Bank Deal Summary for September 16, 2006
Sep 17, 2006 - 5:46 PM by Ken Tumin
The 5.25% savings account club expanded this week. I now list 9 savings accounts with an APY of 5.25% or higher. The new ones this week include Amboy Direct, Apple Bank and UFB Direct. Amboy and Apple raised their rates from 5.15% to 5.25% APY. UFB Direct raised its rate from 5.20% to 5.27% APY. All three of these have no minimum balance requirements. Amboy Direct even has a $25 refer-a-friend bonus.
Next Wednesday the Fed will meet, and the consensus is that they'll hold steady again on rates. Many expect the Fed will likely hold the target federal funds rate at 5.25% for the rest of the year. Then in 2007, some are predicting the Fed will start cutting the funds rate. It all depends on how much the housing market and the economy slow down and inflation remains in check (see CNN article).
If the Fed continues to pause, we may not see any higher rates on savings accounts. The 5.25% APY may be about the peak. For CDs, we may already be past the peak. The trend of falling CD rates continued this week at several banks. CD rates declined at GMAC Bank, UmbrellaBank, FirstFedDirect, Everbank, Imperial Capital, Etrade and IndyMac Bank. Most of the declines continued to be in terms of one year and longer, however, there were a few 3-month to 9-month rate declines.
You still have a chance to lock in some high rates. Several banks and credit unions continue to offer 6% CDs. These include World Savings' 6.01% APY 15-month CD (see post), Patelco Credit Union's 6% 12-to-23-month CD (see post) and Pentagon FCU's 6% 3-to-5 year CD (see post). And for those who want a six percent short term CD, Everbank's 3-month 6.01% checking account promo continues (see post). If you want a term between 3 months and 12 months, a new CD came out this week at NASA FCU. It's offering a special 6% APY 7-month CD. NASA FCU is another credit union that anyone can join via an association membership (see post).
There weren't any great local CD specials this week, but a few from the week before are still available. For a complete list of these recent local CD deals, refer to my local CD list below.
Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't post on all of your suggestions.
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 Sept 9th, Sept 2nd, Aug 26th, Aug 19th, Aug 12th and Aug 5th.
As of September 16, 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:
15/16-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 Banks/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
Next Wednesday the Fed will meet, and the consensus is that they'll hold steady again on rates. Many expect the Fed will likely hold the target federal funds rate at 5.25% for the rest of the year. Then in 2007, some are predicting the Fed will start cutting the funds rate. It all depends on how much the housing market and the economy slow down and inflation remains in check (see CNN article).
If the Fed continues to pause, we may not see any higher rates on savings accounts. The 5.25% APY may be about the peak. For CDs, we may already be past the peak. The trend of falling CD rates continued this week at several banks. CD rates declined at GMAC Bank, UmbrellaBank, FirstFedDirect, Everbank, Imperial Capital, Etrade and IndyMac Bank. Most of the declines continued to be in terms of one year and longer, however, there were a few 3-month to 9-month rate declines.
You still have a chance to lock in some high rates. Several banks and credit unions continue to offer 6% CDs. These include World Savings' 6.01% APY 15-month CD (see post), Patelco Credit Union's 6% 12-to-23-month CD (see post) and Pentagon FCU's 6% 3-to-5 year CD (see post). And for those who want a six percent short term CD, Everbank's 3-month 6.01% checking account promo continues (see post). If you want a term between 3 months and 12 months, a new CD came out this week at NASA FCU. It's offering a special 6% APY 7-month CD. NASA FCU is another credit union that anyone can join via an association membership (see post).
There weren't any great local CD specials this week, but a few from the week before are still available. For a complete list of these recent local CD deals, refer to my local CD list below.
Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't post on all of your suggestions.
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 Sept 9th, Sept 2nd, Aug 26th, Aug 19th, Aug 12th and Aug 5th.
As of September 16, 2006
Savings Accounts/Money Market Accounts:
- UFB Direct - 5.27%, my post
- AmTrustDirect - 5.26% ($1K min), my post
- AmboyDirect - 5.25%, my post ($25 bonus)
- Apple Bank - 5.25%, my post
- OneUnited - 5.25% (min $10), my post
- Security Savings Bank - 5.25% (min $100), very small bank with no online banking, see post
- FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
- BankUnited - 5.25% (min $5K), my post
- Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
- Heritage Bank Online - 5.20% (min $1K), my post
- EmigrantDirect - 5.15%, my post, (rate history)
- CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 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
- UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
- MyBankingDirect - 5.10% MMA (min $5K), my post
- Mutual Bank - 5.10% MMA (min $5K), my post
- Domestic Bank - 5.06% MMA (min $2.5K), my post
- HSBC Direct - 5.05%, offers checking, (rate history), my post
- Tennessee Commerce Bank - 5.03% (min $10K), my post
- Citibank - 5.00%, requires checking account, my post
- Washington Mutual - 5.00% (requires checking), my post
- GMAC Bank - 5.00% MMA (min $500), my post
- Corus Bank - 4.93% MMA (min $10K to open)
- CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
- Self-Help Credit Union - 4.69% MMA (min $500), my post
- VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
- GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
- MetLife Bank - 4.50% MMA (min $5K), my post ($50 bonus)
- EverBank - 4.41% ($1.5K min), my post
- ING Direct - 4.40%, my post ($25 bonus), (rate history)
- Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, 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 ($250 deal)
- ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)
3-Month Certificates of Deposit:
- EverBank - 6.01% ($1.5K min), checking account promo, see post
- IndyMac Bank - 5.40% (min $5K), my post
- Countrywide - 5.37% (min $10K), my post
- UmbrellaBank.com - 5.36% (min $1K)
- Imperial Capital - 5.35%, ($2K min), my post
- UFB Direct - 5.30% (min $8K)
- Charles Schwab - 5.30% (min $1K), my post
- FirstFedDirect - 5.26% (min $10K), my post
- Western Financial Bank - 5.25% ($100 min)
- VirtualBank - 5.13% (min $10K), my post
- EverBank - 5.10% ($1.5K min)
- ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
- ETrade Bank - 5.00% (min $1K), my post
- GMAC Bank - 4.95% (min $500), my post
- Corus Bank - 4.93% (min $10K)
- Self-Help Credit Union - 4.75% (min $500), my post
6-Month Certificates of Deposit:
- NASA FCU - 6.00% (7 month) (min $5K), my post
- Superior Savings - 5.60% (min $500)
- 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)
- UmbrellaBank.com - 5.45% (min $1K)
- IndyMac Bank - 5.45% (7 mo) (min $5K), my post
- Imperial Capital - 5.40%, ($2K min), my post
- Countrywide - 5.40% (min $10K), my post
- ETrade Bank - 5.35% (min $1K), my post
- EverBank - 5.30% ($1.5K min)
- World Savings - 5.26% (5 months) (min $10K), new funds only, my post
- UFB Direct - 5.25% (min $8K)
- EmigrantDirect - 5.20% (min $1K)
- ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
- VirtualBank - 5.15% (min $10K), my post
- 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 - 4.80% (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)
- AmTrustDirect - 5.58% (min $1K) my post
- FirstFedDirect - 5.55% (min $10K), my post
- UmbrellaBank.com - 5.50% (min $1K)
- Imperial Capital - 5.40% ($2K min), my post
- Countrywide - 5.40% (min $10K), my post
- GMAC Bank - 5.30% (min $500), my post
- EverBank - 5.30% ($1.5K min)
- EmigrantDirect - 5.20% (min $1K)
- VirtualBank - 5.15% (min $10K), my post
- 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:
- Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
- Melrose CU - 5.82% (min $5K) my post
- Western Financial Bank - 5.65% ($100 min)
- FirstFedDirect - 5.64%, (min $10K) my post
- UmbrellaBank.com - 5.50% (min $1K)
- GTE FCU - 5.64% (min $500) (add-on feature) my post
- AmTrustDirect - 5.60% (min $1K) my post
- Corus Bank - 5.60% (min $10K)
- Imperial Capital - 5.45% ($2K min), my post
- ETrade Bank - 5.50% (min $1K), my post
- Digital CU - 5.50% (11 month) (min $1K), my post
- BankUnited - 5.50% (min $5K), my post
- IndyMac Bank - 5.40% (min $5K), my post
- Countrywide - 5.40% (min $10K)
- GMAC Bank - 5.35% (min $500), my post
- NetBank - 5.35% (min $1K), my post ($100 bonus)
- Mutual Bank - 5.35% (min $2.5K) my post
- Transportation Alliance Bank - 5.34% ($1K min)
- EverBank - 5.30% ($1.5K min)
- ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
- UFB Direct - 5.25% (min $8K)
- MetLife Bank - 5.25% ($1K min)
- ING Direct - 5.20%, my post
- EmigrantDirect - 5.20% (min $1K)
- VirtualBank - 5.15% (min $10K), my post
- Self-Help Credit Union - 5.05% (min $500), my post
15/16-Month Certificates of Deposit:
- World Savings - 6.01% 15-mo (min $10K), my post
- Digital CU - 6.00% 16-mo (min $500), my post
- Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
18-Month Certificates of Deposit:
- Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
- AmTrustDirect - 5.50% (min $1K) my post
- Mutual Bank - 5.40% (min $5K) my post
- CapitalOne/Costco - 5.35% (min $5K, Costco members only)
- GMAC Bank - 5.30% (min $500)
- Imperial Capital - 5.30% ($2K min), my post
- ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
- ETrade Bank - 5.25% (min $1K), my post
- Countrywide - 5.20% (min $10K)
36-Month Certificate of Deposit:
- Pentagon Federal CU - 6.00% (min $1K), my post
- Melrose CU - 5.72% (min $5K) my post
- Fort Belvoir FCU - 5.64% (min $1K), my post
- Mutual Bank - 5.60% (min $5K) my post
- AmTrustDirect - 5.50% (min $1K) my post
- Transportation Alliance Bank - 5.34% ($1K min)
- GMAC Bank - 5.30% (min $500)
- ETrade Bank - 5.25% (min $1K), my post
- Agriculture FCU - 5.25% (min $1K), my post
- ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
- Imperial Capital - 5.20% ($2K min), my post
- Countrywide - 5.15% (min $10K)
- Washington Mutual - 5.05% (min $1K)
- Self-Help Credit Union - 5.05% (min $500), my post
48-Month Certificate of Deposit:
- Pentagon Federal CU - 6.00% (min $1K), my post
- Melrose CU - 5.77% (min $5K) my post
- Fort Belvoir FCU - 5.75% (min $1K), my post
- Transportation Alliance Bank - 5.34% ($1K min)
- USA FCU - 5.33% (min $1K) my post
- GMAC Bank - 5.30% (min $500)
- Agriculture FCU - 5.25% (min $1K), my post
- ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
- Countrywide - 5.15% (min $10K)
- Self-Help Credit Union - 5.06% (min $500), my post
- Washington Mutual - 5.05% (47 months) (min $1K)
60-Month Certificate of Deposit:
- Members Credit Union - 6.17% (min $2K), my post
- Pentagon Federal CU - 6.00% (min $1K), my post
- Fort Belvoir FCU - 5.90% (min $1K), my post
- Melrose CU - 5.82% (min $5K) my post
- Agriculture FCU - 5.65% (min $1K), my post
- AmTrustDirect - 5.50% (min $1K) my post
- GMAC Bank - 5.35% (min $500)
- Transportation Alliance Bank - 5.34% ($1K min)
- ETrade Bank - 5.25% (min $1K), my post
- ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
- VirtualBank - 5.15% (min $10K), my post
- Imperial Capital - 5.15% ($2K min), my post
- Countrywide - 5.15% (min $10K)
- Self-Help Credit Union - 5.08% (min $500), my post
84-Month Certificate of Deposit:
- CapitalOne/Costco - 5.46% (min $5K, Costco members only)
- Pentagon Federal CU - 5.32% (min $1K), my post
- EmigrantDirect - 5.20% (min $1K)
- Countrywide - 5.15% (min $10K)
High Rates with Conditions - Open to All
- 10% Savings Account for kids ($500 max)
- 6.01% 3-month intro rate on checking account
- 6.00% 3-month intro rate on Money Market account
- 6.00% 60-months CD with $25K min
- 5.56% Money Market Account with $250K initial deposit
- 5.40% Money Market Account with $25K min
- 5.25% Money Market Account with $25K 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)
- 5.32% Savings Account (Philadelphia)
- 5.25% Money Market Account (Utah)
- 5.25% no-minimum online savings account (New York)
- 5.25% low-minimum online savings account (California)
- 5.15% Savings Account (Massachusetts)
- 5.11% Money Market Account (Wisconsin)
- 5.00% Money Market Account (Washington State)
- 5.10% savings account (Pennsylvania)
CD Specials at Local Credit Unions/Banks Over the Last Two Months
Terms of 60 Months and Over
- 6.25% 73-Month CD at a Minnesota CU (Minnesota Valley)
- 6.25% 61-Month CD at a Michigan CU - Open To All (Telcom)
- 6.18% 60-Month CD at a Ohio CU (Ohio HealthCare)
- 6.17% 60-Month CD at a North Carolina CU (open to all)
- 6.16% 60-Month CD at a South Carolina CU - IRA $50K+ (SAFE FCU)
- 6.00% 60-Month CD at a Pennsylvania CU (Patriot)
- 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)
- 5.88% 60-Month CD at a Utah Bank (State Bank)
Terms of 24 Months to Under 60 Months
- 6.66% 36-Month CD at a Virginia CU (Loudoun)
- 6.56% 36-Month CD at a Multi-State CU - Variable IRA (Western)
- 6.48% 24-Month CD at a California CU - IRA Variable (CAHP)
- 6.43% 36-Month CD at a Alabama CU (Energon)
- 6.25% 24-Month CD at a North Carolina CU (United Services)
- 6.25% 36-Month CD at a South Dakota CU (Watertown)
- 6.17% 24-Month CD at a Iowa/Alabama CU (Cornerstone)
- 6.14% 48-Month CD at a Minnesota CU (Lake State)
- 6.14% 48-Month CD at a Carolina CU (Founders)
- 6.14% 48-Month CD at a Texas Bank (Fayette Savings)
- 6.00% 36-Month CD at a Illinois CU (USA One National)
- 6.00% 36-Month CD at a Florida and Iowa Bank - Prime Based
- 6.00% 24-Month CD at a Florida CU (FSU)
- 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)
- 5.98% 30-Month CD at a Virginia Bank (Farmers)
- 5.80% 24-Month CD at a Texas CU (Resource One)
Terms of 12 Months to Under 24 Months
- 10.00% 12-Month CD at a Philadelphia Bank Continues ($1K Max)
- 10.00% 12-Month CD at a Maryland CU - $1K Max (First Financial)
- 10.00% 12-Month CD at a Houston CU - $5K Max (Smart Financial)
- 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
- 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)
- 6.17% 12-Month CD at a Texas CU (Abilene Teachers FCU)
- 6.16% 14-Month CD at a Alabama CU (Energon)
- 6.14% 13-Month CD at a Carolina CU (Founders)
- 6.05% 12-Month CD at a Multi-State CU (Operating Engineers)
- 6.01% 12-Month CD at a California CU (CoastHills)
- 6.01% 12-Month CD at a South Texas CU (La Joya Area)
- 6.00% 14-Month CD at a Chicago Bank (Lincoln Park)
- 6.00% 12-Month CD at a Michigan CU (Peoples Trust)
- 6.00% 14-Month CD at a Arizona CU (Desert Schools)
- 6.00% 18-Month CD at a California CU (Valley First)
- 6.00% 13-Month CD at a Oregon CU (Unitus)
- 6.00% 12-Month CD at a Georgia Bank (Alpha)
- 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% 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% 15-Month CD at a Virginia CU (ABNB)
- 5.92% 17-Month CD at a California CU
- 5.90% 15-Month CD at a California CU (The Golden 1)
- 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)
Terms of Under 12 Months
- 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
- 8.00% 8-Month CD at a California CU ($5K max)
- 8.00% 7-Month CD at a Michigan CU - $2.5K Max (Consumers)
- 7.25% 7-Month CD at a New York / Pennsylvania CU (Visions)
- 7.00% 7-Month CD at a California CU - $2.5K Max (USE)
- 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
- 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 Texas Bank (Brenham)
- 6.15% 7-Month CD at a Kentucky CU (Fort Knox)
- 6.14% 7-Month CD at a North Carolina CU (Carolina Mountains)
- 6.01% 6-Month CD at World Savings North Las Vegas
- 6.00% 6-Month CD a Citibank Texas
- 6.00% 6-Month CD at a Texas Credit Union (Lone Star)
- 6.00% 10-Month CD at a Kansas CU (Central Star)
- 6.00% 9-Month CD at a California CU (Valley First)
- 6.00% 7-Month CD at a Credit Union Open to All (NASA FCU)
- 6.00% 6-Month CD at a Georgia Bank (Alpha)
- 6.00% 7-Month CD at a Illinois CU (CEFCU)
- 6.00% 6-Month CD at a Florida CU and $50 Checking Account Bonus (MIDFLORIDA)
- 6.00% 9-Month CD at a New York Bank (Elmira Savings)
- 6.00% 7-Month CD at a California CU (Cal State 9)
- 6.00% 10-Month CD at Arizona Central Credit Union
- 6.00% 11-Month CD at Arizona State Credit Union
- 5.92% 11-Month CD at a Georgia Bank (Cherokee)
- 5.80% 5-Month CD at a California CU (Orange County)
- 5.80% 9-Month CD at a Georgia Bank (Seasons Bank)
- 5.78% 8-Month CD at a California CU (CommonWealth Central)
- 5.77% 7-Month CD at a North Dakota/Arizona Bank (First International Bank and Trust)
- 5.76% 11-Month CD at a Wisconsin Bank (Superior Savings)
- 5.75% 6-Month CD at a California CU (SAFE)
- 5.70% 9-Month CD at a New York CU (Bethpage)
- 5.70% 6-Month CD at a Tennessee Bank (BankEast)
- 5.65% 9-Month CD at a California Credit Union
- 5.60% 6-Month CD at a Texas CU (Resource One)
- 5.60% 7-Month CD at a North East Bank (Hudson City Savings)
Savings Account/CD Alternatives
- Money Magazine article on risk-free investments
- Fidelity Money Market Fund - 5.00% 7-day yield ($100 bonus and other info)
- Paypal Money Market Fund - 5.02% 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
Featured Accounts
Useful Resources
Nationwide Savings Accounts
Anonymous - #1, Saturday, September 16, 2006 - 9:19 PM
A superb summary and report. Without question the best on the net, or anywhere else for that matter. My Fed take differs, though, but not for this coming week. I expect them to do nothing. But there is talk out there of "no landing" as opposed to a "soft" landing. Barring another attack or some other catastrophe, my gut says there will not be a landing. This would mean more rate hikes ahead, though on a less frequent basis than in the past. It is anyone's guess at this point. But I never bet against the US of A. Our economy is perking along pretty good!
Anonymous - #2, Sunday, September 17, 2006 - 12:57 AM
Hi, the 6.00% 3-Month CD Missions FCU in California is no longer available. They ended the promotion on Aug. 31, 2006. You may want to remove it from your list.
will (anonymous) - #3, Sunday, September 17, 2006 - 12:34 PM
The Adams Bank is offering 5.50% APY CDS for 6mo-5yr terms. Details below
http://www.adamsbank.com/whatsnew_9.11.06.gif
Banking Guy (anonymous) - #4, Sunday, September 17, 2006 - 5:51 PM
About interest rates, it's quite possible that there'll be more rate hikes ahead. Just seems strange how inverted the yield curve is getting.
Thanks about the info on Missions CD. I had missed that. I've just now updated the list.
Will, thanks for the info on Adams Bank.
Anonymous - #5, Monday, September 18, 2006 - 8:18 AM
Others may disagree. But I'm seeing the current decline in energy prices, and especially gasoline, as being stimulative to the economy. It's putting millions (billions?) of dollars back into the pockets of Americans all across the country. And if I know my fellow Americans like I think I do, they will spend those dollars for the most part, and not save them. This is stimulative, just like a big tax cut, and mitigates in favor of higher interest rates.
Anonymous - #6, Monday, September 18, 2006 - 2:40 PM
Great info - I've never used a money market or high-yield savings account before but I'm very interested in the prospect. Which banks would you recommend to get the most competitive long-term rates? I don't want to swap my money around every few months, but I am looking for easy access between the savings account and my existing checking account.
Banking Guy (anonymous) - #7, Monday, September 18, 2006 - 6:39 PM
About my pick of a savings account, it's hard to say which will keep rates high for the long term. You also need to consider minimum balance requirements and if you want limited check writing. For a savings account without check writing and with a history of high rates, the best pick may be EmigrantDirect. The current 5.25% savings accounts don't have much of a history. Also, EmigrantDirect has fast ACH transfers to and from your checking account.
Anonymous - #8, Wednesday, September 20, 2006 - 7:32 AM
Members CU 60-month is now down to 6.00% APY (5.84% APR) as of Tuesday. I joined and got my money there for the 6.17% APY. Thanks for the tip!
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