Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for March 1, 2008

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

Savings and CD rates continued to decline this last week of February, and I'm afraid March probably won't be any better. As reported in this CNN article, the combination of Bernanke's meeting with Congress and some bad economic data have increased expectations for a half-point rate cut at the next Fed meeting on March 18th. Many are even expecting a 75 basis-point cut.

Savings and Checking Accounts

Even though signs are pointing towards further rate declines, there weren't a whole lot of savings account rate cuts this week. The two biggest cuts occurred yesterday at Countrywide Bank which cut its savingslink yield from 4.50% to 4.25% APY and GMAC Bank which slashed its money market rate from 3.50% to 3.00% APY.

One online bank that has kept rates on its money market and checking accounts steady is Bank of Internet USA. They offer a 3.90% APY money market account with no minimum balance requirements and checking accounts with yields as high as 3.75% APY on all balances. These rates have been pretty much unchanged over the last couple of years. Last year when we were seeing 5-percent-plus savings and checking accounts, these rates didn't look too good. But now these are near the top. Even though they lack an ACH transfer service, these accounts have many perks and many readers have been very pleased with BofI's customer service (see account review).

High Yield Reward Checking Accounts

I posted on several new high yield reward checking accounts this week with yields around 6% (see recap below). Unfortunately, all of these are local deals and they have balance caps between $20K and $50K. Overall, reward checking rates continue to hold up better than rates on online savings accounts. However, the rate environment is having an effect. One of the largest credit unions offering a reward checking account, Provident Credit Union, lowered the top yield on its reward checking account from 5.51% to 5.01% APY. It used to have a yield of 6.01%. Provident is also an institution in which people from any state can join and open the reward checking account. To see other reward checking accounts that are available nationwide, please see my list below.

CD Deals Available Nationwide

Pentagon FCU released new CD rates this week. As you would expect, the rates went down, but they're still very competitive. The 7-year CD yield actually remained the same at 5.00% APY, and the 5-year CD yield only went down a little to 4.75% APY. The shorter terms were hit harder. Both the 3 and 4 year CD yields went down to 4.25% APY.

I reported this week on University FCU, a Texas credit union, which is offering very high yields on its Web certificates. Their yields are on top of my list for 3 and 4 year terms. Like PenFed, membership is open to those who join an association (see my review).

Alliant Credit Union is still listing 4.90% APY on its Jumbo certificates with terms of 12 to 17 months. The minimum deposit is $25K. This 4.90% yield has lasted since January, so it may not last much longer.

The best short term CD deal this week was at Xerox FCU which is offering a 5% APY 5-month CD. Unfortunately, it has a maximum deposit cap of $25K per member. They have several organizations that you can join to qualify for credit union membership (see my review).

One important note about the CD rates this week is that many credit unions may have new rates for March but their websites may not get updated until Monday. So please check with the credit union to make sure the deals that I've posted are still available. If they're not, please leave a comment.

Recap for the Week

Banking News

Savings Accounts - National

CD Deals - National

Checking/Savings Account Bonuses

Reward Checking Accounts

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 Feb 23rd, Feb 16th, Feb 9th, Feb 2nd, Jan 26th, Jan 19th, Jan 12th, Jan 5th and Dec 29th.

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 March 1, 2008

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 Reward Checking Accounts - 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)

Update 3/2/08: Corrected Savings Account rate and min for Direct Huntington. I had overlooked new rate tiers. 3.50% is only for $100K+.

Related Posts

Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
This is for anyone who has a CD maturing at amtrust bank. I had a 9 mo CD for $1000.00 mature and received a $25.00 reward for renewing it for 6 mo"s. While the $25.00 is not much money but when you figure it is for only $1000 .00 for 6 months I beleive that comes to 5% plus the 2.99% regular interest makes it worth while. Would like to think its a sign rates are about to bottom out but who knows.

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Comment #2 by Anonymous posted on
Anonymous
What is wrong with the "Found a Deal" link? The last one has a date of Feb. 7th. Am sure more recent items have been listed.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Looks like Blogger made some changes. I think only the first 200 are being shown, but there's no "next" button. For the time being you can select "post comment" and then select "Newer posts" to see the latest. I'll see if I can fix this and get another deals post going.

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Comment #4 by Anonymous posted on
Anonymous
UmbrellaBank.com lowered rates on Pot O' Gold Money Market to 3.90% for amounts over $1,000.

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