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Major Regional Banks: Their Latest Losses and CD Deals

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As this NY Times article describes, four large regional banks reported their third quarter results today. As you might expect, they continue to have problems. Here's a summary of their results:
  • National City - fifth quarterly loss, announced a 14% work force reduction
  • Fifth Third - second quarterly loss
  • KeyCorp - second quarterly loss
  • US Bancorp - reported a quarterly profit, but it fell 47% which was more than expected
Their troubles have probably been the reason behind their CD specials that they've offered for the last several months as they continue to be in need of deposits. If you stay under the FDIC limits, these can be good and safe deals. Here are the latest CD deals from these four banks:
  • National City - 5.00% APY 19-month w/ckk, 4.75% w/o chk (CD review)
  • Fifth Third - 5.05% APY 37-month (CD review)
  • KeyDirect - 5.25% APY 29-month w/chk, 5.00% w/o chk (CD review)
  • US Bank - 4.75% APY 59-month (had been 5%) (CD review)
There are some good deals on longer and shorter term CDs, but the above CDs are just a sample of the most competitive rates. Please note that these specials are not available in all states. Also note that the rates listed in the CD reviews may be out-of-date. Please check the banks' websites for the latest rates. The links to the banks' rate tables are in the reviews.
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