Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for December 22, 2007

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Quick Link for Rates, Recap of this week's posts

The effect of December 11th's Fed rate cut continued to be felt this week as many online banks cut their savings account and CD rates. Savings and checking account rate cuts occurred this week at HSBC, Emigrant Direct, Salem Five, Apple Bank for Savings (Grand Yield Direct), M&T Bank, KeyDirect and UnivestDirect.

There are still a few banks and credit unions with some decent CD rates. For short term CDs, Countrywide is still offering 5.50% APY on 3 and 6 month terms (see post). Indymac Bank is offering 5.40% APY on 3 and 4 month tersm (see post). Patelco Credit Union is still offering 5.50% APY on a 9-month term. Although they're currently not federally insured via NCUA, they are scheduled to be NCUA insured starting January 1st, 2008 (see post).

For long term CD rates, Northrop Grumman Federal Credit Union raised the rate on its 60-month term CD. The yield is 5.32% APY for a minimum deposit of $40,000. For more details on this credit union, please refer to this previous post.

Credit Union of Georgia continues to offer high long term rates with the top rate of 5.38% APY for minimum deposit of $50K. Please refer to this previous post for more credit union details.

Doral Bank Direct, the new internet bank, is still offering high yields on its online CDs which only have a $1,000 minimum deposit. Yields range from 5.25% APY on 6-month CDs to 5.10% APY on longer term CDs (see post).

The best CD deals may start in about a week at Pentagon Federal Credit Union. The start of every year, PenFed offers some excellent CD rates. For example, last year they offered 6.25% APY on terms from 3 to 7 years. I'm sure many had wished they had invested more in these CDs last year. The new CD rates in January won't be close to 6.25%, but I've been told they should be over 5% (see post).

Recap for the Week

Savings and Checking Accounts - National

CD Deals - National

Checking and Savings Account Bonuses

Reward Checking Accounts - Local

CD and Money Market Deals - Local

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 15th, Dec 8th, Dec 1st, Nov 24th, Nov 17th, Nov 10th, Nov 3rd, Oct 27th and Oct 20th.

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 December 22, 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 Yield Checking Accounts with Conditions - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

CD Specials at Local Credit Unions/Banks Over the Last Month


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 grobe (anonymous) posted on
grobe
You might change the FNBO reference to include mention of its checking rate.

1
Comment #2 by Cassie P Chou (anonymous) posted on
Cassie P Chou
Provident CU has been lowered to 5.51%

1