Bank Deal Summary for October 7, 2006

The new E-LOAN savings account remains the best deal this week for a high yield online savings account. I couldn't resist the 5.50% APY and opened an account this week. The opening process and the ACH transfers have been easy and quick (see post).

There were a few banks which increased rates on their savings accounts this week. Everbank extended its 3-month 6.01% APY promo to its money market account, but the 6.01% checking account promo remains the better deal in my opinion (see post). GMAC Bank did a substantial rate hike on its Money Market Savings account yesterday. The new rate is 5.25% APY (up from 5.00% APY). GMAC had been falling behind the last couple of months. It's good to see GMAC getting back into the game. Unlike most of the other accounts with rates at and above 5.25%, GMAC's Money Market Savings account has limited check writing and one of the best ACH transfer systems (see post). There's a new second place savings account rate leader this week. BankUnited increased its savings account rate from 5.25% to 5.35% APY. BankUnited continues to make this account very competitive. Unfortunately, it's not easy to open and lacks an ACH transfer system (see post).

Long-term CD rates continued to trend down this week. Finding a 36-month or longer term CD that yields 6% seems to be getting more difficult each week. After Pentagon FCU ended its 6% CDs in September, the only long-term CD rate at 6% available nationally was a 60-month CD at Members Credit Union. This has now gone down to 5.75%.

In addition to the top savings account rate, E-LOAN's CD rates are at the top or near the top for every term. So if you're looking for a high yield long-term CD, E-LOAN may be your best choice.

VirtualBank had an odd rate change on its CDs this week. The good news is that the 9-month CD rate went up from 5.15% to 5.39% APY. The bad news is that the 6-month CD rate dropped from 5.15% to 4.86% APY and the 12-month CD rate dropped from 5.15% to 4.60% APY. This shows the need to not let CDs renew without reviewing the current rates.

For short term CDs, there are still several 6% CDs available nationally. Unfortunately, there weren't any new ones this week. World Savings is still offering a 6.01% APY 7-month CD. It's an unadvertised branch-only special (see post). Patelco Credit Union has a 6% CD for terms of 12 to 23 months (see post) and Digital Credit Union still has its 6.00% APY 16-month CD (see post).

If you can't get a 6% CD from a national bank or credit union, you may be able to get one at a local institution. A 6% 12-month CD became available this week at Canyon State Credit Union which should be available for most residents of Arizona (see post). First Tech Credit Union just started a 6% 7-month CD promotion. Many residents of Oregon and Washington State should be able to qualify for this (see post). For a complete list of these recent local CD deals, refer to my local CD list below. Remember that many of these deals don't last long. Please check if the rate is still active at the bank or credit union's website. If you see that a deal has ended, a comment is much appreciated.

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 30th, Sept 23rd, Sept 16th, Sept 9th, Sept 2nd and Aug 26th.

As of October 7, 2006

Savings Accounts/Money Market Accounts:

• E-LOAN - 5.50% ($5K min), my post
• BankUnited - 5.35% (min $5K), my post
• AmTrustDirect - 5.30% ($1K min), my post
• UFB Direct - 5.27%, 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
• GMAC Bank - 5.25% MMA (min $500), my post
• FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
• Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
• Zions Bank - 5.24% (min $1K) (5.28% $50K+), offers 3.05% free checking, my post
• Heritage Bank Online - 5.20% (min $1K), my post
• CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 deal for exec. members)
• 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
• EmigrantDirect - 5.05%, my post, (rate history)
• 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
• Tennessee Commerce Bank - 4.93% (min $10K), my post
• Corus Bank - 4.88% 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 - 4.68% 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), 6.01% 3-mo promo, 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 - 5.50% (min $5K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• UFB Direct - 5.30% (min $8K)
• Countrywide - 5.30% (min $10K), my post
• FirstFedDirect - 5.26% (min $10K), my post
• Western Financial Bank - 5.25% ($100 min)
• GMAC Bank - 5.25% (min $500), my post
• Charles Schwab - 5.25% (min $1K), my post
• VirtualBank - 5.13% (min $10K), my post
• UmbrellaBank.com - 5.10% (min $1K)
• 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 - 4.88% (min $10K)
• Self-Help Credit Union - 4.73% (min $500), my post

6-Month Certificates of Deposit:

• World Savings - 6.01% (7 month) (min $10K), unadvertised, branch-only, my post
• AmTrustDirect - 5.61% (min $1K) my post
• Superior Savings - 5.60% (min $500)
• E-LOAN - 5.60% ($10K min), my post
• Corus Bank - 5.58% (min $10K)
• IndyMac Bank - 5.55% (5 mo special offer) (min $5K), my post
• World Savings - 5.56% (5 months) (min $10K), branch-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
• Imperial Capital - 5.40%, ($2K min), my post
• Countrywide - 5.35% (min $10K), my post
• GMAC Bank - 5.30% (min $500), my post
• ETrade Bank - 5.30% (min $1K), 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)
• UmbrellaBank.com - 5.20% (min $1K)
• 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)
• Wells Fargo - 5.00% (5 months) (min $5K), rate and min vary by state, my post
• VirtualBank - 4.86% (min $10K), my post
• Self-Help Credit Union - 4.72% (min $500), my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• Western Financial Bank - 5.60% ($100 min)
• AmTrustDirect - 5.60% (min $1K) my post
• IndyMac Bank - 5.55% (min $5K), my post
• FirstFedDirect - 5.55% (min $10K), my post
• Imperial Capital - 5.40% ($2K min), my post
• Countrywide - 5.40% (min $10K), my post
• VirtualBank - 5.39% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• GMAC Bank - 5.30% (min $500), my post
• EverBank - 5.25% ($1.5K min)
• EmigrantDirect - 5.20% (min $1K)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
• World Savings - 5.76% 13-mo (min $10K), my post
• La Jolla Bank - 5.75% (min $10K), my post
• E-LOAN - 5.70% ($10K min), my post
• Western Financial Bank - 5.65% ($100 min)
• GTE FCU - 5.64% (min $500) (add-on feature) my post
• FirstFedDirect - 5.64%, (min $10K) my post
• Corus Bank - 5.63% (min $10K)
• Melrose CU - 5.61% (min $5K) my post
• AmTrustDirect - 5.60% (min $1K) my post
• Digital CU - 5.50% (11 month) (min $1K), my post
• UmbrellaBank.com - 5.40% (min $1K)
• Imperial Capital - 5.40% ($2K min), my post
• IndyMac Bank - 5.40% (min $5K), my post
• Countrywide - 5.40% (min $10K)
• Mutual Bank - 5.35% (min $2.5K) my post
• Transportation Alliance Bank - 5.34% ($1K min)
• GMAC Bank - 5.30% (min $500), my post
• ETrade Bank - 5.30% (min $1K), my post
• EverBank - 5.25% ($1.5K min)
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UFB Direct - 5.25% (min $8K)
• MetLife Bank - 5.25% ($1K min)
• EmigrantDirect - 5.20% (min $1K)
• ING Direct - 5.10%, my post
• Self-Help Credit Union - 4.86% (min $500), my post
• VirtualBank - 4.60% (min $10K), my post

16-Month Certificates of Deposit:

• 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
• E-LOAN - 5.75% ($10K min), my post
• AmTrustDirect - 5.50% (min $1K) my post
• Mutual Bank - 5.40% (min $5K) my post
• GMAC Bank - 5.30% (min $500)
• Imperial Capital - 5.25% ($2K min), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• CapitalOne/Costco - 5.21% (min $5K, Costco members only)
• ETrade Bank - 5.15% (min $1K), my post
• Countrywide - 5.10% (min $10K)

36-Month Certificate of Deposit:

• E-LOAN - 5.75% ($10K min), 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
• Pentagon Federal CU - 5.41% (min $1K), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• GMAC Bank - 5.15% (min $500)
• ETrade Bank - 5.00% (min $1K), my post
• Imperial Capital - 5.00% ($2K min), my post
• Countrywide - 5.00% (min $10K)
• Washington Mutual - 4.90% (min $1K)
• Self-Help Credit Union - 4.87% (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
• E-LOAN - 5.75% ($10K min), my post
• Pentagon Federal CU - 5.42% (min $1K), my post
• 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
• GMAC Bank - 5.15% (min $500)
• Countrywide - 5.00% (min $10K)
• Washington Mutual - 4.90% (min $1K)
• Self-Help Credit Union - 4.87% (min $500), my post

60-Month Certificate of Deposit:

• Fort Belvoir FCU - 5.90% (min $1K), my post
• Melrose CU - 5.82% (min $5K) my post
• Members Credit Union - 5.75% (min $2K), my post
• E-LOAN - 5.75% ($10K min), my post
• Agriculture FCU - 5.65% (min $1K), my post
• AmTrustDirect - 5.50% (min $1K) my post
• Pentagon Federal CU - 5.42% (min $1K), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• GMAC Bank - 5.20% (min $500)
• VirtualBank - 5.15% (min $10K), my post
• Imperial Capital - 5.00% ($2K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Self-Help Credit Union - 4.89% (min $500), my post

84-Month Certificate of Deposit:

• Pentagon Federal CU - 5.42% (min $1K), my post
• CapitalOne/Costco - 5.21% (min $5K, Costco members only)
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.00% (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% Savings Account for $75k+ Deposits
• 6.00% 3-month intro rate on Money Market account
• 6.00% 60-months CD with $25K min
• 5.45% Money Market Account with $250K initial deposit
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+
• 5.25% Money Market Account with $25K min

Checking and Saving Accounts at Local Banks/Credit Unions

• 6.00% Checking Account up to $25k (Arkansas)
• 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% 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

• 6.67% 60-Month CD at a Ohio CU - $100K+ (Dayton Firefighters FCU)
• 6.53% 60-Month CD at a Ohio CU (Ohio HealthCare)
• 6.50% 60-Month CD at a Michigan CU (Metro)
• 6.25% 73-Month CD at a Minnesota CU (Minnesota Valley)
• 6.25% 61-Month CD at a Michigan CU - Open To All (Telcom)
• 6.25% 60-Month CD at a Utah CU (Pacific Rails)
• 6.20% 60-Month CD at a Massachusetts CU (Central One FCU)
• 6.16% 60-Month CD at a South Carolina CU - IRA $50K+ (SAFE FCU)
• 6.14% 60-Month CD at a Ohio CU (Cintel)
• 6.14% 60-Month CD at a Ohio CU (Emery)
• 6.00% 60-Month CD at a Pennsylvania CU (Patriot)
• 5.75% 60-Month CD at a North Carolina CU (open to all)

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)
• 6.25% 33-Month CD at a Michigan CU (Metro)
• 6.01% 30-Month CD at a Florida CU (SCORE FCU)
• 6.00% 36-Month CD at a Massachusetts CU (Central One FCU)
• 6.00% 40-Month CD at a Ohio CU (Glass City FCU)
• 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)
• 5.98% 30-Month CD at a Virginia Bank (Farmers)
• 5.82% 36-Month CD at a Ohio CU (Cintel)
• 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 New York CU - $2K Max (Palisades)
• 7.00% 12-Month CD at a Pennsylvania CU - $2K Max (Erie FCU)
• 6.17% 19-Month CD at a Indiana CU (Steel Parts)
• 6.16% 14-Month CD at a Alabama CU (Energon)
• 6.10% 18-Month CD at a Colorado CU (College CU)
• 6.00% 12-Month CD at a Arizona CU (Canyon State)
• 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 Minnesota CU (TFCU)
• 6.00% 18-Month CD at a North Carolina CU (Riegelwood)
• 6.00% 13-Month CD at a Maryland CU - $25K Max (Mid-Atlantic)
• 6.00% 20-Month CD at a Georgia CU - No Penalty (CGRCU)
• 6.00% 12-Month CD at a Colorado CU (College CU)
• 5.92% 12-Month CD at a California CU (Kerns Schools)

Terms of Under 12 Months

• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 8.30% 8-Month CD at a Arizona CU - $8K Max (Arizona Holsum)
• 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% 7-Month CD at a California CU - $2.5K Max (USE)
• 6.25% 6-Month CD at a Montana CU (Missoula FCU)
• 6.25% 9-Month CD at a California CU ($5K max)
• 6.24% 6-Month CD at a Ohio CU (Fremont)
• 6.15% 7-Month CD at a Texas Bank (Brenham)
• 6.00% 6-Month CD a Citibank Texas
• 6.00% 3-Month CD at a Virginia CU (Apple FCU)
• 6.00% 6-Month CD at a California CU (SESLOC)
• 6.00% 3-Month CD at a Connecticut CU (American Eagle)
• 6.00% 6-Month CD at a Connecticut CU (American Eagle)
• 6.00% 7-Month CD at a Oregon/Washington CU (First Tech)
• 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 Florida Bank (United Heritage)
• 6.00% 10-Month CD at a Colorado CU (BCS)
• 6.00% 6-Month CD at a Florida Bank (United Heritage)
• 5.90% 11-Month CD at a California CU (American River HealthPro)
• 5.90% 5-Month CD at a Alabama CU (Legacy FCU)
• 5.85% 6-Month CD at a Tennessee CU (Eastman)
• 5.85% 7-Month CD at a Illinois Bank (First Suburban)
• 5.80% 9-Month CD at a Georgia Bank (Seasons)
• 5.80% 10-Month CD at a California CU (Tech CU)
• 5.80% 6-Month CD at a Phoenix Bank (Copper Star)
• 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)
• 5.75% 7-Month CD at a Oregon CU (Rivermark)
• 5.75% 8-Month CD at a California CU (OCTFCU)
• 5.75% 9-Month CD at a Missouri Bank (St. Louis)
• 5.75% 3-Month CD at a Missouri Bank (St. Louis)
• 5.75% 8-Month CD at a Florida Bank (FBC)
• 5.71% 8-Month CD at a Florida Bank (First Commercial)
• 5.70% 7-Month CD at a California CU (Water and Power)
• 5.60% 6-Month CD at a Texas CU (Resource One)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Fidelity Money Market Fund - 5.01% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.05% 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