Bank Deals Weekly Summary for February 14, 2009
Feb 14, 2009 - 9:48 AM by Ken Tumin
Hot Deals, Quick Link for Rates, Recap of this week's posts
Yesterday was the first Friday in which there were four bank failures in this current financial crisis. All four were small banks, and the FDIC arranged for all regular deposits to be transferred to other banks so the effect to depositors should be minimal (see post).
Another sign of how bad our economy has become was the action on Friday by Clear Sky Accounts, the new internet unit of Chesapeake Bank. They stopped accepting new customers, and they are no longer allowing customers who joined during the 3.75% promotion to make additional deposits. In January the promotion guaranteed 3.75% APY through 3/31/09. The bank reported that it was so overwhelmed with deposits, that they were forced to take this action.
I've had conversations with managers from other banks and credit unions who have mentioned that new deposits during their account specials over the last two months have far exceeded their expectations. One manager said an account special brought in 10x over their original expectations. The deposits have exceeded their capacity to put that money to use through loans.
With the stock market crash and the endless stories of Bernard Madoff, it appears many people are turning to the safety of federally insured banks and credit unions. With the temporary $250,000 insurance limits and new rules on revocable trust accounts (see post), it's easier for people to place large amounts under the insurance limits. One bank manager said a customer made a deposit of over $2 million and was able to keep it under the insurance limits through a long list of beneficiaries. Unfortunately, this will continue to put downward pressure on deposit rates.
Savings Account Rates
In addition to the deposit freeze at Clear Sky, rate cuts added to the dismal news for savers. Former savings account leaders Dollar Savings Direct and CNB Bank Direct both cut their savings account rates this week. The new rates are both near 3%. The low 3-percent interest range is where all of the non-promo leaders are at. The only exception is the small bank Broadway Federal Bank which continues to offer 4.08% APY. You have to wonder how long Broadway will be able to maintain this rate. Another issue is that readers haven't given the bank the best reviews for internet banking features and customer service (see post).
Here's the long list of this week's rate cuts:
Rate Hikes:
Just like savings account rates, CD rates also continue to decline. Many people expect inflation to grow strong in the next year or two as the government goes deeper into debt trying to stimulate the economy. If this happens, it's likely that interest rates will rise substantially. This might make you want to stick with savings accounts or short-term CDs. However, it's also possible that we may see a low-interest rate environment for many years similar to what Japan experienced in the 90's. I remember many people were predicting last year that interest rates were going to rise after the election. This shows how difficult it is to predict future interest rates.
One thing important to remember regarding most CDs, is that you have the option of early withdrawal with a penalty. This at least gives you an option if rates do shoot up. If interest rates stay low, you can sit tight on the high rate CD. Look for institutions with small early withdrawal penalties. The best ones I've seen for long-term CDs is 3 months of interest. A penalty of 6 months seems to be the most common for terms over one year.
Refer to the list below for a few of the best nationwide CD deals. The full list of nationwide CD rates is farther down.
I posted on five new reward checking accounts this week with four of these five offering over 5% APY. A reader has sent me news of additional ones that I'll be reviewing in the next week. I'm glad we have these reward checking accounts in today's environment. I don't think we can expect these rates to remain above 5%, but history has shown these rates are remaining significantly higher than online savings account rates. For those who want to keep under a $100K in liquid accounts, reward checking remains a good alternative to online savings accounts.
For my full list of reward checking accounts around the nation, please refer to my High Yield Checking website. For reward checking accounts available nationally, please refer to my nationwide table.
Recap for the Week - Links to This Week's Posts
Banking News
Savings/Checking Accounts - National
CD Deals - National
Checking/Savings Account Bonuses
Reward Checking Accounts
CD and Money Market Deals - Local
The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available for Feb 7th, Feb 1st, Jan 24th, Jan 10th, Jan 3rd, Dec 27th, Dec 20th, Dec 13th, Dec 6th, Nov 29th and Nov 22nd.
Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Reward Checking, 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 February 14, 2009
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
Recent CD Specials at Local Credit Unions and Banks
Bank Account Alternatives
Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)
Edit 2/15/09: Updates for ETtrade and Doral.
Yesterday was the first Friday in which there were four bank failures in this current financial crisis. All four were small banks, and the FDIC arranged for all regular deposits to be transferred to other banks so the effect to depositors should be minimal (see post).
Another sign of how bad our economy has become was the action on Friday by Clear Sky Accounts, the new internet unit of Chesapeake Bank. They stopped accepting new customers, and they are no longer allowing customers who joined during the 3.75% promotion to make additional deposits. In January the promotion guaranteed 3.75% APY through 3/31/09. The bank reported that it was so overwhelmed with deposits, that they were forced to take this action.
I've had conversations with managers from other banks and credit unions who have mentioned that new deposits during their account specials over the last two months have far exceeded their expectations. One manager said an account special brought in 10x over their original expectations. The deposits have exceeded their capacity to put that money to use through loans.
With the stock market crash and the endless stories of Bernard Madoff, it appears many people are turning to the safety of federally insured banks and credit unions. With the temporary $250,000 insurance limits and new rules on revocable trust accounts (see post), it's easier for people to place large amounts under the insurance limits. One bank manager said a customer made a deposit of over $2 million and was able to keep it under the insurance limits through a long list of beneficiaries. Unfortunately, this will continue to put downward pressure on deposit rates.
Savings Account Rates
In addition to the deposit freeze at Clear Sky, rate cuts added to the dismal news for savers. Former savings account leaders Dollar Savings Direct and CNB Bank Direct both cut their savings account rates this week. The new rates are both near 3%. The low 3-percent interest range is where all of the non-promo leaders are at. The only exception is the small bank Broadway Federal Bank which continues to offer 4.08% APY. You have to wonder how long Broadway will be able to maintain this rate. Another issue is that readers haven't given the bank the best reviews for internet banking features and customer service (see post).
Here's the long list of this week's rate cuts:
Rate Hikes:
- UmbrellaBank MMA - 1.90% to 2.05% (was 1.60% to 1.95%)
- ETRADE Complete Savings - 2.15% (was 2.50%)
- OneUnited Savings - 2.75% (was 3.00%)
- Nationwide MMA - 2.54% (was 2.79%)
- Rainier Pacific MMA - 2.50% (was 2.75%)
- Bank of Internet Savings - 3.00% (was 3.10%)
- Dollar Savings Direct - 3.05% (was 3.20%)
- Capital One/Costco Savings - 2.55% $10K+ (was 2.70%)
- Capital One Savings - 2.50% $10K+ (was 2.64%)
- Citi Ultimate Savings - 2.30% (was 2.40%)
- CNB Bank Direct Savings - 3.20% (was 3.40%)
- Corus Bank MMA - 2.60% (was 2.75%)
- Clear Sky Savings - 3.05% (was 3.15%)
- Imperial Capital MMA - 1.75% to 2.35% (was 2.50% to 3.25%)
Just like savings account rates, CD rates also continue to decline. Many people expect inflation to grow strong in the next year or two as the government goes deeper into debt trying to stimulate the economy. If this happens, it's likely that interest rates will rise substantially. This might make you want to stick with savings accounts or short-term CDs. However, it's also possible that we may see a low-interest rate environment for many years similar to what Japan experienced in the 90's. I remember many people were predicting last year that interest rates were going to rise after the election. This shows how difficult it is to predict future interest rates.
One thing important to remember regarding most CDs, is that you have the option of early withdrawal with a penalty. This at least gives you an option if rates do shoot up. If interest rates stay low, you can sit tight on the high rate CD. Look for institutions with small early withdrawal penalties. The best ones I've seen for long-term CDs is 3 months of interest. A penalty of 6 months seems to be the most common for terms over one year.
Refer to the list below for a few of the best nationwide CD deals. The full list of nationwide CD rates is farther down.
- 3.50% 6-mo CD at Navy FCU (account review)
- 3.75% 10-mo Hybrid CD ($50K Max) at 1st Mariner Bank (account review)
- Update 2/15/09: Now restricted to NY, NJ, CT: 3.50% 11-mo CD at Doral Bank Direct (account review
- 3.75% 24-mo Add-On CD at Northwest FCU (account review)
- 3.50% 24-mo & 4% 36-mo CD at H&R Block Bank (account review)
- 4.25% 48-mo CD at Alliant CU (account review)
- 4.15% 48-mo, 4.39% 60-mo CD at Pentagon FCU (account review)
- 4.88% 60-mo CD at Northwest FCU (account review)
- 3.56% 3 to 12-mo Internet CDs at Hanmi Bank in CA (account review)
- 4.17% 17-mo CD ($70K max) at South Jersey FCU (account review)
- 3.75% 12-mo & 4.55% 60-mo CD at Urban Trust Bank in FL (account review)
- 4.75% 60-mo CD at Community One FCU in Las Vegas (account review)
I posted on five new reward checking accounts this week with four of these five offering over 5% APY. A reader has sent me news of additional ones that I'll be reviewing in the next week. I'm glad we have these reward checking accounts in today's environment. I don't think we can expect these rates to remain above 5%, but history has shown these rates are remaining significantly higher than online savings account rates. For those who want to keep under a $100K in liquid accounts, reward checking remains a good alternative to online savings accounts.
For my full list of reward checking accounts around the nation, please refer to my High Yield Checking website. For reward checking accounts available nationally, please refer to my nationwide table.
Recap for the Week - Links to This Week's Posts
Banking News
- Four Banks Fail Today, 13 Bank Failures for 2009
- Stanford International Bank and Other Foriegn Banks That Offer High CD Rates
Savings/Checking Accounts - National
- Clear Sky Stops Accepting New Customers and Deposits from Existing Customers
- ACH Transfers and Linking External Accounts at Dollar Savings Direct
CD Deals - National
- Competitive CD Rates and a $50 Bonus at Discover Bank - Nationally Available
- 4.88% 5-Year CD and Other High CD Rates at Northwest FCU in Virginia - Easy Membership
- 2.90% 12-Month CD & 2.50% Savings Account at Hudson City Savings Bank - Nationally Available
- 3.25% 9-Month CD at Flagstar Bank - RATE DROP
- 3.00% 10-Month CD and other Deals at Western FCU - Easy Membership
- 3.40% 12-Month CD & 4.25% 48-Month CD at Alliant Credit Union - Easy Membership
- 3.65% 12-Month CD and Other High Rate CDs at Melrose Credit Union in New York - RATE DROP
Checking/Savings Account Bonuses
Reward Checking Accounts
- 5.25% Reward Checking Account at Capital Educators FCU in Idaho
- 5.01% Reward Checking Account at Fairmont Federal Credit Union in West Virginia
- 5.01% Reward Checking Account at Mutual Security Credit Union in Connecticut
- 4.01% Reward Checking Account at Artisans' Bank in Delaware
- 5.01% Reward Checking Account at Allegiance Credit Union in Oklahoma
CD and Money Market Deals - Local
- 3.28% 9-Month CD & 3.50% 24-Month CD at Pacific Global Bank in Chicago
- 4.00% 4-Month CD & 3.50% 15-Month CD at Highgrove Community FCU in Minnesota
- 3.46% 11-Month and 18-Month CD at USAlliance Federal Credit Union in MA, NY and NJ
- 3.83% Money Market Account Guaranteed Through Aug 2009 at Anchor Bank in Washington State
- 3.15% 13-Month Add-On CD at AltaOne FCU in California
- 3.75% 12-Month CD & 4.25% 24-Month CD at Urban Trust Bank in FL and MD
- 3.50% 13-Month CD at America First Credit Union in Utah
- 3.50% 24-Month CD & 4.00% 48-Month CD at Police and Fire CU in Pennsylvania
- 3.25% 20-Month CD at Truliant Federal Credit Union in North Carolina
- 3.60% 12-Month CD at Parda FCU in Several States - Limited Membership
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 Feb 7th, Feb 1st, Jan 24th, Jan 10th, Jan 3rd, Dec 27th, Dec 20th, Dec 13th, Dec 6th, Nov 29th and Nov 22nd.
Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Reward Checking, 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 February 14, 2009
Checking/Savings/Money Market Accounts:
- Broadway Federal Bank - 4.08% ($1K min) account review
- EverBank - 3.57% ($1.5K min), 3 mo promo rate of 3.51%, account review
- Doral Bank Direct - 3.50% 3mo promo, new money (min $1K) Update: Now restricted to NY, NJ, CT account review
- 1st Constitution Direct - 3.50% (min $100), 3 mo promo, account review
- H&R Block Bank - 3.25% ($50K min) account review
- SmartyPig - 3.25% (min $25) access restrictions, account review
- CNB Bank Direct - 3.20% account review
- ShoreBank - 3.15%, account review
- Union Federal Savings - 3.05% account review
- Clear Sky Accounts - 3.05% (not accepting new customers) account review
- DollarSavingsDirect - 3.05% ($1K min) account review
- Century Bank Direct - 3.04% Savings (min $100) account review
- Alliant Credit Union - 3.00% (min $100) account review
- Flagstar - 3.00% MMA, account review
- Bank of Internet - 3.00% (min $100) account review
- Savings Square - 2.90%, account review
- Century Bank Direct - 2.82% MMA (min $1K) account review
- Provident Direct - 2.82%, account review
- iGObanking - 2.81%, account review
- Provident Bank Online - 2.80% (min $10) account review
- GMAC Bank - 2.75% Savings (min $500) account review
- Mutual Bank - 2.75% MMA 3mo promo, (min $5K), account review
- OneUnited - 2.75% (min $1K), account review
- Zions Bank - 2.66% MMA, outside of Utah, (min $2.5K) account review
- FNBO Direct - 2.60%, account review
- Corus Bank - 2.60% MMA (min $10K) account review
- Century Bank Direct - 2.59% Checking (min $100) account review
- Heartland Bank Direct - 2.55% ($500 min), account review
- Amegy Bank - 2.55% (min $10K) account review
- CapitalOne/Costco - 2.55% Savings (min $10K, Costco members only, $60 deal for exec. members)
- Nationwide Bank - 2.54% MMA (min $1K) account review
- WTDirect - 2.51% ($10K min), account review
- ETrade Bank - 2.15%, post ($25 bonus)
- Capital One - 2.50% (Savings) (min $10K) account review
- Rainier Pacific - 2.50% MMA, account review
- grand yield direct - 2.50% (min $2.5K) account review
- Venture Bank Direct - 2.48%, account review
- EverBank - 2.46% MMA ($1.5K min) account review
- HSBC Direct - 2.45% account review
- EmigrantDirect - 2.40%, account review
- Citibank - 2.30% (Ultimate Savings) account review
- AmboyDirect - 2.27% (Premium Savings) post ($25 bonus)
- GMAC Bank - 2.25% MMA (min $500) account review
- Indymac Federal Bank - 2.25% (min $1K) account review
- ING Direct - 2.20%, (0.50% checking), post ($25 bonus)
- CapitalOne/Costco - 2.20% MMA (min $1K, Costco members only, $60 deal for exec. members)
- BankUnited - 2.05% (min $5K), account review
- Discover Bank - 2.05% MMA (min $2.5K) (2.40% for $50K+) account review
- Amboy Direct - 2.02% (min $3K) (eSavings) account review ($50 bonus)
- GCF Bank - 2.00% (min $100), 3-mo promo, account review
- Transportation Alliance Bank - 2.00%, ($25 min), account review
- UnivestDirect - 2.00%, (0.75% checking), account review
- Salem Five Direct - 2.00% Checking (2.50% $100K+), account review
- Capital One - 2.00% MMA, account review
- E-LOAN - 2.00% Savings Plus ($10K min) (2.20% for $50K+) account review
- UmbrellaBank - 1.90% MMA (min $1K), account review
- Bank of Internet - 1.90% MMA (min $100) account review
- Imperial Capital - 1.85% Checking (min $1K) account review
- AmTrustDirect - 1.75% ($500 min) NEW e-Money Market (2.50% $10K+) account review
- Imperial Capital - 1.75% MMA ($2.5K min) (2.35% for $100K+) account review
- E-LOAN - 1.71% ($5K min), account review
- Countrywide - 1.65% (min $10K) (1.75% for $50K+) account review
- Bank of Internet - 1.60% Checking (min $5K) account review
- iGObanking - 1.50%, Checking, account review
- Bank of America NEA - 1.35% MMA ($500 min) (1.45% for $50K+) account review
- OnBank - 1.30%, account review
- AARP Financial Savings Center - 1.20%, AARP membership req, account review
- UFB Direct - 1.10%, Travelers Savings (min $500) account review
- UFB Direct - 1.05% MMA (min $15K)
- M&T Bank - 1.01%, account review
- VirtualBank - 1.01% (min $100), (2.02% $25K+, 2.28% $50K+) post ($20 bonus)
- WaMu/Chase - 1.00% (requires checking), account review
- Charles Schwab - 1.00% Checking, account review
- ETrade Bank - 0.75% Checking (min $5K) account review
3-Month Certificates of Deposit:
- H&R Block Bank - 2.50% (min $250) account review
- Hudson City Savings - 2.40% (min $5K) account review
- UmbrellaBank - 2.20% (min $1K) account review
- GMAC Bank - 2.10% (min $500), account review
- Imperial Capital - 2.00%, ($2K min), account review
- EverBank - 1.90% ($1.5K min) account review
- VirtualBank - 1.36% (min $10K), account review
- Nationwide Bank - 1.20% (min $500) account review
- UFB Direct - 1.10% (min $8K)
- E-LOAN - 1.00% ($10K min), account review
- ETrade Bank - 0.60% (min $1K), account review
6-Month Certificates of Deposit:
- Christian Community CU - 4.00% (7-mo) (min $1K) (max $20K) not NCUA insured (ASI only) account review
- Navy FCU - 3.50% ($10K min) restrictions to membership, account review
- Northrop Grumman FCU - 3.00% (min $40K), account review
- Firstmark CU - 2.90% (min $50K) account review
- Flagstar - 2.86% (min $500), account review
- H&R Block Bank - 2.85% (min $250) account review
- Hudson City Savings - 2.65% (min $5K) account review
- GMAC Bank - 2.60% (min $500), account review
- Corus Bank - 2.55% (min $10K) account review
- Century Bank Direct - 2.51% (5 mo) (min $1K) account review
- UmbrellaBank - 2.50% (min $1K) account review
- Ascencia Bank - 2.50% (min $500), account review
- State Bank of India - 2.47% (min $5K) account review
- Imperial Capital - 2.45% ($2K min), account review
- Tennessee Commerce Bank - 2.40% (min $5K)
- FirstFedDirect - 2.40% (min $10K), account review
- EverBank - 2.35% ($1.5K min) account review
- La Jolla Bank - 2.35% (min $10K), account review
- Air Force FCU - 2.35% (min $25K) membership restrictions account review
- Excel National Bank - 2.24% (min $10K) account review
- Citibank - 2.10% (7-mo) (min $500) account review
- Earthstar Bank - 2.00% (min $500) account review
- FNBO Direct - 2.00% (min $500) account review
- HSBC Direct - 2.00% (min $10) account review
- VirtualBank - 1.92% (min $10K), account review
- Greystone Bank - 1.80% (min $50K) account review
- Doral Bank Direct - 1.75% (min $1K) account review
- Zions Bank - 1.66% (min $1K) account review
- Nationwide Bank - 1.60% (min $500) account review
- ING Direct - 1.50%, account review
- E-LOAN - 1.50% ($10K min), account review
- IndyMac Federal Bank - 1.35% (min $5K) account review
- Capital One - 1.05% (min $5K) account review
- ISN Bank - 1.01% (min $1K) account review
- AmTrustDirect - 1.00% (min $1K) account review
- ETrade Bank - 0.90% (min $1K), account review
9-Month Certificates of Deposit:
- Christian Community CU - 4.00% (min $1K) (max $20K) not NCUA insured (ASI only) account review
- 1st Mariner Bank - 3.75% (10 mo) (min $100/max $50K) requires chk, account review
- Flagstar - 3.00% (min $500), account review
- Western FCU - 3.00% (10 mo) (min $1K) account review
- GMAC Bank - 2.75% (min $500), account review
- Century Bank Direct - 2.61% (10 mo) (min $1K) account review
- UmbrellaBank - 2.60% (min $1K) account review
- FirstFedDirect - 2.50% (min $10K) account review
- Doral Bank Direct - 2.50% (min $1K) account review
- Consumers CU - 2.50% (min $250) (2.75% $100K+) account review
- MetLife Bank - 2.40% (min $50K) account review
- EverBank - 2.35% ($1.5K min) account review
- Imperial Capital - 2.30% ($2K min), account review
- Fifth Third - 2.00% (min $5K), Not all states, account review
- iGobanking - 2.00% (min $1K) account review
- Indymac Federal Bank - 2.00% (10 mo) (min $5K) account review
- Academy Bank - 2.00% (min $500), account review
- VirtualBank - 1.97% (min $10K), account review
- AmTrustDirect - 1.75% (min $1K) account review
- E-LOAN - 1.70% ($10K min), account review
- WaMu/Chase - 1.50% (8 mo) (min $1K), account review
- ING Direct - 1.50% account review
- Bank of Internet - 1.25% (min $1K) account review
12-Month Certificates of Deposit:
- Christian Community CU - 4.00% (min $1K) (max $20K) not NCUA insured (ASI only) account review
- Doral Bank Direct - 3.50% (11 mo) (min $1K) Update: Now restricted to NY, NJ, CT account review
- Alliant Credit Union - 3.40% (min $25K) account review
- Melrose CU - 3.39% (min $5K) account review
- Credit Union of Georgia - 3.25% (min $50K), account review
- H&R Block Bank - 3.25% (min $250) account review
- Northwest FCU - 3.25% (min $500) add-on, account review
- Northrop Grumman FCU - 3.24% (min $40K), account review
- Southeast Financial FCU - 3.10% (min $500) account review
- Crane FCU - 3.00% (13 mo) (min $500) account review
- Corus Bank - 3.00% (min $10K) account review
- Flagstar - 3.00% (min $500), account review
- State Bank of India - 2.93% (min $5K) account review
- UmbrellaBank - 2.90% (min $1K) account review
- Hudson City Savings - 2.90% (min $5K) account review
- Ascencia Bank - 2.85% (min $500), account review
- Tennessee Commerce Bank - 2.85% (min $5K)
- GMAC Bank - 2.85% (min $500), account review
- Discover Bank - 2.75% (min $2.5K) account review ($50 bonus)
- iGobanking - 2.75% (15 mo) (min $500), account review
- Mountain America CU - 2.75% (min $1K) account review
- Pacific Mercantile Bank - 2.74% (min $10K) account review
- Century Bank Direct - 2.71% (15 mo) (min $1K) account review
- Mutual Bank - 2.70% (min $2.5K) account review
- Imperial Capital - 2.65% ($2K min), account review
- FirstFedDirect - 2.65%, (min $10K) account review
- Geauga Savings Bank - 2.60% (min $1K) account review
- Advanta Bank - 2.60% (min $10K), account review
- Air Force FCU - 2.60% (min $25K) membership restrictions account review
- Navy FCU - 2.60% ($20K min) restrictions to membership, account review
- La Jolla Bank - 2.55% (min $10K), account review
- Fifth Third - 2.50% (13 mo) (min $5K), Not all states, account review
- EverBank - 2.50% ($1.5K min) account review
- HSBC Direct - 2.50% (min $10) account review
- Citibank - 2.40% (min $500)
- KeyDirect - 2.25% (11 mo) (min $5K), 2.50% w/chk, Not all states, account review
- Indymac Federal Bank - 2.25% (min $5K) account review
- Earthstar Bank - 2.20% (min $500) account review
- Academy Bank - 2.20% (min $500), account review
- National Bank of KC - 2.20% (min $10K) account review
- Bank of America - 2.10% (min $10K) account review
- E-LOAN - 2.10% ($10K min), account review
- Nationwide Bank - 2.10% (min $500) account review
- FNBO Direct - 2.00% (min $500) account review
- ING Direct - 2.00% account review
- Bank of Internet - 1.70% (min $1K) account review
18-Month Certificates of Deposit:
- Christian Community CU - 4.00% (min $1K) (max $20K) not NCUA insured (ASI only) account review
- Alliant Credit Union - 3.40% (min $25K) account review
- Southeast Financial FCU - 3.25% (min $500) account review
- NASA FCU - 3.20% (min $2K) req chk w/dd, account review
- Dollar Savings Direct - 3.00% (16-mo) (min $1K) account review
- Intervest - 2.95% (min $2.5K), account review
- UmbrellaBank - 2.90% (min $1K), account review
- Tennessee Commerce Bank - 2.85% (min $5K)
- Century Bank Direct - 2.81% (20 mo) (min $1K) account review
- USA FCU - 2.80% (min $1K) account review
- GMAC Bank - 2.75% (min $500) account review
- H&R Block Bank - 2.75% (min $250) account review
- Discover Bank - 2.75% (min $2.5K), account review
- Mutual Bank - 2.75% (16 mo) (min $2.5K) account review
- Consumers CU - 2.75% (16-mo) (min $250) (3.00% $100K+) account review
- HSBC Direct - 2.75% (min $10) account review
- Advanta Bank - 2.70% (min $10K), account review
- Doral Bank Direct - 2.50% (min $1K) account review
- EverBank - 2.50% ($1.5K min) account review
- Flagstar - 2.45% (min $500), account review
- Greystone Bank - 2.40% (min $50K) account review
- VirtualBank - 2.28% (min $10K), account review
- E-LOAN - 2.20% ($10K min) account review
- Wachovia - 2.00% (17 mo) varies by state (min $5K) account review
- Capital One - 2.00% (min $5K) account review
- ING Direct - 2.00%, account review
- OnBank - 1.25% (min $500), account review
24-Month Certificates of Deposit:
- Northwest FCU - 3.75% (min $500) add-on, account review
- Alliant Credit Union - 3.55% (min $25K) account review
- Melrose CU - 3.55% (min $5K) account review
- H&R Block Bank - 3.50% (min $250) account review
- Credit Union of Georgia - 3.45% (min $50K), account review
- Firstmark CU - 3.45% (min $50K) account review
- Crane FCU - 3.25% (25 mo) (min $500) account review
- Southeast Financial FCU - 3.25% (min $500) account review
- FNBO Direct - 3.01% (min $500) account review
- Discover Bank - 3.00% (min $2.5K) account review
- Intervest - 3.00% (min $2.5K), account review
- Air Force FCU - 3.00% (min $25K) membership restrictions account review
- Mountain America CU - 3.00% (min $1K) account review
- Consumers CU - 3.00% (22-mo) (min $250) (3.25% $100K+) account review
- MetLife Bank - 3.00% (min $25K) account review
- State Bank of India - 2.93% (min $5K) account review
- Tennessee Commerce Bank - 2.90% (min $5K)
- GMAC Bank - 2.85% (min $500) account review
- Advanta Bank - 2.80% (min $10K), account review
- Fifth Third - 2.75% (min $5K) not all states, account review
- KeyDirect - 2.75% (29 mo) (min $5K), 3.00% w/chk, Not all states, account review
- iGobanking - 2.50% (min $500), account review
- 1st Source Bank - 2.50% (min $5K) account review
- E-LOAN - 2.50% ($10K min) account review
- Capital One - 2.50% (min $5K) (2.60% $100K+) account review
- Nationwide Bank - 2.40% (min $500) account review
- KeyDirect - 2.25% (min $5K), 2.50% w/chk, Not all states, account review
36-Month Certificate of Deposit:
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- Navy FCU - 4.60% (30mo IRA-only) ($15K min) restrictions to membership, account review
- Northwest FCU - 4.22% (min $25K) account review
- H&R Block Bank - 4.00% (min $250) account review
- Alliant Credit Union - 4.00% (min $25K) account review
- Pentagon Federal CU - 3.89% (min $1K), account review
- Melrose CU - 3.70% (min $5K) account review
- Northrop Grumman FCU - 3.59% (min $40K), account review
- Flagstar - 3.40% (min $500), account review
- Western FCU - 3.40% (min $40K), account review
- Acacia Federal Savings Bank - 3.25% (min $500)
- Discover Bank - 3.25% (min $2.5K) account review
- Mountain America CU - 3.25% (min $1K) account review
- Intervest - 3.15% (min $2.5K), account review
- Air Force FCU - 3.15% (min $25K) membership restrictions account review
- State Bank of India - 3.14% (min $5K) account review
- Tennessee Commerce Bank - 3.05% (min $5K)
- KeyDirect - 3.00% (min $5K), 3.25% w/chk, Not all states, account review
- GMAC Bank - 3.00% (min $500) account review
- NewDominion Bank - 3.00% (min $3K) account review
- Advanta Bank - 3.00% (min $10K), account review
- Capital One - 3.00% (min $5K) (3.10% $100K+) account review
- Agriculture FCU - 2.90% (min $1K) account review
- Fifth Third - 2.85% (37 mo) (min $5K) Not all states account review
- E-LOAN - 2.75% ($10K min) account review
- Nationwide Bank - 2.70% (min $500) account review
- Bank of Internet - 2.65% (min $1K) account review
- 1st Source Bank - 2.40% (min $500) account review
48-Month Certificate of Deposit:
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- Alliant Credit Union - 4.25% (min $25K) account review
- Northwest FCU - 4.22% (min $25K) account review
- Pentagon Federal CU - 4.15% (min $1K), account review
- Flagstar - 4.01% (min $500), account review
- Capital One - 4.00% (min $5K) account review
- Melrose CU - 3.85% (min $5K) account review
- Mountain America CU - 3.75% (min $1K) account review
- Western FCU - 3.59% (min $40K), account review
- Intervest - 3.50% (min $2.5K), account review
- Acacia Federal Savings Bank - 3.50% (min $500)
- H&R Block Bank - 3.50% (min $250) account review
- Third Federal - 3.25% (min $500) account review
- USA FCU - 3.25% (min $1K) account review
- KeyDirect - 3.25% (min $5K), 3.50% w/chk, Not all states, account review
- Discover Bank - 3.25% (min $2.5K) account review
- Tennessee Commerce Bank - 3.20% (min $5K)
- GMAC Bank - 3.20% (min $500) account review
- Advanta Bank - 3.20% (min $10K), account review
- Patelco CU - 3.14% ($1K min), account review
- Countrywide - 3.00% (min $10K), account review
- Nationwide Bank - 3.00% (min $500) account review
- E-LOAN - 3.00% ($10K min) account review
- National Bank of KC - 2.80% (min $10K) account review
- 1st Source Bank - 2.80% (min $500) account review
60-Month Certificate of Deposit:
- Christian Community CU - 5.00% (min $1K) not NCUA insured (ASI only) account review
- Northwest FCU - 4.88% (min $25K) account review
- Mountain America CU - 4.50% (min $1K) account review
- Pentagon Federal CU - 4.39% (min $1K), account review
- Apple FCU - 4.35% (min $50K) account review
- Melrose CU - 4.27% (min $5K) account review
- H&R Block Bank - 4.25% (min $250) account review
- Telcom Credit Union - 4.25% (min $500) account review
- Alliant Credit Union - 4.25% (min $25K) account review
- Firstmark CU - 4.05% (min $50K) account review
- USA FCU - 3.95% (min $1K) (4.07% $100K+) account review
- Credit Union of Georgia - 3.92% (min $50K), account review
- Acacia Federal Savings Bank - 3.90% (min $500) account review
- Flagstar - 3.90% (min $500), account review
- Navy FCU - 3.85% ($20K min) (4.00% for $100K+) restrictions to membership, account review
- Western FCU - 3.78% (min $40K) account review
- Delta Community CU - 3.75% (min $1K) account review
- Salem Five Bank - 3.75% (min $10K), account review
- Agriculture FCU - 3.75% (min $1K), account review
- University FCU - 3.70% (min $2.5K), account review
- Discover Bank - 3.70% (min $2.5K) account review
- Intervest - 3.66% (min $2.5K), account review
- State Bank of India - 3.55% (min $5K) account review
- Mutual Bank - 3.50% (min $2.5K) account review
- Third Federal - 3.50% (min $500) account review
- GMAC Bank - 3.50% (min $500) account review
- KeyDirect - 3.50% (min $5K), 3.75% w/chk, Not all states, account review
- 1st Source Bank - 3.50% (min $500) account review
- Consumers CU - 3.50% (59-mo) (min $250) (3.75% $100K+) account review
- EverBank - 3.40% ($1.5K min) account review
- Advanta Bank - 3.40% (min $10K), account review
- Patelco CU - 3.35% ($1K min), account review
- Nationwide Bank - 3.30% (min $500) account review
- Capital One - 3.25% (min $5K) (3.40% $100K+) account review
- E-LOAN - 3.25% ($10K min) account review
- Air Force FCU - 3.20% (min $25K) membership restrictions account review
- WaMu/Chase - 2.50% (min $1K) account review
84-Month Certificate of Deposit:
- Pentagon Federal CU - 4.39% (min $1K), account review
- Navy FCU - 4.25% ($20K min) restrictions to membership, account review
- Capital One/Costco - 4.05% (min $5K) account review
- Capital One - 4.00% (min $5K) (4.25% 10yr) account review
- Discover Bank - 4.00% (min $2.5K) account review
- Intervest - 3.67% (min $2.5K), account review
- KeyDirect - 3.50% (min $5K) 3.75% w/chk, Not all states, account review
- Countrywide - 2.10% (min $10K), account review
- WaMu/Chase - 1.50% (min $1K), 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
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 - 3.00% rate for $50k+
- Vanguard Prime Money Market Fund - 1.36% 7-day yield
- Fidelity Money Market Fund - 1.21% 7-day yield (reviews on Fatwallet)
- TIAA-CREF Money Market Fund - 1.04% 7-day yeild
- Paypal Money Market Fund - 0.52% 7-day yield (1% cashback debit MasterCard)
- Vanguard Tax-Exempt Money Market Fund - 0.69% 7-day yield
- Fidelity Municipal Money Market Fund - 0.24% 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)
Edit 2/15/09: Updates for ETtrade and Doral.
Featured Savings Account
Nationwide Savings Accounts
Related Posts
Anonymous - #1, Saturday, February 14, 2009 - 12:01 PM
There was talk of the temperary higher FDIC limit of $250,000 being made perminant. Has anyone heard of any recent action on this proposal?
The Plucky Banker (anonymous) - #2, Saturday, February 14, 2009 - 12:31 PM
Last year I was hit by the banking crisis and was let go from my senior vice president position. How I have been dealing with it is by dabbling in real estate. I've been posting my story so far on freebanker.blogspot.com
Anonymous - #3, Saturday, February 14, 2009 - 12:47 PM
ETrade savings rate dropped to 2.15%
Anonymous - #4, Saturday, February 14, 2009 - 3:23 PM
First, thank you for the blog and for putting a lot of info into one place.
Second, could I ask for just one more thing? While you do all that research, could you also identify the places that allow IRAs? I have found several good CD rates as I'm looking to park some Roth IRA funds for a year or so, but I can't seem to find anyone (with a good rate) that lets you hold CDs as Roth IRAs.
Thanks for thinking about it anyway... It is clear that you contact a lot of these places...just one more question to ask???
Anonymous - #5, Saturday, February 14, 2009 - 6:34 PM
Union Federal dropped their rate to 2.80%
Anonymous - #6, Saturday, February 14, 2009 - 6:40 PM
Congres has not acted on making the $250,000 insurance limit permanent. Whether they do remains to be seen.
http://www.fdic.gov/news/news/financial/2008/fil08102a.html
Anonymous - #7, Saturday, February 14, 2009 - 6:45 PM
The GE money fund rate of 3.04% and Ford Finance rate of 3.82% are starting to look attractive, but your money in unsecured debt obligations.
ChicagoGuy (anonymous) - #8, Saturday, February 14, 2009 - 7:29 PM
Can you create a spot on your website for IRA rates? I would like to know where I can set up an IRA transfer (not a roll-over) on line. I know about Ameritrade but their rates are very unfavorable. If someone wants to set one up there use Promo Offer #163 and they will give you up to $500. P.S. Your site is far and away the best on the Net. ChicagoGuy.
ChicagoGuy (anonymous) - #9, Saturday, February 14, 2009 - 7:32 PM
Beware Doral Bank. I tried to take advantage of their 3.51% offers. It is IMPOSSIBLE to get anyone to answer the phone there. After over a week of them having my bank etc. there was still no action. I got the sick feeling that it was a guy working in a mall. I cancelled my opening. ChicagoGuy
Anonymous - #10, Saturday, February 14, 2009 - 9:03 PM
The permanent increase in FDIC coverage to $250K was supposed to be part of the bill authorizing the rest of the bank bailout $$$ (second $300B) . Has the bank bailout bill been passed???
Anonymous - #11, Sunday, February 15, 2009 - 10:06 AM
Concerning the temperary FDIC
increase being made permanent:
That was my underdstanding too.
But I have heard no mention of it lately.
Anonymous - #12, Friday, February 20, 2009 - 11:09 PM
any views on ASI insurance. I have my account with credit union1 in illinois.Though they have good ratings, it's worrisome to think that they are just privately insured. Any comments is appreciated
Banking Guy (anonymous) - #13, Saturday, February 21, 2009 - 6:10 AM
I have more discussion on ASI deposit insurance at this post on Christian Community CU.
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