CD rates, but they did a major rate increase on their money market account. The rate is 5.10% APY for deposits over $5K, and if you have a very large balance you can get 5.70% APY for balances over $1M (see post).
Last week I had given up on MyBankingDirect, and removed the bank from my list. Their money market account had been stuck at 4.55% since March, and with a $5K minimum initial deposit requirement, it didn't seem worth to list. Well they finally came back this week with something worthwhile. They did a 0.55% rate increase, and now the money market account pays 5.10% APY. This makes it tied with Mutual Bank as the highest rate for a money market account with check writing (see post).
Similar to money market account rates, there were many CD rate increases this week. Early in the week, World Savings increased the rate of their 5-month internet CD. It's now 5.51% APY. So if you don't live near a World Savings Branch and can't take advantage of their special in-branch-only 5.76% APY 3/6-month CD, you can come close with this internet special (see post).
Another good CD deal that came out late this week is at Patelco Credit Union. The credit union is now offering a 5.75% APY 8-month CD that even allows additional deposits during the term. It should be noted that Patelco is not NCUA insured (see post).
For local CD deals, we're seeing more and more 6-percent-plus CDs. Some local HSBC Bank branches are offering a 6.50% APY 12-month CD for new customers (see post). Navy Federal Credit Union (the largest credit union in the nation) began offering a 6.25% APY 18-month CD (see post). Chartway Credit Union started a new CD promotion with a 6.25% APY 13-month CD and a 6% APY 10-month CD (see post).
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.
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 1st, June 24th, June 17th, June 10th, June 3rd and May 27th.
As of July 8, 2006
Savings Accounts/Money Market Accounts:
- Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
- BankUnited - 5.25% (min $5K), my post
- Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
- MyBankingDirect - 5.10% MMA (min $5K), my post
- Mutual Bank - 5.10% MMA (min $5K), my post
- Corus Bank - 5.07% MMA (min $10K to open)
- Heritage Bank Online - 5.06% (min $1K), my post
- HSBC Direct - 5.05%, offers checking, (rate history), my post
- AmboyDirect - 5.05%, my post
- Domestic Bank - 5.05% MMA (min $2.5K), my post
- FirstFedDirect - 5.01% (min $1K) (closed to CA residents), my post
- EmigrantDirect - 5.00%, my post, (rate history)
- Citibank - 5.00%, requires checking account, my post
- OneUnited - 5.00% (min $10), my post
- Apple Bank - 5.00%, my post
- GMAC Bank - 4.90% MMA (min $500), my post
- UmbrellaBank.com - 4.85% MMA (min $1K), offers checking, my post
- CapitalOne/Costco - 4.82% MMA (min $5K, Costco members only, $50 deal for exec. members)
- Zions Bank - 4.81% (min $1K)
- CapitalOne - 4.75% (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
- NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
- ETrade Bank - 3.00% (min $1K to avoid fees/$5K for APY), my post (5.00%/$50 bonus)
3-Month Certificates of Deposit:
- World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
- Security Savings Bank - 5.35% (min $1K), very small bank with no online banking, see post
- UFB Direct - 5.30% (min $8K)
- FirstFedDirect - 5.26% (min $10K), my post
- Western Financial Bank - 5.25% ($100 min)
- UmbrellaBank.com - 5.10% (min $1K)
- EverBank - 5.08% ($1.5K min)
- ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
- GMAC Bank - 5.10% (min $500), my post
- VirtualBank - 5.02% (min $10K), my post ($20 bonus)
- Corus Bank - 5.07% (min $10K)
- ETrade Bank - 5.00% (min $1K), my post
- Self-Help Credit Union - 4.87% (min $500), my post
6-Month Certificates of Deposit:
- World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
- Corus Bank - 5.56% (min $10K)
- UFB Direct - 5.55% (min $8K)
- VirtualBank - 5.55% (min $10K), my post ($20 bonus)
- World Savings - 5.51% (5 months) (min $10K), new funds only, my post
- Citibank - 5.50% (min $500), 6% for Texas, my post
- Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
- ETrade Bank - 5.46% (min $1K), my post
- UmbrellaBank.com - 5.45% (min $1K)
- AmTrustDirect - 5.42% (min $1K) my post
- FirstFedDirect - 5.41% (min $10K), my post
- GMAC Bank - 5.40% (min $500), my post
- Countrywide - 5.40% (min $10K), my post
- Ascencia Bank - 5.35% (min $500), my post
- EmigrantDirect - 5.35% (min $1K)
- EverBank - 5.18% ($1.5K min)
- ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
- NetBank - 5.05% (min $1K)
- ING Direct - 5.00%, my post
- Self-Help Credit Union - 5.00% (min $500), my post
- MetLife Bank - 5.00% ($1K min)
- 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)
- Countrywide - 5.60% (min $10K), my post
- UmbrellaBank.com - 5.50% (min $1K)
- Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
- FirstFedDirect - 5.50% (min $10K), my post
- AmTrustDirect - 5.50% (min $1K) my post
- GMAC Bank - 5.45% (min $500), my post
- EmigrantDirect - 5.35% (min $1K)
- VirtualBank - 5.30% (min $10K), my post ($20 bonus)
- EverBank - 5.24% ($1.5K min)
- ING Direct - 5.10%, my post
12-Month Certificates of Deposit:
- Corus Bank - 5.66% (min $10K)
- Western Financial Bank - 5.65% ($100 min)
- GMAC Bank - 5.65% (min $500), my post
- AmTrustDirect - 5.65% (min $1K) my post
- Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
- Mutual Bank - 5.65% (min $2.5K) my post
- UFB Direct - 5.65% (min $8K)
- Countrywide - 5.65% (min $10K)
- FirstFedDirect - 5.61%, (min $10K) my post
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- ETrade Bank - 5.56% (min $1K), my post
- UmbrellaBank.com - 5.55% (min $1K)
- Digital CU - 5.50% (11 month) (min $1K), my post
- BankUnited - 5.50% (min $5K), my post
- Melrose CU - 5.46% (min $5K) my post
- NetBank - 5.45% (min $1K), my post ($100 bonus)
- VirtualBank - 5.45% (min $10K), my post ($20 bonus)
- Self-Help Credit Union - 5.39% (min $500), my post
- GTE FCU - 5.38% (min $500) my post
- Ascencia Bank - 5.35% (min $500), my post
- EmigrantDirect - 5.35% (min $1K)
- EverBank - 5.28% ($1.5K min)
- ING Direct - 5.25%, my post
- MetLife Bank - 5.25% ($1K min)
18-Month Certificates of Deposit:
- AmTrustDirect - 5.65% (min $1K) my post
- Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
- Mutual Bank - 5.65% (min $5K) my post
- Countrywide - 5.65% (min $10K)
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- CapitalOne/Costco - 5.57% (min $5K, Costco members only)
- GMAC Bank - 5.60% (min $500)
- ETrade Bank - 5.56% (min $1K), my post
36-Month Certificate of Deposit:
- Mutual Bank - 5.80% (min $5K) my post
- GMAC Bank - 5.65% (min $500)
- AmTrustDirect - 5.65% (min $1K) my post
- Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
- Countrywide - 5.65% (min $10K)
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- ETrade Bank - 5.56% (min $1K), my post
- Melrose CU - 5.56% (min $5K) my post
- Self-Help Credit Union - 5.55% (min $500), 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
- GMAC Bank - 5.65% (min $500)
- AmTrustDirect - 5.65% (min $1K) my post
- Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
- Countrywide - 5.65% (min $10K)
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- Self-Help Credit Union - 5.57% (min $500), 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
- GMAC Bank - 5.65% (min $500)
- AmTrustDirect - 5.65% (min $1K) my post
- Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
- Countrywide - 5.65% (min $10K)
- ETrade Bank - 5.61% (min $1K), my post
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- Self-Help Credit Union - 5.58% (min $500), my post
- Pentagon Federal CU - 5.32% (min $1K), my post
84-Month Certificate of Deposit:
- Countrywide - 5.65% (min $10K)
- Pentagon Federal CU - 5.32% (min $1K), my post
High Rates with Conditions - Open to All
- 10% Savings Account for kids ($500 max)
- 6.00% 3-month intro rate on Money Market account
- 5.64% 6-month CD with $40K min
- 5.51% 3-month intro rate on checking account
- 5.25% Savings Account with $50K 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
- 6.43% 60-Month CD at a Virginia CU (Fort Belvoir)
- 6.17% 60-Month CD at a North Carolina CU (open to all)
- 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
- 6.27% 48-Month CD at a Virginia CU (Fort Belvoir)
- 6.17% 36-Month CD at a Wyoming CU
- 6.00% 30-Month CD at a Philadelphia Bank (Asian Bank)
- 6.00% 36-Month CD at a North Carolina/Virginia CU (Marine FCU)
- 5.86% 31-Month CD at a South Dakota CU
- 5.80% 36-Month CD at a Massachusetts CU
- 5.75% 24-Month CD at a Florida CU
- 5.75% 24-Month CD at a Philadelphia Bank (Asian Bank)
Terms of 12 Months to Under 24 Months
- 10.00% 12-Month CD at a Wisconsin CU ($1K Max)
- 10.00% 12-Month CD at a Massachusetts Bank ($1K Max)
- 6.50% 12-Month CD at a South Dakota CU
- 6.50% 12-Month CD at a HSBC New York Branch
- 6.25% 13-Month CD at a Multi-State CU (Chartway)
- 6.25% 18-Month CD at a Multi-State CU (Navy Federal)
- 6.00% 13-Month CD at a Colorado CU
- 6.00% 18-Month CD at a Washington State Bank
- 6.00% 18-Month CD at a California CU
- 6.00% 18-Month CD at a California CU ($25K max)
- 5.75% 12-Month CD at a Florida CU
- 5.75% 18-Month CD at a Florida Bank
- 5.75% 15-Month CD at a Georgia Bank
- 5.75% 12-Month CD at a Massachusetts CU
- 5.75% 16-Month CD at California Banco Popular
- 5.65% 14-Month CD at a Maryland CU
- 5.64% 18-Month CD at a Florida CU
- 5.60% 18-Month CD at a Massachusetts 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
- 5.50% 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)
Terms of Under 12 Months
- 10.00% 3-Month CD at a Georgia Bank ($10K Max)
- 8.00% 8-Month CD at a Multi-State CU ($8K 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
- 6.25% 9-Month CD at a California CU ($5K max)
- 6.17% 6-Month CD at a Massachusetts CU
- 6.17% 9-Month CD at a Delaware CU
- 6.00% 6-Month CD a Citibank Texas
- 6.00% 6-Month CD at a California CU
- 6.00% 7-Month CD at a Nevada CU
- 6.00% 6-Month CD at a Texas Bank
- 6.00% 8-Month CD at a Multi-State CU (Chartway)
- 5.80% 5-Month CD at a Tennessee Bank
- 5.75% 5-Month CD at a California CU (OCTFCU)
- 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
- 5.61% 9-Month CD at a South Carolina CU
- 5.58% 8-Month CD at a Florida Bank (open to all)
- 5.51% 7-Month CD at a Texas Bank
- 5.50% 8-Month CD at California Banco Popular
- 5.50% 9-Month CD at a Massachusetts Bank
- 5.50% 11-Month CD at a Florida CU
- 5.50% 6-Month CD at a Virginia Bank
- 5.45% 11-Month CD at a California CU
- 5.40% 7-Month CD at a Tennessee Bank
- 5.38% 6-Month CD at a Washington State Bank (Variable Rate)
- 5.35% 9-Month CD at a California Bank
- 5.34% 9-Month CD at a Florida CU
- 5.30% 11-Month CD at Compass Bank
- 5.30% 6-Month CD at a California Bank
Savings Account/CD Alternatives
Featured Accounts
Useful Resources
Nationwide Savings Accounts
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