Dedicated to Deposits: Deals, Data, and Discussion

Bank Deal Summary for November 18, 2006

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Most of the good news for savers this week were in savings accounts. Superior Savings of New England started a new money market account called the Amazing Money Market which pays 5.50% APY for balances over $10K. For those who have had problems with E-LOAN (see post), this may be an alternative without any compromise on rates. Superior doesn't have the automated online features like E-LOAN, but it does have check writing (see post).

Another bit of good news in savings accounts was the launch of the new WTDirect Savings Account with an APY of 5.26%. It's not the highest rate and there is a $10K minimum balance to maintain this rate, but it has some nice features. At the very least it should put pressure on the others to keep the rates high (see post).

Zions Bank is staying very competitive with its Internet Money Market Account. It bumped up the rate on this to 5.30% APY this week. If you want check writing, Zions Deseret Money Market Account would be a good choice. It's similar to the Internet MMA but has some other features including check writing. The top rate for the Deseret is 5.34% APY for balances over $50K. Balances between $1K and $50K earn 5.30% APY (see post).

ETrade Bank finally launched its own no-minimum online savings account with a competitive 5.05% APY. It's called the Complete Savings Account. It has long offered an online money market account, but the rate has never been that great (except for a 3-month promo). This Complete Savings account can be a good account to have along with ETrade's money market or checking account. You can keep most of your money in the savings to earn the high interest, and if you keep over $5K, you won't have to worry about monthly fees in the checking or money market account (see post).

For CD rates this week, the news continued to be bad for savers. CD rates declined at E-LOAN, GMAC Bank and Corus Bank. Also, we saw a huge rate drop on all CDs at Melrose Credit Union. Most rates dropped by more than 50 basis points. Since I first reported on Melrose back in March of this year, they've maintained very high CD rates.

Another disappointment was the news that Agriculture FCU's 16-month CD promo is ending Monday. This "Let it Grow" promo had just come out less than 2 weeks ago. By the look of the promo (winter-like theme), it seemed it was going to last into December. Perhaps the demand was higher than they had expected. Please refer to this post for more info.

National 6% CD deals are not easy to find. There are still a few left. Digital Credit Union is still offering its 6.00% APY 16-month CD special (see post), and Everbank's 6.01% APY 3-month checking account promo is still available (see post). One commenter made the interesting point that it's becoming easier to find better long-term CD deals locally than from these online banks. Seems like the local banks are often slower to react to changing interest rate enviroments than the online banks. 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 around $10K or less. Previous weekly summaries are available for Nov 11th, Nov 4th, Oct 28th, Oct 21th, Oct 14th and Oct 7th.

As of November 18, 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:
  • Agriculture FCU - 6.10% (min $25K), Ending on Nov 20th, my post
  • Digital CU - 6.00% (min $500), my post

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

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