Bank Deals Weekly Summary for January 6, 2007

The New Year started off slow for bank rate changes. We lost two nice short-term CD specials at two credit unions with easy membership. Patelco Credit Union's 5.75% 8-month CD special ended last month and NASA FCU's 5.80% 7-month CD special also ended. However, both have started some new CD promotions. Although they're not as good as the previous ones, they'll still competitive. Patelco's new special is a 5.64% APY CD with terms from 12 to 23 months. The yield is 5.75% for the IRA. Note, Patelco is privately insured by ASI and is not insured by the NCUA (see post). NASA FCU is now offering a 5.25% 8-month CD and a 5.35% 14-month CD.

There was one credit union with easy membership that extended its CD special into January. Huron River Area Credit Union extended its 6.00% APY 4-month CD to January 29th. Like Patelco and NASA FCU, you can join Huron by joining an organization for a small fee. As with all credit unions, once you join the credit union, you don't have to maintain membership in the organization that made you eligible. For more info on Huron, please refer to this post.

For long-term CDs, Pentagon Federal Credit Union (Penfed) continues to be the best deal with their 6.25% APY CDs for terms of 3, 4, 5 and 7 years. These should be available at least till January 31st. This rate is way above what you can get at other nationally available banks or credit unions. The main question you'll have to ask is if you want to lock into a long-term CD. Refer to this post to help you decide if a long-term CD is right for you. For more info on Penfed and these 6.25% CDs, please refer to this post.

For local deals, RateEdge increased the rate on its no-minimum online savings account from 5.25% to 5.35% APY. Since it began in 2005, RateEdge has maintained top rates. Unfortunately, it's a division of Sunmark FCU with membership eligibility primarily limited to those who live in areas of New York State. I like to keep mentioning RateEdge to encourage everyone to push their own credit unions to offer similar high yield online savings accounts. Please refer to this post for more info on RateEdge.

Another good local deal is being offered by the Bank of Little Rock which has a new 6.01% checking account. This is one of those checking accounts that pays a very high yield up to a certain balance ($25K for this case) but requires direct deposit and certain usage of your debit card. This can be a good account for those who don't mind the requirements. Please see this post for more details. I also list several other banks that are offering similar checking accounts.

In addition to bank checking accounts, you might want to consider money market funds. Many of the brokerages like Vanguard and Fidelity have money market funds that currently pay over 5% and have unlimited check writing privileges. These often have minimum deposit requirements ($3K for Vanguard) and require checks be at least a certain amount ($250 for Vanguard). It's important to note that these are not FDIC insured. However, I would consider the risk very small for money market funds at the major brokerages. Please refer to my list of bank account alternatives below.

For more local deals, please refer to the local CD list. I've reviewed many of them and removed those no longer available. However, I can't go through all of them. Please check with the bank or credit union's website to confirm availability. If you find any that are out-of-date, a comment would be 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 30th, Dec 23rd (short version), Dec 16th, Dec 9th, Dec 2nd, Nov 25th, Nov 18th and Nov 11th.

As of January 6, 2007

Savings Accounts/Money Market Accounts:

• Superior Savings - 5.50% MMA ($10K min), my post
• E-LOAN - 5.38% ($5K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.32%, my post
• iGobanking - 5.30%, my post
• Zions Bank - 5.30% MMA (min $1K) (5.34% $50K+), my post
• AmTrustDirect - 5.30% ($1K min), my post
• OneUnited - 5.30% (min $1K), my post
• Apple Bank - 5.27%, my post ($25 bonus)
• WTDirect - 5.26% ($10K min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• Presidential Bank - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Countrywide - 5.25% (min $10K), (5.40% $50K+) my post
• GMAC Bank - 5.20% MMA (min $500), my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), 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
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, offers checking (see $25 bonus post), my post
• ETrade Bank - 5.05%, my post ($50 bonus)
• Discover Bank - 5.05% MMA (min $10K)
• Corus Bank - 5.04% MMA (min $10K to open)
• CapitalOne/Costco - 5.01% MMA (min $5K, Costco members only, $25 deal for exec. members)
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• Tennessee Commerce Bank - 4.98% (min $10K), 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)
• ING Direct - 4.50%, my post ($25 bonus), (rate history)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• EverBank - 4.41% ($1.5K min), 6.01% 3-mo promo, my post
• MetLife Bank - 4.40% 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 - 3.66% MMA ($500 min), requires checking, my post ($250 deal)

3-Month Certificates of Deposit:

• EverBank - 6.01% ($1.5K min), checking account promo, see post
• Huron River Area CU - 6.00% (4 months) (min $5K) my post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• VirtualBank - 5.44% (min $10K), my post
• Countrywide - 5.40% (min $10K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• UFB Direct - 5.30% (min $8K)
• FirstFedDirect - 5.26% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• UmbrellaBank.com - 5.10% (min $1K)
• Corus Bank - 5.04% (min $10K)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• Charles Schwab - 4.99% (min $1K), my post
• Self-Help Credit Union - 4.98% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• AmTrustDirect - 5.46% (min $1K) my post
• FirstFedDirect - 5.46% (min $10K), my post
• BankUnited - 5.45% ($1K min)
• IndyMac Bank - 5.45% (min $5K), my post
• VirtualBank - 5.44% (min $10K), my post
• NetBank - 5.35% (min $1K)
• Corus Bank - 5.35% (min $10K)
• Imperial Capital - 5.35%, ($2K min), my post
• ETrade Bank - 5.35% (min $1K), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, my post
• iGobanking - 5.30% (min $500), my post
• Countrywide - 5.30% (min $10K), my post
• UFB Direct - 5.30% (min $8K)
• Self-Help Credit Union - 5.24% (min $500), my post
• HSBC Direct - 5.25% (min $1K), new money only
• EmigrantDirect - 5.20% (min $1K)
• UmbrellaBank.com - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• E-LOAN - 5.15% ($10K min), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• Tennessee Commerce Bank - 5.05% (min $5K)
• ING Direct - 5.00%, my post
• Wells Fargo - 4.90% (5 months) (min $5K), rate and min vary by state, my post

9-Month Certificates of Deposit:

• AmTrustDirect - 5.41% (min $1K) my post
• FirstFedDirect - 5.41% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• Imperial Capital - 5.32% ($2K min), my post
• NASA FCU - 5.25% (8 months) (min $5K), my post
• IndyMac Bank - 5.20% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K), my post
• VirtualBank - 5.18% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• ING Direct - 5.05%, my post
• Washington Mutual - 5.00% (min $1K)

12-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• AmboyDirect - 5.50% (min $10K), my post
• Digital CU - 5.50% (13 month) (min $500), my post
• AmTrustDirect - 5.41% (min $1K) my post
• UmbrellaBank.com - 5.40% (min $1K)
• NASA FCU - 5.35% (14 months) (min $1K), my post
• Corus Bank - 5.35% (min $10K)
• FirstFedDirect - 5.35%, (min $10K) my post
• iGobanking - 5.30% (min $500), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Imperial Capital - 5.30% ($2K min), my post
• La Jolla Bank - 5.30% (min $10K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• IndyMac Bank - 5.25% (min $5K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• GMAC Bank - 5.20% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• Tennessee Commerce Bank - 5.20% (min $5K)
• Countrywide - 5.20% (min $10K)
• Self-Help Credit Union - 5.17% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• UFB Direct - 5.15% (min $8K)
• VirtualBank - 5.15% (min $10K), my post
• E-LOAN - 5.15% ($10K min), my post
• ING Direct - 5.10%, my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• Melrose CU - 5.09% (min $5K) my post
• ETrade Bank - 5.05% (min $1K), my post
• GTE FCU - 4.96% (min $500) (add-on feature) my post
• Mutual Bank - 4.80% (min $2.5K) my post

18-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• iGobanking - 5.30% (min $500), my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• UmbrellaBank.com - 5.25% (min $1K)
• EmigrantDirect - 5.20% (min $1K)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• AmTrustDirect - 5.15% (min $1K) my post
• Imperial Capital - 5.15% ($2K min), my post
• CapitalOne/Costco - 5.14% (min $5K, Costco members only)
• GMAC Bank - 5.10% (min $500)
• E-LOAN - 5.05% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post

36-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• Agriculture FCU - 5.25% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• Melrose CU - 5.20% (min $5K) my post
• Fort Belvoir FCU - 5.18% (min $1K), my post
• NetBank - 5.15% (min $1K), my post ($100 bonus)
• UmbrellaBank.com - 5.15% (min $1K)
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Mutual Bank - 5.10% (min $5K) my post
• AmTrustDirect - 5.00% (min $1K) my post
• GMAC Bank - 5.00% (min $500)
• Imperial Capital - 5.00% ($2K min), my post
• E-LOAN - 5.00% ($10K min), my post
• Washington Mutual - 4.95% (min $1K), rates vary by state
• Self-Help Credit Union - 4.84% (min $500), my post
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)

48-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• Fort Belvoir FCU - 5.29% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Melrose CU - 5.25% (min $5K) my post
• EmigrantDirect - 5.20% (min $1K)
• NetBank - 5.15% (min $1K), my post ($100 bonus)
• UmbrellaBank.com - 5.15% (min $1K)
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Self-Help Credit Union - 4.83% (min $500), my post
• Countrywide - 4.80% (min $10K)

60-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Agriculture FCU - 5.50% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.44% (min $1K), my post
• USA FCU - 5.38% (min $1K) my post
• Presidential Bank - 5.35% (min $1K)
• Members Credit Union - 5.34% (min $2K), my post
• Melrose CU - 5.30% (min $5K) my post
• EmigrantDirect - 5.20% (min $1K)
• NetBank - 5.15% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.15% ($1K min)
• UmbrellaBank.com - 5.15% (min $1K)
• VirtualBank - 5.15% (min $10K), my post
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Imperial Capital - 4.95% ($2K min), my post
• Self-Help Credit Union - 4.84% (min $500), my post
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)

84-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• EmigrantDirect - 5.20% (min $1K)
• CapitalOne/Costco - 5.14% (min $5K, Costco members only)
• Countrywide - 4.80% (min $10K)

High Rates with Conditions / Large Balances - 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
• 5.61% Savings Account with $25K+ balance
• 5.50% Money Market Account with $250K initial deposit
• 5.42% Personal and Business Money Market Account with $100K balance
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• $7.50% Checking/Savings Account up to $500 (Washington State)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% Checking Account up to $25k (Arkansas)
• 6.00% Money Market Account Intro Rate in New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.35% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.05% Low-Minimum Online Savings Account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Checking Account at an Oklahoma Bank (Legacy)
• 4.75% Checking Account (Texas)

CD Specials at Local Credit Unions/Banks Over the Last Two Months

Terms of 60 Months and Over

• 6.37% 60-Month CD at a Maryland CU (MCT)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.06% 60-Month CD at a Tennessee CU (MPD Community)
• 6.00% 72-Month CD at a Ohio CU (ProMedica)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 60-Month CD at a Ohio/Kentucky CU (Cinfed)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.88% 60-Month CD at a Virginia Bank (Farmers)
• 5.86% 60-Month CD at a Virginia CU (Richmod Postal)
• 5.80% 60-Month CD at a Arizona CU - IRA (Credit Union West)
• 5.75% 60-Month CD at a California Bank (Spectrum)
• 5.65% 60-Month CD at a Georgia Bank (Alpha)
• 5.65% 60-Month CD at a Colorado CU (Gateway)
• 5.60% 60-Month CD at a Florida CU (Suncoast Schools)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.43% 36-Month CD at a Alabama CU (Energon)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 6.17% 48-Month CD at a Maryland CU (MCT)
• 6.11% 30-Month CD at a California CU (TFCU)
• 6.00% 24-Month CD at a New York CU - $50K Min (Palisades)
• 6.00% 30-Month CD at a Florida CU - $100K (Tropical Financial)
• 5.87% 36-Month CD at a Virginia CU (Loudoun)
• 5.80% 24-Month CD at a New York CU (Countryside Community)
• 5.80% 24-Month CD at a Massachusetts CU (Central One FCU)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.75% 24-Month CD at a Virginia CU (Bronco)
• 5.72% 24-Month CD at a Virginia CU - $50K (DuPont Fibers)
• 5.50% 36-Month CD at a St. Louis CU (Gateway Metro)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.35% 15-Month CD at a California CU (Alisos)
• 6.00% 13-Month CD at a Texas CU (Air Force)
• 6.00% 12-Month CD at a New Jersey CU (Rutgers)
• 5.85% 12-Month CD at a Georgia Bank (Alpha)
• 6.00% 12-Month CD at a Colorado Bank - IRA (Eastern Colorado)
• 6.00% 17-Month CD at a Massachusetts CU - IRA (M/A-Com)
• 6.00% 18-Month CD at a Minnesota Bank - IRA (Park State)
• 5.90% 12-Month CD at a Utah CU - and Other High Rates (Pacific Rails)
• 5.81% 12-Month CD at a Ohio CU - $100K+ (CSE)
• 5.80% 12-Month CD at a Massachusetts CU (Central One FCU)
• 5.77% 19-Month CD at a Virginai CU (Newport)
• 5.75% 13-Month CD at a Michigan CU (Hometown Community)
• 5.75% 20-Month CD at a Illinois CU - Open To All (Consumers)
• 5.75% 15-Month CD at a Georgia Bank (First Georgia Community)
• 5.75% 13-Month CD at a California CU - $90K (LBS Financial)
• 5.75% 14-Month CD at a Alabama CU (Tuscaloosa)
• 5.75% 18-Month CD at a Missouri CU (Postal and Community)
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 12-Month CD at a Virginia CU (Bronco)
• 5.70% 23-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 12-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 22-Month CD at a Pennsylvania CU (Tri County Area)
• 5.70% 18-Month CD at a Utah CU (Cyprus)
• 5.65% 15-Month CD at a Ohio Bank (The Grange Bank)
• 5.60% 12-Month CD at a Florida CU (Suncoast Schools)
• 5.60% 12-Month CD at a Florida Bank (Sunshine State Community)
• 5.60% 15-Month CD at a Utah CU (Mountain America)
• 5.50% 13-Month CD at a Washington State CU (GHCU)

Terms of Under 12 Months

• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)
• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's)
• 6.14% 6-Month CD at a Multi-State CU (USPS FCU)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 6.00% 7-Month CD at a Colorado CU (Gateway)
• 6.00% 6-Month CD at a Georgia Bank (Midtown)
• 6.00% 6-Month CD at a New York CU (Hudson Valley)
• 6.00% 6-Month CD at a Ohio CU (STECU)
• 6.00% 8-Month CD at a California CU (San Mateo)
• 6.00% 10-Month CD at a Michigan CU (Lake Michigan)
• 6.00% 4-Month CD at a Michigan CU - Update (Huron River Area)
• 6.00% 3-Month CD at a Virginia CU (Arlington Virginia)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 5.75% 7-Month CD at a Florida CU (Eastern Financial)
• 5.75% 6-Month CD at a California CU (Metro 1)
• 5.75% 7-Month CD at a California CU (OCTFCU)
• 5.75% 11-Month CD at a Michigan CU (Omni Community)
• 5.75% 6-Month CD at a Illinois Bank (Town Center Bank)
• 5.75% 6-Month CD at a Georgia Bank (Integrity)
• 5.65% 5-Month CD at a California CU (Chevron Valley)
• 5.60% 7-Month CD at a Illinois Bank (Prairie Bank and Trust Co.)
• 5.60% 7-Month CD at a Texas Bank (Equity)
• 5.57% 9-Month CD at a Arizona CU (Altier)
• 5.50% 7-Month CD at a Washington State CU (GHCU)
• 5.50% 9-Month CD at a California Bank (Gilmore)

Bank Account Alternatives

• Money Magazine article on risk-free investments
• Vanguard Prime Money Market Fund - 5.10% 7-day yield
• Fidelity Money Market Fund - 5.02% 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