Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for June 30, 2007

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At the meeting this week the Fed held interest rates steady again, and it's looking more likely that the Fed may hold steady for the rest of the year. With no signs that rates will fall any time soon, high yield savings accounts continue to look like a better deal than many CDs. You can stay liquid in a 6% savings account promo at FNBO Direct or Everbank or the checking account promo at Salem Five Direct.

Savings Accounts Update - New Online Bank with $50 Bonus

I reported on a new online bank called Heartland Bank Direct on Monday (see post). It's only offering a 5.05% APY savings account, but it does have a new-account bonus in which you can earn up to $50. To receive the full $50, you'll need to deposit at least $10K for 6 months.

You'll also need at least $10K if you want to earn the high rates now at UFB Direct. They've closed their no-minimum High Yield Money Market Savings Account to new customers, and those who already have it will now only earn 4.50% APY. UFB Direct has replaced this account with the Absolute Savings account which continues the 5.31% APY but only for balances of at least $10K. Although it's not as good a deal as the old account, it's still not bad. Balances under $5K still earn 5.11% APY and balances between $5K and $10K earn 5.21% APY (see post).

Checking Accounts Update - 6.01% Available Nationally

For those wanting a high yield liquid account, the reward checking is another alternative. These have been offered only by local banks and credit unions and most require a branch visit. However, a few banks have started these without a branch visit requirement. I reported on one this week at First National Bank in Kansas City which offers 5.60% APY on balances up to $25K. There's an online account application and I was told by the CSR that it's available to people in any state (see post).

The State Bank of Toledo in Iowa is another small bank that's offering a reward checking with an online application open to people from any state. This one offers a yield of 6.01% APY with no balance limits for the 6.01% (see post). It's much smaller than First National Bank and they've reported being overwhelmed by requests, so it's hard to say how long it'll last. The debit card usage requirements, ACH/Direct Deposit requirements and the online features are suppose to make these accounts profitable for the banks. If that's true, perhaps the high yields may last.

New local reward checking accounts that I reported on this week include 6.15% in Arkansas and 6.17% in Tennessee. 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.

CD Rates Update - New 6% CD Deals

The steady rise of long-term CD rates started to slow this week. Rate changes were mixed. National Bank of Kansas City ended its 5.50% APY CDs. The yields now are 5.30% APY on all terms. Countrywide Bank ended its 5.50% APY 18-month CD. It's now only 5.15% APY. GMAC Bank and KeyDirect lowered rates slightly on its long-term CDs. For easy membership credit unions, Northrop Grumman FCU and Western FCU both lowered their CD rates, but the long-term rates continue to be very competitive ranging from 5.38% APY for a 1 year term to 5.84% APY for a 5 year term.

On the plus side, AmTrust Direct increased its long-term CD rate on terms of 18 months and over. E-LOAN increased its 2 and 5 year CD rates to 5.50% and 5.55% APY. And ING Direct's CD rates are getting close to being competitive. Their 12-month CD yield was raised to 5.35% APY.

Also on the plus side, in the last couple of weeks I've been seeing more 6% CD specials. I just reported on Navy FCU's new 6% APY 10-month CD special that is starting on Monday (see post). Navy FCU usually runs these promos for at least 2 months, so as FNBO Direct's 6% promo nears the end, this will provide for a good way to extend the 6% for another 10 months. The only problem with Navy FCU, however, is that you must be connected with the Navy to qualify for membership (see post).

If you can't qualify for Navy FCU membership, you may want to look into these other local 6% CD deals that I reported on this week in Southeast Florida, Kentucky, Virginia, New Mexico, Florida Panhandle, Southern Utah, Indiana and in Texas. 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 23rd, Jun 16th, Jun 9th, Jun 2nd, May 26th, May 19th, May 12th and May 5th.

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 30, 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)

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Comments
2 comments.
Comment #1 by Chris (anonymous) posted on
Chris
Man you post a lot of deals! I appreciate the time and effort you put into this site!

1
Comment #2 by Anonymous posted on
Anonymous
If you already include Patelco, just ignore this comment. It lowers the Treasury Income account from 5.65% to 5.51% for the coming quarter. But considering that portion of the money can be withdraw monthly and the whole amount in 6 months, it still beats alot of the 3/6 month cds out there.

1