Bank Deals Weekly Summary for December 20, 2008
Dec 20, 2008 - 3:09 PM by Ken Tumin
Quick Link for Rates, Recap of this week's posts
This was a historic week with the Fed slashing the target federal funds rate to an all-time low. It was set at a range from 0 to 0.25%. I remember in the summer when there were expectations that the Fed would be starting rate hikes after the election. This is a good example of how difficult it can be in predicting future interest rates.
On the positive side, there were no bank failures yesterday. With only one Friday left in 2008, we may be finished with bank closures for 2008. If that is the case, that would be 25 bank failures for the year. It's still way below what we saw during the S&L Crisis in the late 80's and early 90's. However, I doubt the worse is over, and the FDIC appears to be getting ready for many more failures in 2009 (see post).
Savings Account Rates
As you might expect after the Fed's historic rate cut, this week wasn't good for savers. I haven't seen so many banks cut rates since early this year when the Fed started its string of massive rate cuts. On the positive side, there are several banks that are holding steady with their rates. There are still a few 4% savings accounts on my list, and there are several that are above 3.50%. I'm afraid these rate will likely fall, but there may be factors that prevent these rates from falling as low as they did back in 2002. This BestCashCow post has a good discussion of these factors.
UFB Direct Traveler Savings had one of the largest rate cuts this week. The rate fell from 4% to 3.15% APY. I think we all knew the 4% was just a teaser rate.
The two banks that were acquired by mega banks continue to slash their savings account rates. Countrywide cut its SavingsLink yield from 2.40% APY to 1.90% APY for balances of $10K to $50K. WaMu cut its online savings account yield from 2.00% APY to 1.50% APY.
Many online checking account rates were slashed: ING Direct's Electric Orange rate cut from 1% to 0.50% for under $50K, E*TRADE MaxRate checking rate cut from 2.90% to 1.50%, and Charles Schwab checking rate cut from 1.50% to 1.00%. It's interesting to see E*TRADE advertising their new 1.50% APY is 10x the national average checking rate. They're going to have try harder to make 1.50% look appealing.
The only rate increase this week was at Bank of Internet, but this probably shouldn't be considered a rate increase. Earlier this month Bank of Internet changed its savings account into a competitive online savings account. The yield was increased from 2% to 3.51% APY (see post).
Below is the list of savings account rate changes for this week. Due to large number of rate cuts, I tried to simplify things. I didn't list rate tiers for any accounts. All rates are based on APY. The full list of savings account rates is farther down.
Rate Hikes:
CD rates trended down this week even more than savings account rates. There are now just a handful of banks offering at least 4% on CDs with terms under 4 years. I find it amusing when banks try to market their CDs after they've made huge rate cuts. My favorite this week is at Zions Bank. Under their new 6-month CD APY of 1.66%, it states "We want to give you more." It should say "We wish we could give you more."
For most terms, credit unions are offering the best rates. Many credit unions typically only change rates at the start of each month, so this can give you a chance at some decent rates.
Good CD deals available nationwide are disappearing, but they are a few that are still available (at least as of 12/20/08). Some of these are listed below. The full list of nationwide CD rates is farther down.
Those hot local CD deals have been shrinking. Below is a list of some of the best ones that are still available. These deals won't last long, so please check with the institution. For more local deals, please refer to the new local CD deals and the state section below.
I posted on two new reward checking accounts this week. One of these was at Venture Bank Direct, and it's available nationwide (see post). Unfortunately, the top yield is only 3.50% APY which is lower than Venture Bank Direct's online savings account rate (3.60% APY). On the positive side, it's nice to see a reward checking account being offered by an internet bank. Hopefully, we'll see more.
I've been hoping these reward checking accounts will be able to provide rates at least 100 basis points higher than online savings account rates. For many cases, this has been true in the last two years. But based on Venture Bank Direct's rates, this may be too optimistic for the long term. It'll be interesting to see how these reward checking yields hold up next year.
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/Checking Accounts - National
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 Dec 13th, Dec 6th, Nov 29th, Nov 22nd, Nov 15th, Nov 8th, Nov 1st, Oct 25th and Oct 18th.
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 December 20, 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)
This was a historic week with the Fed slashing the target federal funds rate to an all-time low. It was set at a range from 0 to 0.25%. I remember in the summer when there were expectations that the Fed would be starting rate hikes after the election. This is a good example of how difficult it can be in predicting future interest rates.
On the positive side, there were no bank failures yesterday. With only one Friday left in 2008, we may be finished with bank closures for 2008. If that is the case, that would be 25 bank failures for the year. It's still way below what we saw during the S&L Crisis in the late 80's and early 90's. However, I doubt the worse is over, and the FDIC appears to be getting ready for many more failures in 2009 (see post).
Savings Account Rates
As you might expect after the Fed's historic rate cut, this week wasn't good for savers. I haven't seen so many banks cut rates since early this year when the Fed started its string of massive rate cuts. On the positive side, there are several banks that are holding steady with their rates. There are still a few 4% savings accounts on my list, and there are several that are above 3.50%. I'm afraid these rate will likely fall, but there may be factors that prevent these rates from falling as low as they did back in 2002. This BestCashCow post has a good discussion of these factors.
UFB Direct Traveler Savings had one of the largest rate cuts this week. The rate fell from 4% to 3.15% APY. I think we all knew the 4% was just a teaser rate.
The two banks that were acquired by mega banks continue to slash their savings account rates. Countrywide cut its SavingsLink yield from 2.40% APY to 1.90% APY for balances of $10K to $50K. WaMu cut its online savings account yield from 2.00% APY to 1.50% APY.
Many online checking account rates were slashed: ING Direct's Electric Orange rate cut from 1% to 0.50% for under $50K, E*TRADE MaxRate checking rate cut from 2.90% to 1.50%, and Charles Schwab checking rate cut from 1.50% to 1.00%. It's interesting to see E*TRADE advertising their new 1.50% APY is 10x the national average checking rate. They're going to have try harder to make 1.50% look appealing.
The only rate increase this week was at Bank of Internet, but this probably shouldn't be considered a rate increase. Earlier this month Bank of Internet changed its savings account into a competitive online savings account. The yield was increased from 2% to 3.51% APY (see post).
Below is the list of savings account rate changes for this week. Due to large number of rate cuts, I tried to simplify things. I didn't list rate tiers for any accounts. All rates are based on APY. The full list of savings account rates is farther down.
Rate Hikes:
- Bank of Internet, High Yield Savings - 3.51% (was 2.00%)
- UFB Direct Traveler Savings - 3.15% (was 4%)
- 1st Constitution Direct 3mo promo - 3.75% (was 4%)
- GCF Bank 3mo promo - 3.00% (was 4%)
- Corus Bank MMA - 3.65% (was 3.75%)
- Union Federal Savings - 3.60% (was 3.75%)
- CNB Bank Direct - 3.50% (was 3.75%)
- OnBank - 3.15% (was 3.60%)
- Mutual Bank 3mo promo - 3.30% (was 3.55%)
- Bank of Internet MMA - 3.26% (was 3.46%)
- Bank of Internet Chk - 3.20% (was 3.40%)
- UmbrellaBank MMA - 2.75% (was 3.40%)
- Zions MMA - 2.84% (was 3.41%)
- E*TRADE Complete Savings - 3.01% (was 3.30%)
- National City 6mo promo - 3.00% (was 3.25%)
- Transportation Alliance savings - 2.00% (was 3.00%)
- EmigrantDirect - 2.75% (was 3.00%)
- AARP savings - 2.50% (was 3.00%)
- Discover MMA - 2.90% (was 3.00%)
- E*TRADE MaxRate chk - 1.50% (was 2.90%)
- E-LOAN Savings Plus - 2.40% (was 2.90%)
- iGObanking checking - 2.00% (was 2.80%)
- ING Direct Electric Orange - 0.50% (was 1.00%)
- Salem Five Direct - 3.00% $100K+ (was 3.25%)
- E-LOAN std savings - 1.91% (was 2.41%)
- Countrywide savings - 1.90% (was 2.40%)
- WaMu Online Savings - 1.50% (was 2%)
- VirtualBank - 1.02% (was 1.51%)
- Charles Schwab checking - 1.00% (was 1.50%)
CD rates trended down this week even more than savings account rates. There are now just a handful of banks offering at least 4% on CDs with terms under 4 years. I find it amusing when banks try to market their CDs after they've made huge rate cuts. My favorite this week is at Zions Bank. Under their new 6-month CD APY of 1.66%, it states "We want to give you more." It should say "We wish we could give you more."
For most terms, credit unions are offering the best rates. Many credit unions typically only change rates at the start of each month, so this can give you a chance at some decent rates.
Good CD deals available nationwide are disappearing, but they are a few that are still available (at least as of 12/20/08). Some of these are listed below. The full list of nationwide CD rates is farther down.
- 4.00% 6-mo CD at Navy FCU (account review)
- 4.00% 8-mo CD & 4.50% 16-mo CD at Digital Credit Union (account review)
- 4.26% 24-mo CD at FNBO Direct (account review)
- 4.40% 24-mo Jumbo CD at MetLife Bank (account review)
- 4.75% 3-year CD at Pentagon FCU (account review)
- 5.00% 5-year CD at Chase/WaMu (account review)
- 5.10% 5-year CD at Apple FCU (account review)
- 5.10% 5-year CD at Navy FCU (account review)
Those hot local CD deals have been shrinking. Below is a list of some of the best ones that are still available. These deals won't last long, so please check with the institution. For more local deals, please refer to the new local CD deals and the state section below.
- 5.00% 60-mo CD in California (account review)
- 4.15% 10-mo, 4.3% 15-mo & 4.5% 27-mo CD in FL & GA (account review)
- 4.00% 9-mo CD in MN & MO (account review)
- 4.25% 18-mo CD in Kansas (account review)
- 4.25% 14-mo & 4% 3/6-mo CD in FL (account review)
- 4.58% 12-mo CD in DC & MA (account review)
- 4.50% 12-mo CD in Houston (account review)
- 4.50% 22-mo CD in Indiana (account review)
- 4.50% 24-mo CD in Michigan (account review)
- 4.30% 15-mo CD in TX & CO (account review
I posted on two new reward checking accounts this week. One of these was at Venture Bank Direct, and it's available nationwide (see post). Unfortunately, the top yield is only 3.50% APY which is lower than Venture Bank Direct's online savings account rate (3.60% APY). On the positive side, it's nice to see a reward checking account being offered by an internet bank. Hopefully, we'll see more.
I've been hoping these reward checking accounts will be able to provide rates at least 100 basis points higher than online savings account rates. For many cases, this has been true in the last two years. But based on Venture Bank Direct's rates, this may be too optimistic for the long term. It'll be interesting to see how these reward checking yields hold up next year.
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
- FDIC Prepares for More Bank Failures
- Fed Cuts Key Rate to Near Zero
- Which Banks Have and Haven't Applied for the $700 Billion Bailout Funds
- New FDIC Rules Making it Tougher on Bank Start-Ups
Savings/Checking Accounts - National
- Rate Cuts - ING Direct, WaMu, E*Trade, UFB Direct & Others
- Bank of Internet's High Yield Savings Account - New Higher Yield
- Issues of Long-Term CDs and Early Withdrawal Penalties
- Last Chance to Lock into a 5 Percent CD?
- 4.15% 17-Month CD at Western FCU - Easy Membership
- Pentagon Federal Credit Unioin's 4.75% 3-Year CD
- 2-Year CD with Yields Up to 4.40% at Metlife Bank - Nationally Available
- 4.00% 7-Month Add-On CD at America's Credit Union in WA - Easy Membership
- Last Days of Two $150 Checking Account Promotions
- $40 Checking Account Bonus for Opening EverBank's Checking Account
- Update on Chase Personal Checking Account Bonus
- $100 Checking Account Bonus at Wainwright Bank in Massachusetts
- Wachovia Checking Account Bonuses, News, CDs and Other Deals
Reward Checking Accounts
- 4.50% Reward Checking Account at Endura Financial FCU in MN & MO
- Venture Bank Direct Launches a Reward Checking Account
CD and Money Market Deals - Local
- 3.05% Checking Guaranteed Until 6/30/09 at Old Southern Bank in Florida
- 4.00% 4-Month CD at Great Lakes Credit Union in IL & WI
- 4.00% 9-Month CD at Endura Financial FCU in MN & MO
- 4.10% 18-Month CD & 4.00% 5-Month CD at Hyde Park Savings Bank in MA
- 4.15% 10-Month CD & 4.30% 15-month CD at Omni National Bank in Florida & Georgia
- 5.00% 60-Month CD at Pacific Capital Bank in California
- 4.00% 7-Month CD at Spencer Savings Bank in Massachusetts - EXPIRED
- Apple Bank for Savings One-Year 3.75% Money Market Promo Continues in New York
- 4.25% 18-Month CD at Central Star Credit Union in Kansas
- 4.05% 10-Month CD & 3.65% Checking at East River Bank in Philadelphia - EXPIRED
- 4.15% 12-Month CD & 4.00% 6-Month CD at Friends Bank in Florida - EXPIRED
- One Year CD Yield as High as 4.40% at Generations FCU in Texas - EXPIRED
- 4.20% 12-Month & 4.10% 9-Month CD at Community Banks of Colorado
- 4.30% 12-Month CD at Peoples Credit Union In South Florida - EXPIRED
- 4.32% 21-Month CD at Olin Community Credit Union in Illinois - EXPIRED
- 5.00% 24-Month CD at Frankenmuth Credit Union in Michigan
- 4.00% 7-Month CD at Northfield Bank in New York & New Jersey - EXPIRED
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 Dec 13th, Dec 6th, Nov 29th, Nov 22nd, Nov 15th, Nov 8th, Nov 1st, Oct 25th and Oct 18th.
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 December 20, 2008
Checking/Savings/Money Market Accounts:
- EverBank - 4.08% ($1.5K min), 3 mo promo, account review ($40 checking bonus)
- Broadway Federal Bank - 4.08% ($1K min) account review
- DollarSavingsDirect - 4.00% ($1K min) account review
- SmartyPig - 3.90% (min $25) access restrictions, account review
- GMAC Bank - 3.75% Savings account review
- Provident Direct - 3.75%, account review
- 1st Constitution Direct - 3.75% (min $100), 3 mo promo, account review
- Corus Bank - 3.65% MMA (min $10K) account review
- Venture Bank Direct - 3.60%, account review
- Savings Square - 3.60%, account review
- Union Federal Savings - 3.60% account review
- Century Bank Direct - 3.57% MMA (min $1K) account review
- BankUnited - 3.55% (min $5K), account review
- Doral Bank Direct - 3.55% (min $1K) account review
- Flagstar - 3.55% MMA, account review
- Bank of Internet - 3.51% (min $100) account review
- ShoreBank - 3.50%, account review
- Alliant Credit Union - 3.50% (min $100) account review
- CNB Bank Direct - 3.50% account review
- Century Bank Direct - 3.41% (min $100) account review
- CapitalOne/Costco - 3.37% Savings (min $10K, Costco members only, $60 deal for exec. members)
- OneUnited - 3.35% (min $1K), account review
- Century Bank Direct - 3.35% Checking (min $100) account review
- Provident Bank Online - 3.30% (min $10) (rate good thru 2008) account review
- Mutual Bank - 3.30% MMA, 90-day intro, (min $5K), account review
- iGObanking - 3.28%, account review
- Nationwide Bank - 3.27% MMA (min $1K) account review
- Bank of Internet - 3.26% MMA (min $100) account review
- Capital One - 3.25% (Savings) (min $10K) account review
- GMAC Bank - 3.25% MMA account review
- FNBO Direct - 3.25%, account review
- EverBank - 3.21% MMA ($1.5K min) account review
- Bank of Internet - 3.20% Checking (min $5K) account review
- OnBank - 3.15%, account review
- UFB Direct - 3.15%, Travelers Savings (min $500) account review
- WTDirect - 3.06% ($10K min), account review & $250 bonus
- Heartland Bank Direct - 3.05%, ($500 min), account review
- Imperial Capital - 3.05% Checking (min $1K) account review
- AmboyDirect - 3.05% (Premium Savings) post ($25 bonus)
- ETrade Bank - 3.01%, post ($25 bonus)
- M&T Bank - 3.00%, account review
- Indymac Federal Bank - 3.00% (min $1K) (3.25% for $25K+) account review
- Imperial Capital - 3.00% MMA ($2.5K min) (3.75% for $100K+) account review
- HSBC Direct - 3.00% account review
- grand yield direct - 3.00% (min $2.5K) account review
- Amegy Bank - 3.00% (min $10K) account review
- CapitalOne/Costco - 3.00% MMA (min $1K, Costco members only, $60 deal for exec. members)
- National City - 3.00% (min $5K), 6 mo promo, Not all states, account review
- GCF Bank - 3.00% (min $100), 3-mo promo, account review
- Discover Bank - 2.90% MMA (min $2.5K) (3.00% for $50K+) account review
- Zions Bank - 2.84% MMA, outside of Utah, (min $2.5K) account review
- Amboy Direct - 2.79% (min $3K) (eSavings) account review ($50 bonus)
- Citibank - 2.75% (Ultimate Savings) account review
- Salem Five Direct - 2.75% Checking (3.00% $100K+), account review
- Mutual Bank - 2.75% MMA (min $5K), account review
- ING Direct - 2.75%, (0.50% checking), post ($25 bonus)
- Capital One - 2.75% MMA, account review
- EmigrantDirect - 2.75%, account review
- UmbrellaBank - 2.75% MMA (min $1K), 3.00% ($50K+) account review
- AARP Financial Savings Center - 2.50%, AARP membership req, account review
- E-LOAN - 2.40% Savings Plus ($10K min) (2.80% for $50K+) account review
- UnivestDirect - 2.00%, (0.75% checking), account review
- iGObanking - 2.00%, Checking account review ($50 bonus)
- Transportation Alliance Bank - 2.00%, ($25 min), account review
- E-LOAN - 1.91% ($5K min), account review
- Countrywide - 1.90% (min $10K) (2.00% for $50K+) account review
- AmTrustDirect - 1.75% ($500 min), NEW e-Money Market, account review
- WaMu/Chase - 1.50% (requires checking), account review
- ETrade Bank - 1.50% Checking (min $5K) account review
- Bank of America NEA - 1.40% MMA ($500 min) (1.40% for $50K+) account review
- Bank of America DoW - 1.35% MMA (min $5K), account review
- VirtualBank - 1.01% (min $100), (2.02% $25K+, 2.28% $50K+) post ($20 bonus)
- Charles Schwab - 1.00% Checking, account review
3-Month Certificates of Deposit:
- H&R Block Bank - 3.65% (min $5K) account review
- Imperial Capital - 3.20%, ($2K min), account review
- ebank - 3.00% (min $1K)
- Nationwide Bank - 2.50% (min $500) account review
- EverBank - 2.50% ($1.5K min) account review
- UmbrellaBank - 2.50% (min $1K) account review
- GMAC Bank - 2.50% (min $500), account review
- UFB Direct - 2.33% (min $8K)
- E-LOAN - 2.00% ($10K min), account review
- VirtualBank - 1.92% (min $10K), account review
- ETrade Bank - 1.25% (min $1K), account review
- Bank of America DoW - 1.21% (min $1K) account review
6-Month Certificates of Deposit:
- Christian Community CU - 4.50% (7-mo) (min $1K) not NCUA insured (ASI only) account review
- Navy FCU - 4.00% ($10K min) restrictions to membership, account review
- America's CU - 4.00% (7-mo) (min $500), Add-On Feature, account review
- Earthstar Bank - 3.90% (min $500) account review
- FNBO Direct - 3.75% (min $500) account review
- Imperial Capital - 3.75% ($2K min), account review
- Century Bank Direct - 3.61% (5 mo) (min $1K) account review
- FirstFedDirect - 3.51% (min $10K), account review
- Doral Bank Direct - 3.50% (min $1K) account review
- GMAC Bank - 3.50% (min $500), account review
- Corus Bank - 3.50% (min $10K) account review
- Flagstar - 3.46% (min $500), account review
- Northrop Grumman FCU - 3.35% (min $40K), account review
- Tennessee Commerce Bank - 3.30% (min $5K)
- ebank - 3.25% (min $1K)
- HSBC Direct - 3.10% (min $10) account review
- State Bank of India - 3.09% (min $5K) account review
- Nationwide Bank - 3.00% (min $500) account review
- Citibank - 3.00% (min $500) account review
- BankUnited - 3.00% (min $5K) account review
- IndyMac Federal Bank - 3.00% (min $5K) account review
- EverBank - 3.00% ($1.5K min) account review
- La Jolla Bank - 3.00% (min $10K), account review
- Ascencia Bank - 2.95% (min $500), account review
- UmbrellaBank - 2.75% (min $1K) account review
- Excel National Bank - 2.75% (min $10K) account review
- E-LOAN - 2.60% ($10K min), account review
- ING Direct - 2.50%, account review
- VirtualBank - 2.28% (min $10K), account review
- Bank of America - 2.10% (7-mo) (min $5K) account review
- Bank of America DoW - 2.10% (min $1K) account review
- Greystone Bank - 2.00% (min $50K) account review
- Wachovia - 2.00% (7-mo) (min $5K) account review
- Zions Bank - 1.66% (min $1K) account review
- ETrade Bank - 1.60% (min $1K), account review
- Capital One - 1.50% (min $5K) account review
- ISN Bank - 1.26% (min $1K) account review
- AmTrustDirect - 1.00% (min $1K) account review
9-Month Certificates of Deposit:
- Christian Community CU - 4.50% (min $1K) not NCUA insured (ASI only) account review
- Digital Credit Union - 4.00% (8 mo) (min $500) account review
- Century Bank Direct - 3.71% (10 mo) (min $1K) account review
- MetLife Bank - 3.65% (min $50K) account review
- FirstFedDirect - 3.55% (min $10K) account review
- Academy Bank - 3.50% (min $500), account review
- Doral Bank Direct - 3.50% (min $1K) account review
- Imperial Capital - 3.50% ($2K min), account review
- GMAC Bank - 3.40% (min $500), account review
- ebank - 3.30% (min $1K) account review
- La Jolla Bank - 3.15% (10-mo) (min $10K), account review
- UmbrellaBank - 3.10% (min $1K) account review
- Indymac Federal Bank - 3.00% (min $5K) account review
- EverBank - 3.00% ($1.5K min) account review
- Fifth Third - 3.00% (min $5K), Not all states, account review
- Millennium Bank in VA - 3.00% (min $5K) account review
- Bank of Internet - 2.94% (min $1K) account review
- ING Direct - 2.75% account review
- E-LOAN - 2.75% ($10K min), account review
- Citibank - 2.65% (min $500)
- iGobanking - 2.50% new money (min $1K) account review
- VirtualBank - 2.28% (min $10K), account review
- WaMu/Chase - 2.00% (8 mo) (min $1K), account review
- AmTrustDirect - 1.00% (min $1K) account review
12-Month Certificates of Deposit:
- Christian Community CU - 4.50% (min $1K) not NCUA insured (ASI only) account review
- Academy Bank - 4.10% (min $500), account review
- Earthstar Bank - 4.10% (min $500) account review
- FNBO Direct - 4.00% (min $500) account review
- Imperial Capital - 4.00% ($2K min), account review
- Mountain America CU - 4.00% (min $1K) account review
- GMAC Bank - 4.00% (min $500), account review
- MetLife Bank - 3.95% (min $50K) account review
- Alliant Credit Union - 3.90% (min $25K) account review
- NASA FCU - 3.90% (11 mo) ($5K min) account review
- Century Bank Direct - 3.81% (15 mo) (min $1K) account review
- Corus Bank - 3.81% (min $10K) account review
- Tennessee Commerce Bank - 3.80% (min $5K)
- Credit Union of Georgia - 3.76% (min $50K), account review
- Indymac Federal Bank - 3.75% (min $5K) account review
- FirstFedDirect - 3.75%, (min $10K) account review
- Flagstar - 3.75% (min $500), account review
- Pacific Mercantile Bank - 3.70% (min $10K) account review
- Advanta Bank - 3.66% (min $10K), account review
- KeyDirect - 3.65% (14mo) (min $5K), 3.90% w/chk, Not all states, account review
- Melrose CU - 3.65% (min $5K) account review
- Bank of Internet - 3.61% (min $1K) account review
- Northrop Grumman FCU - 3.56% (min $40K), account review
- ebank - 3.50% (min $1K)
- EverBank - 3.50% ($1.5K min) account review
- Fifth Third - 3.50% (13 mo) (min $5K), Not all states, account review
- ING Direct - 3.50% account review
- National City Bank - 3.50% (min $10K), req chk, not all states, account review
- UmbrellaBank - 3.45% (min $1K) account review
- State Bank of India - 3.29% (min $5K) account review
- Navy FCU - 3.25% ($20K min) restrictions to membership, account review
- Geauga Savings Bank - 3.25% (min $1K) account review
- E-LOAN - 3.25% ($10K min), account review
- La Jolla Bank - 3.25% (min $10K), account review
- Mutual Bank - 3.23% (min $2.5K) account review
- Discover Bank - 3.21% (min $2.5K) account review
- BankUnited - 3.00% (min $5K) account review
- Wachovia - 3.00% varies by state (min $5K) account review
- Ascencia Bank - 2.95% (min $500), account review
- Sovereign Bank - 2.80% (min $500) account review
- iGobanking - 2.75% new money (15 mo) (min $500), account review
- Sun Trust - 2.75% (13-mo) (min $2K) account review
- Greystone Bank - 2.65% (min $50K) account review
- VirtualBank - 2.53% (min $10K), account review
- Countrywide - 2.25% (min $10K), account review
- WaMu/Chase - 2.25% (min $1K), account review
- ViewPoint Bank - 1.90% (min $1K) (4.35% $100K+) account review
- ETrade Bank - 1.80% (min $1K), account review
- ISN Bank - 1.77% (min $1K) account review
- AmTrustDirect - 1.00% (min $1K) account review
18-Month Certificates of Deposit:
- Christian Community CU - 4.50% (min $1K) not NCUA insured (ASI only) account review
- Digital Credit Union - 4.50% (16 mo) (min $500) account review
- Western FCU - 4.15% (17-mo) (min $1K) account review
- Mountain America CU - 4.05% (min $1K) account review
- MetLife Bank - 4.05% (min $50K) account review
- Century Bank Direct - 4.01% (20 mo) (min $1K) account review
- Dollar Savings Direct - 4.00% (16-mo) (min $1K)
- Doral Bank Direct - 4.00% (min $1K) account review
- Alliant Credit Union - 3.90% (min $25K) account review
- GMAC Bank - 3.90% (min $500) account review
- Tennessee Commerce Bank - 3.85% (min $5K)
- Advanta Bank - 3.80% (min $10K), account review
- Mutual Bank - 3.80% (16-mo) (min $2.5K) account review
- Intervest - 3.75% (min $2.5K), account review
- Flagstar - 3.51% (min $500), account review
- EverBank - 3.50% ($1.5K min) account review
- ING Direct - 3.50%, account review
- Capital One - 3.50% (min $5K) account review
- UmbrellaBank - 3.50% (min $1K), account review
- USA FCU - 3.35% (min $1K) account review
- E-LOAN - 3.35% ($10K min) account review
- Discover Bank - 3.35% (min $2.5K), account review
- Heritage Bank - 3.00% (min $5K) account review
- VirtualBank - 2.79% (min $10K), account review
- OnBank - 2.75% (min $500), account review
- Greystone Bank - 2.70% (min $50K) account review
24-Month Certificates of Deposit:
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- MetLife Bank - 4.35% (min $50K) account review
- FNBO Direct - 4.26% (min $500) account review
- Mountain America CU - 4.11% (min $1K) account review
- Alliant Credit Union - 4.05% (min $25K) account review
- 1st Source Bank - 4.05% (min $5K) account review
- GMAC Bank - 4.05% (min $500) account review
- Capital One - 4.00% (min $5K) (4.10% $100K+) account review
- Nova Bank - 4.00% (min $500) account review
- Credit Union of Georgia - 3.97% (min $50K), account review
- Advanta Bank - 3.95% (min $10K), account review
- Tennessee Commerce Bank - 3.90% (min $5K)
- Flagstar - 3.81% (min $500), account review
- KeyDirect - 3.80% (29 mo) (min $5K), 4.05% w/chk, Not all states, account review
- Intervest - 3.80% (min $2.5K), account review
- Melrose CU - 3.80% (min $5K) account review
- Bank of Internet - 3.72% (min $1K) account review
- Fifth Third - 3.64% (min $5K) not all states, account review
- Northrop Grumman FCU - 3.56% (min $40K), account review
- E-LOAN - 3.55% ($10K min) account review
- Discover Bank - 3.51% (min $2.5K) account review
- KeyDirect - 3.50% (25 mo) (min $5K), 3.75% w/chk, Not all states, account review
- State Bank of India - 3.29% (min $5K) account review
- ING Direct - 3.25% account review
- Heritage Bank - 3.10% (min $5K) account review
- VirtualBank - 2.79% (min $10K), account review
- Greystone Bank - 2.75% (min $50K) account review
- OnBank - 2.50% (min $500), account review
- iGObanking - 2.50% (min $1K) account review
36-Month Certificate of Deposit:
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- Pentagon Federal CU - 4.75% (min $1K), account review
- Alliant Credit Union - 4.50% (min $25K) account review
- MetLife Bank - 4.45% (min $50K) account review
- Mountain America CU - 4.25% (min $1K) account review
- Western FCU - 4.13% (min $40K), account review
- Advanta Bank - 4.10% (min $10K), account review
- GMAC Bank - 4.05% (min $500) account review
- Melrose CU - 3.96% (min $5K) account review
- Tennessee Commerce Bank - 3.95% (min $5K)
- Intervest - 3.95% (min $2.5K), account review
- 1st Source Bank - 3.90% (min $500) account review
- Discover Bank - 3.85% (min $2.5K) account review
- Flagstar - 3.81% (min $500), account review
- State Bank of India - 3.80% (min $5K) account review
- Capital One - 3.75% (min $5K) (4.00% $100K+) account review
- Fifth Third - 3.75% (37 mo) (min $5K) Not all states account review
- Northrop Grumman FCU - 3.69% (min $40K), account review
- E-LOAN - 3.65% ($10K min) account review
- KeyDirect - 3.50% (min $5K), 3.75% w/chk, Not all states, account review
- Bank of Internet - 3.41% (min $1K) account review
- Heritage Bank - 3.30% (min $5K) account review
- ING Direct - 3.25%, account review
- Third Federal - 3.25% (min $500) account review
- Agriculture FCU - 3.25% (min $1K) account review
- NewDominion Bank - 3.25% (min $3K) account review
- VirtualBank - 3.05% (min $10K), account review
- Greystone Bank - 2.80% (min $50K) account review
- OnBank - 2.75% (min $500), account review
48-Month Certificate of Deposit:
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- Pentagon Federal CU - 4.75% (min $1K), account review
- Western FCU - 4.54% (min $40K), account review
- Flagstar - 4.51% (min $500), account review
- Mountain America CU - 4.50% (min $1K) account review
- MetLife Bank - 4.45% (min $50K) account review
- Advanta Bank - 4.35% (min $10K), account review
- Patelco CU - 4.18% ($1K min), account review
- Melrose CU - 4.11% (min $5K) account review
- Navy FCU - 4.10% ($20K min) restrictions to membership, account review
- 1st Source Bank - 4.10% (min $500) account review
- Discover Bank - 4.10% (min $2.5K) account review
- GMAC Bank - 4.05% (min $500) account review
- USA FCU - 4.00% (min $1K) account review
- Tennessee Commerce Bank - 4.00% (min $5K)
- Intervest - 3.99% (min $2.5K), account review
- Northrop Grumman FCU - 3.75% (min $40K), account review
- E-LOAN - 3.75% ($10K min) account review
- Third Federal - 3.75% (min $500) account review
- Capital One - 3.75% (min $5K) (4.00% $100K+) account review
- Heritage Bank - 3.55% (min $5K) account review
- EverBank - 3.50% ($1.5K min) account review
- KeyDirect - 3.50% (min $5K), 3.75% w/chk, Not all states, account review
- National Bank of KC - 3.44% (44-mo) (min $10K) account review
- ING Direct - 3.25%, account review
- VirtualBank - 3.05% (min $10K), account review
- Greystone Bank - 2.85% (min $50K) account review
- OnBank - 2.80% (min $500), account review
60-Month Certificate of Deposit:
- Navy FCU - 5.10% ($20K min) (5.25% for $100K+) restrictions to membership, account review
- Apple FCU - 5.10% (min $50K) account review
- WaMu/Chase - 5.00% (min $1K) account review
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- Mountain America CU - 4.75% (min $1K) account review
- Consumers CU - 4.75% (59-mo) (min $250) (5.00% $100K+) account review
- Pentagon Federal CU - 4.75% (min $1K), account review
- Advanta Bank - 4.60% (min $10K), account review
- State Bank of India - 4.58% (min $5K) account review
- Western FCU - 4.56% (min $40K) account review
- Delta Community CU - 4.50% (min $1K) account review
- Capital One - 4.50% (min $5K) account review
- Discover Bank - 4.49% (min $2.5K) account review
- MetLife Bank - 4.45% (min $50K) account review
- Credit Union of Georgia - 4.44% (min $50K), account review
- Melrose CU - 4.42% (min $5K) account review
- 1st Source Bank - 4.35% (min $500) account review
- GMAC Bank - 4.35% (min $500) account review
- Flagstar - 4.31% (min $500), account review
- Patelco CU - 4.28% ($1K min), account review
- Telcom Credit Union - 4.25% (min $500) account review
- Mutual Bank - 4.22% (min $2.5K) account review
- E-LOAN - 4.15% ($10K min) account review
- Self-Help Credit Union - 4.13% (min $500), account review
- Tennessee Commerce Bank - 4.10% (min $5K)
- Intervest - 4.10% (min $2.5K), account review
- EverBank - 4.05% ($1.5K min) account review
- Northrop Grumman FCU - 4.04% (min $40K), account review
- ebank - 4.00% (min $1K) account review
- University FCU - 4.00% (min $2.5K), account review
- Salem Five Bank - 4.00% (min $10K), account review
- Third Federal - 4.00% (min $500) account review
- Wachovia - 4.00% (min $5K) account review
- Air Force FCU - 3.95% (min $25K) restrictions to membership, account review
- Agriculture FCU - 3.85% (min $1K), account review
- Air Academy FCU - 3.75% (min $10K) membership restrictions, account review
- Heritage Bank - 3.75% (min $5K) 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
- Bank of Internet - 3.56% (min $1K) account review
- Citibank - 3.50% (min $500)
- ING Direct - 3.25%, account review
- VirtualBank - 3.05% (min $10K), account review
- US Bank - 3.00% (59 mo) (min $1K), Not all states, account review
- OnBank - 3.00% (min $500), account review
- Greystone Bank - 2.90% (min $50K) account review
- ViewPoint Bank - 2.90% (min $1K) (3.00% $100K+) account review
84-Month Certificate of Deposit:
- Navy FCU - 5.10% ($20K min) (5.25% $100K+) restrictions to membership, account review
- Capital One/Costco - 5.05% (min $5K) account review
- Capital One - 5.00% (min $5K) (5.00% 10yr) account review
- Pentagon Federal CU - 4.75% (min $1K), account review
- Discover Bank - 4.74% (min $2.5K) (5.05% 10yr) account review
- Intervest - 4.12% (min $2.5K), account review
- KeyDirect - 4.05% (min $5K) 4.30% w/chk, Not all states, account review
- WaMu/Chase - 3.00% (min $1K), account review
- Countrywide - 2.60% (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% 3-Month Money Market Promo at Amboy (New Jersey)
- 3.25% Money Market Account (Utah)
- 3.05% Checking Account Guaranteed Until 6/30/09 (Florida)
- 3.00% 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
- GE Interest Plus - 3.45% rate for $50k+
- Vanguard Prime Money Market Fund - 2.43% 7-day yield
- Fidelity Money Market Fund - 2.09% 7-day yield (reviews on Fatwallet)
- TIAA-CREF Money Market Fund - 1.90% 7-day yeild
- Paypal Money Market Fund - 1.28% 7-day yield (1% cashback debit MasterCard)
- Vanguard Tax-Exempt Money Market Fund - 1.03% 7-day yield
- Fidelity Municipal Money Market Fund - 0.73% 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
Anonymous - #1, Sunday, December 21, 2008 - 10:02 PM
Hooray. No rate drops at any of the banks where I have accounts!!
Anonymous - #2, Monday, December 22, 2008 - 8:26 AM
At least not yet.
Don't rejoice too much.
Rate cuts are like an income cut to me. Even with laddered CDs the average may start to come down a bit if rates don't start climbing in a year or two.
Anonymous - #3, Monday, December 22, 2008 - 4:40 PM
Very true. But what goes down must come up sooner or later. ;-) Unless you have a prolonged depression which means at least lower prices will help to offset the lower savings rates. I am glad that I am not retired yet during these distressed financial times. Hopefully, when I do retire, things will have changed by then.
Anonymous - #4, Friday, December 26, 2008 - 4:43 PM
There are many of us retired folks who have an RV as our primary residence as we travel around. We generally use a Texas or South Dakota mailing service as our permanent address...for everything from driver's licenses to vehicle registrations and Federal Tax Returns.
Don't waste your time trying to open an account at Bank of the Internet. They will not allow you to do so without mailing them a utility bill for your address (which doesn't exist).
I have opened accounts with ING, Emigrant Direct, HSBC, iGo Banking, UFB and others without any of this sort of difficulty. I even emailed them a copy of my driver's license with my address on it, but that wasn't good enough for Bank of the Internet. Won't be my bank!
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