Bank Deals Weekly Summary for October 10, 2009

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Oct 10, 2009 - 7:59 PM by Ken Tumin

Hot Deals, Quick Link for Rates, Recap of this week's posts

Yesterday was one of the rare Fridays this year in which there were no bank failures. Perhaps this is the calm before the storm? I reviewed this and other FDIC issues in yesterday's post.

The big news story of this week was the falling dollar. According to this WSJ article:
The biggest story in the world economy is the continuing fall of the U.S. dollar, or at least it is everywhere outside of Washington, D.C., the place most responsible for its declining value. For good reason, the world is wondering if America has cast the dollar adrift.

If you want to hedge against the falling dollar, one way is EverBank's WorldCurrency CDs. These are FDIC-insured CDs. However, that does not guarantee against currency risk so you can still lose principal. These CDs are really meant to be more of a long-term investment. I described details of these CDs in this 2007 post which includes transcripts of my interview of an EverBank executive. One example of the risk with these CDs was last year when Iceland CDs lost value. As I described in this March post, Iceland was hit hard in last year's financial crisis, and those who invested in Iceland CDs lost quite a bit of their money.

Savings Account Rates

Savings account rates continued to trend downward. The only positive news this week was my addition of a money market account to the list. It's from Connexus Credit Union, and it has a top rate of 2.25% APY for balances of at least $100K. Membership in the credit union is open via an association membership (see post).

Rate Hikes:
  1. Connexus Credit Union MMA - 1.50% to 2.25% (added to the list)
Rate Drops:
  1. UFB Direct US Savings - 1.80% (was 1.85%)
  2. CNB Bank Direct Savings - 1.70% (was 1.85%)
  3. OneWest Bank E-MMA - 1.65% (was 1.75%)
  4. Intervest MMA - 1.62% (was 1.65%)
  5. AIG Bank MMA - 1.61% (was 1.65%)
  6. Citibank Ultimate Savings - 1.20% (was 1.25%)
  7. Amegy Bank MMA - 1.00% to 1.20% (was 1.20%)
Certificate of Deposit Rates

ING Direct came out this week with a good deal on a 12-month CD. It's called an Added Value CD. They offer an extra 0.15% above their standard 2.10% APY when you fund the CD with new money. That results in a very competitive 1-year CD APY of 2.25%. It has no minimum deposit requirement, and it's very easy to open and manage (see review). However, one issue with ING Direct CDs is that they don't accept beneficiaries.

If you need beneficiaries on your CDs, you can still get 2.25% APY on a 1-year CD at MetLife Bank and 2.30% APY on a 1-year CD at Alliant Credit Union. Both have a minimum deposit of $25,000.

Amboy Direct has a good deal on its eSavings 12-month CD. The rate increased this week from 2% to 2.10% APY. It's a limited add-on CD which allows additional deposits for the first 6 months. The maximum balance allowed is $100,000 (see review). Add-on CDs can be a useful hedge against rates staying low. I have a list of add-on CDs and other liquid CDs in this post along with a review of these liquid features.

Below are some of the best nationwide and local CD deals that are still active.

Best Nationwide CD Deals as of 10/10/09: Also listed are savings account promos with rate guarantee periods. The full list of nationwide CD rates is farther down.
  1. 2.51% 3-mo money market/checking promo at EverBank (account review)
  2. 2.00% 3-mo savings account promo at 1st Constitution Direct (account review)
  3. 2.00% 7-mo CD at America's CU (account review)
  4. 2.00% 9-mo CD at Digital CU (account review)
  5. 2.30% 12-mo CD at Alliant CU (account review)
  6. 2.25% 12-mo CD at MetLife Bank (account review)
  7. 2.25% 12-mo CD at ING Direct (account review)
  8. 2.25% 16-mo CD at DollarSavingsDirect (account review)
  9. 2.40% 18-mo CD at Alliant CU (account review)
  10. 2.55% 24-mo CD at Alliant CU (account review)
  11. 2.50% 24-mo CD at Hudson City Savings (account review)
  12. 3.00% 36-mo CD at Hudson City Savings (account review)
  13. 3.00% 36-mo CD at Alliant CU (account review)
  14. 3.25% 48-mo CD at Hudson City Savings (account review)
  15. 3.80% 60-mo CD at Melrose CU (account review)
  16. 3.70% 60-mo CD at Apple FCU (account review)
  17. 3.50% 60-mo CD at iGObanking (account review)
  18. 3.50% 60-mo CD at Hudson City Savings (account review)
  19. 3.40% 60-mo CD at Mountain America CU (account review)
Best Local CD Deals as of 10/10/09: Some of the best CD deals are from banks and credit unions that don't offer accounts nationwide. Refer to the recap section and the state index section to find all the recent local deals. Here are some of the best deals to note.
  1. 2.25% 6-mo CD & 2.50% 12-mo CD at Atlanta Postal CU in GA (account review)
  2. 2.25% 7-mo CD at Eastern Financial Florida CU (account review)
  3. 2.25% 7-mo CD & 2.40% 11-mo CD at Fort Knox FCU in KY (account review)
  4. 2.25% 6-mo CD ($25K max) at STC Capital Bank in Chicago (account review)
  5. 2.10% 7-mo to 13-mo CD at Washington Federal Bank for Savings in Chicago (account review)
  6. 3.00% 15-mo CD at Bartow County Bank in GA (account review)
  7. 2.58% 12-mo CD at Fort Bragg FCU in NC (account review)
  8. 2.50% 13-mo CD & 2.26% 7-mo CD at The Farmers Bank in TN (account review)
  9. 2.50% 12-mo CD at Eastman CU in Several States (account review)
  10. 2.50% 15-mo CD at Dupaco Community CU in IA, IL & WI (account review)
  11. 2.40% 15-mo CD & 2% 6-mo CD at Southern Commerce Bank in FL (account review)
  12. 2.50% 16-mo Jumbo CD at Teachers FCU in NY (account review
  13. 2.65% 18-mo CD & 2.40% 11-mo CD at Island FCU in NY (account review)
  14. 2.78% 25-mo CD at Crane FCU in IN (account review)
  15. 2.75% 24-mo CD at First Priority CU in MA (account review)
  16. 2.50% 23-mo CD at Regions Bank in Several States (account review)
  17. 3.00% 27-mo CD & 2.25% 15-mo CD at Enterprise Bank of SC (account review)
  18. 4.15% 60-mo CD at Neighborhood CU in TX (account review)
  19. 4.07% 60-mo CD at IH Mississippi Valley CU in IL & IA (account review)
  20. 4.07% 60-mo CD at United Community CU in IL & MO (account review)
  21. 4.00% 60-mo CD at PFFCU in Philadelphia (account review)
  22. 4.00% 72-mo CD at
    1st Commonwealth Bank of Virginia (account review)
Reward Checking Accounts

I reported on three new reward checking accounts this week with yields of 3.25%, 4.25% and 5.00%. All are local deals.

To see all of the high yield reward checking accounts available throughout the nation, please refer to my High Yield Checking website. Note, I'm in the process of updating rates.

Recap for the Week - Links to This Week's Posts

Banking News
Savings Accounts - National
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 October 10, 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 10/15/09: H&R Block Bank 2% 6mo CD has expired. Removed in lists above.

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