Bank Deals Weekly Summary for May 10, 2008
May 10, 2008 - 5:30 PM by Ken Tumin
Quick Link for Rates, Recap of this week's posts
There continued to be signs this week that deposit rates may be on their way up. E*TRADE increased the yield of its Complete Savings account from 3.01% to 3.15% APY, and several banks continued to increase their CD rates. As in the previous week, most increases were on longer term CDs which indicates anticipation for higher rates in the future. Inflationary pressure is one reason, but there were also signs that the economy wasn't in as bad a shape as people had feared. However, as this New York Times article describes, there are still signs that there's a lot more downside risk to the economy. That could put pressure on the Fed to cut rates again.
It may take more time before we see the full effects of the credit and housing crisis. Early in the week, I reported on concerns that Bank of America may pull out of the Countrywide deal due to worsening problems at Countrywide (see post). On Friday, we saw the third bank failure of the year (see post). Things will probably get worse before they get better, and that will likely prevent rates from rising too much.
Savings Account Rates Recap
E-LOAN came out with a promotion for its savings accounts. New accounts will earn 3.75% APY guaranteed through 7/31/08 (see post). This reminds me of the promotion that AmTrustDirect did early this year. E-LOAN's promo is a little better since they didn't create a new savings account. In AmTrustDirect's case, old customers who didn't switch became second-class customers. The old e-Money Market Account rates have dropped much more than the new e-Savings Account rates, and the e-Money Market Account rate dropped again this week to 2.15% APY for balances under $25K. This is now over one percent lower than the e-Savings Account rate of 3.25% APY.
Some of the other savings account rate cuts this week occurred at Savings Square, Century Bank Direct, Discover and Presidential Bank. Charles Schwab again cut the rate on its High Yield Investor Checking Account. The yield dropped from 2.26% to 2.01% APY. I wonder how low it would have to go for them to remove "High Yield" from the name.
The best deal for savings accounts is at the AARP Financial Savings Center. I first reported on this on May 2nd. They're offering a 4.50% APY no-minimum online savings account and a 4.75% APY money market account for balances over $50K. The only catch is that you must be an AARP member. On Monday I confirmed that they are in fact affiliated with AARP Financial. The deposits are FDIC insured, but the accounts are not handled directly with a bank which has created a lot of questions (see post).
CD Rates Recap
The 5% 5-month CD promotion at Xceed Financial Credit Union ended this week. I have a new short-term CD promotion that is on top of the 6-month CD list this week. It's a 4% APY 7-month CD at Christian Community Credit Union. Anyone can qualify for membership. One important note is that it's not NCUA insured. It only has private insurance through ASI (see post).
Both Indymac Bank and Alliant Credit Union continued to be tied with the best one-year CD rate. Both have a yield of 4.15% APY.
As I mentioned before, longer term CD yields have increased at several banks. E-LOAN again increased its long-term CD rates. Its 5-year CD is now 4.75% APY. Mutual Bank came out with a new CD promotion with a 4% APY 18-month CD and a 4.50% APY 54-month CD.
Reward Checking Recap
I added 8 more local reward checking accounts this week (see recap below). Half of these have top yields of around 6%. The 6% is holding at many banks and credit unions, but I have a feeling it's going to be increasingly difficult for them to maintain this rate. As more people switch their large savings from online savings accounts to these reward checking accounts, it will become less profitable for the banks. The debit card requirements can help pay the interest on accounts with small balances. This becomes more difficult as the balance increases. Hopefully, if banks can attract more of the average Joe's who'll maintain a relatively small balance and will make many large debit card purchases, the banks can keep paying out the high yield.
For a list of all reward checking accounts (including ones available nationwide), please see my new High Yield Checking website.
Recap for the Week - Links to This Week's Posts
Banking News
Savings and Money Market 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 May 3rd, Apr 26th, Apr 19th, Apr 12th, Apr 5th, Mar 29th, Mar 22nd, Mar 15th and Mar 8th.
Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Reward Checking, 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 May 10, 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)
There continued to be signs this week that deposit rates may be on their way up. E*TRADE increased the yield of its Complete Savings account from 3.01% to 3.15% APY, and several banks continued to increase their CD rates. As in the previous week, most increases were on longer term CDs which indicates anticipation for higher rates in the future. Inflationary pressure is one reason, but there were also signs that the economy wasn't in as bad a shape as people had feared. However, as this New York Times article describes, there are still signs that there's a lot more downside risk to the economy. That could put pressure on the Fed to cut rates again.
It may take more time before we see the full effects of the credit and housing crisis. Early in the week, I reported on concerns that Bank of America may pull out of the Countrywide deal due to worsening problems at Countrywide (see post). On Friday, we saw the third bank failure of the year (see post). Things will probably get worse before they get better, and that will likely prevent rates from rising too much.
Savings Account Rates Recap
E-LOAN came out with a promotion for its savings accounts. New accounts will earn 3.75% APY guaranteed through 7/31/08 (see post). This reminds me of the promotion that AmTrustDirect did early this year. E-LOAN's promo is a little better since they didn't create a new savings account. In AmTrustDirect's case, old customers who didn't switch became second-class customers. The old e-Money Market Account rates have dropped much more than the new e-Savings Account rates, and the e-Money Market Account rate dropped again this week to 2.15% APY for balances under $25K. This is now over one percent lower than the e-Savings Account rate of 3.25% APY.
Some of the other savings account rate cuts this week occurred at Savings Square, Century Bank Direct, Discover and Presidential Bank. Charles Schwab again cut the rate on its High Yield Investor Checking Account. The yield dropped from 2.26% to 2.01% APY. I wonder how low it would have to go for them to remove "High Yield" from the name.
The best deal for savings accounts is at the AARP Financial Savings Center. I first reported on this on May 2nd. They're offering a 4.50% APY no-minimum online savings account and a 4.75% APY money market account for balances over $50K. The only catch is that you must be an AARP member. On Monday I confirmed that they are in fact affiliated with AARP Financial. The deposits are FDIC insured, but the accounts are not handled directly with a bank which has created a lot of questions (see post).
CD Rates Recap
The 5% 5-month CD promotion at Xceed Financial Credit Union ended this week. I have a new short-term CD promotion that is on top of the 6-month CD list this week. It's a 4% APY 7-month CD at Christian Community Credit Union. Anyone can qualify for membership. One important note is that it's not NCUA insured. It only has private insurance through ASI (see post).
Both Indymac Bank and Alliant Credit Union continued to be tied with the best one-year CD rate. Both have a yield of 4.15% APY.
As I mentioned before, longer term CD yields have increased at several banks. E-LOAN again increased its long-term CD rates. Its 5-year CD is now 4.75% APY. Mutual Bank came out with a new CD promotion with a 4% APY 18-month CD and a 4.50% APY 54-month CD.
Reward Checking Recap
I added 8 more local reward checking accounts this week (see recap below). Half of these have top yields of around 6%. The 6% is holding at many banks and credit unions, but I have a feeling it's going to be increasingly difficult for them to maintain this rate. As more people switch their large savings from online savings accounts to these reward checking accounts, it will become less profitable for the banks. The debit card requirements can help pay the interest on accounts with small balances. This becomes more difficult as the balance increases. Hopefully, if banks can attract more of the average Joe's who'll maintain a relatively small balance and will make many large debit card purchases, the banks can keep paying out the high yield.
For a list of all reward checking accounts (including ones available nationwide), please see my new High Yield Checking website.
Recap for the Week - Links to This Week's Posts
Banking News
- Bank Failure at ANB Financial - FDIC Press Release
- More Concerns of Bank of America's Buy-Out of Countrywide
Savings and Money Market Accounts - National
- E-LOAN's 3.75% Savings Account Promotion and Higher CD Rates
- E*TRADE Raises Complete Savings Account Yield - Start of a New Trend?
- Wachovia's Way2Save Savings Account Golf Promo - 16% for 3 Months
- Update on AARP Financial Savings Center - 4.50% Savings Account, 4.75% MMA
CD Deals - National
- 4.00% 18-Month / 4.50% 54-Month CD at Mutual Bank - Nationally Available
- 4.00% 7-Month CD at a California CU - Easy Membership/ASI-Insured Only (Christian Community)
- Update on National City's 5% CD Special and Latest National City News
Checking/Savings Account Bonuses
Reward Checking Accounts
- 6.01% Reward Checking Account at a Massachusetts Bank (The Community Bank)
- 4.00% Reward Checking Account at Utah Central Credit Union
- 5.10% Reward Checking Account at an Oklahoma Bank (RCB)
- 6.01% Reward Checking Account at a Kansas Bank (Union State)
- 4.01% Reward Checking Account at an Oklahoma Bank (F&M Bank)
- 6.01% Reward Checking Account at a MI/OH/AR Credit Union (United)
- 6.01% Reward Checking Account at an Iowa Bank (Gateway State)
- 4.51% Reward Checking Account at a Wisconsin Bank (People's State)
CD and Money Market Deals - Local
- 5.00% 60-Month / 4.00% 12-Month CD at an Illinois/Indiana CU - ASI-Insured Only (Credit Union 1)
- 4.18% 24-Month / 3.98% 14-Month CD at a Florida Bank (Heritage)
- 3.83% 10-Month CD at a California Bank (Pacific State)
- 4.01% 11-Month CD at a Nevada Bank (First National Bank of Nevada)
- 4.01% 11-Month CD at an Arizona Bank (First National Bank of Arizona)
- 3.95% 12-Month CD at Ascencia Bank - Nationally Available
- 4.78% 60-Month / 4.04% 18-Month CD at a California Credit Union Continues (UNCLE)
- 3.50% 12-Month Liquid CD Promotion at NexBank
- 3.70% 12-Month / 3.55% 6-Month CD at a Nevada Bank (Community Bank of Nevada)
- 3.75% 9-Month / 4.00% 18-Month CD at a Texas Bank (First National)
- 4.00% 12-Month / 4.50% 60-Month CD at an Illinois Bank (CenTrust)
- 3.75% 4-Month / 3.75% 10-Month CD at an Illinois Bank (St. Charles)
- 5.00% 60-Month / 4.05% 23-Month CD at a Florida CU (Keys)
- 3.90% 9-Month / 3.90% 12-Month CD at a Florida Bank (Freedom)
- 5.00% 5-Year CD at a Michigan CU - $5K Max (United Financial)
- 3.00% Checking and Some High CD Rates at Sun National Bank in NJ/DE
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 May 3rd, Apr 26th, Apr 19th, Apr 12th, Apr 5th, Mar 29th, Mar 22nd, Mar 15th and Mar 8th.
Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Reward Checking, 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 May 10, 2008
Checking/Savings/Money Market Accounts:
- High Yield Reward Checking Accounts Around the Nation
- Checking/Savings Account Bonuses
- Latest CD and Savings Account Deals with No Major Deposit Limitiations
- AARP Financial Savings Center - 4.50%, AARP membership req, account review
- EverBank - 4.01% ($1.5K min), 3mo promo, account review
- Alliant Credit Union - 4.00% (min $100) account review
- Countrywide - 4.00% (min $10K), account review
- Corus Bank - 4.00% MMA (min $10K) account review
- Indymac Bank - 4.00% (E-Money Market) (min $1K) account review
- SmartyPig - 3.90% (min $25) access restrictions, account review
- E-LOAN - 3.75%, new account promo, ($5K min), account review
- Provident Direct - 3.75%, account review
- Capital One - 3.75% (Savings) (min $10K)
- Flagstar - 3.65% MMA, account review
- OneUnited - 3.60% (min $1K), account review ($50 bonus)
- Century Bank Direct - 3.57% MMA (min $1K) account review
- OnBank - 3.49%, account review
- Bank of Internet - 3.46% MMA (min $100) account review
- Century Bank Direct - 3.41% (min $100) account review
- Nationwide Bank - 3.40% MMA (min $1K) account review
- Bank of Internet - 3.40% Checking, for those 50+, account review
- UmbrellaBank - 3.40% MMA (min $1K), account review
- GCF Bank - 3.34% (min $100), 3-mo promo, account review
- WTDirect - 3.31% ($10K min), account review
- Washington Mutual - 3.30% (requires checking), account review
- ShoreBank - 3.30%, account review
- iGObanking - 3.28%, account review
- Beverly National Bank - 3.25% (min $5K) account review
- Amboy Direct - 3.25% (min $3K) (eSavings) account review
- FNBO Direct - 3.25%, account review
- AmTrustDirect - 3.25% (e-Savings) account review
- M&T Bank - 3.25%, account review
- Doral Bank Direct - 3.25% (min $1K) account review
- Amegy Bank - 3.25% (min $10K) account review
- CapitalOne/Costco - 3.20% MMA (min $1K, Costco members only, $50 deal for exec. members)
- ETrade Bank - 3.15%, post ($25 bonus)
- HSBC Direct - 3.05%, account review
- Heartland Bank Direct - 3.05%, ($500 min), account review
- AmboyDirect - 3.05% (Premium Savings) post ($25 bonus)
- Savings Square - 3.05%, account review
- Discover Bank - 3.04% MMA (min $2.5K) (3.14% for $50K+) account & bonus review
- UFB Direct - 3.01%, account review
- FirstFedDirect - 3.01% (min $1K) (closed to CA residents), account review
- E-LOAN - 3.01% ($5K min), account review
- UnivestDirect - 3.00%, (1.75% checking), account review
- ING Direct - 3.00%, (1.75% checking), post ($25 bonus)
- Indymac Bank - 3.00% MMA (min $25K) (4.00% $75K+) account review
- Transportation Alliance Bank - 3.00%, ($25 min), account review
- GMAC Bank - 3.00% MMA (min $500), account review
- Salem Five Direct - 3.00% Checking (3.50% $100K+), account review
- Imperial Capital - 3.00% MMA ($2.5K min) (3.65% for $100K+) account review
- Capital One - 3.00% MMA, account review
- KeyDirect - 3.00% MMA (min $50), Not all states, account review
- BankUnited - 3.00% (min $5K), account review
- PFF Bank and Trust - 2.85% (min $1K), account review
- EverBank - 2.76% MMA ($1.5K min) account review
- grand yield direct - 2.75% (min $2.5K) account review
- BancoFortuna.com - 2.75%, account review
- EmigrantDirect - 2.75%, account review
- Mutual Bank - 2.75% MMA (min $5K), account review
- Direct Huntington - 2.70% ($10K min) (3.00% $100K+), account review
- Citibank - 2.70% (Ultimate Money) requires chking & bill pay, account review
- Self-Help Credit Union - 2.61% MMA (min $500), account review
- MetLife Bank - 2.60% MMA (min $5K), post ($50 bonus)
- Presidential Bank - 2.60% (min $5K, only first $35K receives this rate), offers 2.00% checking, account review
- Bank of America DoW - 2.55% MMA (min $5K) (2.60% for $100K+), account review
- Zions Bank - 2.53% MMA, outside of Utah, (min $2.5K) (3.05% $50K+, 3.25% $100K+), account review
- Melrose CU - 2.52% (min $25) account review
- MyBankingDirect - 2.50% MMA (min $5K), account review
- Rainier Pacific - 2.50% MMA account review
- Bank of America NEA - 2.22% MMA ($500 min) (2.48% for $50K+) account review
- AmTrustDirect - 2.15% (e-Money Market) (2.40% $25K+, 2.65% $50K+) account review
- Charles Schwab - 2.01% Checking, account review
- VirtualBank - 1.77% (min $100), (2.53% $50K+/ 2.79% $100K+) post ($20 bonus)
- ebank - 1.75% MMA ($10K min) (2.50% for $100K+), account review
- Tennessee Commerce Bank - 1.71% (min $10K), account review
3-Month Certificates of Deposit:
- E-LOAN - 3.51% ($10K min), account review
- GMAC Bank - 3.40% (min $500), account review
- UmbrellaBank - 3.25% (min $1K)
- Countrywide - 3.25% (min $10K), account review
- ebank - 3.25% (min $1K), 3.50% for ePremium checking customers
- Imperial Capital - 3.20%, ($2K min), account review
- FirstFedDirect - 3.01% (min $10K), account review
- VirtualBank - 2.99% (min $10K), account review
- UFB Direct - 2.80% (min $8K)
- EverBank - 2.78% ($1.5K min)
- Self-Help Credit Union - 2.76% (min $500), account review
- Element Financial - 2.70% (min $10K), account review
- ETrade Bank - 2.70% (min $1K), account review
- IndyMac Bank - 2.50% (min $5K), account review
- National Bank of KC - 2.50% (min $10K), account review
6-Month Certificates of Deposit:
- Christian Community CU - 4.00% (7-mo) (min $500) not NCUA insured (ASI only) account review
- Countrywide - 3.75% (min $10K), account review
- Corus Bank - 3.75% (min $10K) account review
- E-LOAN - 3.66% ($10K min), account review
- Ascencia Bank - 3.66% (min $500), account review
- GMAC Bank - 3.60% (min $500), account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Tennessee Commerce Bank - 3.50% (min $5K)
- University FCU - 3.40% (min $2.5K), account review
- ING Direct - 3.30%, account review
- UmbrellaBank - 3.30% (min $1K)
- La Jolla Bank - 3.30% (min $10K), account review
- Imperial Capital - 3.30% ($2K min), account review
- Northrop Grumman FCU - 3.26% (min $40K), account review
- ebank - 3.25% (min $1K), 3.50% for ePremium checking customers
- FirstFedDirect - 3.25% (min $10K), account review
- Advanta Bank - 3.20% (min $10K), account review
- Intervest - 3.15% (min $2.5K), account review
- Mountain America CU - 3.00% (min $1K) account review
- Capital One - 3.00% (min $5K) account review
- AmboyDirect - 3.00% (7 mo) (min $10K), account review
- Flagstar - 3.00% (min $500), account review
- Bank of Internet - 2.98% (min $1K) account review
- EverBank - 2.95% ($1.5K min)
- Air Academy FCU - 2.95% (min $10K) restrictions to membership, account review
- Principal Bank - 2.90% (7 mo) (min $5K), account review
- Self-Help Credit Union - 2.86% (min $500), account review
- ETrade Bank - 2.85% (min $1K), account review
- UFB Direct - 2.85% (min $8K)
- VirtualBank - 2.79% (min $10K), account review
- CU of Georgia - 2.78% (min $50K), account review
- Western FCU - 2.75% (min $40K), account review
- Element Financial - 2.75% (min $10K), account review
- iGObanking - 2.75% (min $500), account review
- Century Bank Direct - 2.75% (5 mo) (min $1K) account review
- Washington Mutual - 2.65% (min $1K), account review
- KeyDirect - 2.65% (min $5K), Not all states, account review
- National Bank of KC - 2.55% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
- AmTrustDirect - 2.50% (min $1K) account review
- IndyMac Bank - 2.50% (min $5K), account review
- Wells Fargo - 2.40% (5 months) (min $5K), rate and min vary by state, account review
- Lehman Brothers Bank - 2.07% (min $1K)
9-Month Certificates of Deposit:
- GMAC Bank - 3.60% (min $500), account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Imperial Capital - 3.35% ($2K min), account review
- ING Direct - 3.30% account review
- Countrywide - 3.25% (min $10K), account review
- UmbrellaBank - 3.20% (min $1K)
- Century Bank Direct - 3.11% (10 mo) (min $1K) account review
- FirstFedDirect - 3.10% (min $10K), account review
- AmTrustDirect - 3.00% (min $1K) account review
- Bank of Internet - 2.98% (min $1K) account review
- Academy Bank - 2.95% (min $500), account review
- EverBank - 2.95% ($1.5K min)
- Element Financial - 2.80% (min $10K), account review
- VirtualBank - 2.79% (min $10K), account review
- iGObanking - 2.75% (min $500), account review
- National Bank of KC - 2.55% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
- IndyMac Bank - 2.40% (min $5K), account review
12-Month Certificates of Deposit:
- Alliant Credit Union - 4.15% (min $25K) account review
- IndyMac Bank - 4.15% (min $5K), account review
- Countrywide - 4.10% (min $10K), account review
- GMAC Bank - 4.10% (min $500), account review
- E-LOAN - 3.95% ($10K min), account review
- Ascencia Bank - 3.95% (min $500), account review
- Tennessee Commerce Bank - 3.85% (min $5K)
- State Bank of India - 3.80% (min $5K) account review
- Corus Bank - 3.76% (min $10K) account review
- Zopa - 3.75% (min $500) account review
- AmTrustDirect - 3.70% (min $1K) account review
- University FCU - 3.60% (min $2.5K), account review
- Advanta Bank - 3.60% (min $10K), account review
- Flagstar - 3.55% (min $500), account review
- Melrose CU - 3.55% (min $5K) account review
- Pacific Mercantile Bank - 3.55% (min $10K) account review
- Transportation Alliance Bank - 3.54% ($1K min)
- Mutual Bank - 3.51% (min $1K) account review
- Discover Bank - 3.51% (min $2.5K)
- Huntington - 3.50% (min $2K) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Element Financial - 3.45% (min $10K), account review
- Northrop Grumman FCU - 3.43% (min $40K), account review
- First State Bank - 3.40% ($1K min), account review
- La Jolla Bank - 3.35% (min $10K), account review
- ETrade Bank - 3.30% (min $1K), account review
- ING Direct - 3.30% account review
- FirstFedDirect - 3.30%, (min $10K) account review
- iGobanking - 3.28% (min $500), account review
- Intervest - 3.25% (min $2.5K), account review
- Capital One - 3.25% (min $5K) account review
- ebank - 3.25% (min $1K), 3.50% for ePremium checking customers
- UmbrellaBank - 3.25% (min $1K)
- Imperial Capital - 3.25% ($2K min), account review
- Air Force FCU - 3.25% (min $25K) restrictions to membership, account review
- Air Academy FCU - 3.15% (min $10K) membership restrictions, account review
- Principal Bank - 3.15% (14 mo) (min $5K), account review
- Mountain America CU - 3.10% (min $1K) account review
- GTE FCU - 3.09% (min $500) account review
- Delta Community CU - 3.05% (min $1K) account review
- VirtualBank - 3.05% (min $10K), account review
- CU of Georgia - 3.04% (min $50K), account review
- Self-Help Credit Union - 2.98% (min $500), account review
- Western FCU - 2.97% (min $40K), account review
- Academy Bank - 2.90% (min $500), account review
- Navy FCU - 2.90% ($20K min) (3.05% for $100K+) restrictions to membership, account review
- EverBank - 2.90% ($1.5K min)
- Bank of Internet - 2.86% (min $1K) account review
- Washington Mutual - 2.85% (min $1K), account review
- UFB Direct - 2.85% (min $8K)
- KeyDirect - 2.75% (min $5K), Not all states, account review
- Apple Bank - 2.75% (min $500) account review
- National Bank of KC - 2.60% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
- H&R Block Bank - 2.25% (min $250) account review
- Lehman Brothers Bank - 2.12% (min $1K)
18-Month Certificates of Deposit:
- Alliant Credit Union - 4.15% (min $25K) account review
- Mutual Bank - 4.00% (min $1K) account review
- GMAC Bank - 3.75% (min $500)
- Tennessee Commerce Bank - 3.71% (min $5K)
- Advanta Bank - 3.66% (min $10K), account review
- Discover Bank - 3.61% (min $2.5K)
- Capital One - 3.55% (min $5K) account review
- Element Financial - 3.50% (min $10K), account review
- AmTrustDirect - 3.50% (min $1K) account review
- First State Bank - 3.40% ($1K min), account review
- Intervest - 3.35% (min $2.5K), account review
- ETrade Bank - 3.30% (min $1K), account review
- ebank - 3.25% (min $1K), 3.50% for ePremium checking customers
- Doral Bank Direct - 3.25% (min $1K) account review
- Flagstar - 3.20% (min $500), account review
- Mountain America CU - 3.15% (min $1K) account review
- Countrywide - 3.00% (min $10K), account review
- EverBank - 2.90% ($1.5K min)
- Bank of Internet - 2.86% (min $1K) account review
- Academy Bank - 2.85% (min $500) account review
- VirtualBank - 2.79% (min $10K), account review
- iGObanking - 2.75% (min $500) account review
- National Bank of KC - 2.60% (min $10K), account review
- H&R Block Bank - 2.50% (min $250) account review
- EmigrantDirect - 2.50% (min $1K)
- ING Direct - 2.50%, account review
- IndyMac Bank - 2.35% (min $5K), account review
- Lehman Brothers Bank - 2.17% (min $1K)
24-Month Certificates of Deposit:
- National City Bank - 4.25% (min $10K) 4.00% w/o chk, account review
- Countrywide - 4.25% (min $10K), account review
- Alliant Credit Union - 4.15% (min $25K) account review
- GMAC Bank - 4.10% (min $500)
- iGObanking - 4.00% (min $500) account review
- E-LOAN - 3.88% ($10K min), account review
- Ascencia Bank - 3.87% (min $500), account review
- OnBank - 3.83% (min $500), account review
- Discover Bank - 3.82% (min $2.5K)
- State Bank of India - 3.80% (min $5K) account review
- University FCU - 3.75% (min $2.5K), account review
- Capital One - 3.75% (min $5K) account review
- KeyDirect - 3.75% (min $5K),Not all states, account review
- Tennessee Commerce Bank - 3.71% (min $5K)
- Mutual Bank - 3.70% (min $1K) account review
- Advanta Bank - 3.66% (min $10K), account review
- Transportation Alliance Bank - 3.64% ($1K min)
- Element Financial - 3.60% (min $10K), account review
- Melrose CU - 3.55% (min $5K) account review
- AmTrustDirect - 3.50% (min $1K) account review
- Northrop Grumman FCU - 3.42% (min $40K), account review
- Intervest - 3.40% (min $2.5K), account review
- Air Academy FCU - 3.35% (min $10K) membership restrictions, account review
- Air Force FCU - 3.35% (min $25K) restrictions to membership, account review
- CU of Georgia - 3.25% (min $50K), account review
- ebank - 3.25% (min $1K), 3.50% for ePremium checking customers
- Doral Bank Direct - 3.25% (min $1K) account review
- EverBank - 3.20% ($1.5K min)
- Delta Community CU - 3.20% (min $1K) account review
- Mountain America CU - 3.20% (min $1K) account review
- UFB Direct - 3.15% (min $8K)
- Western FCU - 3.07% (min $40K), account review
- Self-Help Credit Union - 3.06% (min $500), account review
- Navy FCU - 3.05% ($20K min) (3.20% for $100K+) restrictions to membership, account review
- Apple Bank - 3.00% (min $500) account review
- Flagstar - 3.00% (min $500), account review
- VirtualBank - 2.79% (min $10K), account review
- National Bank of KC - 2.70% (min $10K), account review
- Bank of Internet - 2.61% (min $1K) account review
- H&R Block Bank - 2.50% (min $250) account review
- ING Direct - 2.50% account review
- IndyMac Bank - 2.40% (min $5K), account review
- Lehman Brothers Bank - 2.28% (min $1K)
- Presidential Bank - 2.25% (min $1K)
36-Month Certificate of Deposit:
- Countrywide - 4.50% (min $10K), account review
- E-LOAN - 4.14% ($10K min), account review
- GMAC Bank - 4.10% (min $500)
- State Bank of India - 4.06% (min $5K) account review
- Discover Bank - 4.02% (min $2.5K)
- Pentagon Federal CU - 4.01% (min $1K), account review
- Capital One - 4.00% (min $5K) account review
- KeyDirect - 4.00% (min $5K), Not all states, account review
- Ascencia Bank - 3.97% (min $500), account review
- University FCU - 3.95% (min $2.5K), account review
- Mutual Bank - 3.80% (min $1K) account review
- Melrose CU - 3.80% (min $5K) account review
- Intervest - 3.75% (min $2.5K), account review
- Transportation Alliance Bank - 3.75% ($1K min)
- Advanta Bank - 3.75% (min $10K), account review
- Tennessee Commerce Bank - 3.71% (min $5K)
- Element Financial - 3.70% (min $10K), account review
- Air Force FCU - 3.60% (min $25K) restrictions to membership, account review
- Air Academy FCU - 3.55% (min $10K) membership restrictions, account review
- Northrop Grumman FCU - 3.52% (min $40K), account review
- Mountain America CU - 3.51% (min $1K) account review
- AmTrustDirect - 3.50% (min $1K) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Agriculture FCU - 3.50% (min $1K), account review
- UFB Direct - 3.40% (min $8K)
- CU of Georgia - 3.35% (min $50K), account review
- Flagstar - 3.35% (min $500), account review
- Self-Help Credit Union - 3.35% (min $500), account review
- ETrade Bank - 3.30% (min $1K), account review
- First State Bank - 3.30% ($1K min), account review
- EverBank - 3.27% ($1.5K min)
- Delta Community CU - 3.25% (min $1K) account review
- Patelco CU - 3.20% ($1K min), account review
- Principal Bank - 3.20% (33 mo) (min $5K), account review
- Navy FCU - 3.20% ($20K min) (3.30% for $100K+) restrictions to membership, account review
- Western FCU - 3.20% (min $40K), account review
- ebank - 3.00% (min $1K), 3.25% for ePremium checking customers
- H&R Block Bank - 3.00% (min $250) account review
- Bank of Internet - 2.91% (min $1K) account review
- National Bank of KC - 2.90% (min $10K), account review
- VirtualBank - 2.79% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
- ING Direct - 2.50%, account review
- Lehman Brothers Bank - 2.38% (min $1K)
48-Month Certificate of Deposit:
- National City Bank - 5.00% (min $10K) 4.75% w/o chk, account review
- E-LOAN - 4.55% ($10K min), account review
- Capital One - 4.50% (min $5K) (4.75% $100K+) account review
- Countrywide - 4.50% (min $10K), account review
- GMAC Bank - 4.35% (min $500)
- Discover Bank - 4.34% (min $2.5K)
- KeyDirect - 4.25% (min $5K), Not all states, account review
- M&T Bank - 4.17% (min $5K) account review
- University FCU - 4.05% (min $2.5K), account review
- Pentagon Federal CU - 4.01% (min $1K), account review
- Advanta Bank - 4.00% (min $10K), account review
- Mountain America CU - 3.90% (min $1K) account review
- Intervest - 3.85% (min $2.5K), account review
- Element Financial - 3.80% (min $10K), account review
- Melrose CU - 3.80% (min $5K) account review
- Transportation Alliance Bank - 3.79% ($1K min)
- Agriculture FCU - 3.70% (min $1K), account review
- Northrop Grumman FCU - 3.69% (min $40K), account review
- Air Academy FCU - 3.65% (min $10K) membership restrictions, account review
- Flagstar - 3.65% (min $500), account review
- Self-Help Credit Union - 3.62% (min $500), account review
- CU of Georgia - 3.56% (min $50K), account review
- H&R Block Bank - 3.50% (min $250) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Navy FCU - 3.50% ($20K min) (3.30% for $100K+) restrictions to membership, account review
- Tennessee Commerce Bank - 3.50% (min $5K)
- EverBank - 3.49% ($1.5K min)
- Patelco CU - 3.45% ($1K min), account review
- Western FCU - 3.38% (min $40K), account review
- First State Bank - 3.30% ($1K min), account review
- USA FCU - 3.25% (min $1K) account review
- Bank of Internet - 3.21% (min $1K) account review
- Washington Mutual - 3.15% (min $1K), account review
- ebank - 3.00% (min $1K), 3.25% for ePremium checking customers
- National Bank of KC - 2.95% (min $10K), account review
- VirtualBank - 2.79% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
- ING Direct - 2.50%, account review
- Lehman Brothers Bank - 2.43% (min $1K)
60-Month Certificate of Deposit:
- Capital One - 4.75% (min $5K) (5.00% $100K+) account review
- E-LOAN - 4.75% ($10K min), account review
- Wachovia - 4.75% (min $5K) req chk, account review
- KeyDirect - 4.75% (min $5K), Not all states, account review
- Discover Bank - 4.60% (min $2.5K)
- State Bank of India - 4.58% (min $5K) account review
- Countrywide - 4.50% (min $10K), account review
- Pentagon Federal CU - 4.50% (min $1K), account review
- M&T Bank - 4.37% (min $5K) account review
- GMAC Bank - 4.35% (min $500)
- Advanta Bank - 4.25% (min $10K), account review
- Navy FCU - 4.25% ($20K min) (4.40% for $100K+) restrictions to membership, account review
- University FCU - 4.15% (min $2.5K), account review
- Intervest - 4.12% (min $2.5K), account review
- Mountain America CU - 4.11% (min $1K) account review
- Mutual Bank - 4.10% (min $1K) account review
- Melrose CU - 4.06% (min $5K) account review
- Transportation Alliance Bank - 4.04% ($1K min)
- Northrop Grumman FCU - 4.02% (min $40K), account review
- ETrade Bank - 4.00% (min $1K), account review
- Element Financial - 4.00% (min $10K), account review
- Agriculture FCU - 4.00% (min $1K), account review
- iGobanking - 4.00% (min $500), account review
- Washington Mutual - 4.00% (min $1K), account review
- Ascencia Bank - 3.97% (min $500), account review
- Air Force FCU - 3.85% (min $25K) restrictions to membership, account review
- Self-Help Credit Union - 3.82% (min $500), account review
- EverBank - 3.80% ($1.5K min)
- Flagstar - 3.80% (min $500), account review
- UFB Direct - 3.80% (min $8K)
- Air Academy FCU - 3.75% (min $10K) membership restrictions, account review
- CU of Georgia - 3.71% (min $50K), account review
- Patelco CU - 3.71% ($1K min), account review
- Western FCU - 3.55% (min $40K) account review
- First State Bank - 3.50% ($1K min), account review
- AmTrustDirect - 3.50% (min $1K) account review
- Delta Community CU - 3.50% (min $1K) account review
- Telcom Credit Union - 3.50% (min $500) account review
- H&R Block Bank - 3.50% (min $250) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Tennessee Commerce Bank - 3.50% (min $5K)
- Bank of Internet - 3.46% (min $1K) account review
- USA FCU - 3.45% (min $1K) account review
- National Bank of KC - 3.05% (min $10K), account review
- Apple Bank - 3.00% (min $500) account review
- ebank - 3.00% (min $1K), 3.25% for ePremium checking customers
- ING Direct - 3.00%, account review
- VirtualBank - 2.79% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
- Lehman Brothers Bank - 2.48% (min $1K)
- Presidential Bank - 2.35% (min $1K)
84-Month Certificate of Deposit:
- Navy FCU - 5.00% ($20K min) restrictions to membership, account review
- KeyDirect - 5.00% (min $5K) (5% 10yr) Not all states, account review
- Capital One - 5.00% (min $5K) (5.25% 7yr / 5.50% 10yr for $100K+) account review
- Pentagon Federal CU - 4.51% (min $1K), account review
- Intervest - 4.14% (min $2.5K), account review
- Countrywide - 3.00% (min $10K), account review
- EmigrantDirect - 2.50% (min $1K)
High Yield Reward Checking Accounts - Open to All
- 6.01% Reward Checking at Coulee Bank - $25K Cap
- 6.01% Reward Checking at Citizens Bank - $25K Cap
- 6.01% Reward Checking at Charter Bank - $25K Cap
- 6.01% Reward Checking at First New England FCU - $25K Cap
- 6.01% Reward Checking at Golden Plains Credit Union - $25K Cap
- 6.01% Reward Checking at Arizona Bank & Trust - $20K Cap
- 6.00% Reward Checking at Southern Community Bank & Trust - $25K Cap
- 5.09% Reward Checking at Consumers Credit Union - $25K Cap
- 5.06% Reward Checking at Heartland Community Bank - $30K Cap
- 5.01% Reward Checking at West Texas National Bank - $25K Cap
- 5.01% Reward Checking at Coastal FCU - $50K Cap
- 4.44% Reward Checking at First Arkansas Bank & Trust - $50K Cap
- 4.01% Reward Checking at State Bank of Toledo - $70K Cap
- 4.01% Reward Checking at Provident Credit Union - $25K Cap
- 3.51% Reward Checking at Connexus Credit Union - $25K Cap
Checking and Saving Accounts at Local Banks/Credit Unions
- Local High Yield Reward Checking Accounts Ordered by States
- Local High Yield Reward Checking Accounts
- 4.25% 3-Month Money Market Promo at Amboy (New Jersey)
- 3.25% Checking Account (Florida)
- 3.05% Money Market Account (Utah)
- 3.05% No-Minimum Online Savings Account (New York)
- 2.95% Low-Minimum Online Savings Account (California)
CD Specials at Local Credit Unions/Banks Over the Last Month
- Alabama deals and CD rates
- Alaska deals and CD rates
- Arizona deals and CD rates
- Arkansas deals and CD rates
- California deals and CD rates
- Colorado deals and CD rates
- Connecticut deals and CD rates
- Delaware deals and CD rates
- District of Columbia deals and CD rates
- Florida deals and CD rates
- Georgia deals and CD rates
- Hawaii deals and CD rates
- Idaho deals and CD rates
- Illinois deals and CD rates
- Indiana deals and CD rates
- Iowa deals and CD rates
- Kansas deals and CD rates
- Kentucky deals and CD rates
- Louisiana deals and CD rates
- Maine deals and CD rates
- Maryland deals and CD rates
- Massachusetts deals and CD rates
- Michigan deals and CD rates
- Minnesota deals and CD rates
- Mississippi deals and CD rates
- Missouri deals and CD rates
- Montana deals and CD rates
- Nebraska deals and CD rates
- Nevada deals and CD rates
- New Hampshire deals and CD rates
- New Jersey deals and CD rates
- New Mexico deals and CD rates
- New York deals and CD rates
- North Carolina deals and CD rates
- North Dakota deals and CD rates
- Ohio deals and CD rates
- Oklahoma deals and CD rates
- Oregon deals and CD rates
- Pennsylvania deals and CD rates
- Rhode Island deals and CD rates
- South Carolina deals and CD rates
- South Dakota deals and CD rates
- Tennessee deals and CD rates
- Texas deals and CD rates
- Utah deals and CD rates
- Vermont deals and CD rates
- Virginia deals and CD rates
- Washington State deals and CD rates
- West Virginia deals and CD rates
- Wisconsin deals and CD rates
- Wyoming deals and CD rates
Terms of 60 Months and Over
- 5.00% 60-Month CD at a Michigan CU - $5K Max (United Financial)
- 5.00% 60-Month CD at a Florida CU (Keys)
- 5.00% 60-Month CD at a Illinois/Indiana CU - ASI-Insured Only (Credit Union 1)
- 4.78% 60-Month CD at a California Credit Union Continues (UNCLE)
- 4.65% 60-Month CD at a Colorado Bank (New Frontier)
- 4.50% 60-Month CD at a Illinois Bank (CenTrust)
- 3.95% 60-Month CD at a Texas Credit Union (SACU)
Terms of 24 Months to Under 60 Months
- 5.00% 36-Month CD at a New Hampshire Credit Union (NHFCU)
- 4.18% 24-Month CD at a Florida Bank (Heritage)
- 4.00% 24-Month CD at a Virginia CU - Plus $100 Checking Bonus (Northwest)
- 4.00% 30-Month CD at a Pennsylvania Bank (Third Federal)
- 4.00% 25-Month CD at a Michigan Bank (Bank of Auburn Hills)
- 3.85% 24-Month CD at a Texas Credit Union (SACU)
Terms of 12 Months to Under 24 Months
- 7.50% 12-Month CD at a California CU - $1K Max - Also a $100 Checking Bonus (Meriwest)
- 4.50% 12-Month CD at a Colorado Bank (New Frontier)
- 4.25% 12-Month CD at a New Hampshire Credit Union (NHFCU)
- 4.25% 23-Month CD at a Indiana CU (Horizon One)
- 4.05% 23-Month CD at a Florida CU (Keys)
- 4.04% 18-Month CD at a California Credit Union Continues (UNCLE)
- 4.00% 12-Month CD at a Illinois Bank (CenTrust)
- 4.00% 18-Month CD at a Texas Bank (First National)
- 4.00% 12-Month CD at a Illinois/Indiana CU - ASI-Insured Only (Credit Union 1)
- 3.98% 14-Month CD at a Florida Bank (Heritage)
- 3.90% 12-Month CD at a Florida Bank (Freedom)
- 3.75% 15-Month CD at a Michigan Bank (Bank of Auburn Hills)
- 3.70% 12-Month CD at a Arizona Bank (Community Bank of Arizona)
- 3.70% 12-Month CD at a Nevada Bank (Community Bank of Nevada)
- 3.67% 12-Month CD at a New York City Bank (Savoy)
Terms of Under 12 Months
- 10% 6-Month CD ($2.5K Cap) at Flagstar Bank in MI/GA/IN
- 5.00% 9-Month CD at a Michigan CU - $20K Max (Dort Federal Credit Union)
- 4.40% 5-Month CD at a Oregon CU (Advantis)
- 4.25% 6-Month CD at a Hawaii Credit Union (Maui County Employees')
- 4.20% 10-Month CD at a Oregon CU (Advantis)
- 4.01% 11-Month CD at a Arizona Bank (First National Bank of Arizona)
- 4.01% 11-Month CD at a Nevada Bank (First National Bank of Nevada)
- 4.00% 9-Month CD at a Georgia Bank (Alpha Bank & Trust)
- 4.00% 7-Month CD at a California CU - Easy Membership/ASI-Insured Only (Christian Community)
- 3.90% 3-Month CD at a California Bank (Vineyard)
- 3.90% 9-Month CD at a Florida Bank (Freedom)
- 3.88% 5-Month CD at a SoCal Bank (Golden Coast)
- 3.83% 10-Month CD at a California Bank (Pacific State)
- 3.77% 8-Month CD at a Washington State Bank (Raymond Federal)
- 3.75% 10-Month CD at a Illinois Bank (St. Charles)
- 3.75% 4-Month CD at a Illinois Bank (St. Charles)
- 3.75% 9-Month CD at a Texas Bank (First National)
- 3.70% 9-Month CD at a South Florida Bank (Great Florida)
- 3.68% 3-Month CD at a SoCal Bank (Golden Coast)
- 3.65% 6-Month CD at a Florida / Alabama CU (Pen Air)
- 3.65% 9-Month CD at a Arizona Bank (Community Bank of Arizona)
- 3.60% 5-Month CD at a Missouri Bank (St. Louis)
- 3.60% 3-Month CD at a Missouri Bank (St. Louis)
- 3.60% 7-Month CD at a California Bank (Vineyard)
- 3.56% 6-Month CD at a New York City Bank (Savoy)
- 3.55% 6-Month CD at a Nevada Bank (Community Bank of Nevada)
- 3.50% 4-Month CD at a South Florida Bank (Great Florida)
Bank Account Alternatives
- Money Magazine article on risk-free investments
- GE Interest Plus - 3.30% rate for $50k+
- Fidelity Money Market Fund - 2.58% 7-day yield ($100 bonus and other info)
- Paypal Money Market Fund - 2.52% 7-day yield (1% cashback debit MasterCard)
- TIAA-CREF Money Market Fund - 2.49% 7-day yeild
- Vanguard Prime Money Market Fund - 2.39% 7-day yield
- FW Thread on Treasury Bills
- I Bonds for 2008, I Bond Article, I Bonds as CD Alternatives
Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)
Featured Savings Account
Nationwide Savings Accounts
Related Posts
Michael (anonymous) - #1, Saturday, May 10, 2008 - 9:05 PM
Thanks, BG!
Loved your funny line: "How low does the rate have to drop before Schwab removes 'High Yield' from the account title?"
Anonymous - #2, Wednesday, May 14, 2008 - 7:27 PM
Quick comment - you don't have Century Bank Direct's checking account listed (currently 3.35% APY). You do have their other products listed, so it must just be an oversight.
It actually looks like a great checking account - very similar to Salem Five Direct, only a higher yield.
Keep up the great work! You're the best!
Banking Guy (anonymous) - #3, Thursday, May 15, 2008 - 7:07 AM
Good point. The yield does make it one of the best non-reward checking accounts available, and it definitely deserves inclusion.
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