Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for December 29, 2007

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

There was no Christmas gift from Pentagon Federal Credit Union this week for savers. In previous years, PenFed introduced its high yield certificate specials right before the start of the New Year. Last year at this time, the top CD yield was 6.25% APY for terms of 3 years and over. But this year the highest rate is only 5.25% APY, and that's only for the 7-year term. The 5-year CD yield is 5.00% APY which was up only 5 basis points from last month. The 3 and 4 year rates remain at 4.75% APY. On the positive side, PenFed will be adding a 2% cash back for groceries on its cash back credit card which already has 5% cash back on gas and 1.25% cash back on everything else. There are also some nice deals for loans (see post).

Other than PenFed, it was a quiet holiday week for bank rates with few savings account and CD rate changes. Rates continued to trend downward. Banks and credit unions that lowered CD rates included EverBank, IndyMac, Imperial Capital, Apple Bank for Savings and Navy FCU.

One nice surprise for CD rates was at Ascencia Bank which increased its 6-month and 12-month CD rates to 5.11% APY and 5.03% APY. I added Pacific Mercantile Bank to the nationwide CD list with its 5.10% APY 12-month CD (see post). I also added Alliant Credit Union to the CD list. They're offering a 12-month and 24-month CD with a yield of 5.15% APY. I first reported on these CDs on December 3rd. These rates have become more competitive as other credit unions and banks have lowered their CD rates. Alliant Credit Union is one of the few credit unions with easy membership.

Another credit union with easy membership is Patelco Credit Union which continues to offer a special 5.50% APY 9-month CD. Starting next Tuesday (1/1/2008), Patelco should officially be federally insured by the NCUA (see post). I hope this CD special will continue into the new year.

For long term CD rates, KeyDirect continues to offer very competitive rates with yields of 5.25% APY for 30 to 47 month terms and for 5 and 6 year terms, 5.50% APY for 7 to 9 year terms and 5.70% APY for a 10 year term. Unfortunately, KeyDirect CDs are not available in 13 states.

High yield reward checking accounts continue to pop up as more banks launch these. I reported on several new ones this week with yields of 6.01% APY. Most continue to be local deals. There are a few that are available nationally with yields of 6.01% APY. However, the list is shrinking. A couple of weeks ago, State Bank of Toledo lowered its 6.01% APY to 5.01% APY. This week, Provident Credit Union lowered its 6.01% APY to 5.51% APY. It still remains to be seen if these high yield reward checking accounts can maintain rates significantly higher than online savings accounts.

Recap for the Week

CD Deals - National

Credit Card Deals

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 22nd, Dec 15th, Dec 8th, Dec 1st, Nov 24th, Nov 17th, Nov 10th, Nov 3rd and Oct 27th.

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 29, 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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