Bank Deals Weekly Summary for May 23, 2009
May 23, 2009 - 11:45 PM by Ken Tumin
Hot Deals, Quick Link for Rates, Recap of this week's posts
The big news for savers this week was the extension of the $250K deposit insurance limit from 12/31/2009 to 12/31/2013. It was a provision of the Helping Families Save Their Homes Act which was signed into law by the President on Wednesday (see post).
Another important legislation that was signed into law this week was the Credit Card Accountability Responsibility and Disclosure Act. For credit card customers who always pay off their balances, it could result in more costly changes than beneficial ones (see post).
The FDIC was also busy this week. BankUnited, FSB, the largest bank headquartered in Florida, was closed on Thursday, and the FDIC arranged for a consortium of investors and private equity firms to acquire the bank. There were also closures on Friday of two small Illinois banks. For all three closures, new banks assumed all regular deposits, even those above the FDIC limits. The only thing depositors may have to worry about is losing their CD rate lock (see post).
Savings Account Rates
The two best savings account deals continue to be at ProvidentNJ Direct and EBSB Direct. Both are providing an intro period with a guaranteed rate which is especially nice these days. ProvidentNJ Direct is offering 3.25% APY for 3 months and EBSB Direct is offering up to 2.81% APY through 9/30/09.
Wilshire State Bank continues to offer a nationally-available installment savings account with rates ranging from 4.60% APY for 12 months to 5.12% APY for 36 months (see review). I've reported on several local-only installment savings accounts in the last couple of months.
Below is the list of savings account rate changes for this week. ShoreBank Direct's savings account had the largest rate drop this week with the rate falling from 2.45% to 2.05% APY.
Rate Hikes:
Ally Bank (formerly GMAC Bank) continues to have the best short-term CD deals with a 2.50% APY 9-month no-penalty CD and a regular 2.80% APY 12-month CD. The best long-term CD deals continues to be at PenFed with a 3.50% APY 3-year CD and a 4.00% APY 5-year CD. PenFed updates their rates at the start of each month, so these may not last much longer.
Below are some of the best CD deals that are still active.
Best Nationwide CD Deals as of 5/23/09: The full list of nationwide CD rates is farther down.
I reported on six new reward checking accounts this week with rates ranging from 2.55% to 5.15% APY (see below). Heritage Bank is the one offering 2.55% APY, and it's available nationwide. One plus with this account is the lack of a balance cap. All balances qualify for the 2.55%.
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
CD Deals - National
Checking/Savings 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 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 23, 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)
The big news for savers this week was the extension of the $250K deposit insurance limit from 12/31/2009 to 12/31/2013. It was a provision of the Helping Families Save Their Homes Act which was signed into law by the President on Wednesday (see post).
Another important legislation that was signed into law this week was the Credit Card Accountability Responsibility and Disclosure Act. For credit card customers who always pay off their balances, it could result in more costly changes than beneficial ones (see post).
The FDIC was also busy this week. BankUnited, FSB, the largest bank headquartered in Florida, was closed on Thursday, and the FDIC arranged for a consortium of investors and private equity firms to acquire the bank. There were also closures on Friday of two small Illinois banks. For all three closures, new banks assumed all regular deposits, even those above the FDIC limits. The only thing depositors may have to worry about is losing their CD rate lock (see post).
Savings Account Rates
The two best savings account deals continue to be at ProvidentNJ Direct and EBSB Direct. Both are providing an intro period with a guaranteed rate which is especially nice these days. ProvidentNJ Direct is offering 3.25% APY for 3 months and EBSB Direct is offering up to 2.81% APY through 9/30/09.
Wilshire State Bank continues to offer a nationally-available installment savings account with rates ranging from 4.60% APY for 12 months to 5.12% APY for 36 months (see review). I've reported on several local-only installment savings accounts in the last couple of months.
Below is the list of savings account rate changes for this week. ShoreBank Direct's savings account had the largest rate drop this week with the rate falling from 2.45% to 2.05% APY.
Rate Hikes:
- None
- UmbrellaBank MMA - 2.15% $50K+ (was 2.25%)
- Amegy Bank MMA - 1.80% $10K+ (was 1.95%)
- Imperial Capital Bank Chk - 1.10% (was 1.20%)
- ShoreBank Direct Savings - 2.05% (was 2.45%)
- Capital One/Costco Savings - 1.90% (was 2.06%)
- Capital One Savings - 1.85% (was 2.01%)
- Heartland Bank Savings - 2.10% (was 2.30%)
- Emigrant Direct Savings - 1.55% (was 1.65%)
- Corus Bank MMA - 2.17% (was 2.20%)
- Zions Bank MMA - 1.92% (was 2.02%)
- FNBO Direct Savings - 1.65% (was 1.90%)
Ally Bank (formerly GMAC Bank) continues to have the best short-term CD deals with a 2.50% APY 9-month no-penalty CD and a regular 2.80% APY 12-month CD. The best long-term CD deals continues to be at PenFed with a 3.50% APY 3-year CD and a 4.00% APY 5-year CD. PenFed updates their rates at the start of each month, so these may not last much longer.
Below are some of the best CD deals that are still active.
Best Nationwide CD Deals as of 5/23/09: 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)
- 2.75% 6-mo CD ($25K max) at STC Capital Bank in Chicago (account review)
- 2.80% 9-mo CD at Connex CU in CT (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)
- 3.25% 24-mo CD at Jefferson Financial CU in Louisiana (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)
- 4.07% 60-mo CD at South Jersey FCU (account review)
I reported on six new reward checking accounts this week with rates ranging from 2.55% to 5.15% APY (see below). Heritage Bank is the one offering 2.55% APY, and it's available nationwide. One plus with this account is the lack of a balance cap. All balances qualify for the 2.55%.
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
- Two Illinois Banks Fail, Impact to CD Customers and the FDIC Special Assessment
- Rare Thursday Bank Closure - BankUnited, FSB
- It's Official: Basic Deposit Insurance Limit is $250K Through 2013
- Credit Cardholders' Bill of Rights, Effects on Rewards and Some Remaining Cash Reward Cards
- Extension of FDIC's $250,000 Deposit Insurance Limit Is Almost Law
- Future of Credit Card Rewards?
- What Savers Should Expect as Banks Recover
CD Deals - National
Checking/Savings Bonuses
- $100 Checking Account Bonus at Chase
- ING Direct's Electric Orange $50 Promo, Debit Cards and EO Updates
- Checking Account with 2% APY and $50 Bonus at Level One Bank in Michigan - Local Only
Reward Checking Accounts
- 5.15% Reward Checking Account at Mountain Credit Union in North Carolina - Local Only
- 2.55% Reward Checking Account With No Balance Cap at Heritage Bank in MN - Nationally Available
- 4.01% Reward Checking Account at Coastal Bank in Washington State - Local Only
- 4.75% Reward Checking Account at Andrew Johnson Bank in Tennessee - Local Only
- 5.01% Reward Checking Account at Community National Bank in Kansas - Local Only
- 4.01% Reward Checking Account at Willamette Community Bank in Oregon - Local Only
CD and Money Market Deals - Local
- 3.00% 24-Month CD at American Eagle Bank in Illinois - Local Only
- 2.75% 6-Month CD, 3.25% 24-Month CD & Other High Rates at Jefferson Financial Credit Union in Louisiana - Local Only
- 3.03% 13-Month CD & 2.52% 7-Month CD at Alabama 1st Capital Credit Union - Local Only
- 2.30% Online Savings Account at Newton Savings Bank in CT - Local Only
- 2.50% 6-Month CD, 3.00% 24-Month CD & Other High CD Rates at Police and Fire FCU in PA
- 2.85% 12-Month CD and Other Competitive CD Rates at Vacationland FCU in Ohio - Local Only
- 2.80% 9-Month CD at Connex Credit Union in Connecticut - Local Only
- 3.00% 18-Month CD at Holbrook Cooperative Bank in MA - RATE DROP
- 2.50% Money Market Account at OceanFirst Bank in New Jersey - Local Only
- 2.60% 12-Month CD & Other Competitive Rates at NavyArmy FCU in Texas - Local Only
- 4.01% 60-Month CD & 3.37% 37-Month CD at Cardinal Bank in VA, MD & DC - Local Only
- 4.00% 60-Month CD at Fidelity Bank of Florida - Local Only
- 3.00% 24-Month CD & Other Competitive CD Rates at International Bank of Chicago
- 3.00% 12-Month CD and other High CD Rates at Atlanta Postal Credit Union - Local Only
- 2.75% 12-Month CD and Other High CD Rates at Montauk Credit Union in New York City - Local Only
- 4.07% 60-Month CD & 2.53% Money Market at South Jersey Federal Credit Union - Local Only
- 2.48% 6-Month CD, 2.78% 12-Month CD & Other High Rates at First Asian Bank in Las Vegas - Local Only
- 2.60% 19-Month CD & 2.40% 10-Month CD at Foster Bank in Chicago - Local 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 23, 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
- Alliant Credit Union - 2.50% (min $100) account review
- 1st Constitution Direct - 2.50% (min $100), 3 mo promo, account review
- First Trade Union Bank - 2.32% ($2.5K min) account review
- Alliant Credit Union - 2.25% Checking account review
- OneWest Bank/Indymac - 2.25% (min $1K) account review
- Presidential Bank - 2.25% (min $5K, 1.50% over $35K), offers 2% checking, account review
- Ally/GMAC Bank - 2.25% Savings account review
- Acacia Federal Savings Bank - 2.25% (guaranteed to 9/30/09) account review
- FNCB Bank - 2.25% (min $100) account review
- Doral Bank Direct - 2.25% (min $1K) account review
- Bank of American Fork - 2.20% (min $1K) account review
- Flagstar - 2.20% MMA, account review
- CNB Bank Direct - 2.20% account review
- Corus Bank - 2.17% MMA (min $10K) account review
- Nationwide Bank - 2.15% MMA (min $1K) account review
- iGObanking - 2.12%, account review
- ADB Bank - 2.10% account review
- Savings Square - 2.10%, account review
- Heartland Bank Direct - 2.10% ($500 min), account review
- Bank of Internet - 2.06% (min $100) account review
- 1st Constitution Direct - 2.05% (min $10K) stnd rate, account review
- Danversbank - 2.05% account review
- Clear Sky Accounts - 2.05% account review
- Union Federal Savings - 2.05% account review
- ShoreBank - 2.05%, account review
- Mutual Bank - 2.01% MMA (min $5K), account review
- UmbrellaBank - 2.00% MMA (min $1K) 2.15% ($50K+) account review
- DollarSavingsDirect - 2.00% ($1K min) account review
- Hudson City Savings - 2.00% (min $2.5K) account review
- Redneck/AmericaNet/Evantage Bank - 2.00% (up to $35K, 1% over) rates starting 5/5/09 account review
- Zions Bank - 1.92% MMA, outside of Utah, (min $2.5K) account review
- Bank Provident Online - 1.90% (min $10) account review
- Intervest National Bank - 1.90% MMA (min $2.5K) account review
- grand yield direct - 1.90% (min $2.5K) account review
- Ally/GMAC Bank - 1.90% MMA account review
- CapitalOne/Costco - 1.90% Savings (min $10K, Costco members only, $60 deal for exec. members)
- Capital One - 1.85% (Savings) (min $10K) account review
- Amegy Bank - 1.80% (min $10K) account review
- Choice Financial - 1.76% (min $5K), (2.01% $25K+, 2.26% $100K) account review
- WTDirect - 1.76% ($10K min), account review
- OneUnited - 1.75% (min $1K), account review
- Charles Schwab - 1.75% Savings, account review
- Discover Bank - 1.75% MMA (min $2.5K) (2.00% for $25K+) account review
- BankUnited - 1.75% (min $5K), account review
- Bank of Internet - 1.70% MMA (min $100) account review
- EverBank - 1.65% MMA ($1.5K min) account review
- Countrywide - 1.65% (min $10K) (1.75% for $50K+) account review
- FNBO Direct - 1.65%, account review
- Bank of America NEA - 1.60% MMA ($500 min) (1.65% for $50K+) account review
- CapitalOne/Costco - 1.60% MMA (min $1K, Costco members only, $60 deal for exec. members)
- HSBC Direct - 1.55% account review
- EmigrantDirect - 1.55%, account review
- Amboy Direct - 1.51% (min $3K) (eSavings) account review ($50 bonus)
- AmboyDirect - 1.51% (Premium Savings) post ($25 bonus)
- Citibank - 1.50% (Ultimate Savings) account review
- ING Direct - 1.50%, (0.25% checking), post ($25 bonus)
- UnivestDirect - 1.50%, (0.25% checking), account review
- Venture Bank Direct - 1.43%, account review
- Salem Five Direct - 1.40% Checking (1.55% $100K+), account review
- Capital One - 1.40% MMA, account review
- Bank of Internet - 1.30% Checking (min $5K) account review
- AmTrustDirect - 1.25% ($500 min) NEW e-Money Market (2.25% $10K+) account review
- Imperial Capital - 1.17% MMA ($2.5K min) (1.85% for $100K+) account review
- Imperial Capital - 1.10% Checking (min $1K) account review
- 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
- Charles Schwab - 0.75% Checking, account review
- WaMu/Chase - 0.75% (requires checking), 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)
- Imperial Capital - 1.70%, ($2K min), account review
- UmbrellaBank - 1.70% (min $1K) account review
- Ally/GMAC Bank - 1.70% (min $0) account review
- eBank - 1.45% (min $1K)
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
- La Jolla Bank - 2.15% (min $10K), account review
- UmbrellaBank - 2.15% (min $1K) account review
- Ascencia Bank - 2.11% (min $500), account review
- Ally/GMAC Bank - 2.10% (min $0) account review
- FirstFedDirect - 2.05% (min $10K), account review
- eBank - 2.00% (min $1K)
- Connexus CU - 2.00% (min $500) account review
- AmTrustDirect - 2.00% (min $10K) account review
- Hudson City Savings - 2.00% (min $5K) account review
- Excel National Bank - 2.00% (min $10K) account review
- Imperial Capital - 1.93% ($2K min), account review
- Zions Bank - 1.35% (min $1K) 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
- eBank - 2.00% (min $1K)
- Navy FCU - 2.00% ($10K min) restrictions to membership, account review
- Imperial Capital - 1.90% ($2K min), account review
- Doral Bank Direct - 1.50% (min $1K) account review
- Bank of America - 1.15% (min $5K), risk-free, rates vary by state (account review)
12-Month Certificates of Deposit:
- Melrose CU - 3.03% (min $5K) account review
- Ally/GMAC Bank - 2.80% (min $0) account review
- Quantum National Bank - 2.76% (min $1K) account review
- Corus Bank - 2.71% (min $10K) account review
- Alliant Credit Union - 2.65% (min $25K) account review
- Delta Community CU - 2.65% (min $1K) account review
- UFB Direct - 2.65% (min $8K)
- 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
- BankUnited - 2.50% (min $5K) account review
- Connexus CU - 2.50% (min $500) account review
- Christian Community CU - 2.50% (min $1K) not NCUA insured (ASI only) account review
- Mutual Bank - 2.42% (min $2.5K) account review
- Ascencia Bank - 2.41% (min $500), account review
- Tennessee Commerce Bank - 2.40% (min $5K)
- NewDominion Bank - 2.40% (min $3K) account review
- eBank - 2.40% (min $1K)
- UmbrellaBank - 2.40% (min $1K) account review
- ISN Bank - 2.40% (min $1K) account review
- Pacific Mercantile Bank - 2.38% (min $10K) account review
- Discover Bank - 2.30% (min $2.5K) account review ($50 bonus)
- State Bank of India - 2.27% (min $5K) account review
- Fifth Third - 2.26% (15 mo) (min $5K) not all states, account review
- Hudson City Savings - 2.25% (min $5K) account review
- La Jolla Bank - 2.25% (min $10K), account review
- Citibank - 2.25% (min $500)
- OneWest Bank/IndyMac - 2.25% (min $5K) account review
- Imperial Capital - 2.23% ($2K min), account review
- Acacia Federal Savings Bank - 2.20% (15 mo) (min $500) account review
- State Farm Bank - 2.19% (min $500) account review
- Crane FCU - 2.17% (min $500) account review
- KeyDirect - 2.15% (11 mo) (min $5K), 2.40% w/chk, Not all states, account review
- Amboy Direct - 2.10% Add-On (min $10K) account review
- Geauga Savings Bank - 2.00% (min $1K) account review
- HSBC Direct - 2.00% (min $10) account review
- Bank of America DOW - 2.00% (min $1K) account review
- Northwest FCU - 1.86% (min $500) add-on, account review
- Bank of America - 1.75% (min $5K) rates vary by state, account review
- Earthstar Bank - 1.60% (min $500) account review
- ING Direct - 1.50% account review
18-Month Certificates of Deposit:
- Quantum National Bank - 2.82% (min $1K) account review
- 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
- Alliant Credit Union - 2.65% (min $25K) account review
- UmbrellaBank - 2.65% (min $1K), account review
- Ally/GMAC Bank - 2.60% (min $0) account review
- Mutual Bank - 2.56% (16 mo) (min $2.5K) account review
- Navy FCU - 2.50% ($10K min) restrictions to membership, account review
- Christian Community CU - 2.50% (min $1K) not NCUA insured (ASI only) account review
- eBank - 2.50% (min $1K)
- Discover Bank - 2.45% (min $2.5K), account review
- Advanta Bank - 2.40% (min $10K), account review
- Consumers CU - 2.35% (16-mo) (min $250) (2.60% $100K+) account review
- State Farm Bank - 2.30% (min $500) account review
- VirtualBank - 2.28% (min $10K), account review
- Dollar Savings Direct - 2.25% (16-mo) (min $1K) account review
- NorthEast Community Bank - 2.02% (min $500) account review
- HSBC Direct - 1.75% (min $10) account review
- Greystone Bank - 1.50% (min $50K) account review
24-Month Certificates of Deposit:
- Melrose CU - 3.19% (min $5K) account review
- Quantum National Bank - 2.97% (min $1K) account review
- Ally/GMAC Bank - 2.90% (min $0) account review
- Tennessee Commerce Bank - 2.85% (min $5K)
- Alliant Credit Union - 2.80% (min $25K) account review
- UFB Direct - 2.80% (min $8K)
- State Bank of India - 2.78% (min $5K) account review
- NewDominion Bank - 2.76% (min $3K) account review
- Southeast Financial FCU - 2.75% (min $500) account review
- KeyDirect - 2.65% (28 mo) (min $5K), 2.90% w/chk, Not all states, account review
- Discover Bank - 2.65% (min $2.5K) account review
- Consumers CU - 2.60% (22-mo) (min $250) (2.85% $100K+) account review
- Advanta Bank - 2.60% (min $10K), account review
- eBank - 2.60% (min $1K)
- Flagstar - 2.40% (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
- EverBank - 2.35% ($1.5K min) account review
- Crane FCU - 2.32% (min $500) account review
- Northwest FCU - 2.25% (min $500) add-on, account review
- MetLife Bank - 2.20% (min $50K) account review
- iGobanking - 2.12% (min $500), 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)
- Alliant Credit Union - 3.25% (min $25K) account review
- Acacia Federal Savings Bank - 3.25% (min $500) account review
- State Bank of India - 3.24% (min $5K) account review
- Discover Bank - 3.20% (min $2.5K) account review
- Intervest - 3.10% (min $2.5K), account review
- Ally/GMAC Bank - 3.10% (min $0) 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
- Nationwide Bank - 2.70% (min $500) account review
- Air Force FCU - 2.70% (min $25K) membership restrictions account review
- KeyDirect - 2.65% (min $5K), 2.90% w/chk, Not all states, account review
- Agriculture FCU - 2.65% (min $1K) account review
- H&R Block Bank - 2.50% (min $250) account review
- Northrop Grumman FCU - 2.34% (min $40K), account review
- Bank of Internet - 2.25% (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
- Alliant Credit Union - 3.50% (min $25K) account review
- Acacia Federal Savings Bank - 3.50% (min $500) 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
- FNBO Direct - 3.25% (min $500) account review
- Ally/GMAC Bank - 3.25% (min $0) account review
- National Bank of KC - 3.25% (min $10K) account review
- Bank of America DOW - 3.11% (min $1K) account review
- Advanta Bank - 3.00% (min $10K), account review
- Countrywide/BofA - 3.00% (min $10K), account review
- Nationwide Bank - 3.00% (min $500) account review
- Third Federal - 3.00% (min $500) account review
- KeyDirect - 2.90% (min $5K), 3.15% w/chk, Not all states, account review
- Flagstar - 2.75% (min $500), 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
- Discover Bank - 3.70% (min $2.5K) account review
- State Bank of India - 3.70% (min $5K) account review
- Intervest - 3.66% (min $2.5K), account review
- UFB Direct - 3.65% (min $8K)
- FNBO Direct - 3.51% (min $500) account review
- Gateway Regional CU - 3.51% (min $1K) restrictions to membership, account review
- US Bank - 3.50% (59 mo) (min $1K) account review
- Connexus CU - 3.50% (min $1K) account review
- Alliant Credit Union - 3.50% (min $25K) account review
- Ally/GMAC Bank - 3.50% (min $0) account review
- iGobanking - 3.50% (min $500), account review
- Northwest FCU - 3.43% (min $25K) account review
- Apple FCU - 3.40% (min $50K) account review
- Agriculture FCU - 3.40% (min $1K), account review
- E-LOAN - 3.35% ($10K min) account review
- Mutual Bank - 3.31% (min $2.5K) account review
- Advanta Bank - 3.30% (min $10K), account review
- Nationwide Bank - 3.30% (min $500) account review
- Delta Community CU - 3.25% (min $1K) account review
- Third Federal - 3.25% (min $500) account review
- Navy FCU - 3.20% ($20K min) (3.35% for $100K+) restrictions to membership, account review
- KeyDirect - 3.15% (min $5K), 3.40% w/chk, Not all states, account review
- EverBank - 3.10% ($1.5K min) account review
- Consumers CU - 3.10% (59-mo) (min $250) (3.35% $100K+) account review
- Credit Union of Georgia - 3.04% (min $50K), account review
- Firstmark CU - 3.04% (min $50K) account review
- Mountain America CU - 3.00% (min $1K) account review
- Salem Five Bank - 3.00% (min $10K), account review
- Dollar Savings Direct - 3.00% (min $1K) account review
- Telcom Credit Union - 3.00% (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
- 1st Source Bank - 2.40% (min $500) account review
- Western FCU - 2.21% (min $40K) account review
84-Month Certificate of Deposit:
- Pentagon Federal CU - 4.00% (min $1K), account review
- Discover Bank - 3.75% (min $2.5K) account review
- Navy FCU - 3.75% ($20K min) restrictions to membership, account review
- Third Federal - 3.75% (6-yr) (min $500) account review
- Intervest - 3.67% (min $2.5K), account review
- KeyDirect - 3.40% (min $5K) 3.65% w/chk, Not all states, account review
- Countrywide/BofA - 2.10% (min $10K), account review
- Capital One/Costco - 2.05% (min $5K) account review
- Capital One - 2.00% (min $5K) 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
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- Connecticut deals and CD rates
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- 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
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Bank Account Alternatives
- Money Magazine article on risk-free investments
- GE Interest Plus - 2.65% rate for $50k+
- Fidelity Money Market Fund - 0.73% 7-day yield (reviews on Fatwallet)
- Vanguard Tax-Exempt Money Market Fund - 0.53% 7-day yield
- Vanguard Prime Money Market Fund - 0.44% 7-day yield
- TIAA-CREF Money Market Fund - 0.32% 7-day yeild
- Fidelity Municipal Money Market Fund - 0.34% 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, Sunday, May 24, 2009 - 3:19 AM
Everbank's MMA rate (after promo) is incorrect.
Anonymous - #2, Sunday, May 24, 2009 - 3:23 AM
To clarify, you have Everbank MMA listed twice -- one with the correct post-promo APY; the other with an incorrect APY.
Anonymous - #3, Sunday, May 24, 2009 - 10:06 AM
I don't know if the rates are correct, but I presume that one listing is for the checking account and the other for the MMA.
Anonymous - #4, Sunday, May 24, 2009 - 10:18 AM
Does anyone know whether a bank is allowed to change the provisions in its disclosures for a CD during the term of the CD? I recently had a CD that matured. The disclosures when I opened the account indicated that there was a 20-day grace period after maturity during which one could decide whether to let the CD renew. However, when my notice of maturity came, it said the grace period was 10 days. When I inquired about this, I was told by a CSR that the disclosures had changed in the interim.
Banking Guy (anonymous) - #5, Sunday, May 24, 2009 - 4:00 PM
About EverBank's 3mo intro rate, I'm listing it as APY rather than rate. That adds another 3bps. Refer to this post for details about this.
About a bank's right to change the grace period during a CD term, I'm not sure. This helpwithmybank.gov website has a few rules that National Banks must follow. Regarding CDs, it seems they have to follow the Account Agreement that they gave you when you opened the CD. However, the Account Agreement may only apply during the CD term. Since the grace period is after the CD maturity, they may be allowed to change the grace period. If it is allowed, it's surely sneaky, and if it has affected you, I would take it up to the bank's management.
Anonymous - #6, Monday, May 25, 2009 - 11:53 AM
It's not the Everbank intro. rate I am talking about (hence, the "after promo" in my post). It's the 2.54% APY you list:
# EverBank - 2.54% ($1.5K min), 3 mo promo rate of 2.51%, account review
That number (2.54%) is not correct -- it should 1.87% APY when you include the 3 mo. promo rate in the APY, or 1.65% APY if you do not include the promo rate. There is not way to achieve a 2.54% APY for the first year.
Full details:
Rates and Annual Percentage Yields (APYs) shown are current as of 5/21/2009 12:00:00 AM. Minimum opening deposit of $1,500 is required. In any month that your average monthly balance falls below $5,000 a $8.95 monthly fee applies. Fees may reduce earnings. This is a variable rate account and any of the rates may change at any time without notice. This bonus rate and New Account First-Year APYs are available to first-time EverBank account holders only and is limited to one account per household. The bonus rate of 2.51% will apply to the first $50,000 on deposit for the first three months after account opening (the "Bonus Period ") and may change at any time prior to account opening. New Account First-Year APY for Balances up to and including $50,000: This corresponds to an Annual Percentage Yield (APY) for the 12 month period after the account is opened ("New Account First-Year APY " or "First Year APY") based on the current ongoing rates shown here the current bonus rate and the average collected daily balance on your account of 1.87%. New Account First-Year APY for balances greater than $50,000: During the Bonus Period balances of $50,001 and greater will earn an interest rate of 2.51% for the first $50,000 and will earn the ongoing rate or current rate for all amounts above $50,000. The current rate is 1.64% and is subject to change without notice at any time, including during the bonus period. All funds in the account will earn the applicable ongoing rate or current rate, currently 1.64%, after the Bonus Period ends. Assuming the highest balance in the account is $10,000,000 the range of First-Year APYs available for this highest tier based on the bonus rate the ongoing rate and the average collected daily balance on your account for the 12 month period after the account is opened is 1.87%-1.65% APY. Without the Bonus Rate: Without this bonus offer the current APY for this account as of 5/21/2009 12:00:00 AM is 1.65% regardless of deposit amount.
Banking Guy (anonymous) - #7, Monday, May 25, 2009 - 3:29 PM
In my opinion, this year-based APY is not useful. As I explained in that EverBank post:
In my opinion, the new way EverBank reports the 3-month promo APY is confusing. Listing the first-year APY doesn't make it easy to compare it with other promos and other ongoing APY's. So I'm going to keep converting this to the current APY when I list it in my weekly summaries. Savings accounts are variable rate accounts, and it's well known that rates will likely change during a year. So listing a first-year APY for a savings account is not useful in my opinion.
Anonymous - #8, Wednesday, May 27, 2009 - 4:17 PM
The yield on the 30-year US Treasury bond soared today to 4.64%, its highest level in over 9 1/2 months. If this trend continues, perhaps we will see CD rates begin to rise again.
Banking Guy (anonymous) - #9, Wednesday, May 27, 2009 - 6:40 PM
Thanks for the news. Seems like it could start leading to higher long-term CD rates.
Anonymous - #10, Sunday, May 31, 2009 - 6:09 PM
I don't know how to say this more clearly: it is not a question of how APY is calculated. It is that you are listing 2.54% as the rate for Everbank MMA. This rate is not achievable. It is simply inaccurate, outdated data. How many times do you need to hear this before realizing you are publishing inaccurate info.? 2.54% is NOT the interest rate for an Everbank MMA, no matter HOW you calculate it. Thus, "EverBank - 2.54% ($1.5K min), 3 mo promo rate of 2.51%, account review" is wrong.
Banking Guy (anonymous) - #11, Sunday, May 31, 2009 - 6:29 PM
On EverBank's front page, it lists the 3-mo bonus rate as 2.51% for both their MMA and checking. I clearly label this as the a 3-mo promo rate in the list. I also include the standard MMA rate in the list which is currently 1.65% APY.
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