Bank Deal Summary for November 4, 2006

The CD rate slide continued this week at several banks and credit unions. Money market account rates are holding, but CD rates, especially long-term CD rates, are declining. CD rates dropped at AmTrustDirect, GMAC Bank, Everbank, Countrywide, Metlife and Pentagon FCU. Even World Savings' 4-month internet CD special had a rate drop from 5.56% to 5.51% APY. When that special first came out on October 12th it had a rate of 5.61% APY.

This rate slide may not last long. News yesterday indicate signs of a stronger economy and a tighter job market. Expectations of a cut in the fed funds rate have been pushed out later into next year.

A new higher rate came out this week for Series I Savings Bonds, however, it's still disappointing at 4.52%. The inflation component came back to a more normal value of 3.10% (vs. 1.00% for the last 6 months). However, the Treasury continues to keep the fixed rate component low at 1.4%. So the composite rate is only 4.52% (see post). Even with the tax advantages of the I Bond, it's hard to get excited about this when you can get 5.50% at an E-LOAN savings account.

With many banks dropping CD rates, E-LOAN is now even more on top with many of its long-term 5.75% CDs (see post). And it's 5.50% savings account remains the best savings account deal.

One nationwide 6% CD was lost this week when Kaiser Federal Bank ended its 6% APY 1-year CD. Finding a six-percent CD continues to get tougher. Everbank still has its 6.01% 3-month promo (see post). Digital Credit Union is still offering its 6% APY 16-month CD (see post).

There were a few good local CD deals this week. For long-term CDs, Team and Wheel is offering a 6.33% 60-month CD (see post). A Missouri credit union is offering a 6.14% APY 24-month CD (see post). And a San Antonio credit union is offering a 10% APY 10-month CD with a maximum deposit cap of $2.5K (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.

There were also some good checking account bonuses this week. A $250 Bank of America bonus was briefly available this week. It ended on Tuesday. However, there are still several $100+ bonuses available at Bank of America (see post). Those in parts of South Carolina can get a $250 checking account bonus at South Carolina Federal Credit Union (see post). For nationally available deals, Chase came out with a $100 checking account bonus (see post). And Citibank's $200 checking account bonus is still available (see post).

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 Oct 28th, Oct 21th, Oct 14th, Oct 7th, Sept 30th and Sept 23rd.

As of November 4, 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 - 5.28%, 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
• Presidential - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, 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) (5.31% $50K+), offers 3.05% free checking, my post
• CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 deal for exec. members)
• 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
• Corus Bank - 5.10% MMA (min $10K to open)
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, offers checking (see $25 bonus post), my post
• Heritage Bank Online - 5.05% (min $1K), my post
• Tennessee Commerce Bank - 5.05% (min $10K), my post
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• 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
• VirtualBank - 5.56% (min $10K), my post
• World Savings - 5.51% (4 months) (min $10K), my post
• Imperial Capital - 5.50%, ($2K min), my post
• IndyMac Bank - 5.45% (min $5K), my post
• 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
• UFB Direct - 5.25% (min $8K)
• Charles Schwab - 5.19% (min $1K), my post
• Corus Bank - 5.10% (min $10K)
• UmbrellaBank.com - 5.10% (min $1K)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• EverBank - 4.97% ($1.5K min)
• Self-Help Credit Union - 4.73% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• E-LOAN - 5.60% ($10K min), my post
• Corus Bank - 5.60% (min $10K)
• World Savings - 5.56% (5 months) (min $10K), branch-only, my post
• Imperial Capital - 5.55%, ($2K min), my post
• AmTrustDirect - 5.51% (min $1K) my post
• FirstFedDirect - 5.51% (min $10K), my post
• IndyMac Bank - 5.50% (min $5K), my post
• Western Financial Bank - 5.50% ($100 min)
• Countrywide - 5.35% (min $10K), my post
• GMAC Bank - 5.30% (min $500), my post
• ETrade Bank - 5.30% (min $1K), my post
• UFB Direct - 5.30% (min $8K)
• World Savings - 5.26% (5 months) (min $10K), new funds only, my post
• Citibank - 5.25% (min $500), my post
• EverBank - 5.25% ($1.5K min)
• 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
• Wells Fargo - 5.00% (5 months) (min $5K), rate and min vary by state, my post
• MetLife Bank - 4.90% ($1K min)
• VirtualBank - 4.86% (min $10K), my post
• Self-Help Credit Union - 4.71% (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)
• FirstFedDirect - 5.55% (min $10K), my post
• AmTrustDirect - 5.51% (min $1K) my post
• Imperial Capital - 5.40% ($2K min), my post
• VirtualBank - 5.39% (min $10K), my post
• Countrywide - 5.35% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• GMAC Bank - 5.25% (min $500), my post
• EverBank - 5.25% ($1.5K min)
• IndyMac Bank - 5.25% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• ING Direct - 5.05%, my post
• Washington Mutual - 5.00% (min $1K)

12-Month Certificates of Deposit:

• E-LOAN - 5.70% ($10K min), my post
• Corus Bank - 5.66% (min $10K)
• 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
• Melrose CU - 5.61% (min $5K) my post
• AmTrustDirect - 5.60% (min $1K) my post
• La Jolla Bank - 5.55% (min $10K), 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
• Mutual Bank - 5.35% (min $2.5K) my post
• Countrywide - 5.30% (min $10K)
• ETrade Bank - 5.30% (min $1K), my post
• IndyMac Bank - 5.30% (min $5K), my post
• Transportation Alliance Bank - 5.28% ($1K min)
• GMAC Bank - 5.25% (min $500), my post
• 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)
• EverBank - 5.23% ($1.5K min)
• EmigrantDirect - 5.20% (min $1K)
• MetLife Bank - 5.15% ($1K min)
• ING Direct - 5.10%, my post
• Self-Help Credit Union - 4.87% (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

18-Month Certificates of Deposit:

• E-LOAN - 5.75% ($10K min), my post
• Mutual Bank - 5.40% (min $5K) my post
• AmTrustDirect - 5.33% (min $1K) my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• CapitalOne/Costco - 5.21% (min $5K, Costco members only)
• GMAC Bank - 5.15% (min $500)
• ETrade Bank - 5.15% (min $1K), my post
• Imperial Capital - 5.10% ($2K min), 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
• Mutual Bank - 5.60% (min $5K) my post
• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.48% (min $1K), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Transportation Alliance Bank - 5.28% ($1K min)
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• AmTrustDirect - 5.21% (min $1K) my post
• 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)
• Self-Help Credit Union - 4.86% (min $500), my post
• Washington Mutual - 4.75% (min $1K)

48-Month Certificate of Deposit:

• Melrose CU - 5.77% (min $5K) my post
• E-LOAN - 5.75% ($10K min), my post
• Fort Belvoir FCU - 5.59% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Transportation Alliance Bank - 5.28% ($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)
• Countrywide - 5.00% (min $10K)
• Self-Help Credit Union - 4.86% (min $500), my post
• Washington Mutual - 4.75% (min $1K)

60-Month Certificate of Deposit:

• Melrose CU - 5.82% (min $5K) my post
• Fort Belvoir FCU - 5.75% (min $1K), my post
• E-LOAN - 5.75% ($10K min), my post
• Agriculture FCU - 5.65% (min $1K), my post
• Members Credit Union - 5.59% (min $2K), my post
• First State Bank - 5.50% ($1K min), my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Transportation Alliance Bank - 5.28% ($1K min)
• AmTrustDirect - 5.27% (min $1K) my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• GMAC Bank - 5.15% (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 - 5.32% (min $1K), my post
• CapitalOne/Costco - 5.26% (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% 3-month intro rate on Money Market account
• 5.58% 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)
• 5.50% Money Market Account for 3 months (New York)
• 5.50% Money Market Account for 3 months at Banco Popular (CA)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.25% no-min online savings account and $50 Bonus (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)
• 5.01% Checking Account (Wisconsin/Illinois)
• 4.75% Checking Account (Texas)

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)
• 6.33% 60-Month CD at a North Carolina CU (Team and Wheel)
• 6.27% 60-Month CD at a New Jersey CU - IRA (Hamilton Horizons)
• 6.22% 60-Month CD at a California CU (Tucoemas)
• 6.20% 60-Month CD at a Massachusetts CU (Central One FCU)
• 6.17% 60-Month CD at a Washington State CU (Spokane City)
• 6.14% 60-Month CD at a Ohio CU (Cintel)
• 6.14% 120-Month CD at a Puerto Rico CU (VAPR)
• 6.01% 60-Month CD at a Texas CU (Texhillco)
• 6.00% 60-Month CD at a New Jersey CU (Paragon)
• 6.00% 84-Month CD at a Multi-State CU (Navy Federal)
• 5.85% 60-Month CD at a New York Bank (First Central Savings)

Terms of 24 Months to Under 60 Months

• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Alabama CU (Energon)
• 6.25% 24-Month CD at a North Carolina CU Still Available (United Services)
• 6.14% 24-Month CD at a Missouri CU (Raytown-Lee Summit Community)
• 6.11% 24-Month CD at a California CU
• 6.11% 30-Month CD at a California CU (Tucoemas)
• 6.01% 30-Month CD at a Florida CU (SCORE FCU)
• 6.00% 24-Month CD at a New York CU - $50K Min (Palisades)
• 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% 59-Month CD at a North Dakota CU (Town and Country)
• 5.82% 36-Month CD at a Ohio CU (Cintel)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 10.00% 12-Month CD at a South Carolina CU - $1K Max (Carolina Trust)
• 6.16% 14-Month CD at a Alabama CU (Energon)
• 6.14% 18-Month CD at a Wichita, Kansas CU (Campus Credit Union)
• 6.14% 19-Month CD at a Illinois CU (GCS FCU)
• 6.05% 19-Month CD at a Minnesota CU - $100K Min (Star Choice)
• 6.01% 12-Month CD at a Chicago Bank and 5.01% Checking (Standard Bank and Trust)
• 6.00% 12-Month CD at a Texas CU (Dallas)
• 6.00% 12-Month CD at a Arizona CU (Canyon State)
• 6.00% 12-Month CD at a Missouri Bank (WestBridge)
• 6.00% 15-Month CD at a South Carolina CU (MCAS Beaufort)
• 6.00% 12-Month CD at a Dallas Bank - $125k min (ViewPoint)
• 6.00% 12-Month CD at a California/Nevada CU (1st United Services)
• 6.00% 13-Month CD at a Colorado CU (Ent)
• 6.00% 15-Month CD at a Illinois CU (Northwest Community)
• 6.00% 13-Month CD at a Pennsylvania CU (Clearview)
• 6.00% 13-Month CD at a Washington State CU (Quimper Community)
• 5.97% 21-Month CD at a Massachusetts CU (NMTW)
• 5.92% 12-Month CD at a California CU (Kerns Schools)
• 5.92% 13-Month CD at a Tampa Florida CU
• 5.90% 12-Month CD at a Texas CU - $95K Min (Tarrant County)
• 5.88% 12-Month CD at a South Florida Bank (Sun American)
• 5.75% 13-Month CD at a Ohio CU, plus $75 Checking Bonus (Telhio)
• 5.75% 14-Month CD at a Michigan CU (Priority Community)

Terms of Under 12 Months

• 10.00% 7-Month CD at a North Carolina Bank - $2K Max (Oak Ridge)
• 10.00% 10-Month CD at a Philadelphia CU - $1K Max (American Heritage)
• 10.00% 10-Month CD at a Texas CU - $2.5K Max (Alamo FCU)
• 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)
• 7.55% 3-Month CD at a California CU - $50K Max (Health Associates)
• 7.00% 7-Month CD at a Houston CU - $7K Max (MemberSource)
• 6.35% 6-Month CD at a Virginia CU (Beach Municpal)
• 6.17% 6-Month CD at a Virginia CU (Martinsville DuPont)
• 6.15% 6-Month CD at a San Antonio, Texas CU
• 6.11% 8-Month CD at a Florida CU (Kennedy Space Center)
• 6.00% 7-Month CD at a Connecticut CU (Dutch Point)
• 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 Missouri Bank (WestBridge)
• 6.00% 6-Month CD at a Hawaii CU (West Oahu Community)
• 6.00% 11-Month CD at a Massachusetts CU (MIT FCU)
• 6.00% 7-Month CD at a New Jersey/North Carolina CU (Proponent)
• 6.00% 6-Month CD at a Wisconsin CU (Fond du Lac)
• 6.00% 9-Month CD at a Baltimore Maryland CU (John Hopkins)
• 6.00% 4-Month CD at a Washington DC CU (HEW)
• 6.00% 10-Month CD at a Washington DC CU (HEW)
• 6.00% 7-Month CD at a New York/Pennsylvania CU (First Heritage)
• 5.90% 6-Month CD at a New York CU (Cornerstone)
• 5.90% 9-Month CD at a Georgia CU (Georgia Power)
• 5.90% 10-Month CD at a Georgia Bank (Integrity)
• 5.85% 6-Month CD at a Tennessee CU (Eastman)
• 5.85% 6-Month CD at a California/Nevada CU (1st United Services)
• 5.85% 9-Month CD at a North Dakota CU - (First Community)
• 5.80% 9-Month CD at a Georgia Bank (Seasons)
• 5.80% 8-Month CD at a California CU (San Francisco FCU)
• 5.80% 11-Month CD at a Colorado CU (Bellco)
• 5.75% 9-Month CD at a Rhode Island CU (Wave)
• 5.75% 7-Month CD at a Oregon CU (Rivermark)
• 5.75% 7-Month CD at a Alabama CU (First Educators)
• 5.75% 11-Month CD at a New York CU (Capital Communications)
• 5.70% 7-Month CD at a Kansas Bank (Equity)

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 - 5.03% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey