Bank Deal Summary for September 9, 2006

There were a few hikes in savings account rates this week. ING Direct did a bump from 4.35% to 4.40% APY. With so many savings account rates over 5%, you would think ING would have at least bumped it up to 4.50%. Perhaps they're keeping rates low in preparation for another Save Up Sale. It never hurts to be optimistic :-).

There were two rate hikes this week at online banks that are not as well known as ING but have much more competitive rates. First, Heritage Direct Online increased the rate on its savings account from 5.06% to 5.20% APY. This might be a decent choice for an online bank except for its $1K minimum. Under $1K you earn no interest, and more importantly, get charged $10 a month in fees (see post). AmTrustDirect bumped its new online savings account from 5.15% to 5.26% APY. This too has a $1K minimum, however, it's only for the initial deposit. After the initial deposit, you don't have to worry about balance requirements or monthly fees. The only problem with AmTrustDirect is a hard credit pull (see post).

There wasn't much movement in CD rates this week. A few banks continued the trend of dropping rates, especially long term. These include EmigrantDirect, AmTrustDirect and Washington Mutual. At least the 6% special CDs that started the week before continued this week at World Savings (see post), Patelco Credit Union (see post) and Pentagon FCU (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).

Although there weren't many new national CD deals this week, there were a few hot local deals. Often banks or credit unions will have a CD teaser rate that may require a checking account. These are a loss leader with the hope that you'll become a long-term customer. If you can avoid getting burned by fees on the checking accounts, you can make out well on these deals. Sometimes these teaser CD rates can be as high as 10%, but usually there's a cap on the deposit. The lower the cap, the less enticing the offer. There were several of these CD specials around the country this week that had relatively high caps. These include a 10% 12-month CD in Houston with a $5K max deposit (see post), a 7% 7-month CD in Ohio with a $100K max deposit (see post) and a 7.25% 7-month CD in New York and Pennsylvania with a $100K max deposit (see post). There were also many others with maximum deposits of $1K and $2K. 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 2nd, Aug 26th, Aug 19th, Aug 12th, Aug 5th and July 29th.

As of September 9, 2006

Savings Accounts/Money Market Accounts:

• Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
• AmTrustDirect - 5.26% ($1K min), 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
• UFB Direct - 5.20%, my post
• Heritage Bank Online - 5.20% (min $1K), my post
• AmboyDirect - 5.15%, my post ($25 bonus)
• EmigrantDirect - 5.15%, my post, (rate history)
• Apple Bank - 5.15%, my post
• 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
• 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
• HSBC Direct - 5.05%, offers checking, (rate history), my post
• Tennessee Commerce Bank - 5.02% (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 - 4.97% 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)
• EverBank - 4.41% ($1.5K min), my post
• ING Direct - 4.40%, 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 ($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
• 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
• 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
• Corus Bank - 4.97% (min $10K)
• 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)
• 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
• World Savings - 5.26% (5 months) (min $10K), new funds only, my post
• EverBank - 5.25% ($1.5K min)
• 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 - 4.78% (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
• EverBank - 5.35% ($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
• FirstFedDirect - 5.71%, (min $10K) my post
• UmbrellaBank.com - 5.67% (min $1K)
• Western Financial Bank - 5.65% ($100 min)
• 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 - 5.50% ($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 - 5.45% (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)
• Mutual Bank - 5.35% (min $2.5K) my post
• Transportation Alliance Bank - 5.34% ($1K 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 - 5.02% (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 - 5.50% (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
• 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 - 5.04% (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
• 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 - 5.05% (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 - 5.07% (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
• 5.61% 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

• 6.25% 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)
• 6.00% 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)
• 6.00% 60-Month CD at a Pennsylvania CU (Patriot)
• 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)
• 6.25% 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)
• 6.04% 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)
• 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

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)
• 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)
• 6.00% 14-Month CD at a Chicago Bank (Lincoln Park)
• 6.00% 12-Month CD at a Michigan CU (Peoples Trust)
• 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)
• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 8.00% 8-Month CD at a California CU ($5K max)
• 7.25% 7-Month CD at a New York / Pennsylvania CU (Visions)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 7.00% 7-Month CD at a Ohio CU (Western)
• 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)
• 6.15% 7-Month CD at a Texas Bank (Brenham)
• 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% 6-Month CD at a Texas Credit Union (Lone Star)
• 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)
• 5.76% 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 - 4.99% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.03% 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