Bank Deal Summary for August 26, 2006

Falling rates for long term CDs continued this week. Long term CD rates dropped at AmTrustDirect, Countrywide, GMAC Bank, Transportation Alliance Bank and several others. For the most part, short term rates held steady. A few banks had slight increases. AmTrustDirect raised its 6-month and 9-month CDs by 0.08% to 5.50% and 5.58% APY. FirstFedDirect raised its savings account rate from 5.17% to 5.25% APY for a minimum balance of $1K (see post). Countrywide Bank reduced the minimum balance required to receive 5.25% APY on its savings account from $50K to $10K (see post).

Rising short term rates and falling long term rates have created many examples of inverted yield curves. Several banks now have money market rates higher than 5-year CD rates. Countrywide is one example with a 5.25% savings account and a 5.15% 5-year CD. UFB Direct is another example with a no-minimum savings account at 5.26% and a 5-year CD at 5.25%.

Even though CD rates overall have gone down, there continues to be a few CD specials with rates of 6% and higher. Washington Mutual is still offering its special 6.00% APY 13-month CD in several states (see post). Digital Credit Union still has a 6.00% APY 16-month CD. Anyone is eligible to join this credit union (see post). Members Credit Union is another one that anyone can join. It continues to offer a 6.17% 60-month CD (see post).

Unfortunately, World Savings' 6.01% 9-month CD ends today. Some people have reported that World is extending this special another week. This likely depends on your local branch. The CSR at my local branch in Texas said it'll be ending today. World is still offering an internet CD that's close to 6% (5.91% 13-month CD).

If you're lucky, there'll be a local CD deal in which you can get a 6-percent-plus CD. Chartway Credit Union started another CD promotion this week with a 6.25% 18-month CD (see post). It's not as good as its old 8% CD promo, but it's still a good deal. Citibank continues to offer a 6% 6-month CD for Texans. Refer to my local CD deals section below for more of these.

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. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Aug 19th, Aug 12th, Aug 5th, July 29th, July 22nd and Jul 15th.

As of August 26, 2006

Savings Accounts/Money Market Accounts:

• Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
• UFB Direct - 5.26%, (5.26% $50K+) offers checking, my post
• OneUnited - 5.25% (min $10), my post
• FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
• BankUnited - 5.25% (min $5K), my post
• Countrywide - 5.25% (min $10K), my post
• AmboyDirect - 5.15%, my post ($25 bonus)
• EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
• Apple Bank - 5.15%, my post
• AmTrustDirect - 5.15% ($1K min), my post
• CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $50 deal for exec. members)
• Zions Bank - 5.13% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
• Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Domestic Bank - 5.11% MMA (min $2.5K), my post
• Tennessee Commerce Bank - 5.07% (min $10K), my post
• Corus Bank - 5.10% MMA (min $10K to open)
• 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
• Heritage Bank Online - 5.06% (min $1K), my post
• HSBC Direct - 5.05%, offers checking, (rate history), 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
• Washington Mutual - 5.00% (requires checking), my post
• GMAC Bank - 5.00% MMA (min $500), my post
• Ascencia Bank - 4.75% (min $50), my post
• Self-Help Credit Union - 4.75% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• EverBank - 4.41% ($1.5K min), 5.51% 3-mo checking account promo, my post
• ING Direct - 4.35%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
• Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
• NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
• ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)

3-Month Certificates of Deposit:

• UFB Direct - 5.36% (min $8K)
• UmbrellaBank.com - 5.35% (min $1K)
• Charles Schwab - 5.35% (min $1K), my post
• Imperial Capital - 5.30%, ($2K min), my post
• FirstFedDirect - 5.26% (min $10K), my post
• Western Financial Bank - 5.25% ($100 min)
• Security Savings Bank - 5.25% (min $1K), very small bank with no online banking, see post
• VirtualBank - 5.13% (min $10K), my post ($20 bonus)
• Corus Bank - 5.10% (min $10K)
• EverBank - 5.10% ($1.5K min)
• ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• GMAC Bank - 4.95% (min $500), my post
• Self-Help Credit Union - 4.76% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• UmbrellaBank.com - 5.57% (min $1K)
• World Savings - 5.51% (5 months) (min $10K), new funds only, my post
• FirstFedDirect - 5.51% (min $10K), my post
• Western Financial Bank - 5.50% ($100 min)
• Citibank - 5.50% (min $500), 6% for Texas, my post
• AmTrustDirect - 5.50% (min $1K) my post
• Corus Bank - 5.50% (min $10K)
• ETrade Bank - 5.46% (min $1K), my post
• Imperial Capital - 5.45%, ($2K min), my post
• IndyMac Bank - 5.45% (7 mo) (min $5K), my post
• Countrywide - 5.40% (min $10K), my post
• EverBank - 5.35% ($1.5K min)
• 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
• UFB Direct - 5.30% (min $8K)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• NetBank - 5.05% (min $1K)
• ING Direct - 5.00%, my post
• MetLife Bank - 5.00% ($1K min)
• GMAC Bank - 5.00% (min $500), my post
• Self-Help Credit Union - 4.81% (min $500), my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• World Savings - 5.61% (8 months) ($10K min), branch-only, my post
• Western Financial Bank - 5.60% ($100 min)
• UmbrellaBank.com - 5.60% (min $1K)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• FirstFedDirect - 5.60% (min $10K), my post
• AmTrustDirect - 5.58% (min $1K) my post
• Imperial Capital - 5.50% ($2K min), my post
• Countrywide - 5.40% (min $10K), my post
• GMAC Bank - 5.40% (min $500), my post
• Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
• EmigrantDirect - 5.35% (min $1K)
• EverBank - 5.35% ($1.5K min)
• ING Direct - 5.05%, my post
• Wells Fargo - 5.00% (min $5K), rate and min vary by state, my post

12-Month Certificates of Deposit:

• Washington Mutual - 6.00% (13 mo) (min $1K), branch only, not all states, my post
• World Savings - 5.91% (13 mo) (min $10K), my post
• Melrose CU - 5.82% (min $5K) my post
• FirstFedDirect - 5.71%, (min $10K) my post
• AmTrustDirect - 5.68% (min $1K) my post
• UmbrellaBank.com - 5.67% (min $1K)
• Western Financial Bank - 5.65% ($100 min)
• GTE FCU - 5.64% (min $500) my post
• Corus Bank - 5.60% (min $10K)
• Imperial Capital - 5.60% ($2K min), my post
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• ETrade Bank - 5.50% (min $1K), 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
• BankUnited - 5.50% (min $5K), my post
• IndyMac Bank - 5.45% (min $5K), my post
• GMAC Bank - 5.45% (min $500), my post
• Countrywide - 5.40% (min $10K)
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• EverBank - 5.35% ($1.5K min)
• Ascencia Bank - 5.35% (min $500), my post
• EmigrantDirect - 5.35% (min $1K)
• Mutual Bank - 5.35% (min $2.5K) my post
• Transportation Alliance Bank - 5.34% ($1K min)
• UFB Direct - 5.30% (min $8K)
• MetLife Bank - 5.25% ($1K min)
• ING Direct - 5.20%, my post
• Self-Help Credit Union - 5.08% (min $500), my post

16-Month Certificates of Deposit:

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

18-Month Certificates of Deposit:

• Washington Mutual - 6.00% (min $1K), branch only, not all states, my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• AmTrustDirect - 5.50% (min $1K) my post
• Imperial Capital - 5.50% ($2K min), my post
• CapitalOne/Costco - 5.46% (min $5K, Costco members only)
• ETrade Bank - 5.45% (min $1K), my post
• GMAC Bank - 5.40% (min $500)
• Mutual Bank - 5.40% (min $5K) my post
• Countrywide - 5.20% (min $10K)

36-Month Certificate of Deposit:

• Melrose CU - 5.72% (min $5K) my post
• Fort Belvoir FCU - 5.64% (min $1K), my post
• AmTrustDirect - 5.60% (min $1K) my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Mutual Bank - 5.60% (min $5K) my post
• Imperial Capital - 5.40% ($2K min), my post
• GMAC Bank - 5.40% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• Pentagon Federal CU - 5.31% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Countrywide - 5.15% (min $10K)
• Self-Help Credit Union - 5.13% (min $500), my post

48-Month Certificate of Deposit:

• Melrose CU - 5.77% (min $5K) my post
• Fort Belvoir FCU - 5.75% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• GMAC Bank - 5.40% (min $500)
• Transportation Alliance Bank - 5.34% ($1K min)
• 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
• Countrywide - 5.15% (min $10K)
• Self-Help Credit Union - 5.14% (min $500), my post

60-Month Certificate of Deposit:

• Members Credit Union - 6.17% (min $2K), my post
• Fort Belvoir FCU - 5.90% (min $1K), my post
• Melrose CU - 5.82% (min $5K) my post
• AmTrustDirect - 5.65% (min $1K) my post
• Agriculture FCU - 5.65% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• VirtualBank - 5.44% (min $10K), my post ($20 bonus)
• GMAC Bank - 5.40% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Imperial Capital - 5.40% ($2K min), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Self-Help Credit Union - 5.15% (min $500), my post
• Countrywide - 5.15% (min $10K)

84-Month Certificate of Deposit:

• CapitalOne/Costco - 5.59% (min $5K, Costco members only)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Countrywide - 5.15% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.00% 3-month intro rate on Money Market account
• 6.00% 60-months CD with $25K min
• 5.68% Money Market Account with $250K initial deposit
• 5.51% 3-month intro rate on checking account
• 5.40% Money Market Account with $25K min
• 5.33% Money Market Account with $50K at MBNA
• 5.25% Money Market Account with $25K min
• 5.25% Savings Account with $50K min

Checking and Saving Accounts at Local Banks/Credit Unions

• 6.00% Checking till March 2007 (Florida)
• 5.50% Money Market Account for 3 months (New York)
• 5.50% Money Market Account for 3 months at Banco Popular (CA)
• 5.25% no-minimum online savings account (New York)
• 5.25% low-minimum online savings account (California)
• 5.15% Savings Account (Massachusetts)
• 5.00% Money Market Account (Washington State)
• 5.00% Money Market Account (Wisconsin)
• 5.00% savings account (Pennsylvania)

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

Terms of 60 Months and Over

• 6.20% 60-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.18% 60-Month CD at a Ohio CU (Ohio HealthCare)
• 6.17% 60-Month CD at a North Carolina CU (open to all)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 60-Month CD at a Florida Bank (First State)
• 6.00% 60-Month CD at a Illinois CU - Open to All (Oak Trust)
• 5.92% 60-Month CD at a Texas CU (Greater Texas FCU)

Terms of 24 Months to Under 60 Months

• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Massachusetts CU (MBTA Employees)
• 6.17% 24-Month CD at a Iowa/Alabama CU (Cornerstone)
• 6.14% 48-Month CD at a Minnesota CU (Lake State)
• 6.05% 24-Month CD at a Nashville CU (MPD)
• 6.01% 45-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.00% 30-Month CD at a Florida Bank (Peoples First)
• 6.00% 36-Month CD at a Iowa Bank (Prime-Based)
• 6.00% 25-Month CD at a Nevada CU (Clearstar)
• 6.00% 25-Month CD at a Kansas Bank (Freedom Bank)
• 6.00% 36-Month CD at a Illinois Bank (First Bank of Highland Park)
• 6.00% 24-Month CD at a Ohio CU (Millstream Area)
• 6.00% 36-Month CD at a North Carolina/Virginia CU (Marine FCU)
• 6.00% 24-Month CD at a Virginia Bank (Goochland)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Philadelphia Bank ($1K Max)
• 7.19% 18-Month CD at a California CU ($7K max)
• 7.00% 12-Month CD at a Texas CU - DATCU ($2.5K max)
• 6.25% 18-Month CD at a Multi-State CU (Chartway)
• 6.25% 18-Month CD at a North Carolina CU (ElecTel)
• 6.25% 18-Month CD at a Multi-State CU (Navy Federal)
• 6.17% 12-Month CD at a Texas CU (Abilene Teachers FCU)
• 6.05% 12-Month CD at a Multi-State CU (Operating Engineers)
• 6.01% 12-Month CD at a California CU (CoastHills)
• 6.00% 12-Month CD at a Georgia Bank (Alpha)
• 6.00% 15-Month CD at a Florida Bank (Peoples First)
• 6.00% 12-Month CD at a Idaho CU (Idaho Central)
• 6.00% 19-Month CD at a Virginia Beach CU (NMA)
• 6.00% 13-Month CD at a California CU (Sacramento)
• 6.00% 18-Month CD at a South California Bank
• 6.00% 18-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 13-Month CD at a New York WaMu Branch
• 6.00% 15-Month CD at a Massachusetts Bank (East Boston Savings)
• 6.00% 15-Month CD at a Multi-State CU (Chartway)
• 6.00% 18-Month CD at a California CU ($25K max)
• 6.00% 12-Month CD at a Chicago Bank (First Eagle)
• 6.00% 12-Month CD at a New York Bank (LibertyPointe)
• 6.00% 13-Month CD at a Florida Bank (Synovus)
• 6.00% 15-Month CD at a Vermont CU (NorthCountry)
• 6.00% 13-Month CD at a Philadelphia Bank (Republic First)
• 5.92% 17-Month CD at a California CU
• 5.85% 12-Month CD at a Utah CU (Family First)
• 5.85% 12-Month CD at a Texas Bank (Century)
• 5.85% 15-Month CD at a TX/CO Credit Union (Security Service)
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 15-Month CD at a Florida CU (Achieva)
• 5.75% 12-Month CD at a Massachusetts CU

Terms of Under 12 Months

• 10.47% 7-Month CD at a Virginia CU - $2K Max (BayLands)
• 10.00% 7-Month CD at a California CU - $1K Max (Wescom)
• 10.00% 10-Month CD at a Massachusetts CU ($2.5K max)
• 8.00% 8-Month CD at a California CU ($5K max)
• 7.19% 6-Month CD at a California CU ($7K max)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.45% 7-Month CD at a California CU (KeyPoint)
• 6.25% 9-Month CD at a Nevada CU (WestStar)
• 6.25% 9-Month CD at a California CU ($5K max)
• 6.15% 7-Month CD at a Kentucky CU (Fort Knox)
• 6.14% 9-Month CD at a Virginia CU (Dominion)
• 6.00% 6-Month CD a Citibank Texas
• 6.00% 6-Month CD at a Georgia Bank (Alpha)
• 6.00% 7-Month CD at a Illinois CU (CEFCU)
• 6.00% 9-Month CD at a Washington State Bank
• 6.00% 11-Month CD at Arizona State Credit Union
• 6.00% 6-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 3-Month CD at a California CU (Missions FCU)
• 6.00% 6-Month CD at a Texas Bank
• 6.00% 11-Month CD at a Georgia CU ($10K max)
• 6.00% 6-Month CD at a Pennsylvania CU
• 6.00% 6-Month CD at a California Bank ($25K min)
• 5.92% 11-Month CD at a Georgia Bank (Cherokee)
• 5.85% 7-Month CD at a California CU (The Golden 1)
• 5.80% 11-Month CD at a California CU (SAFE)
• 5.76% 11-Month CD at a Wisconsin Bank (Superior Savings)
• 5.75% 6-Month CD at a California CU (SAFE)
• 5.75% 5-Month CD at a California CU (OCTFCU)
• 5.75% 9-Month CD at a New York Bank (LibertyPointe)
• 5.75% 6-Month CD at a Massachusetts CU
• 5.75% 3-Month CD at a Missouri Bank (St. Louis)
• 5.75% 7-Month CD at a California CU (Tech CU)
• 5.75% 7-Month CD at a Colorado Bank (ABC)
• 5.70% 9-Month CD at a New York CU (Bethpage)
• 5.70% 6-Month CD at a Tennessee Bank (BankEast)
• 5.65% 8-Month CD at a California CU (Premier America)
• 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
• 5.60% 7-Month CD at a North East Bank (Hudson City Savings)
• 5.60% 6-Month CD at a Virginia Bank (Millennium Bank)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Paypal Money Market Fund - 5.04% 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