Bank Deals Weekly Summary for October 12, 2008
Oct 12, 2008 - 6:58 PM by Ken Tumin
Quick Link for Rates, Recap of this week's posts
With the financial turmoil worsening, we continue to see action by Washington. The move my the Fed to cut the federal funds rate to 1.50% in an emergency meeting last Wednesday was a surprise (see post). Just a few months ago it seemed like the Fed would be hiking rates to fight inflation. But with the financial turmoil threatening to cause a major recession, short-term inflation concerns are diminishing. But with all this money that's being pumped into the economy, I can understand the concerns about inflation in the long term. So for savers trying to decide the best maturity length of a CD, it's not easy. There's a risk that we could have a long period of very low interest rates like we saw from 2002 to 2004, and there is a risk that inflation will shoot up some time in the next few years. One suggestion that I have is if you do decide on a long-term CD, try to pick CDs with reasonable early withdrawal penalties of 6-months or less of interest. If rates do shoot up, you can always close the CD early without too much loss.
One thing good for savers coming out of this financial mess is the temporary increase in FDIC and NCUA coverage to $250K. There are even talks that the US may temporarily cover all bank deposits. According to this WSJ article this would be "aimed at preventing a further exodus of cash from financial institutions, including small and regional banks, some of which are buckling under the strain of nervous customers." For the latest changes of FDIC and NCUA rules that are now official, please refer to this post.
So far we haven't seen mass bank failures, but we are seeing more. Last Friday we had two bank failures which brings the total number of bank failures this year to 15 (see post).
Savings Accounts and Money Market Accounts
The Fed rate cut definitely led to several banks to cut their rates this week. ING Direct cut their rates across the board by 25 basis points, and Charles Schwab cut their checking account yield from 3% to 2.20% APY.
CNB Bank Direct ended their 6-month guarantee of 4% APY for new applicants. I was told that customers who had applied before this change would still be guaranteed 4% APY for 6 months. New applicants will still receive 4% APY, but this could now change at any time (see post).
Before the Fed rate cut, WaMu slashed their deposit rates. Its online savings account yield dropped from 4% to 3% APY, and its 5% and 4.25% online CD yields all dropped to 3% APY. With WaMu now under JPMorgan Chase, I doubt we'll see any more exceptional rates.
There were some pleasant surprises this week even with the Fed rate cut. Bank of America actually raised the yield of its DoW Money Market Account from 3.51% to 3.86% APY. We saw a similar rate hike last year in this account, and it didn't hold. The rate was uncompetitive for much of this year, so I wouldn't put too much hope that it'll remain competitive (see 2007 post).
Below is the list of savings account rate changes for this week:
Rate Hikes:
Certificate of Deposit Updates
There are still some good CD deals, but rates have started to drop. KeyDirect ended its 4.75% APY 23-month CD. Other banks which recently cut competitive CD rates include Dime Savings, E-LOAN and ING Direct.
National City is still offering some very competitive mid-term and long-term CD rates. With a National City checking account, yields of 5% APY for 19 months and 5.25% APY for 36 months are available (see post).
Credit unions tend to react slower to changing rate environments, so you may have a better chance to lock in some 5% CD yields. America's Credit Union is offering a 5% APY 24-month CD. This even has an add-on feature which is nice when there's a risk that we'll see a long low-rate environment. This is a credit union that's easy to join, but it's not known how long this deal will last (see post).
For those who have a military connection, Navy FCU just came out with a 5.10% APY 5- and 7-year CD for $20K minimum deposit and a 5.25% APY for a $100K minimum. Since this just came out, it's likely this will continue for a several weeks. Please refer to this post for my experience with Navy FCU.
If 5 years is too long for you, Pentagon FCU continues to offer 5% APY for terms as short as 3 years. According to an email sent by the credit union, to lock in this rate, you'll need to have the money on deposit by 10/31/08 (see post).
Reward Checking Accounts
I only posted on one new reward checking account this week. Several banks have been cutting their rates, but most continue to pay more than the best online savings accounts. For my full list of reward checking accounts around the nation, 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 Oct 4th, Sep 27th, Sep 20th, Sep 13th, Sep 6th, Aug 30th, Aug 23rd, Aug 16th and Aug 9th.
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 October 12, 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:
Various Deposit Account Deals
High Yield Reward Checking Accounts - Open to All
Checking and Saving Accounts at Local Banks/Credit Unions
Recent CD Specials at Local Credit Unions and Banks
Bank Account Alternatives
Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)
With the financial turmoil worsening, we continue to see action by Washington. The move my the Fed to cut the federal funds rate to 1.50% in an emergency meeting last Wednesday was a surprise (see post). Just a few months ago it seemed like the Fed would be hiking rates to fight inflation. But with the financial turmoil threatening to cause a major recession, short-term inflation concerns are diminishing. But with all this money that's being pumped into the economy, I can understand the concerns about inflation in the long term. So for savers trying to decide the best maturity length of a CD, it's not easy. There's a risk that we could have a long period of very low interest rates like we saw from 2002 to 2004, and there is a risk that inflation will shoot up some time in the next few years. One suggestion that I have is if you do decide on a long-term CD, try to pick CDs with reasonable early withdrawal penalties of 6-months or less of interest. If rates do shoot up, you can always close the CD early without too much loss.
One thing good for savers coming out of this financial mess is the temporary increase in FDIC and NCUA coverage to $250K. There are even talks that the US may temporarily cover all bank deposits. According to this WSJ article this would be "aimed at preventing a further exodus of cash from financial institutions, including small and regional banks, some of which are buckling under the strain of nervous customers." For the latest changes of FDIC and NCUA rules that are now official, please refer to this post.
So far we haven't seen mass bank failures, but we are seeing more. Last Friday we had two bank failures which brings the total number of bank failures this year to 15 (see post).
Savings Accounts and Money Market Accounts
The Fed rate cut definitely led to several banks to cut their rates this week. ING Direct cut their rates across the board by 25 basis points, and Charles Schwab cut their checking account yield from 3% to 2.20% APY.
CNB Bank Direct ended their 6-month guarantee of 4% APY for new applicants. I was told that customers who had applied before this change would still be guaranteed 4% APY for 6 months. New applicants will still receive 4% APY, but this could now change at any time (see post).
Before the Fed rate cut, WaMu slashed their deposit rates. Its online savings account yield dropped from 4% to 3% APY, and its 5% and 4.25% online CD yields all dropped to 3% APY. With WaMu now under JPMorgan Chase, I doubt we'll see any more exceptional rates.
There were some pleasant surprises this week even with the Fed rate cut. Bank of America actually raised the yield of its DoW Money Market Account from 3.51% to 3.86% APY. We saw a similar rate hike last year in this account, and it didn't hold. The rate was uncompetitive for much of this year, so I wouldn't put too much hope that it'll remain competitive (see 2007 post).
Below is the list of savings account rate changes for this week:
Rate Hikes:
- DollarSavingsDirect - 4.00% APY (was 3.75%)
- GCF Bank 3mo promo - 4.00% APY (was 3.80%)
- Bank of America DOW MMS - 3.86% APY (was 3.51%)
- GMAC Savings Account - 3.75% APY (was 3.55%)
- Union Federal Savings - 3.75% APY (was 3.50%)
- Discover MMA - 3.25% APY (was 3.14%)
- CNB Bank Direct - 4.00% (6mo guarantee is over for new applicants)
- WaMu - 3.00% APY (was 4.00%)
- Charles Schwab Chk - 2.20% APY (was 3.00%)
- E-LOAN Savings Plus - 2.76% APY for $5K-$10K (was 3.01%)
- E-LOAN Stnd Savings - 2.51% APY for $5K-$10K (was 3.01%)
- Beverly National Bank - 2.85% APY (was 3.10%)
- Key Direct - 2.50% APY (was 3.00%)
- ING Direct Savings - 2.75% APY (was 3.00%)
- Univest Direct - 2.75% APY (was 3.00%)
Certificate of Deposit Updates
There are still some good CD deals, but rates have started to drop. KeyDirect ended its 4.75% APY 23-month CD. Other banks which recently cut competitive CD rates include Dime Savings, E-LOAN and ING Direct.
National City is still offering some very competitive mid-term and long-term CD rates. With a National City checking account, yields of 5% APY for 19 months and 5.25% APY for 36 months are available (see post).
Credit unions tend to react slower to changing rate environments, so you may have a better chance to lock in some 5% CD yields. America's Credit Union is offering a 5% APY 24-month CD. This even has an add-on feature which is nice when there's a risk that we'll see a long low-rate environment. This is a credit union that's easy to join, but it's not known how long this deal will last (see post).
For those who have a military connection, Navy FCU just came out with a 5.10% APY 5- and 7-year CD for $20K minimum deposit and a 5.25% APY for a $100K minimum. Since this just came out, it's likely this will continue for a several weeks. Please refer to this post for my experience with Navy FCU.
If 5 years is too long for you, Pentagon FCU continues to offer 5% APY for terms as short as 3 years. According to an email sent by the credit union, to lock in this rate, you'll need to have the money on deposit by 10/31/08 (see post).
Reward Checking Accounts
I only posted on one new reward checking account this week. Several banks have been cutting their rates, but most continue to pay more than the best online savings accounts. For my full list of reward checking accounts around the nation, please refer to my High Yield Checking website.
Recap for the Week - Links to This Week's Posts
Banking News
- Two Friday Bank Closures
- Fed Funds Rate Slashed by 50 Basis Points in Emergency Meeting
- Fed Rate Cuts Appear Likely
- Summary of the FDIC and NCUA Deposit Insurance Coverage Changes
Savings and Money Market Deals - National
- GMAC Bank Raises Online Savings Account Yield to 3.75%
- ING Direct Cuts Deposit Rates
- DollarSavingsDirect Raises Savings Account Yield to 4.00%
- Update on the 4.00% Online Savings Account at CNBBankDirect
CD Deals - National
- 5.00% 24-Month / 4.50% 13-Month CD at America's Credit Union - Easy Membership
- Update on National City's CD Promotion: 4.50% 13-Month CD
- WaMu Drops Rates on its Online CDs and Savings Account
Checking/Savings Account Bonuses
- $25 Bonus at Citibank for Opening the Ultimate Savings Account
- $50 Bonus for Opening a Capital One Online Savings Account
Reward Checking Accounts
CD and Money Market Deals - Local
- 4.50% 17-Month CD at Columbia Credit Union in Washington State
- 5.20% 18-Month CD at Park Avenue Bank in New York
- 4.00% Money Market Promotion and Update on CDs at Regions
- 5.50% 50-Month CD at a Central State in California
- 4.50% 17-Month / 4.80% 25-Month CD at Lake Michigan Credit Union
- 6.00% 60-Month CD ($6K Max) at Mazuma Credit Union in Missouri
- 4.25% 9-Month CD at Millennium Bank in Virginia
- 5.04% 37-Month / 4.61% 13-Month CD at O Bee Credit Union in Washington State
- 4.91% 14-Month CD at Liberty Bank in Florida
- 4.25% for Terms 6 to 18 Months at Lisle Savings Bank in Illinois
- 5.12% 4-Month CD at Island FCU in New York
- Update on Chartway FCU's 5.00% 7-Month CD ($25K Max)
- 4.50% 7-Month CD at Guaranty Bank in Los Angeles
- 4.00% CD with Terms from 4 to 12 Months at Patriot Bank in Texas
- 4.00% 7-Month CD at Fidelity Bank in OK and KS
- 5.05% 25-Month / 4.55% 15-Month CD at Irwin Union Bank
- 4.60% 24-Month CD at First Savings Bank of Hegewisch in Chicago
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 Oct 4th, Sep 27th, Sep 20th, Sep 13th, Sep 6th, Aug 30th, Aug 23rd, Aug 16th and Aug 9th.
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 October 12, 2008
Checking/Savings/Money Market Accounts:
- EverBank - 4.76% ($1.5K min), 3mo promo, account review
- DollarSavingsDirect - 4.00% ($1K min) account review
- GCF Bank - 4.00% (min $100), 3-mo promo, account review
- CNB Bank Direct - 4.00% account review
- National City - 4.00% (min $5K), 6 mo promo, Not all states, account review
- 1st Constitution Direct - 4.00% (min $100), 3 mo promo, account review
- AmTrustDirect - 4.00%, 3-mo intro, (e-Savings) account review
- SmartyPig - 3.90% (min $25) access restrictions, account review
- Bank of America DoW - 3.86% MMA (min $5K), account review
- Corus Bank - 3.85% MMA (min $10K) account review
- Venture Bank Direct - 3.80%, account review
- UFB Direct - 3.80%, Travelers Savings (min $500)
- GMAC Bank - 3.75% Savings (min $500), account review
- BankUnited - 3.75% (min $5K), account review
- Alliant Credit Union - 3.75% (min $100) account review
- CapitalOne/Costco - 3.75% Savings (min $10K, Costco members only, $60 deal for exec. members)
- Provident Direct - 3.75%, account review
- OneUnited - 3.75% (min $1K), account review
- Flagstar - 3.65% MMA, account review
- OnBank - 3.60%, account review
- Amegy Bank - 3.58% (min $10K) account review
- Century Bank Direct - 3.57% MMA (min $1K) account review
- Zions Bank - 3.56% MMA, outside of Utah, (min $2.5K) account review
- Heartland Bank Direct - 3.55%, ($500 min), account review
- Doral Bank Direct - 3.55% (min $1K) account review
- Capital One - 3.55% (Savings) (min $10K) account review
- Nationwide Bank - 3.52% MMA (min $1K) account review + $25 bonus
- EverBank - 3.51% MMA ($1.5K min) account review
- ShoreBank - 3.50%, account review
- FNBO Direct - 3.50%, account review
- Citibank - 3.50% (Ultimate Savings) account review
- Union Federal Savings - 3.50% account review
- Bank of Internet - 3.46% MMA (min $100) account review
- Century Bank Direct - 3.41% (min $100) account review
- Countrywide - 3.40% (min $10K) (3.50% for $50K+) account review
- Bank of Internet - 3.40% Checking (min $5K) account review
- UmbrellaBank - 3.40% MMA (min $1K), account review
- E-LOAN - 3.35% Savings Plus ($10K min) (3.75% for $50K+) account review
- Century Bank Direct - 3.35% Checking (min $100) account review
- WTDirect - 3.31% ($10K min), account review
- ETrade Bank - 3.30%, post ($25 bonus)
- Provident Bank Online - 3.30% (min $10) (rate good thru 2008) account review
- iGObanking - 3.28%, account review
- Discover Bank - 3.25% MMA (min $2.5K) (3.35% for $50K+) account review
- HSBC Direct - 3.25% account review
- Amboy Direct - 3.25% (min $3K) (eSavings) account review ($50 bonus)
- M&T Bank - 3.25%, account review
- CapitalOne/Costco - 3.20% MMA (min $1K, Costco members only, $60 deal for exec. members)
- Indymac Federal Bank - 3.10% (min $1K) (3.75% for $50K+) account review
- Imperial Capital - 3.05% Checking (min $1K) account review
- AmboyDirect - 3.05% (Premium Savings) post ($25 bonus)
- Savings Square - 3.05%, account review
- Bank of America NEA - 3.01% MMA ($500 min) (3.22% for $50K+) account review
- Goldwater Bank - 3.00% (min $1.5K) account review
- AARP Financial Savings Center - 3.00%, AARP membership req, account review
- EmigrantDirect - 3.00%, account review
- Rainier Pacific - 3.00%, MMA 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) (3.75% for $100K+) account review
- Capital One - 3.00% MMA, account review
- WaMu/Chase - 3.00% (requires checking), account review
- ETrade Bank - 2.90% Checking (min $5K) account review
- Beverly National Bank - 2.85% (min $5K) account review
- Melrose CU - 2.78% (min $25) account review
- MetLife Bank - 2.75% MMA (min $10K), post ($50 bonus)
- grand yield direct - 2.75% (min $2.5K) account review
- Mutual Bank - 2.75% MMA (min $5K), account review
- UnivestDirect - 2.75%, (1.50% checking), account review
- ING Direct - 2.75%, (1.50% checking), post ($25 bonus)
- Presidential Bank - 2.60% (min $5K, only first $35K receives this rate), offers 2.00% checking, account review
- VirtualBank - 2.53% (min $100), (3.56% $25K+, 3.72% $50K+) post ($20 bonus)
- E-LOAN - 2.51% ($5K min), account review
- AmTrustDirect - 2.50%, ongoing, (e-Savings) account review
- MyBankingDirect - 2.50% MMA (min $5K), account review
- UFB Direct - 2.50%, account review
- Self-Help Credit Union - 2.50% MMA (min $500), account review
- KeyDirect - 2.50% MMA (min $50), Not all states, account review
- Direct Huntington - 2.20% ($10K min) (3.00% $20K+), account review
- Charles Schwab - 2.20% Checking, account review
- ebank - 1.75% MMA ($10K min) (3.56% for $100K+), account review
- AmTrustDirect - 1.50% (e-Money Market) (1.75% $25K+, 2.00% $50K+) account review
- Tennessee Commerce Bank - 0.95% (min $10K), account review
3-Month Certificates of Deposit:
- Third Federal - 4.00% (4-mo) (min $500) account review
- Nationwide Bank - 3.50% (min $500) account review
- VirtualBank - 3.46% (min $10K), account review
- E-LOAN - 3.41% ($10K min), account review
- Imperial Capital - 3.40%, ($2K min), account review
- GMAC Bank - 3.25% (min $500), account review
- UmbrellaBank - 3.25% (min $1K) account review
- ebank - 3.25% (min $1K)
- Metropolitan Bank - 3.25% ($2.5K min), account review
- EverBank - 3.25% ($1.5K min) account review
- ETrade Bank - 3.20% (min $1K), account review
- Element Financial - 3.16% (min $10K), account review
- ISN Bank - 3.10% (min $10K) account review
- Self-Help Credit Union - 3.05% (min $500), account review
- FirstFedDirect - 3.01% (min $10K), account review
- Countrywide - 3.00% (min $10K), account review
- UFB Direct - 2.81% (min $8K)
- National Bank of KC - 2.60% (min $10K), account review
6-Month Certificates of Deposit:
- Christian Community CU - 4.50% (7-mo) (min $500) not NCUA insured (ASI only) account review
- Dime Savings - 4.50% (min $500), requires chk and DD, account review
- AmTrustDirect - 4.35% (min $1K) account review
- Corus Bank - 4.25% (min $10K) account review
- H&R Block Bank - 4.15% (min $5K) account review
- Imperial Capital - 4.10% ($2K min), account review
- VirtualBank - 4.08% (min $10K), account review
- Century Bank Direct - 4.01% (5 mo) (min $1K) account review
- GMAC Bank - 4.00% (min $500), account review
- Citibank - 4.00% (min $500) account review
- HSBC Direct - 4.00% (min $10) account review
- E-LOAN - 4.00% ($10K min), account review
- ebank - 3.90% (min $1K)
- Countrywide Bank - 3.90% (7-mo) (min $10K) account review
- Zions Bank - 3.82% (min $1K) account review
- IndyMac Federal Bank - 3.80% (7-mo)(min $5K) account review
- Tennessee Commerce Bank - 3.80% (min $5K)
- Metropolitan Bank - 3.78% ($2.5K min), account review
- FirstFedDirect - 3.75% (min $10K), account review
- EverBank - 3.75% ($1.5K min) account review
- La Jolla Bank - 3.75% (min $10K), account review
- Flagstar - 3.75% (min $500), account review
- Nationwide Bank - 3.75% (7mo) (min $500) account review
- Ascencia Bank - 3.65% (min $500), account review
- Wachovia - 3.60% (7-mo) (min $5K) account review
- Northrop Grumman FCU - 3.55% (min $40K), account review
- Western FCU - 3.51% (min $40K), account review
- Excel National Bank - 3.50% (min $10K), account review
- UmbrellaBank - 3.50% (min $1K) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Element Financial - 3.50% (min $10K), account review
- ING Direct - 3.50%, account review
- KeyDirect - 3.50% (min $5K), 4.00% w/chk, Not all states, account review
- Greystone Bank - 3.40% (min $50K) account review
- Advanta Bank - 3.40% (min $10K), account review
- University FCU - 3.40% (min $2.5K), account review
- CU of Georgia - 3.40% (min $50K), account review
- Mountain America CU - 3.35% (min $1K) account review
- Bank of Internet - 3.35% (min $1K) account review
- Self-Help Credit Union - 3.30% (min $500), account review
- Intervest - 3.30% (min $2.5K), account review
- Countrywide - 3.30% (min $10K), account review
- ETrade Bank - 3.30% (min $1K), account review
- Bank of America - 3.10% (7-mo) (min $5K) account review
- Capital One - 3.10% (min $5K) account review
- ISN Bank - 3.10% (min $1K) account review
- UFB Direct - 3.01% (min $8K)
- Wells Fargo - 3.00% (7 months) (min $5K), rate and min vary by state, account review
- Air Academy FCU - 2.95% (min $10K) restrictions to membership, account review
- National Bank of KC - 2.85% (min $10K), account review
- iGObanking - 2.75% (min $500), account review
- Principal Bank - 2.75% (7 mo) (min $5K), account review
- Lehman Brothers Bank - 2.07% (min $1K)
- WaMu/Chase - 2.00% (min $1K), account review
9-Month Certificates of Deposit:
- Christian Community CU - 4.50% (min $500) not NCUA insured (ASI only) account review
- Century Bank Direct - 4.45% (10 mo) (min $1K) account review
- BankUnited - 4.40% (min $5K) account review
- AmTrustDirect - 4.35% (min $1K) account review
- FirstFedDirect - 4.30% (min $10K) account review
- La Jolla Bank - 4.20% (10mo) (min $10K), account review
- Imperial Capital - 4.15% ($2K min), account review
- VirtualBank - 4.13% (min $10K), account review
- ebank - 4.06% (min $1K) account review
- E-LOAN - 4.01% ($10K min), account review
- Mountain America CU - 4.00% (min $1K) account review
- Fifth Third - 4.00% (min $5K), Not all states, account review
- Stonebridge Bank - 4.00% (min $500) account review
- GMAC Bank - 3.90% (min $500), account review
- UmbrellaBank - 3.80% (min $1K) account review
- Academy Bank - 3.80% (min $500), account review
- Citibank - 3.75% (min $500)
- EverBank - 3.75% ($1.5K min) account review
- Indymac Federal Bank - 3.75% (min $5K) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Element Financial - 3.50% (min $10K), account review
- ING Direct - 3.50% account review
- Bank of Internet - 3.35% (min $1K) account review
- Countrywide - 3.00% (min $10K), account review
- WaMu/Chase - 3.00% (8 mo) (min $1K), account review
- National Bank of KC - 2.85% (min $10K), account review
- iGObanking - 2.75% (min $500), account review
12-Month Certificates of Deposit:
- Corus Bank - 4.65% (min $10K) account review
- Christian Community CU - 4.50% (min $500) not NCUA insured (ASI only) account review
- Flagstar - 4.50% (min $500), account review
- VirtualBank - 4.45% (min $10K), account review
- BankUnited - 4.40% (min $5K) account review
- E-LOAN - 4.36% ($10K min), account review
- Tennessee Commerce Bank - 4.35% (min $5K)
- GMAC Bank - 4.35% (min $500), account review
- Fifth Third - 4.35% (13 mo) (min $5K), Not all states, account review
- Melrose CU - 4.32% (min $5K) account review
- State Bank of India - 4.32% (min $5K) account review
- AmTrustDirect - 4.30% (min $1K) account review
- ebank - 4.30% (14 mo) (min $1K)
- La Jolla Bank - 4.25% (min $10K), account review
- ebank - 4.25% (min $1K)
- Imperial Capital - 4.25% ($2K min), account review
- National City Bank - 4.25% (13-mo) (min $10K), req chk, account review
- NASA FCU - 4.25% (11 mo) ($5K min) account review
- Advanta Bank - 4.25% (min $10K), account review
- Mountain America CU - 4.25% (15mo) (min $1K) account review
- Pacific Mercantile Bank - 4.22% (min $10K) account review
- Century Bank Direct - 4.16% (15 mo) (min $1K) account review
- KeyDirect - 4.15% (14mo) (min $5K), 4.40% w/chk, Not all states, account review
- Mutual Bank - 4.10% (min $2.5K) account review
- Greystone Bank - 4.10% (min $50K) account review
- Wachovia - 4.10% (min $5K) account review
- UmbrellaBank - 4.10% (min $1K) account review
- Academy Bank - 4.10% (min $500), account review
- Discover Bank - 4.06% (min $2.5K) account review
- EverBank - 4.05% ($1.5K min) account review
- FirstFedDirect - 4.00%, (min $10K) account review
- Navy FCU - 4.00% (15 mo) ($15K min) restrictions to membership, account review
- Digital Credit Union - 4.00% (15 mo) (min $500) account review
- Capital One - 4.00% (min $5K) account review
- iGobanking - 4.00% (13mo) (min $500), account review
- ING Direct - 4.00% account review
- Geauga Savings Bank - 4.00% (min $1K) account review
- Indymac Federal Bank - 3.95% (min $5K) account review
- Ascencia Bank - 3.95% (min $500), account review
- Heritage Bank - 3.90% (min $5K) account review
- Countrywide - 3.90% (min $10K), account review
- Alliant Credit Union - 3.90% (min $25K) account review
- CU of Georgia - 3.87% (min $50K), account review
- Element Financial - 3.85% (min $10K), account review
- Bank of Internet - 3.82% (min $1K) account review
- National Bank of KC - 3.75% (min $10K), account review
- Intervest - 3.66% (min $2.5K), account review
- Northrop Grumman FCU - 3.65% (min $40K), account review
- M&T Bank - 3.59% (min $5K) account review
- Western FCU - 3.52% (min $40K), account review
- ISN Bank - 3.50% (min $1K) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- University FCU - 3.50% (min $2.5K), account review
- Delta Community CU - 3.50% (min $1K) account review
- NewDominion Bank - 3.50% (min $3K) account review
- Air Force FCU - 3.45% (min $25K) restrictions to membership, account review
- ETrade Bank - 3.40% (min $1K), account review
- Self-Help Credit Union - 3.35% (min $500), account review
- H&R Block Bank - 3.25% (min $250) account review
- Air Academy FCU - 3.15% (min $10K) membership restrictions, account review
- GTE FCU - 3.09% (min $500) account review
- UFB Direct - 3.01% (min $8K)
- Principal Bank - 3.01% (14 mo) (min $5K), account review
- WaMu/Chase - 3.00% (min $1K), account review
- Transportation Alliance Bank - 2.50% ($1K min)
- Lehman Brothers Bank - 2.12% (min $1K)
18-Month Certificates of Deposit:
- National City Bank - 5.00% (19-mo) (min $10K), req chk, account review
- BankUnited - 4.60% (min $5K) account review
- Capital One - 4.51% (min $5K) account review
- Christian Community CU - 4.50% (min $500) not NCUA insured (ASI only) account review
- Digital Credit Union - 4.50% (20 mo) (min $500) account review
- Advanta Bank - 4.50% (min $10K), account review
- VirtualBank - 4.45% (min $10K), account review
- E-LOAN - 4.40% ($10K min) account review
- Discover Bank - 4.39% (min $2.5K), account review
- AmTrustDirect - 4.38% (min $1K) account review
- Greystone Bank - 4.35% (min $50K) account review
- Tennessee Commerce Bank - 4.35% (min $5K)
- iGObanking - 4.30% (min $500) account review
- GMAC Bank - 4.25% (min $500) account review
- ebank - 4.25% (min $1K)
- Century Bank Direct - 4.21% (20 mo) (min $1K) account review
- OnBank - 4.20% (min $500), account review
- Intervest - 4.10% (min $2.5K), account review
- EverBank - 4.05% ($1.5K min) account review
- Flagstar - 4.05% (min $500), account review
- Heritage Bank - 4.00% (min $5K) account review
- Doral Bank Direct - 4.00% (min $1K) account review
- ING Direct - 4.00%, account review
- Geauga Savings Bank - 4.00% (min $1K) account review
- M&T Bank - 3.91% (min $5K) account review
- Alliant Credit Union - 3.90% (min $25K) account review
- Bank of Internet - 3.82% (min $1K) account review
- National Bank of KC - 3.75% (min $10K), account review
- KeyDirect - 3.75% (min $5K), 4.00% w/chk, Not all states, account review
- State Farm Bank - 3.75% (min $500) account review
- NewDominion Bank - 3.65% (min $3K) account review
- Academy Bank - 3.60% (min $500) account review
- Mountain America CU - 3.60% (min $1K) account review
- Element Financial - 3.50% (min $10K), account review
- Countrywide - 3.00% (min $10K), account review
- H&R Block Bank - 2.75% (min $250) account review
- ETrade Bank - 2.70% (min $1K), account review
- Lehman Brothers Bank - 2.17% (min $1K)
24-Month Certificates of Deposit:
- Fifth Third - 4.75% (min $5K) not all states, account review
- Geauga Savings Bank - 4.61% (min $1K) account review
- Discover Bank - 4.52% (min $2.5K) account review
- VirtualBank - 4.50% (min $10K), account review
- Wachovia - 4.50% (min $5K) account review
- Melrose CU - 4.47% (min $5K) account review
- Greystone Bank - 4.45% (min $50K) account review
- 1st Source Bank - 4.45% (min $5K) account review
- E-LOAN - 4.45% ($10K min) account review
- State Bank of India - 4.42% (min $5K) account review
- Advanta Bank - 4.40% (min $10K), account review
- Tennessee Commerce Bank - 4.37% (min $5K)
- GMAC Bank - 4.35% (min $500) account review
- AmTrustDirect - 4.35% (min $1K) account review
- Intervest - 4.35% (min $2.5K), account review
- OnBank - 4.30% (min $500), account review
- Provident Direct - 4.25% (min $1K) bank review
- ING Direct - 4.25% account review
- KeyDirect - 4.25% (23 mo) (min $5K), 4.50% w/chk, Not all states, account review
- M&T Bank - 4.18% (min $5K) account review
- Capital One - 4.15% (min $5K) (4.30% $100K+) account review
- Flagstar - 4.10% (min $500), account review
- Heritage Bank - 4.10% (min $5K) account review
- Alliant Credit Union - 4.05% (min $25K) account review
- Bank of Internet - 4.03% (min $1K) account review
- iGObanking - 4.00% (min $500) account review
- CU of Georgia - 3.97% (min $50K), account review
- EverBank - 3.90% ($1.5K min) account review
- Air Force FCU - 3.85% (min $25K) restrictions to membership, account review
- National Bank of KC - 3.85% (min $10K), account review
- NewDominion Bank - 3.75% (min $3K) account review
- University FCU - 3.72% (min $2.5K), account review
- Northrop Grumman FCU - 3.71% (min $40K), account review
- Presidential Bank - 3.65% (min $1K)
- Delta Community CU - 3.65% (min $1K) account review
- Mountain America CU - 3.65% (min $1K) account review
- Self-Help Credit Union - 3.61% (min $500), account review
- Navy FCU - 3.60% ($20K min) (3.75% for $100K+) restrictions to membership, account review
- Element Financial - 3.60% (min $10K), account review
- Western FCU - 3.58% (min $40K), account review
- Mutual Bank - 3.53% (min $1K) account review
- Ascencia Bank - 3.51% (min $500), account review
- H&R Block Bank - 3.50% (min $250) account review
- Countrywide - 3.50% (min $10K), account review
- ebank - 3.40% (min $1K)
- Air Academy FCU - 3.35% (min $10K) membership restrictions, account review
- Doral Bank Direct - 3.25% (min $1K) account review
- UFB Direct - 3.01% (min $8K)
- Apple Bank - 3.00% (min $500) account review
- Transportation Alliance Bank - 2.60% ($1K min)
- Lehman Brothers Bank - 2.28% (min $1K)
36-Month Certificate of Deposit:
- National City Bank - 5.25% (min $10K), req chk, account review
- Fifth Third - 5.05% (37 mo) (min $5K) Not all states account review
- Pentagon Federal CU - 5.00% (min $1K), account review
- 1st Source Bank - 4.80% (min $500) account review
- Discover Bank - 4.75% (min $2.5K) account review
- Intervest - 4.75% (min $2.5K), account review
- Melrose CU - 4.58% (min $5K) account review
- State Bank of India - 4.58% (min $5K) account review
- Advanta Bank - 4.55% (min $10K), account review
- E-LOAN - 4.55% ($10K min) account review
- Greystone Bank - 4.50% (min $50K) account review
- VirtualBank - 4.50% (min $10K), account review
- M&T Bank - 4.50% (min $5K) account review
- KeyDirect - 4.50% (min $5K), 4.75% w/chk, Not all states, account review
- GMAC Bank - 4.50% (min $500) account review
- Huntington - 4.50% (min $1K) account review
- Western FCU - 4.45% (min $40K), account review
- OnBank - 4.45% (min $500), account review
- Tennessee Commerce Bank - 4.39% (min $5K)
- AmTrustDirect - 4.35% (min $1K) account review
- Heritage Bank - 4.30% (min $5K) account review
- Third Federal - 4.25% (min $500) account review
- Flagstar - 4.20% (min $500), account review
- Capital One - 4.15% (min $5K) (4.30% $100K+) account review
- Bank of Internet - 4.08% (min $1K) account review
- CU of Georgia - 4.07% (min $50K), account review
- H&R Block Bank - 4.00% (min $250) account review
- National Bank of KC - 4.00% (min $10K), account review
- ING Direct - 4.00%, account review
- NewDominion Bank - 4.00% (min $3K) account review
- Geauga Savings Bank - 4.00% (min $1K) account review
- Air Force FCU - 3.90% (min $25K) restrictions to membership, account review
- Mutual Bank - 3.89% (min $1K) account review
- Agriculture FCU - 3.85% (min $1K), account review
- Delta Community CU - 3.85% (min $1K) account review
- EverBank - 3.81% ($1.5K min) account review
- University FCU - 3.80% (min $2.5K), account review
- Mountain America CU - 3.75% (min $1K) account review
- Ascencia Bank - 3.75% (min $500), account review
- Element Financial - 3.70% (min $10K), account review
- Countrywide - 3.70% (min $10K), account review
- Navy FCU - 3.70% ($20K min) restrictions to membership, account review
- Northrop Grumman FCU - 3.70% (min $40K), account review
- Self-Help Credit Union - 3.61% (min $500), account review
- Patelco CU - 3.61% ($1K min), account review
- Air Academy FCU - 3.55% (min $10K) membership restrictions, account review
- Doral Bank Direct - 3.50% (min $1K) account review
- ebank - 3.40% (min $1K)
- Principal Bank - 3.20% (33 mo) (min $5K), account review
- UFB Direct - 3.01% (min $8K)
- Transportation Alliance Bank - 2.70% ($1K min)
- ETrade Bank - 2.70% (min $1K), account review
- Lehman Brothers Bank - 2.38% (min $1K)
48-Month Certificate of Deposit:
- National City Bank - 5.25% (min $10K), req chk, account review
- Flagstar - 5.10% (min $500), account review
- Intervest - 5.05% (min $2.5K), account review
- Pentagon Federal CU - 5.00% (min $1K), account review
- M&T Bank - 4.97% (min $5K) account review
- Discover Bank - 4.96% (min $2.5K) account review
- Melrose CU - 4.84% (min $5K) account review
- 1st Source Bank - 4.80% (min $500) account review
- E-LOAN - 4.76% ($10K min) account review
- Third Federal - 4.75% (min $500) account review
- GMAC Bank - 4.75% (min $500) account review
- Advanta Bank - 4.75% (min $10K), account review
- OnBank - 4.65% (min $500), account review
- Greystone Bank - 4.55% (min $50K) account review
- Western FCU - 4.51% (min $40K), account review
- VirtualBank - 4.50% (min $10K), account review
- KeyDirect - 4.50% (min $5K), 4.75% w/chk, Not all states, account review
- Tennessee Commerce Bank - 4.45% (min $5K)
- USA FCU - 4.44% (min $1K) account review
- Heritage Bank - 4.40% (min $5K) account review
- Patelco CU - 4.28% ($1K min), account review
- Capital One - 4.25% (min $5K) (4.50% $100K+) account review
- CU of Georgia - 4.18% (min $50K), account review
- Navy FCU - 4.10% ($20K min) restrictions to membership, account review
- National Bank of KC - 4.10% (min $10K), account review
- EverBank - 4.10% ($1.5K min) account review
- Mountain America CU - 4.00% (min $1K) account review
- ING Direct - 4.00%, account review
- NewDominion Bank - 4.00% (min $3K) account review
- University FCU - 3.97% (min $2.5K), account review
- Self-Help Credit Union - 3.95% (min $500), account review
- Countrywide - 3.95% (min $10K), account review
- Bank of Internet - 3.87% (min $1K) account review
- Agriculture FCU - 3.85% (min $1K), account review
- Element Financial - 3.80% (min $10K), account review
- Citibank - 3.80% (min $500)
- Northrop Grumman FCU - 3.80% (min $40K), account review
- Air Academy FCU - 3.65% (min $10K) membership restrictions, account review
- H&R Block Bank - 3.50% (min $250) account review
- Doral Bank Direct - 3.50% (min $1K) account review
- ebank - 3.40% (min $1K)
- WaMu/Chase - 3.00% (min $1K), account review
- Transportation Alliance Bank - 2.85% ($1K min)
- Lehman Brothers Bank - 2.43% (min $1K)
60-Month Certificate of Deposit:
- Melrose CU - 5.25% (min $5K) account review
- Intervest - 5.25% (min $2.5K), account review
- Advanta Bank - 5.25% (min $10K), account review
- Discover Bank - 5.21% (min $2.5K) account review
- Wachovia - 5.15% (min $5K) account review
- State Bank of India - 5.15% (min $5K) account review
- E-LOAN - 5.15% ($10K min) (5.25% $100K+) account review
- Navy FCU - 5.10% ($20K min) (5.25% for $100K+) restrictions to membership, account review
- Mutual Bank - 5.10% (min $2.5K) account review
- Capital One - 5.05% (min $5K) (5.10% $100K+) account review
- Provident Direct - 5.00% (min $1K) bank review
- M&T Bank - 5.00% (min $5K) account review
- GMAC Bank - 5.00% (min $500) account review
- KeyDirect - 5.00% (min $5K), 5.25% w/chk, Not all states, account review
- Pentagon Federal CU - 5.00% (min $1K), account review
- OnBank - 4.90% (min $500), account review
- 1st Source Bank - 4.80% (min $500) account review
- EverBank - 4.75% ($1.5K min) account review
- Third Federal - 4.75% (min $500) account review
- Western FCU - 4.75% (min $40K) account review
- Tennessee Commerce Bank - 4.65% (min $5K)
- Greystone Bank - 4.60% (min $50K) account review
- VirtualBank - 4.60% (min $10K), account review
- Mountain America CU - 4.60% (min $1K) account review
- US Bank - 4.60% (59 mo) (min $1K), Not all states, account review
- Flagstar - 4.56% (min $500), account review
- ebank - 4.50% (min $1K) account review
- Salem Five Bank - 4.50% (min $10K), account review
- Heritage Bank - 4.50% (min $5K) account review
- Patelco CU - 4.39% ($1K min), account review
- Agriculture FCU - 4.35% (min $1K), account review
- AmTrustDirect - 4.35% (min $1K) account review
- CU of Georgia - 4.33% (min $50K), account review
- Bank of Internet - 4.29% (min $1K) account review
- H&R Block Bank - 4.25% (min $250) account review
- Delta Community CU - 4.25% (min $1K) account review
- Telcom Credit Union - 4.25% (min $500) account review
- ING Direct - 4.25%, account review
- USA FCU - 4.23% (min $1K) account review
- University FCU - 4.22% (min $2.5K), account review
- National Bank of KC - 4.20% (min $10K), account review
- Self-Help Credit Union - 4.13% (min $500), account review
- Northrop Grumman FCU - 4.09% (min $40K), account review
- Element Financial - 4.00% (min $10K), account review
- iGobanking - 4.00% (min $500), account review
- Citibank - 4.00% (min $500)
- NewDominion Bank - 4.00% (min $3K) account review
- Air Force FCU - 3.95% (min $25K) restrictions to membership, account review
- Countrywide - 3.95% (min $10K), account review
- Presidential Bank - 3.75% (min $1K)
- Air Academy FCU - 3.75% (min $10K) membership restrictions, account review
- Ascencia Bank - 3.75% (min $500), account review
- Doral Bank Direct - 3.50% (min $1K) account review
- ETrade Bank - 3.10% (min $1K), account review
- UFB Direct - 3.01% (min $8K)
- WaMu/Chase - 3.00% (min $1K), account review
- Apple Bank - 3.00% (min $500) account review
- Transportation Alliance Bank - 3.00% ($1K min)
- Lehman Brothers Bank - 2.48% (min $1K)
84-Month Certificate of Deposit:
- CapitalOne/Costco - 5.55% (min $5K) account review
- Capital One - 5.50% (min $5K) account review
- Discover Bank - 5.40% (min $2.5K) account review
- Intervest - 5.27% (min $2.5K), account review
- Navy FCU - 5.10% ($20K min) restrictions to membership, account review
- KeyDirect - 5.00% (min $5K) (5.50% 10yr), 5.25% w/chk, Not all states, account review
- Pentagon Federal CU - 5.00% (min $1K), account review
- WaMu/Chase - 3.00% (min $1K), account review
- Countrywide - 3.00% (min $10K), account review
Various Deposit Account Deals
- Checking/Savings Account Bonuses
- Latest CD and Savings Account Deals with No Major Deposit Limitiations
High Yield Reward Checking Accounts - Open to All
Checking and Saving Accounts at Local Banks/Credit Unions
- Local High Yield Reward Checking Accounts Ordered by States
- Local High Yield Reward Checking Accounts
- 4.00% 6-Month Money Market Promo at Amboy (New Jersey)
- 3.05% Checking Account (Florida)
- 3.05% Money Market Account (Utah)
- 2.80% No-Minimum Online Savings Account (New York)
- 2.75% Low-Minimum Online Savings Account (California)
Recent CD Specials at Local Credit Unions and Banks
- 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
Bank Account Alternatives
- Money Magazine article on risk-free investments
- Vanguard Tax-Exempt Money Market Fund - 4.44% 7-day yield
- GE Interest Plus - 3.45% rate for $50k+
- Fidelity Municipal Money Market Fund - 3.30% 7-day yield
- Fidelity Money Market Fund - 2.95% 7-day yield (reviews on Fatwallet)
- Paypal Money Market Fund - 2.47% 7-day yield (1% cashback debit MasterCard)
- TIAA-CREF Money Market Fund - 2.39% 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 Accounts
Related Posts
Useful Resources
Nationwide Savings Accounts
Anonymous - #1, Sunday, October 12, 2008 - 7:17 PM
There was also a credit union failure this week: N&W Poca Division Federal Credit Union failed on Mon., Oct. 6 (NCUA press release). This was the 13th NCUA-insured credit union to fail in 2008.
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