Dedicated to Deposits: Deals, Data, and Discussion

Bank Deals Weekly Summary for July 26, 2008

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

We had more bank failures this week. First Heritage Bank in California and First National Bank of Nevada were closed yesterday, and the FDIC arranged for all deposits to be transfered to Mutual of Omaha Bank. The good news for depositors is that all deposits (both insured and uninsured) were transfered so no one should be losing any money (see post).

CD Rates

CD rates continued to rise. Wachovia had the best 12-month CD rate for the last couple of weeks with its yield of 4.25% APY. Now 3 banks with nationwide availability have better 12-month rates: BankUnited, AmTrustDirect and Corus Bank (see rate list).

There haven't been as many rate hikes on shorter term CDs. The big banks still have the best deals on these. These include Bank of America with a 4.11% APY 7-month CD special (see post), WaMu's 4.25% APY 8-month Online CD (see post) and Wachovia's 4.00% APY 7-month CD (see post).

For long-term CDs we're seeing more 5% yields with shorter terms. Fifth Third is offering in some states a special 5.05% APY for a 37-month term. National City came out with a new CD promotion with a 5.25% APY for terms of 43 to 54 months. The CDs with terms of 19 to 42 months have a yield of 4.75% APY. National City even has a 6.00% APY 5-year CD for residents in certain parts of Ohio and Missouri (see post).

KeyDirect raised its 23-month CD yield to 4.75% APY this week (Note, the 4.75% 23-month is listed in the rate table. The front page still shows 4.50%). Other new competitive CD rates for terms around 24 months include Fifth Third with a 4.55% APY and NewDominion with a 4.50% APY.

Savings Account Rates

There were a few banks this week that raised their savings account rates:
  • Corus - 3.70% APY (was 3.56%)
  • Flagstar - 3.66% APY (was 3.50%)
  • Doral Bank Direct - 3.55% APY (was 3.25%)
  • Zions Bank - 3.51% APY (was 3.45%)
These accounts from Corus, Flagstar and Zions are money market accounts with limited check writing. Most of the ones on my list are just savings account without any check writing.

Some more good news this week has to due with the continuation of high rates. HSBC Direct extended the end-date of its 3.50% promo for its Online Savings Account from August 15th to September 15th. I've read rumors that Alliant Credit Union will be continuing its 3.75% APY on its savings account for August. The 3.75% APY continues to be the best non-promo savings account yield.

I reported on a new online savings account at Bank Provident Online. The yield is 3.30% APY which isn't the best, but it has two imporparnt features: 1) The 3.30% is guaranteed for the rest of 2008, and 2) all deposits (even over $100K) are insured by the FDIC and DIF (see post). For those with over $100K, you can get 3.50% APY at Salem Five Direct in its checking account. Like Provident, Salem Five is based in Massachusetts and has DIF insurance. One advantage of Provident over Salem Five is that it has an ACH transfer system that allows for easy bank-to-bank transfers. Note, DIF is a private insurance fund, but it does have a long track record (see DIF's homepage).

Reward Checking Accounts

I reported on three more reward checking accounts this week (see below). There weren't any new nationally available reward checking accounts. The best nationwide deal continues to be the 7.01% reward checking account at MidWest America FCU (see post).

For my full list of reward checking accounts, please refer to my High Yield Checking website.

Recap for the Week - Links to This Week's Posts

Banking News

Savings and Money Market Deals - 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 Jul 19th, Jul 12th, Jul 5th, Jun 28th, Jun 21st, Jun 14th, Jun 7th, May 31st and May 24th.

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 July 26, 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)


Related Posts

Comments
4 comments.
Comment #1 by Triple Jaygh and the Devil (anonymous) posted on
Triple Jaygh and the Devil
I also was told by an Alliant Credit Union rep that the savings account rate will not be dropping in August.

Thanks, Banking Guy.

1
Comment #2 by Anonymous posted on
Anonymous
Well, Amtrust is at it again. Increased their 12 & 18 mo cd's on 7/24 I think and now have reduced them lower than they were before 7/24. I have a couple of cd's left their that mature in sept and then I am done with them. Never did like them very much anyway.

1
Comment #3 by Anonymous posted on
Anonymous
I don't know what is up at Amtrust as they are now showing the rates at 4.30 and 4.35 again. I don't know if the 3.93 they were showing earlier was a mistake or if they did lower the rates and changed their mind. Anyway I am done when my cd's mature.

1
Comment #4 by fife (anonymous) posted on
fife
FYI: I was just reviewing my EmigrantDirect account and noticed they bumped the rate up from 2.75 to 3.00% APY.

I keep small change in each of my "non-active" savings accounts. Call me silly but I keep just enough to earn more than $0.005 and get the penny each month. It's more for kicks than anything else.

I opened an account with Alliant CU a few months ago and have been happy with them so far, although I do miss the quick transfer system Etrade has. Glad to see the savings rate will continue and hold for August.

Thanks for the helpful info you continue to provide Banking Guy.

1