Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for January 13, 2007

POSTED ON BY

Two disappointments this week in money market accounts were at GMAC Bank and UmbrellaBank. GMAC lowered the yield on its Money Market Savings account from 5.20% to 5.10% APY. Instead of dropping rates, UmbrellaBank changed its tiers. To keep earning 5.10% APY you'll need at least $10K rather than just $1K. Deposits from $1K to $5K now only earn 4.75% APY. There has been predictions that we'll see more banks moving to rate tiers like this. Who'll be next? My prediction is E-LOAN.

Ebank came out this week with a nice change to its ePremium Checking Account. The yield increased from 3% to 5% APY. According to the bank this is not a teaser rate, but there's no guarantee when it might change. Although the 5% isn't as good as many of the high yield savings accounts, ebank's account has the advantage of being a checking account which offers free checks and unlimited ATM refunds. For those who write many checks and have lots of ATM transactions, this might be a good account to consider (see post).

Again for this week there were several banks that lowered their CD rates. However, there were a few banks that had some CD rate increases, and even in longer maturities. Perhaps we'll start to see more CD rate increases than declines in the coming weeks. GMAC CDs with terms of 9 months and longer had rate increases from 5 to 10 basis points. All terms of 18 months and longer had a 10 basis point increase. UFB Direct, Imperial Capital, VirtualBank, Melrose Credit Union and Netbank had CD rate increases. But there were CD rate declines at AmTrustDirect, UmbrellaBank, Countrywide and First State Bank. First State Bank's long-term CDs had been very competitive at 5.50% APY for 3, 4 and 5 year terms. They declined to 5.35% which is still competitive if you don't consider Penfed.

Pentagon Federal Credit Union (Penfed) continues to offer 6.25% APY on 3, 4, 5 and 7 year terms. These should be available at least till January 31st. No major bank or credit union is coming close in competing at these maturities and with First State Bank rate declines, the lead widens. For more info on Penfed and these 6.25% CDs, please refer to this post.

For short-term CDs, Huron River Area Credit Union still has a 6.00% APY 4-month CD (see post).

One of the best local deals this week was the 6.19% APY 6-month CD at LA Federal Credit Union. This is scheduled to last through January. Membership is available to anyone in the LA area who joins the LA Charitable Association. Please see my post for more info.

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 Jan 6th, Dec 30th, Dec 23rd (short version), Dec 16th, Dec 9th, Dec 2nd, Nov 25th and Nov 18th.

As of January 13, 2007

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 / Large Balances - 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

Bank Account Alternatives


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