Dedicated to Deposits: Deals, Data, and Discussion

Bank Deal Summary for December 9, 2006

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There were more disappointments this week for savers. First, E-LOAN dropped the rate on its savings account. At least the new rate is still very competitive at 5.38% APY for all balances. Most of the other savings account rates are holding with some minor changes. Looks like competition may be helping. UFB Direct raised the rate on its no-minimum savings account from 5.28% to 5.32% APY which just beats out the new iGoBanking for the top no-minimum savings account. For those with over $25K, a new online savings account at Gloucester County FSB may be the best savings account deal. It's a tiered account with a top rate of 5.61% APY for balances over $25K. Please see this post for more info.

Unlike savings account rates which are generally holding, CD rates continue to fall with the largest drops continuing to be on long-term rates. Rates fell this week at UFB Direct, Countrywide, Mutual Bank, ETrade, La Jolla, AmTrustDirect and GMAC Bank. The yield curve continues to grow more inverted. An example includes Countrywide which increased its 3-month CD rate to 5.50% APY but also decreased its 3-to-7-year CD rates from 5% to 4.80% APY. ETrade is almost as inverted with a 5.30% APY 6-month CD and a 4.80% APY CD for terms of 2 to 5 years.

The best CD rates now are mostly from credit unions. Note, the main lists below include only credit unions with national availability. All except Navy FCU can be joined via membership into an organization with a small one-time fee. Out of the top nine institutions with 5-year CD's at or over 5.30% APY, only two are banks.

Many may be hoping for a 6% long-term CD at Penfed. They do have a history of offering a very high yield long term CD around the start of the New Year. At the start of this year, Penfed offered a 6% 7-year CD and a 5.75% 5-year CD (see post). At the time the best 5-year CD rates were only around 5.15%.

For local deals, Chartway Credit Union has started back up a new CD promo that's almost as good as what they offered last summer. It's a 7% APY 7-month CD with a cap of $7K. New members are allowed one of these. However, current members must refer a new member to be eligible for this CD. Up to three of these $7K CD's can be opened with 3 new member referrals. Chartway is a large credit union with branches in several states. Please see my post for more info or to request a referral.

There are still several local credit unions and banks in which you can get 6-percent-plus CD's. If you're lucky, you'll find one in which you are eligible to join. 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 Dec 2nd, Nov 25th, Nov 18th, Nov 11th, Nov 4th and Oct 28th.

As of December 9, 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:

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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