Bank Deal Summary for August 5, 2006
Aug 5, 2006 - 5:25 PM by Ken Tumin
This week may have been a turning point for rates. At next week's FOMC meeting, signs are pointing to the first pause by the Fed in two years. Many banks have already responded. Most rate reductions have been in long-term CDs. This was evident last week also. However, reductions are now occurring on short-term rates. GMAC Bank was a big disappointment. GMAC's money market account fell from 5.10% to 5.00% APY yesterday. In addition, the largest CD rate drop was to the 6-month CD which fell from 5.50% to 5.00% APY. Money market account rate drops also occurred this week at Domestic Bank (5.16% to 5.11%) and Tennessee Commerce Bank (5.16% to 5.10%).
There were some good news for savers this week. Amboy Direct raised its no-minimum online savings account from 5.05% to 5.15% APY (see post). Zions Bank increased the rate on its Internet Money Market Account from 5.07% to 5.13% APY (see post). The rate on UFB Direct's Jumbo Money Market Account ($50K+) increased from 5.13% to 5.26% APY (see post).
CD rates didn't go down everywhere. VirtualBank increased rates on its CDs with terms of 3 to 12 months. The 6-month CD nows pays 5.60% APY. There were no rate increases to VirtualBank's long-term CDs, but at least the rates didn't drop. VirtualBank's 5-year CD currently pays 5.70% APY. With the potential for dropping rates, long-term CDs are starting to look better even if their rates are not much different from the short-term CD rates.
A very good CD deal began this week at World Savings. It's offering a new un-advertised 9-month CD with an APY of 6.01% (see post). This requires a branch visit to open, and unfortunately World isn't in every state. If you can't visit a branch, World still is offering a 5.51% APY 5-month CD online.
If you can't make it to World Savings, you still can get 6.00% at other places. Digital Credit Union has a special 6.00% APY 16-month CD (see post), and Agriculture FCU has a 6.00% APY 60-month CD (see post). Also Dime Bank is still offering a 6% 3-month money market promo (see post). These are available in all states. If you're lucky enough to live in the right place, there are many 6-percent-plus CDs available around the country. Refer to my local CD list here.
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 July 29th, July 22nd, Jul 15th, July 8th, July 1st and June 24th.
As of August 5, 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:
16-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 some good news for savers this week. Amboy Direct raised its no-minimum online savings account from 5.05% to 5.15% APY (see post). Zions Bank increased the rate on its Internet Money Market Account from 5.07% to 5.13% APY (see post). The rate on UFB Direct's Jumbo Money Market Account ($50K+) increased from 5.13% to 5.26% APY (see post).
CD rates didn't go down everywhere. VirtualBank increased rates on its CDs with terms of 3 to 12 months. The 6-month CD nows pays 5.60% APY. There were no rate increases to VirtualBank's long-term CDs, but at least the rates didn't drop. VirtualBank's 5-year CD currently pays 5.70% APY. With the potential for dropping rates, long-term CDs are starting to look better even if their rates are not much different from the short-term CD rates.
A very good CD deal began this week at World Savings. It's offering a new un-advertised 9-month CD with an APY of 6.01% (see post). This requires a branch visit to open, and unfortunately World isn't in every state. If you can't visit a branch, World still is offering a 5.51% APY 5-month CD online.
If you can't make it to World Savings, you still can get 6.00% at other places. Digital Credit Union has a special 6.00% APY 16-month CD (see post), and Agriculture FCU has a 6.00% APY 60-month CD (see post). Also Dime Bank is still offering a 6% 3-month money market promo (see post). These are available in all states. If you're lucky enough to live in the right place, there are many 6-percent-plus CDs available around the country. Refer to my local CD list here.
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 July 29th, July 22nd, Jul 15th, July 8th, July 1st and June 24th.
As of August 5, 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
- EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
- Apple Bank - 5.15%, my post
- AmboyDirect - 5.15%, my post
- 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
- 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)
- Tennessee Commerce Bank - 5.10% (min $10K), my post
- CapitalOne/Costco - 5.08% MMA (min $5K, Costco members only, $50 deal for exec. members)
- 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
- 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)
- UFB Direct - 4.50%, (5.26% $50K+) offers checking, my post
- Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
- 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 - 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 ($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)
- 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)
- EverBank - 5.10% ($1.5K min)
- Corus Bank - 5.10% (min $10K)
- ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
- GMAC Bank - 5.00% (min $500), my post
- ETrade Bank - 5.00% (min $1K), my post
- Self-Help Credit Union - 4.86% (min $500), my post
6-Month Certificates of Deposit:
- Corus Bank - 5.64% (min $10K)
- Superior Savings - 5.60% (min $500)
- VirtualBank - 5.60% (min $10K), my post ($20 bonus)
- IndyMac Bank - 5.60% (min $5K), my post
- UmbrellaBank.com - 5.57% (min $1K)
- UFB Direct - 5.57% (min $8K)
- 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
- Imperial Capital - 5.50%, ($2K min), my post
- Countrywide - 5.50% (min $10K), my post
- EverBank - 5.50% ($1.5K min)
- 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
- ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
- NetBank - 5.05% (min $1K)
- Wells Fargo - 5.05% (7 month) (min $5K), rate and min vary by state, my post
- ING Direct - 5.00%, my post
- GMAC Bank - 5.00% (min $500), my post
- MetLife Bank - 5.00% ($1K min)
- Self-Help Credit Union - 4.92% (min $500), my post
- Western Financial Bank - 4.50% ($100 min)
9-Month Certificates of Deposit:
- World Savings - 6.01% ($10K min), branch-only, my post
- 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
- VirtualBank - 5.60% (min $10K), my post ($20 bonus)
- FirstFedDirect - 5.60% (min $10K), my post
- Countrywide - 5.50% (min $10K), my post
- AmTrustDirect - 5.50% (min $1K) my post
- GMAC Bank - 5.45% (min $500), my post
- EverBank - 5.44% ($1.5K min)
- Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
- EmigrantDirect - 5.35% (min $1K)
- ING Direct - 5.05%, my post
12-Month Certificates of Deposit:
- Melrose CU - 5.82% (min $5K) my post
- American Partners - 5.80% (min $1K), my post
- Corus Bank - 5.72% (min $10K)
- IndyMac Bank - 5.70% (min $5K), my post
- UFB Direct - 5.69% (min $8K)
- AmTrustDirect - 5.68% (min $1K) my post
- UmbrellaBank.com - 5.67% (min $1K)
- FirstFedDirect - 5.67%, (min $10K) my post
- Transportation Alliance Bank - 5.65% ($1K min)
- Imperial Capital - 5.65% ($2K min), my post
- Western Financial Bank - 5.65% ($100 min)
- Mutual Bank - 5.65% (min $2.5K) my post
- VirtualBank - 5.60% (min $10K), my post ($20 bonus)
- GTE FCU - 5.64% (min $500) my post
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- ETrade Bank - 5.50% (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
- Countrywide - 5.50% (min $10K)
- NetBank - 5.45% (min $1K), my post ($100 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 - 5.20%, my post
- MetLife Bank - 5.25% ($1K min)
- Self-Help Credit Union - 5.20% (min $500), my post
16-Month Certificates of Deposit:
- Digital CU - 6.00% (min $500), my post
18-Month Certificates of Deposit:
- American Partners - 5.80% (min $1K), my post
- AmTrustDirect - 5.68% (min $1K) my post
- Imperial Capital - 5.65% ($2K min), 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 - 5.45% (min $1K), my post
- GMAC Bank - 5.45% (min $500)
- Countrywide - 5.40% (min $10K)
36-Month Certificate of Deposit:
- Mutual Bank - 5.80% (min $5K) my post
- Melrose CU - 5.72% (min $5K) my post
- AmTrustDirect - 5.68% (min $1K) my post
- Transportation Alliance Bank - 5.65% ($1K min)
- Imperial Capital - 5.65% ($2K min), my post
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- GMAC Bank - 5.55% (min $500)
- ETrade Bank - 5.40% (min $1K), my post
- Countrywide - 5.35% (min $10K)
- Pentagon Federal CU - 5.31% (min $1K), my post
- Agriculture FCU - 5.25% (min $1K), my post
- Self-Help Credit Union - 5.19% (min $500), 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)
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- GMAC Bank - 5.55% (min $500)
- Countrywide - 5.35% (min $10K)
- USA FCU - 5.33% (min $1K) my post
- Pentagon Federal CU - 5.32% (min $1K), my post
- Self-Help Credit Union - 5.20% (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
- VirtualBank - 5.70% (min $10K), my post ($20 bonus)
- AmTrustDirect - 5.68% (min $1K) my post
- Imperial Capital - 5.65% ($2K min), my post
- Transportation Alliance Bank - 5.65% ($1K min)
- Washington Mutual - 5.65% (min $1K), my post
- ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
- GMAC Bank - 5.55% (min $500)
- ETrade Bank - 5.40% (min $1K), my post
- Countrywide - 5.35% (min $10K)
- Pentagon Federal CU - 5.32% (min $1K), my post
- Self-Help Credit Union - 5.22% (min $500), my post
84-Month Certificate of Deposit:
- Washington Mutual - 5.65% (83 months) (min $1K), my post
- Countrywide - 5.35% (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
- 5.68% Money Market Account with $250K initial deposit
- 5.51% 3-month intro rate on checking account
- 5.40% Money Market Account with $25K min
- 5.25% Savings Account with $50K min
Checking and Saving Accounts at Local Credit Unions
- 5.50% Money Market Account (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
- 6.60% 60-Month CD at a Maryland CU (NRL)
- 6.20% 60-Month CD at a Iowa Bank (plus 6.35% Flex CD)
- 6.17% 60-Month CD at a North Carolina CU (open to all)
- 6.00% 60-Month CD at a Utah CU (Family First)
Terms of 24 Months to Under 60 Months
- 6.66% 36-Month CD at a Virginia CU (Loudoun)
- 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% 36-Month CD at a North Carolina/Virginia CU (Marine FCU)
- 6.00% 24-Month CD at a Virginia Bank (Goochland)
- 6.00% 30-Month CD at a Florida Bank (Peoples First)
Terms of 12 Months to Under 24 Months
- 8.00% 12-Month CD at a Texas CU ($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 (Navy Federal)
- 6.25% 13-Month CD at a Multi-State CU (Chartway FCU)
- 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 Texas CU (Texans)
- 6.00% 12-Month CD at a New York Bank (LibertyPointe)
- 6.00% 12-Month CD at a California CU (The Golden 1)
- 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)
- 6.00% 12-Month CD at a Georgia Bank (Alpha)
- 6.00% 15-Month CD at a Florida Bank (Peoples First)
- 5.92% 17-Month CD at a California CU
- 5.85% 12-Month CD at a Utah CU (Family First)
- 5.80% 12-Month CD at a Partners Bank
- 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
- 10.00% 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)
- 6.45% 7-Month CD at a California CU (KeyPoint)
- 6.25% 9-Month CD at a California CU ($5K max)
- 6.15% 7-Month CD at a Kentucky CU (Fort Knox)
- 6.00% 6-Month CD a Citibank Texas
- 6.00% 6-Month CD at a Texas Bank
- 6.00% 10-Month CD at a Multi-State CU (Chartway FCU)
- 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)
- 6.00% 6-Month CD at a Georgia Bank (Alpha)
- 5.80% 11-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 Georgia Bank (American United)
- 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)
- 5.65% 8-Month CD at a California CU (Premier America)
- 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
- 5.60% 6-Month CD at a Virginia Bank (Millennium Bank)
Savings Account/CD Alternatives
Featured Accounts
Useful Resources
Nationwide Savings Accounts
Kozlak (anonymous) - #1, Sunday, August 6, 2006 - 7:28 PM
Banco Popular (usually found inside WalMart stores) has a 5.5% APY money market acount guaranteed for three months. Minimum 5k no max.
Banking Guy (anonymous) - #2, Monday, August 7, 2006 - 8:48 AM
Thanks for the info on Banco's 5.5% MMA. Which state was this in? I had posted on this 5.5% for California here. I wasn't told if you could get 5.5% in other states. In Florida, it's only 5.25%.
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