Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for June 23, 2007

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Quick Link for Rates

Savings account rates were steady this week, while CD rates continued to increase. FNBO Direct continues to be the best savings account deal at 6% APY until 9/28. The only problem is that they're becoming more troublesome. Many have been requested to to send documentation to validate ownership of their linked accounts. Also, FNBO has requested many retired customers to send in documentation of prior employment. With this and the long transfer times, FNBO better plan to keep the rate high after the promo ends if it wants to keep deposits. My poll from this post indicates it will take a yield higher than 5.50% APY after the promo to prevent 38% of those who responded to the poll from moving their money. For more info on FNBO Direct, please see my overview post, and to see all of my FNBO Direct posts, please see this page.

CD Rates Update

5.50% APY for CDs is becoming increasingly popular. National Bank of Kansas City started offering 5.50% APY on all of its CD terms from 3 months to 60 months. You can apply for these CDs online (see post). Other banks which raised their CD rates this week and now have a 5.50% APY on at least one term include GMAC Bank, E-LOAN, Transportation Alliance Bank and Ascencia Bank.

Although the rates are not 5.50%, they're close. Irwin Union Bank just started a new online division called Element Financial to offer high yield CDs. Current yields range from 5.35% APY to 5.45% APY. Based on their FAQ's and the info I received from the banking rep, they make it easy to buy and redeem CDs online. My first post on this online bank is available here.

Checking Account Updates

Chase has another $100 bonus for opening its Free Checking Account with direct deposit. They often have $50 and $75 bonuses, but the $100 one is a little less common (see post). To see all of my recent bank bonus postings, please see this post.

Many people have been waiting for a reward checking account with a 6%+ yield that they can open without a branch visit and without geographical restrictions. I found one this week at State Bank of Toledo in Iowa (see post). It's a small bank so I don't know how long they can continue making it available nationally. But it's a good sign that we may see more of these 6% reward checking accounts being nationally available. If you don't mind the debit card usage requirements, these reward checking accounts can be an easy way to earn 6% on your money that you want to keep liquid.

Other reward checking accounts which are only available in their local regions include the 6.10% reward checking in Oregon (see post) and the 6.01% reward checking in Wisconsin (see post). To see all of my latest posts on reward checking accounts, see this page, and see this link for a summary of the best checking accounts.

Local CD Deals

For local CD deals, I am seeing more 6%+ CDs. This week I've posted on banks and credit unions with 6%+ CDs in California, Kansas, New York and New Jersey. For more local CD deals, refer to my local CD deal section below.

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 Jun 16th, Jun 9th, Jun 2nd, May 26th, May 19th, May 12th, May 5th and Apr 28th.

Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Special rates, Local checking/savings, Bank alternatives CD Rates: 3 Mo CDs, 6 Mo CDs, 9 Mo CDs, 12 Mo CDs, 18 Mo CDs, 24 Mo CDs, 36 Mo CDs, 48 Mo CDs, 60 Mo CDs, 84 Mo CDs, CDs by state Comments: read and discuss

As of June 23, 2007

Checking/Savings/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:

24-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


Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)


Related Posts

Comments
Comment #1 by Anonymous posted on
Anonymous
A caution to all re the FNBO 6% special offer supposedly good through the end of September: A very careful reading of the terms indicates the offer might not be what many think it is. The bank reserves the right to change the interest rate at any time. However for funds already on deposit, the 6% yield is guaranteed through the end of September. In other words, if you deposit funds into your FNBO OSA while the 6% yield is in effect, then the rate is good and is guaranteed through the end of September. However, the bank does not guarantee that you will be able on August 15, to pick a date at random, to deposit NEW funds which will earn the 6% yield. My take is that, in this rising interest rate environment, the 6% yield will hold. But it's not guaranteed to hold for NEW money.

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Comment #2 by Anonymous posted on
Anonymous
so any deposits after Aug. 15 won't accure 6% percent interest? & will have a separate interest rate?

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Comment #3 by Anonymous posted on
Anonymous
The first poster was just picking Aug 15 at random!! She/he was doing that only to make her/his larger point. At least that's my take. I think the earlier post could be more succinctly stated by just saying FNBO has reserved the right to discontinue their 6% offer at any time. However, were they to do that, pre-existing deposits would be grandfathered at the 6% rate until the end of September. It's that simple . . or so it seems to me. Also, I agree with the first poster this is not likely to happen, FNBO is not likely to discontinue their offer; but they could.

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