Bank Deal Summary for September 2, 2006

The 6-percent CD had a comeback this week. With WaMu's 6% CD special ending in August and with a continuation of falling long term CD rates at many banks (VirtualBank, ebank, AmTrustDirect, GMAC, ING Direct, etc.), I thought national 6% CD deals would become an endangered species. Then on Thursday, the 6% CDs resurged back to life. Pentagon Federal Credit Union (Penfed) came out with new 3-to-5 year CD rates for the next month with an APY of 6.00%. This is a credit union anyone can join (see post). World Savings came out with a new internet CD special with a 6.01% APY for 15 months (see post). EverBank then bumped up the rate of its 3-month checking account promo from 5.51% to 6.01%. This can be considered essentially a 3-month CD for those who are new to EverBank (see post). Finally, Patelco Credit Union began a new CD promotion with a 6.00% APY Flexible Term Bump Certificate. You can chose a 6.00% CD for terms from 12 to 23 months. Like Penfed, every US resident is eligible to join (see post). So thanks to these new deals, my national CD list now includes 6-percent-plus CD options for almost every term.

With falling rates, these 6% CDs are growing more attractive. As I mentioned, long-term CD rates overall continued to fall this week. In addition there were some drops in savings account rates. Capital One dropped the rate on its money market accounts from 5% to 4.80% APY. UFB Direct just dropped the rate of its Jumbo Money Market Account from 5.26% to 5.00%. Also, UFB's High Yield Money Market Savings rate fell from 5.26% to 5.20% APY (This 5.20% is clearly just a temporary promo and will likely soon fall. Historically it has been at least 0.25% under the Jumbo rate.) Data continues to show that the economy is slowing, and the banks seem to be adjusting their rates accordingly.

In addition to the CD deals and the overall rate decline, there were several 3-month CD rate increases. IndyMac Bank, Imperial Capital and Countrywide raised the yields on their 3-month CDs to around 5.40% APY. All three of these banks now have inverted yield curves on their CDs.

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 Aug 26th, Aug 19th, Aug 12th, Aug 5th, July 29th and July 22nd.

As of September 2, 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
• 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
• UFB Direct - 5.20%, (5.26% $50K+) offers checking, 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
• 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
• Tennessee Commerce Bank - 5.08% (min $10K), 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
• 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
• 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)
• EverBank - 4.41% ($1.5K min), my post
• ING Direct - 4.35%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• 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 ($175 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
• Imperial Capital - 5.40%, ($2K min), my post
• IndyMac Bank - 5.40% (min $5K), my post
• Countrywide - 5.37% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• 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 ($20 bonus)
• EverBank - 5.10% ($1.5K min)
• Corus Bank - 5.07% (min $10K)
• 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
• Self-Help Credit Union - 4.75% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• 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
• EmigrantDirect - 5.35% (min $1K)
• EverBank - 5.30% ($1.5K min)
• UFB Direct - 5.25% (min $8K)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• VirtualBank - 5.15% (min $10K), my post ($20 bonus)
• 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 - 4.78% (min $500), my post

9-Month Certificates of Deposit:

• Washington Business Bank - 6.00% ($1K min), see post
• 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)
• FirstFedDirect - 5.60% (min $10K), my post
• AmTrustDirect - 5.58% (min $1K) my post
• Imperial Capital - 5.48% ($2K min), my post
• Countrywide - 5.40% (min $10K), my post
• GMAC Bank - 5.35% (min $500), my post
• EmigrantDirect - 5.35% (min $1K)
• EverBank - 5.35% ($1.5K min)
• VirtualBank - 5.15% (min $10K), my post ($20 bonus)
• 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
• 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 - 5.50% ($2K min), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• 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 - 5.45% (min $5K), my post
• GMAC Bank - 5.40% (min $500), my post
• Countrywide - 5.40% (min $10K)
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• EverBank - 5.35% ($1.5K min)
• EmigrantDirect - 5.35% (min $1K)
• Mutual Bank - 5.35% (min $2.5K) my post
• Transportation Alliance Bank - 5.34% ($1K min)
• UFB Direct - 5.25% (min $8K)
• MetLife Bank - 5.25% ($1K min)
• ING Direct - 5.20%, my post
• VirtualBank - 5.15% (min $10K), my post ($20 bonus)
• Self-Help Credit Union - 5.01% (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
• GMAC Bank - 5.35% (min $500)
• Imperial Capital - 5.35% ($2K min), my post
• CapitalOne/Costco - 5.35% (min $5K, Costco members only)
• 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 - 5.55% (min $1K) my post
• Washington Mutual - 5.45% (min $1K)
• GMAC Bank - 5.35% (min $500)
• Transportation Alliance Bank - 5.34% ($1K min)
• 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)
• 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
• Washington Mutual - 5.45% (47 months) (min $1K)
• GMAC Bank - 5.35% (min $500)
• Transportation Alliance Bank - 5.34% ($1K min)
• USA FCU - 5.33% (min $1K) my post
• 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

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 - 5.55% (min $1K) my post
• GMAC Bank - 5.35% (min $500)
• ETrade Bank - 5.25% (min $1K), my post
• Imperial Capital - 5.15% ($2K min), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• VirtualBank - 5.15% (min $10K), my post ($20 bonus)
• 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)
• EmigrantDirect - 5.35% (min $1K)
• 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)
• 6.01% 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
• 5.61% Money Market Account with $250K initial deposit
• 5.40% Money Market Account with $25K min
• 5.35% Money Market Account with $50K at MBNA
• 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

• 6.18% 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)
• 5.88% 60-Month CD at a Utah Bank (State Bank)

Terms of 24 Months to Under 60 Months

• 7.00% 24-Month CD at a Michigan CU (Town and Country Family)
• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 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)
• 6.04% 24-Month CD at a Nashville CU (MPD)
• 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)

Terms of 12 Months to Under 24 Months

• 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)
• 6.14% 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% 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

• 10.00% 10-Month CD at a Massachusetts CU ($2.5K max)
• 8.00% 8-Month CD at a California CU ($5K max)
• 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 Kentucky CU (Fort Knox)
• 6.14% 9-Month CD at a Virginia CU (Dominion)
• 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 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% 3-Month CD at a California CU (Missions FCU)
• 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% 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)
• 5.76% 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% 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 - 5.02% 7-day yield ($100 bonus and other info)
• 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