Bank Deals Weekly Summary for May 16, 2009
May 16, 2009 - 6:34 PM by Ken Tumin
Hot Deals, Quick Link for Rates, Recap of this week's posts
An important question for savers is how fast will the economy recover? As the economy improves, inflation will rise which will lead to higher interest rates. The tough question is how fast and how severe will inflation be? With the Fed printing money and with the federal government's massive spending programs and deficits, there are worries about high inflation around the corner. Based on this, savers may want to avoid locking their money into long-term CDs. However, high inflation in the next year is no sure thing. This Naked Capitalism post describes other complexities in this issue and makes a case that deflationary forces will likely continue to dominate for some time into the future. So you may not want to place all of your bets on higher interest rates in the next year.
Savings Account Rates
As we've seen over the last 6 months, this interest rate environment is very depressing for savers as savings account rates keep falling week after week. What can help reduce this frustration are savings accounts which provide a rate-guarantee period. I posted on a new bank this week with such an offer. EBSB Direct is guaranteeing 2.81% APY for balances over $50K until 9/30/09 on new savings accounts (see review). Another savings account promo that I posted on in late April is still available at ProvidentNJ Direct. They're offering a 3.25% APY guaranteed for 90 days (see review). Another one of these promos is being offered by Acacia Federal Savings Bank. When I first posted on it in late March they were offering a modest 2.25% APY guaranteed until 9/30/09. I just noticed on their home page it's now listed as 2.50% APY. However, if you click on the image with the 2.50%, it takes you to a promo page that's still showing 2.25%. So I'll have to call Monday to find out which is correct. Update 5/18/09: I called this morning and was told the 2.25% APY is the correct rate.
Other banks have done similar intro-rate promos this year, and they haven't lasted long. The latest example is at Choice Financial which had been guaranteeing 3.76% for 30 days along with a standard rate of 3.26% APY for balances over $100K. On Tuesday the rates were cut by a full percentage point on both the promo and standard rates. Another example was at Clear Sky Accounts which launched its savings account in early January with a 3.75% APY guaranteed through 3/31/09. In February the bank stopped accepting new applications and even limited new deposits by existing customers. So in today's rate environment, don't expect these promos to last long.
Installment Savings Accounts
If you want rates over 4% there is another alternative besides reward checking accounts. It's called an installment savings account. However, the effective interest rate that you earn will likely be much less than what's advertised. I've reported on several local-only installment savings accounts in the last couple of months. One that is available nationwide is at Wilshire State Bank (see review). The rates range from 4.60% APY for a 12-month term to 5.12% APY for a 36-month term.
The important thing to remember for installment savings accounts is that you don't make a lump sum deposit. Deposits are spread across the term with equal deposits made each month. Before the auto deposits are made into the installments savings accounts, money will have to be in the bank's checking account which will earn little if any interest. With the help of an online bank that has an ACH transfer service, you could arrange for most of the money to be sitting in a high yield savings account before it's transferred to the checking and then into the installment account. If you assume a 2% APY in the online savings account for the entire year and the 4.60% APY 12-month installment savings account, your one-year return for a lump sum initially deposited into the savings account will be close to 3.40%. However, if you deposited the lump sum into the bank's checking account which earns little if any interest, your one-year return will be around 2.47%.
Below is the list of savings account rate changes for this week. The one big disappointment was the large rate cut at the new Choice Financial. On the plus side, Corus Bank raised its money market account rate by 2 basis points (a tiny increase is better than nothing).
Rate Hikes:
The big news for CDs this week was at GMAC Bank which changed its name to Ally Bank (see post). The one significant change was the addition of the no-penalty CD. It has a 9-month term with a very competitive rate of 2.50% APY. With this CD, you can protect yourself from falling rates over the next 9 months. If rates do rise over this time or if you just need the money, you can close the CD early without an early withdrawal penalty. The only downside is if rates are still low after 9 months. In that case you would have been better off earning a higher rate in a longer term CD.
Unfortunately, there are not many options of earning higher rates for longer terms. Pentagon Federal Credit Union continues to be one of the better deals with its competitive rates for terms of 3, 4, 5 and 7 years.
Some of the CD deals I reported on in previous weeks (like at PenFed) continue. Below are some of the best new and old ones that are still active.
Best Nationwide CD Deals as of 5/16/09: The full list of nationwide CD rates is farther down.
I reported on three new reward checking accounts this week with rates ranging from 4.01% to 5.01% APY (see below). BancVue, the creator of the reward checking account, has helped several institutions launch reward checking accounts branded as Kasasa Cash accounts. The name change doesn't mean much to me, but of more significance is the new Kasasa Saver account. This is designed to be a companion account with the Cash account that may appeal to those with liquid savings over the balance caps of the Cash accounts. You can move money that's over the cap in the Cash account to the Saver account. If you meet the typical reward checking requirements, the Saver account will receive a respectable interest rate for all balances without any small balance cap. The Saver interest rate isn't at the reward checking level, but it's comparable to online savings account rates. So this Kasasa Cash/Saver pair can be a good option for those with large balances and who just want to stick with one bank. Unfortunately, there are not many banks and credit unions offering this pair. The only one offering it nationwide is First Arkansas Bank & Trust which does have a history of competitive rates (see post).
One bit of disturbing news in regards to reward checking accounts happened this week at Arizona Bank & Trust. Many readers reported receiving a letter from the bank informing them that they are closing all out-of-state accounts as of July 1st. It appears this bank may have been overwhelmed by their 6% promo they offered early last year. In the past when small banks attracted too many customers, they just stop accepting out-of-state applications, and that's what Arizona Bank & Trust did last year. But now they're taking it to another level by closing these accounts. I have not seen other banks take such extreme measures, and I hope this doesn't start a trend. Unfortunately, it appears banks may close deposit accounts for any reason (per OCC).
To see all of the high yield reward checking accounts available through out 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
CD Deals - National
Credit Card Deals
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 at this page. 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 May 16, 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)
An important question for savers is how fast will the economy recover? As the economy improves, inflation will rise which will lead to higher interest rates. The tough question is how fast and how severe will inflation be? With the Fed printing money and with the federal government's massive spending programs and deficits, there are worries about high inflation around the corner. Based on this, savers may want to avoid locking their money into long-term CDs. However, high inflation in the next year is no sure thing. This Naked Capitalism post describes other complexities in this issue and makes a case that deflationary forces will likely continue to dominate for some time into the future. So you may not want to place all of your bets on higher interest rates in the next year.
Savings Account Rates
As we've seen over the last 6 months, this interest rate environment is very depressing for savers as savings account rates keep falling week after week. What can help reduce this frustration are savings accounts which provide a rate-guarantee period. I posted on a new bank this week with such an offer. EBSB Direct is guaranteeing 2.81% APY for balances over $50K until 9/30/09 on new savings accounts (see review). Another savings account promo that I posted on in late April is still available at ProvidentNJ Direct. They're offering a 3.25% APY guaranteed for 90 days (see review). Another one of these promos is being offered by Acacia Federal Savings Bank. When I first posted on it in late March they were offering a modest 2.25% APY guaranteed until 9/30/09. I just noticed on their home page it's now listed as 2.50% APY. However, if you click on the image with the 2.50%, it takes you to a promo page that's still showing 2.25%. So I'll have to call Monday to find out which is correct. Update 5/18/09: I called this morning and was told the 2.25% APY is the correct rate.
Other banks have done similar intro-rate promos this year, and they haven't lasted long. The latest example is at Choice Financial which had been guaranteeing 3.76% for 30 days along with a standard rate of 3.26% APY for balances over $100K. On Tuesday the rates were cut by a full percentage point on both the promo and standard rates. Another example was at Clear Sky Accounts which launched its savings account in early January with a 3.75% APY guaranteed through 3/31/09. In February the bank stopped accepting new applications and even limited new deposits by existing customers. So in today's rate environment, don't expect these promos to last long.
Installment Savings Accounts
If you want rates over 4% there is another alternative besides reward checking accounts. It's called an installment savings account. However, the effective interest rate that you earn will likely be much less than what's advertised. I've reported on several local-only installment savings accounts in the last couple of months. One that is available nationwide is at Wilshire State Bank (see review). The rates range from 4.60% APY for a 12-month term to 5.12% APY for a 36-month term.
The important thing to remember for installment savings accounts is that you don't make a lump sum deposit. Deposits are spread across the term with equal deposits made each month. Before the auto deposits are made into the installments savings accounts, money will have to be in the bank's checking account which will earn little if any interest. With the help of an online bank that has an ACH transfer service, you could arrange for most of the money to be sitting in a high yield savings account before it's transferred to the checking and then into the installment account. If you assume a 2% APY in the online savings account for the entire year and the 4.60% APY 12-month installment savings account, your one-year return for a lump sum initially deposited into the savings account will be close to 3.40%. However, if you deposited the lump sum into the bank's checking account which earns little if any interest, your one-year return will be around 2.47%.
Below is the list of savings account rate changes for this week. The one big disappointment was the large rate cut at the new Choice Financial. On the plus side, Corus Bank raised its money market account rate by 2 basis points (a tiny increase is better than nothing).
Rate Hikes:
- EBSBdirect Savings - 2.81% $50K+ thru 9/30/09 (new)
- Bank of American Fork Savings - 2.20% $1K+ (new)
- Corus Bank MMA - 2.20% (was 2.18%)
- Bank Provident Online - 1.90% (was 2.00%)
- Imperial Capital iMMA - 1.17% to 1.86% (was 1.35% to 2.03%)
- Imperial Capital iChk - 0.91% (was 1.20%)
- Mutual Bank MMA - 2.01% (was a 2.21% 3mo promo)
- Zions Bank MMA - 2.02% (was 2.10%)
- OneUnited - 1.75% (was 2.00%)
- HSBC Direct Savings - 1.55% (was 1.65%)
- Intervest MMA - 1.90% (was 1.95%)
- Choice Financial Savings - 1.76% to 2.26% (was 2.76% to 3.26%)
- Citibank USA - 1.50% (was 1.65%)
- ADB Bank MMA - 2.10% (was 2.25%)
The big news for CDs this week was at GMAC Bank which changed its name to Ally Bank (see post). The one significant change was the addition of the no-penalty CD. It has a 9-month term with a very competitive rate of 2.50% APY. With this CD, you can protect yourself from falling rates over the next 9 months. If rates do rise over this time or if you just need the money, you can close the CD early without an early withdrawal penalty. The only downside is if rates are still low after 9 months. In that case you would have been better off earning a higher rate in a longer term CD.
Unfortunately, there are not many options of earning higher rates for longer terms. Pentagon Federal Credit Union continues to be one of the better deals with its competitive rates for terms of 3, 4, 5 and 7 years.
Some of the CD deals I reported on in previous weeks (like at PenFed) continue. Below are some of the best new and old ones that are still active.
Best Nationwide CD Deals as of 5/16/09: The full list of nationwide CD rates is farther down.
- 3.25% 3-mo savings account promo at ProvidentNJ Direct (account review)
- 2.81% savings promo thru 9/30/09 at EBSB Direct (account review)
- 2.50% 4-mo CD at Danvers Bank (account review)
- 2.52% 6-mo CD at Wilshire State Bank (account review)
- 2.50% 9-mo No-Penalty CD & 2.80% 12-mo CD at Ally/GMAC Bank (account review)
- 3.03% 12-mo CD at Melrose CU (account review)
- 3.50% 36-mo CD & 4.00% 60-mo CD at Pentagon FCU (account review)
- 3.29% 6-mo CD & 3.87% 15-mo CD at Progressive CU in NY, NY (account review)
- 2.89% 7-mo CD & 3.05% MMA at Raymond Bank in WA (account review)
- 2.75% 6-mo CD ($25K max) at STC Capital Bank in Chicago (account review)
- 3.00% 9-mo CD at Pacific Transportation FCU in CA (account review)
- 3.25% 12-mo CD at Cornerstone Bank in GA (account review
- 3.00% 12-mo CD at First Priority CU in MA (account review)
- 3.30% 12-mo CD at Self Reliance New York FCU (account review)
- 3.10% 25-mo CD & 2.65% 6-mo CD at CoreFirst Bank at CO & KS (account review)
- 3.00% 25-mo CD at Broadway Bank in Chicago (account review)
- 4.50% 60-mo CD & 2.75% 12-mo CD at Urban Trust Bank in FL & MD (account review)
I reported on three new reward checking accounts this week with rates ranging from 4.01% to 5.01% APY (see below). BancVue, the creator of the reward checking account, has helped several institutions launch reward checking accounts branded as Kasasa Cash accounts. The name change doesn't mean much to me, but of more significance is the new Kasasa Saver account. This is designed to be a companion account with the Cash account that may appeal to those with liquid savings over the balance caps of the Cash accounts. You can move money that's over the cap in the Cash account to the Saver account. If you meet the typical reward checking requirements, the Saver account will receive a respectable interest rate for all balances without any small balance cap. The Saver interest rate isn't at the reward checking level, but it's comparable to online savings account rates. So this Kasasa Cash/Saver pair can be a good option for those with large balances and who just want to stick with one bank. Unfortunately, there are not many banks and credit unions offering this pair. The only one offering it nationwide is First Arkansas Bank & Trust which does have a history of competitive rates (see post).
One bit of disturbing news in regards to reward checking accounts happened this week at Arizona Bank & Trust. Many readers reported receiving a letter from the bank informing them that they are closing all out-of-state accounts as of July 1st. It appears this bank may have been overwhelmed by their 6% promo they offered early last year. In the past when small banks attracted too many customers, they just stop accepting out-of-state applications, and that's what Arizona Bank & Trust did last year. But now they're taking it to another level by closing these accounts. I have not seen other banks take such extreme measures, and I hope this doesn't start a trend. Unfortunately, it appears banks may close deposit accounts for any reason (per OCC).
To see all of the high yield reward checking accounts available through out 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
- 2.81% Savings Account Guaranteed to 9/30 at EBSB Direct - Nationally Available
- New High-Yield Online Savings Account at Bank of American Fork - Nationally Available
CD Deals - National
Credit Card Deals
Reward Checking Accounts
- Kasasa - The New Name of Reward Checking and Savings Accounts
- 5.01% Reward Checking Account at Founders Bank in Texas
- 4.01% Reward Checking Account at The Farmers Bank - Georgia Residents Only
- 4.01% Reward Checking Account at Westbound Bank in Houston
CD and Money Market Deals - Local
- 2.90% 15-Month CD at Linn Area Credit Union in Iowa - Local Only
- 2.75% 13-Month CD at PeopleFirst Bank in Illinois - Local Only
- 2.75% Money Market Account for 6 Months at ShoreBank in Chicago, Cleveland & Detroit - EXPIRED
- 2.65% 6-Month CD, 3.10% 24-Month CD & Other Competitive CD Rates at CoreFirst Bank & Trust in KS & CO
- 2.45% 9-Month CD at Eastbank in New York - Local Only
- 2.64% 6-Month CD & Other Competitive Rates at American First National Bank in Texas
- 2.65% 11-Month CD at Baxter Credit Union in IL & WI
- 2.53% 12-Month CD and 2.07% Money Market Account at Gold Canyon Bank in Arizona
- Competitive Jumbo Money Market and CD Rates at Teachers FCU in New York
- Ohio's SaveNOW Bonus Program Provides a Little Help to Savers
- 2.88% 18-Month Add-On CD and Other Competitive Rates at First Savings Bank Northwest in WA
- 3.00% 9-Month CD at BankFinancial - Chicago Area Only
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 at this page. 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 May 16, 2009
Checking/Savings/Money Market Accounts:
- ProvidentNJ Direct - 3.25% (min $50), 3 mo promo, stnd: 2.25% $10K+, account review
- SmartyPig - 3.05% (min $25) withdrawal restrictions, account review
- EBSB Direct - 2.81% (min $50K) thru 9/30/09, account review
- Wilshire State Bank - 2.75%, chk required (min $500) account review
- EverBank - 2.54% ($1.5K min), 3 mo promo rate of 2.51%, account review
- Centennial Bank - 2.53% ($50K min), 2.79% ($100K min) account review
- 1st Constitution Direct - 2.50% (min $100), 3 mo promo, account review
- Alliant Credit Union - 2.50% (min $100) account review
- ShoreBank - 2.45%, account review
- First Trade Union Bank - 2.32% ($2.5K min) account review
- Heartland Bank Direct - 2.30% ($500 min), account review
- Doral Bank Direct - 2.25% (min $1K) account review
- FNCB Bank - 2.25% (min $100) account review
- Acacia Federal Savings Bank - 2.25% (guaranteed to 9/30/09) account review
- Ally/GMAC Bank - 2.25% Savings account review
- Presidential Bank - 2.25% (min $5K, 1.50% over $35K), offers 2% checking, account review
- OneWest Bank/Indymac - 2.25% (min $1K) account review
- Alliant Credit Union - 2.25% Checking account review
- Corus Bank - 2.20% MMA (min $10K) account review
- CNB Bank Direct - 2.20% account review
- Flagstar - 2.20% MMA, account review
- Bank of American Fork - 2.20% (min $1K) account review
- Nationwide Bank - 2.15% MMA (min $1K) account review
- iGObanking - 2.12%, account review
- Savings Square - 2.10%, account review
- ADB Bank - 2.10% account review
- Bank of Internet - 2.06% (min $100) account review
- CapitalOne/Costco - 2.06% Savings (min $10K, Costco members only, $60 deal for exec. members)
- Union Federal Savings - 2.05% account review
- Clear Sky Accounts - 2.05% account review
- Danversbank - 2.05% account review
- 1st Constitution Direct - 2.05% (min $10K) stnd rate, account review
- Zions Bank - 2.02% MMA, outside of Utah, (min $2.5K) account review
- Capital One - 2.01% (Savings) (min $10K) account review
- Mutual Bank - 2.01% MMA (min $5K), account review
- Redneck/AmericaNet/Evantage Bank - 2.00% (up to $35K, 1% over) rates starting 5/5/09 account review
- Hudson City Savings - 2.00% (min $2.5K) account review
- DollarSavingsDirect - 2.00% ($1K min) account review
- UmbrellaBank - 2.00% MMA (min $1K) 2.25% ($50K+) account review
- Amegy Bank - 1.95% (min $10K) account review
- Ally/GMAC Bank - 1.90% MMA account review
- FNBO Direct - 1.90%, account review
- grand yield direct - 1.90% (min $2.5K) account review
- Intervest National Bank - 1.90% MMA (min $2.5K) account review
- Bank Provident Online - 1.90% (min $10) account review
- WTDirect - 1.76% ($10K min), account review
- Choice Financial - 1.76% (min $5K), (2.01% $25K+, 2.26% $100K) account review
- H&R Block Bank - 1.75% ($50K min) account review
- BankUnited - 1.75% (min $5K), account review
- Discover Bank - 1.75% MMA (min $2.5K) (2.00% for $25K+) account review
- Charles Schwab - 1.75% Savings, account review
- OneUnited - 1.75% (min $1K), account review
- Bank of Internet - 1.70% MMA (min $100) account review
- Countrywide - 1.65% (min $10K) (1.75% for $50K+) account review
- EmigrantDirect - 1.65%, account review
- EverBank - 1.65% MMA ($1.5K min) account review
- CapitalOne/Costco - 1.60% MMA (min $1K, Costco members only, $60 deal for exec. members)
- Bank of America NEA - 1.60% MMA ($500 min) (1.65% for $50K+) account review
- HSBC Direct - 1.55% account review
- AmboyDirect - 1.51% (Premium Savings) post ($25 bonus)
- Amboy Direct - 1.51% (min $3K) (eSavings) account review ($50 bonus)
- UnivestDirect - 1.50%, (0.25% checking), account review
- ING Direct - 1.50%, (0.25% checking), post ($25 bonus)
- Citibank - 1.50% (Ultimate Savings) account review
- Venture Bank Direct - 1.43%, account review
- Capital One - 1.40% MMA, account review
- Salem Five Direct - 1.40% Checking (1.55% $100K+), account review
- Bank of Internet - 1.30% Checking (min $5K) account review
- E-LOAN - 1.26% Savings Plus ($10K min) (1.36% for $50K+) account review
- AmTrustDirect - 1.25% ($500 min) NEW e-Money Market (2.25% $10K+) account review
- Imperial Capital - 1.20% Checking (min $1K) account review
- Transportation Alliance Bank - 1.20%, ($25 min), account review
- GCF Bank - 1.20% (min $100), 3-mo promo, account review
- Imperial Capital - 1.17% MMA ($2.5K min) (1.86% for $100K+) account review
- AARP Financial Savings Center - 1.05%, AARP membership req, account review
- UFB Direct - 1.05% Absolute Savings (min $10K)
- VirtualBank - 1.01% (min $100), (1.71% $25K+, 1.87% $50K+) post ($20 bonus)
- iGObanking - 1.00% Checking, account review
- ETrade Bank - 0.95%, account review
- E-LOAN - 0.81% ($5K min), account review
- UFB Direct - 0.75%, Travelers Savings (min $10K) account review
- Rainier Pacific - 0.75% MMA, account review
- WaMu/Chase - 0.75% (requires checking), account review
- Charles Schwab - 0.75% Checking, account review
- Provident Direct - 0.50% account review
- M&T Bank - 0.50%, account review
- OnBank - 0.50%, account review
- ETrade Bank - 0.40% Checking (min $5K) account review
3-Month Certificates of Deposit:
- Danversbank - 2.50% (4 mo) (min $500) account review
- Wilshire State Bank - 2.27% (min $1K) account review
- Hudson City Savings - 2.00% (4 mo) (min $5K) account review
- UFB Direct - 1.75% (min $8K)
- Ally/GMAC Bank - 1.75% (min $0) account review
- UmbrellaBank - 1.70% (min $1K) account review
- Imperial Capital - 1.70%, ($2K min), account review
- eBank - 1.45% (min $1K)
- VirtualBank - 1.31% (min $10K), account review
- EverBank - 1.25% ($1.5K min) account review
- Nationwide Bank - 1.20% (min $500) account review
- H&R Block Bank - 0.75% (min $250) account review
- E-LOAN - 0.70% ($10K min), account review
- ETrade Bank - 0.45% (min $1K), account review
6-Month Certificates of Deposit:
- Wilshire State Bank - 2.52% (min $1K) account review
- Christian Community CU - 2.50% (7-mo) (min $1K) not NCUA insured (ASI only) account review
- Corus Bank - 2.20% (min $10K) account review
- UmbrellaBank - 2.15% (min $1K) account review
- La Jolla Bank - 2.15% (min $10K), account review
- Ascencia Bank - 2.15% (min $500), account review
- Ally/GMAC Bank - 2.15% (min $0) account review
- FirstFedDirect - 2.05% (min $10K), account review
- Excel National Bank - 2.00% (min $10K) account review
- Hudson City Savings - 2.00% (min $5K) account review
- AmTrustDirect - 2.00% (min $10K) account review
- Connexus CU - 2.00% (min $500) account review
- eBank - 2.00% (min $1K)
- Imperial Capital - 1.96% ($2K min), account review
- VirtualBank - 1.92% (min $10K), account review
- UFB Direct - 1.80% (min $8K)
- Tennessee Commerce Bank - 1.75% (min $5K)
- HSBC Direct - 1.75% (min $10) account review
- Air Force FCU - 1.70% (min $25K) membership restrictions account review
- Firstmark CU - 1.70% (min $50K) account review
- EverBank - 1.65% ($1.5K min) account review
- State Bank of India - 1.61% (min $5K) account review
- Nationwide Bank - 1.60% (min $500) account review
- Flagstar - 1.60% (min $500), account review
- Bank of America DOW - 1.55% (min $1K) account review
- Northrop Grumman FCU - 1.53% (min $40K), account review
- Zions Bank - 1.51% (min $1K) account review
- ISN Bank - 1.41% (min $1K) account review
- OneWest Bank/IndyMac - 1.35% (min $5K) account review
- Earthstar Bank - 1.30% (min $500) account review
- Greystone Bank - 1.25% (min $50K) account review
- Citibank - 1.25% (7-mo) (min $500) account review
- ING Direct - 1.25%, account review
- FNBO Direct - 1.25% (min $500) account review
- H&R Block Bank - 1.00% (min $250) account review
- E-LOAN - 0.75% ($10K min), account review
- ETrade Bank - 0.50% (min $1K), account review
- Capital One - 0.25% (min $5K) account review
9-Month Certificates of Deposit:
- Ally/GMAC Bank - 2.60% (min $0) account review
- Ally/GMAC Bank - 2.50% (min $0) No-Penalty, account review
- NewDominion Bank - 2.31% (min $3K) account review
- FirstFedDirect - 2.15% (min $10K) account review
- Consumers CU - 2.10% (min $250) (2.35% $100K+) account review
- UmbrellaBank - 2.05% (min $1K) account review
- Navy FCU - 2.00% ($10K min) restrictions to membership, account review
- eBank - 2.00% (min $1K)
- Imperial Capital - 1.93% ($2K min), account review
- VirtualBank - 1.92% (min $10K), account review
- MetLife Bank - 1.90% (min $50K) account review
- KeyDirect - 1.75% (8 mo) (min $5K), 2.00% w/chk, Not all states, account review
- Salem Five Bank - 1.75% (min $10K), account review
- EverBank - 1.65% ($1.5K min) account review
- 1st Mariner Bank - 1.50% (10 mo) (min $100/max $50K) requires chk, account review
- Doral Bank Direct - 1.50% (min $1K) account review
- OneWest Bank/Indymac - 1.40% (min $5K) account review
- Academy Bank - 1.30% (min $500), account review
- Bank of America - 1.30% (min $5K), risk-free, rates vary by state (account review)
- ING Direct - 1.25% account review
- iGobanking - 1.25% (min $1K) account review
- WaMu/Chase - 1.25% (8 mo) (min $1K), account review
- Bank of Internet - 1.10% (min $1K) account review
- E-LOAN - 0.95% ($10K min), account review
- AmTrustDirect - 0.85% (min $10K) account review
12-Month Certificates of Deposit:
- Melrose CU - 3.03% (min $5K) account review
- Ally/GMAC Bank - 2.80% (min $0) account review
- OneWest Bank/IndyMac - 2.70% (min $5K) account review
- Corus Bank - 2.70% (min $10K) account review
- UmbrellaBank - 2.65% (min $1K) account review
- UFB Direct - 2.65% (min $8K)
- Delta Community CU - 2.65% (min $1K) account review
- Alliant Credit Union - 2.65% (min $25K) account review
- Southeast Financial FCU - 2.60% (min $500) account review
- Wilshire State Bank - 2.52% (min $1K) account review
- Choice Financial - 2.51% (13 mo) (min $5K) add-on feature, account review
- Christian Community CU - 2.50% (min $1K) not NCUA insured (ASI only) account review
- Connexus CU - 2.50% (min $500) account review
- BankUnited - 2.50% (min $5K) account review
- Ascencia Bank - 2.48% (min $500), account review
- Imperial Capital - 2.45% ($2K min), account review
- Acacia Federal Savings Bank - 2.45% (15 mo) (min $500) account review
- Mutual Bank - 2.42% (min $2.5K) account review
- eBank - 2.40% (min $1K)
- NewDominion Bank - 2.40% (min $3K) account review
- Tennessee Commerce Bank - 2.40% (min $5K)
- Pacific Mercantile Bank - 2.38% (min $10K) account review
- State Bank of India - 2.37% (min $5K) account review
- Discover Bank - 2.35% (min $2.5K) account review ($50 bonus)
- State Farm Bank - 2.32% (min $500) account review
- FirstFedDirect - 2.30%, (min $10K) account review
- HSBC Direct - 2.30% (min $10) account review
- Advanta Bank - 2.30% (min $10K), account review
- Crane FCU - 2.27% (min $500) account review
- Citibank - 2.25% (min $500)
- La Jolla Bank - 2.25% (min $10K), account review
- Hudson City Savings - 2.25% (min $5K) account review
- Gateway Regional CU - 2.25% (min $1K) restrictions to membership, account review
- Intervest - 2.25% (min $2.5K), account review
- Credit Union of Georgia - 2.17% (min $50K), account review
- Amboy Direct - 2.10% Add-On (min $10K) account review
- Navy FCU - 2.10% ($20K min) restrictions to membership, account review
- EverBank - 2.05% ($1.5K min) account review
- Fifth Third - 2.00% (11 mo) (min $5K), Not all states, account review
- Geauga Savings Bank - 2.00% (min $1K) account review
- Flagstar - 2.00% (min $500), account review
- H&R Block Bank - 2.00% (min $250) account review
- KeyDirect - 2.00% (11 mo) (min $5K), 2.25% w/chk, Not all states, account review
- Air Force FCU - 1.95% (min $25K) membership restrictions account review
- Nationwide Bank - 1.90% (min $500) account review
- Northwest FCU - 1.89% (min $500) add-on, account review
- Bank of America - 1.80% (min $5K) rates vary by state, account review
- Mountain America CU - 1.75% (min $1K) account review
- iGobanking - 1.75% (15 mo) (min $500), account review
- National Bank of KC - 1.70% (min $10K) account review
- Northrop Grumman FCU - 1.64% (min $40K), account review
- Earthstar Bank - 1.60% (min $500) account review
- Bank of Internet - 1.50% (min $1K) account review
- ING Direct - 1.50% account review
- Academy Bank - 1.50% (min $500), account review
- FNBO Direct - 1.50% (min $500) account review
- Doral Bank Direct - 1.50% (min $1K) account review
- E-LOAN - 1.30% ($10K min), account review
18-Month Certificates of Deposit:
- Southeast Financial FCU - 2.75% (min $500) account review
- NewDominion Bank - 2.72% (min $3K) account review
- OneWest Bank/Indymac - 2.70% (min $5K) account review
- Ally/GMAC Bank - 2.70% (min $0) account review
- UmbrellaBank - 2.65% (min $1K), account review
- Alliant Credit Union - 2.65% (min $25K) account review
- Mutual Bank - 2.56% (16 mo) (min $2.5K) account review
- Discover Bank - 2.50% (min $2.5K), account review
- eBank - 2.50% (min $1K)
- Christian Community CU - 2.50% (min $1K) not NCUA insured (ASI only) account review
- Navy FCU - 2.50% ($10K min) restrictions to membership, account review
- State Farm Bank - 2.45% (min $500) account review
- Advanta Bank - 2.40% (min $10K), account review
- Intervest - 2.40% (min $2.5K), account review
- Tennessee Commerce Bank - 2.40% (min $5K)
- HSBC Direct - 2.35% (min $10) account review
- Consumers CU - 2.35% (16-mo) (min $250) (2.60% $100K+) account review
- Gateway Regional CU - 2.30% (min $1K) restrictions to membership, account review
- VirtualBank - 2.28% (min $10K), account review
- Dollar Savings Direct - 2.25% (16-mo) (min $1K) account review
- Greystone Bank - 2.10% (min $50K) account review
- EverBank - 2.05% ($1.5K min) account review
- NorthEast Community Bank - 2.02% (min $500) account review
- H&R Block Bank - 2.00% (min $250) account review
- E-LOAN - 1.75% ($10K min) account review
- USA FCU - 1.65% (min $1K) account review
- Capital One - 1.50% (min $5K) account review
- ING Direct - 1.50%, account review
- Doral Bank Direct - 1.50% (min $1K) account review
- OnBank - 1.25% (min $500), account review
- First Trade Union Bank - 1.00% (min $500) account review
24-Month Certificates of Deposit:
- Melrose CU - 3.19% (min $5K) account review
- Ally/GMAC Bank - 2.90% (min $0) account review
- Tennessee Commerce Bank - 2.85% (min $5K)
- UFB Direct - 2.80% (min $8K)
- Alliant Credit Union - 2.80% (min $25K) account review
- State Bank of India - 2.78% (min $5K) account review
- NewDominion Bank - 2.76% (min $3K) account review
- Discover Bank - 2.75% (min $2.5K) account review
- Southeast Financial FCU - 2.75% (min $500) account review
- eBank - 2.60% (min $1K)
- Advanta Bank - 2.60% (min $10K), account review
- Consumers CU - 2.60% (22-mo) (min $250) (2.85% $100K+) account review
- Intervest - 2.60% (min $2.5K), account review
- Credit Union of Georgia - 2.53% (min $50K), account review
- KeyDirect - 2.50% (28 mo) (min $5K), 2.75% w/chk, Not all states, account review
- Crane FCU - 2.43% (min $500) account review
- Gateway Regional CU - 2.36% (min $1K) restrictions to membership, account review
- Fifth Third - 2.35% (min $5K) not all states, account review
- Northwest FCU - 2.34% (min $500) add-on, account review
- Air Force FCU - 2.30% (min $25K) membership restrictions account review
- Nationwide Bank - 2.25% (min $500) account review
- H&R Block Bank - 2.25% (min $250) account review
- FNBO Direct - 2.25% (min $500) account review
- Firstmark CU - 2.25% (min $50K) account review
- MetLife Bank - 2.20% (min $50K) account review
- E-LOAN - 2.20% ($10K min) account review
- iGobanking - 2.12% (min $500), account review
- Capital One - 2.00% (min $5K) account review
- KeyDirect - 2.00% (min $5K), 2.25% w/chk, Not all states, account review
- Mountain America CU - 1.90% (min $1K) account review
- 1st Source Bank - 1.65% (min $5K) account review
- Doral Bank Direct - 1.50% (min $1K) account review
36-Month Certificate of Deposit:
- Pentagon Federal CU - 3.50% (min $1K), account review
- Melrose CU - 3.34% (min $5K) account review
- Tennessee Commerce Bank - 3.27% (min $5K)
- Acacia Federal Savings Bank - 3.25% (min $500) account review
- Alliant Credit Union - 3.25% (min $25K) account review
- State Bank of India - 3.24% (min $5K) account review
- Ally/GMAC Bank - 3.20% (min $0) account review
- Discover Bank - 3.20% (min $2.5K) account review
- Intervest - 3.10% (min $2.5K), account review
- UFB Direct - 3.05% (min $8K)
- eBank - 3.00% (min $1K)
- Advanta Bank - 2.80% (min $10K), account review
- Gateway Regional CU - 2.79% (min $1K) restrictions to membership, account review
- NewDominion Bank - 2.75% (min $3K) account review
- FNBO Direct - 2.75% (min $500) account review
- Air Force FCU - 2.70% (min $25K) membership restrictions account review
- Nationwide Bank - 2.70% (min $500) account review
- Northwest FCU - 2.67% (min $25K) account review
- Agriculture FCU - 2.65% (min $1K) account review
- KeyDirect - 2.50% (min $5K), 2.75% w/chk, Not all states, account review
- H&R Block Bank - 2.50% (min $250) account review
- Northrop Grumman FCU - 2.47% (min $40K), account review
- E-LOAN - 2.45% ($10K min) account review
- Bank of Internet - 2.25% (min $1K) account review
- Flagstar - 2.20% (min $500), account review
- Mountain America CU - 2.10% (min $1K) account review
- Capital One - 2.00% (min $5K) account review
- 1st Source Bank - 1.70% (min $500) account review
- Western FCU - 1.67% (min $40K), account review
- Doral Bank Direct - 1.50% (min $1K) account review
48-Month Certificate of Deposit:
- Pentagon Federal CU - 3.75% (min $1K), account review
- Intervest - 3.55% (min $2.5K), account review
- Acacia Federal Savings Bank - 3.50% (min $500) account review
- Alliant Credit Union - 3.50% (min $25K) account review
- Melrose CU - 3.49% (min $5K) account review
- Tennessee Commerce Bank - 3.45% (min $5K)
- Gateway Regional CU - 3.36% (min $1K) restrictions to membership, account review
- Discover Bank - 3.30% (min $2.5K) account review
- National Bank of KC - 3.25% (min $10K) account review
- Ally/GMAC Bank - 3.25% (min $0) account review
- FNBO Direct - 3.25% (min $500) account review
- Bank of America DOW - 3.11% (min $1K) account review
- Third Federal - 3.00% (min $500) account review
- Nationwide Bank - 3.00% (min $500) account review
- Countrywide/BofA - 3.00% (min $10K), account review
- Advanta Bank - 3.00% (min $10K), account review
- Northwest FCU - 2.77% (min $25K) account review
- Flagstar - 2.75% (min $500), account review
- KeyDirect - 2.75% (min $5K), 3.00% w/chk, Not all states, account review
- E-LOAN - 2.65% ($10K min) account review
- Capital One - 2.50% (min $5K) account review
- H&R Block Bank - 2.50% (min $250) account review
- Mountain America CU - 2.50% (min $1K) account review
- Patelco CU - 2.48% ($1K min), account review
- 1st Source Bank - 2.30% (min $500) account review
- USA FCU - 2.25% (min $1K) account review
- Western FCU - 2.07% (min $40K), account review
- Doral Bank Direct - 1.75% (min $1K) account review
60-Month Certificate of Deposit:
- Pentagon Federal CU - 4.00% (min $1K), account review
- Melrose CU - 3.91% (min $5K) account review
- Acacia Federal Savings Bank - 3.90% (min $500) account review
- State Bank of India - 3.70% (min $5K) account review
- Discover Bank - 3.70% (min $2.5K) account review
- Intervest - 3.66% (min $2.5K), account review
- UFB Direct - 3.65% (min $8K)
- Gateway Regional CU - 3.51% (min $1K) restrictions to membership, account review
- FNBO Direct - 3.51% (min $500) account review
- iGobanking - 3.50% (min $500), account review
- Ally/GMAC Bank - 3.50% (min $0) account review
- Alliant Credit Union - 3.50% (min $25K) account review
- Connexus CU - 3.50% (min $1K) account review
- US Bank - 3.50% (59 mo) (min $1K) account review
- Northwest FCU - 3.48% (min $25K) account review
- Agriculture FCU - 3.40% (min $1K), account review
- Apple FCU - 3.40% (min $50K) account review
- E-LOAN - 3.32% ($10K min) account review
- Mutual Bank - 3.31% (min $2.5K) account review
- Nationwide Bank - 3.30% (min $500) account review
- Advanta Bank - 3.30% (min $10K), account review
- Third Federal - 3.25% (min $500) account review
- Delta Community CU - 3.25% (min $1K) account review
- Navy FCU - 3.20% ($20K min) (3.35% for $100K+) restrictions to membership, account review
- Consumers CU - 3.10% (59-mo) (min $250) (3.35% $100K+) account review
- Firstmark CU - 3.10% (min $50K) account review
- EverBank - 3.10% ($1.5K min) account review
- Credit Union of Georgia - 3.04% (min $50K), account review
- Telcom Credit Union - 3.00% (min $500) account review
- Dollar Savings Direct - 3.00% (min $1K) account review
- KeyDirect - 3.00% (min $5K), 3.25% w/chk, Not all states, account review
- Salem Five Bank - 3.00% (min $10K), account review
- Mountain America CU - 3.00% (min $1K) account review
- Air Force FCU - 2.90% (min $25K) membership restrictions account review
- Flagstar - 2.75% (min $500), account review
- USA FCU - 2.63% (min $1K) account review
- University FCU - 2.60% (min $2.5K), account review
- Patelco CU - 2.58% ($1K min), account review
- WaMu/Chase - 2.50% (min $1K) account review
- Capital One - 2.50% (min $5K) account review
- H&R Block Bank - 2.50% (min $250) account review
- 1st Source Bank - 2.40% (min $500) account review
- Western FCU - 2.20% (min $40K) account review
- Doral Bank Direct - 1.75% (min $1K) account review
84-Month Certificate of Deposit:
- Pentagon Federal CU - 4.00% (min $1K), account review
- Third Federal - 3.75% (6-yr) (min $500) account review
- Navy FCU - 3.75% ($20K min) restrictions to membership, account review
- Discover Bank - 3.70% (min $2.5K) account review
- Intervest - 3.67% (min $2.5K), account review
- KeyDirect - 3.25% (min $5K) 3.50% w/chk, Not all states, account review
- Capital One/Costco - 2.55% (min $5K) account review
- Capital One - 2.50% (min $5K) account review
- Countrywide/BofA - 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 - 2.65% rate for $50k+
- Fidelity Money Market Fund - 0.77% 7-day yield (reviews on Fatwallet)
- Vanguard Tax-Exempt Money Market Fund - 0.57% 7-day yield
- Vanguard Prime Money Market Fund - 0.46% 7-day yield
- TIAA-CREF Money Market Fund - 0.35% 7-day yeild
- Fidelity Municipal Money Market Fund - 0.29% 7-day yield
- Paypal Money Market Fund - 0.16% 7-day yield (1% cashback debit MasterCard)
- FW Thread on Treasury Bills
- I Bonds for 2009, 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, Saturday, May 16, 2009 - 10:05 PM
A great summary this week. Thanks for all your hard work banking guy!
AG (anonymous) - #2, Sunday, May 17, 2009 - 11:23 AM
Hey there, really a great work. Keep it up!
Anonymous - #3, Friday, May 22, 2009 - 3:34 PM
Despite the abominably low rates we're receiving on our deposit accounts, the yield on the 30-year US Treasury Bond today rose to its highest level in almost eight months. The drop in bond prices has been attributed to supply and credit concerns, but could a fear of inflation be fueling it as well? Gold and oil prices are rising, and commodity inflation can precede inflation on the wholesale and retail levels.
Anonymous - #4, Friday, May 22, 2009 - 6:13 PM
Special assessment on banks approved by FDIC:
http://www.fdic.gov/news/news/press/2009/pr09074.html
No rest for the weary: Following yesterday's closure of BankUnited, FSB, we already have one additional closure today: Strategic Capital Bank in Champaign, IL.
Anonymous - #5, Friday, May 22, 2009 - 6:55 PM
Number two for today: Citizens National Bank in Macomb, IL.
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