Bank Deals Weekly Summary for October 17, 2009
Oct 17, 2009 - 4:39 PM by Ken Tumin
Hot Deals, Quick Link for Rates, Recap of this week's posts
Three of the mega banks reported on their third quarter results. JPMorgan Chase's investment banking division helped it to record a $3.6 billion in profit even with losses in its consumer loans. Bank of America and Citigroup both depend more on consumer lending, and that resulted in much poorer performance. Citigroup eked out a small profit, and Bank of America posted a $1 billion net loss (see Washington Post article).
Deposits have grown substantially at both Bank of America and Citibank while loans have declined. That's not a good sign for savers. The banks have little incentive to raise deposit rates.
From Bank of America's Q3 earnings press release:
From Citigroup's Q3 earnings press release:
However, JPMorgan Chase reported some deposit declines in Q3. From JPMorgan Chase Q3 earnings press release:
I wonder how many deposits they have been losing in the last few months as those high-yield WaMu CDs matured. If you have one of those CDs, make sure you don't let it automatically renew. You could end up with a 0.25% 12-month CD, and if you want to close it before the next maturity, Chase will take over 3% of the principal (see post).
Inflation News
In other news, the Labor Department reported September CPI data. The CPI-U rose 0.2%. According to this MarketWatch article:
I wonder how they arrived at the lower food costs. I sure haven't seen this with my grocery bills over the last year.
The MarketWatch article noted that "The CPI report indicates little inflationary pressure in an economy that is still underperforming on an historical scale." So don't expect change in the Fed's policy any time soon.
Even though CPI has fallen 1.3% over the last year, it has risen 3.07% on an annualized basis in the last six months. Consequently, we can expect the I Bond inflation component of 3.07% in November (see post). That's a nice change from the -5.56% inflation component that came out last May.
Savings Account Rates
Savings account rates continued to trend downward. We lost another 2% savings account. It's at Peoples Bank in North Carolina. I first reported on its internet e.Savings Account in July when the rate was 2.02% APY for balances of at least $10K. The new rate is now 1.81% APY. At least they continue to accept out-of-state savings account customers. They stopped accepting out-of-state reward checking customers in September.
On a positive note, I reported on a new online savings account being offered by Pinnacle Bank of Nebraska that's paying 2.05% APY on all balances, and there's even a $50 sign-up bonus. Unfortunately, it's limited to only 5 states. Hopefully, this will prevent the bank from being overwhelmed with deposits (see account review).
On another positive note, SFGI Direct continues to offer 2.25% APY on all balances. They just started accepting new customers again on September 30th (see post). They don't have much history, so it's hard to say how long they'll remain on top. Two institutions that have some history behind their top rates are Alliant Credit Union (see post) and 1st Constitution Direct (see post).
Rate Hikes:
CD rates didn't change much this week. There were a few rate cuts on short-term CDs at Ally Bank and OneWest Bank. The best deals continue to be at ING Direct which is offering a 2.25% APY 12-month CD for new money (see review). MetLife Bank's promotional 12-month CD also continues with a 2.25% APY for a $25K minimum balance (see review). The best nationwide CD deal continues to be at Alliant Credit Union with a 2.30% APY 12-month CD (see review).
Below are some of the best nationwide and local CD deals that are still active.
Best Nationwide CD Deals as of 10/17/09: Also listed are savings account promos with rate guarantee periods. The full list of nationwide CD rates is farther down.
I reported on three new reward checking accounts this week with yields of 3.00%, 3.25% and 5.01%. All are local deals. I added one bank to my nationwide list. The bank is Reliabank Dakota, and it's offering a 4.07% APY for balances up to $25K (see account review).
One popular bank offering a nationwide reward checking account lowered its rate this week. City National Bank, a small Texas bank, cut its rate from 3.28% to 2.65% APY. What makes this bank special was that it's one of the few which has no balance cap. All balances qualify for the top rate if the typical reward checking requirements at met. The bank had kept this 3.28% APY since January 2008 (see account review). Based on the bank's FDIC data, the deposits have shown a lot of growth over the last year: from $119 million to $155 million (+30%). However, loans have only grown from $60 million to $62 million (+3%). Debit card usage can help banks maintain the high reward checking rates, but the impact is less for larger deposit balances. For these cases, loans become more important, and it's clear City National Bank's loans haven't kept up with its deposits.
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
CD Deals - National
Reward Checking Accounts
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 17, 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)
Three of the mega banks reported on their third quarter results. JPMorgan Chase's investment banking division helped it to record a $3.6 billion in profit even with losses in its consumer loans. Bank of America and Citigroup both depend more on consumer lending, and that resulted in much poorer performance. Citigroup eked out a small profit, and Bank of America posted a $1 billion net loss (see Washington Post article).
Deposits have grown substantially at both Bank of America and Citibank while loans have declined. That's not a good sign for savers. The banks have little incentive to raise deposit rates.
From Bank of America's Q3 earnings press release:
Excluding Countrywide and Merrill Lynch, retail deposits grew $20.9 billion, or 4 percent, from the year-ago quarter.
From Citigroup's Q3 earnings press release:
Deposits were $833 billion, up $28 billion from the second quarter of 2009. Deposit growth was strong in both Transaction Services and Regional Consumer Banking.
However, JPMorgan Chase reported some deposit declines in Q3. From JPMorgan Chase Q3 earnings press release:
Average total deposits were $339.6 billion, up 62% from the prior year (primarily due to the Washington Mutual transaction) and down 2% from the prior quarter.
I wonder how many deposits they have been losing in the last few months as those high-yield WaMu CDs matured. If you have one of those CDs, make sure you don't let it automatically renew. You could end up with a 0.25% 12-month CD, and if you want to close it before the next maturity, Chase will take over 3% of the principal (see post).
Inflation News
In other news, the Labor Department reported September CPI data. The CPI-U rose 0.2%. According to this MarketWatch article:
In the past year, the CPI has fallen 1.3%, while the core rate has risen 1.5%. Prices for food fell 0.2% in the past year, the first decline since 1967.
I wonder how they arrived at the lower food costs. I sure haven't seen this with my grocery bills over the last year.
The MarketWatch article noted that "The CPI report indicates little inflationary pressure in an economy that is still underperforming on an historical scale." So don't expect change in the Fed's policy any time soon.
Even though CPI has fallen 1.3% over the last year, it has risen 3.07% on an annualized basis in the last six months. Consequently, we can expect the I Bond inflation component of 3.07% in November (see post). That's a nice change from the -5.56% inflation component that came out last May.
Savings Account Rates
Savings account rates continued to trend downward. We lost another 2% savings account. It's at Peoples Bank in North Carolina. I first reported on its internet e.Savings Account in July when the rate was 2.02% APY for balances of at least $10K. The new rate is now 1.81% APY. At least they continue to accept out-of-state savings account customers. They stopped accepting out-of-state reward checking customers in September.
On a positive note, I reported on a new online savings account being offered by Pinnacle Bank of Nebraska that's paying 2.05% APY on all balances, and there's even a $50 sign-up bonus. Unfortunately, it's limited to only 5 states. Hopefully, this will prevent the bank from being overwhelmed with deposits (see account review).
On another positive note, SFGI Direct continues to offer 2.25% APY on all balances. They just started accepting new customers again on September 30th (see post). They don't have much history, so it's hard to say how long they'll remain on top. Two institutions that have some history behind their top rates are Alliant Credit Union (see post) and 1st Constitution Direct (see post).
Rate Hikes:
- None
- Peoples Bank e.Savings - 1.81% (was 2.02%)
- UFB Direct US Savings - 1.75% (was 1.80%)
- Union Federal Savings Bank MMA - 1.70% (was 1.80%)
- Ally Bank Savings - 1.70% (was 1.80%)
- Ally Bank MMA - 1.65% (was 1.70%)
- OneWest E-MMA - 1.60% (was 1.75%)
- Hudson City MMA - 1.60% (was 1.75%)
- Intervest MMA - 1.60% (was 1.62%)
- WT Direct Savings - 1.51% (was 1.66%)
CD rates didn't change much this week. There were a few rate cuts on short-term CDs at Ally Bank and OneWest Bank. The best deals continue to be at ING Direct which is offering a 2.25% APY 12-month CD for new money (see review). MetLife Bank's promotional 12-month CD also continues with a 2.25% APY for a $25K minimum balance (see review). The best nationwide CD deal continues to be at Alliant Credit Union with a 2.30% APY 12-month CD (see review).
Below are some of the best nationwide and local CD deals that are still active.
Best Nationwide CD Deals as of 10/17/09: Also listed are savings account promos with rate guarantee periods. The full list of nationwide CD rates is farther down.
- 2.51% 3-mo money market/checking promo at EverBank (account review)
- 2.00% 3-mo savings account promo at 1st Constitution Direct (account review)
- 2.00% 7-mo CD at America's CU (account review)
- 2.00% 9-mo CD at Digital CU (account review)
- 2.30% 12-mo CD at Alliant CU (account review)
- 2.25% 12-mo CD at MetLife Bank (account review)
- 2.25% 12-mo CD at ING Direct (account review)
- 2.25% 16-mo CD at DollarSavingsDirect (account review)
- 2.40% 18-mo CD at Alliant CU (account review)
- 2.55% 24-mo CD at Alliant CU (account review)
- 2.50% 24-mo CD at Hudson City Savings (account review)
- 3.00% 36-mo CD at Hudson City Savings (account review)
- 3.00% 36-mo CD at Alliant CU (account review)
- 3.25% 48-mo CD at Hudson City Savings (account review)
- 3.80% 60-mo CD at Melrose CU (account review)
- 3.70% 60-mo CD at Apple FCU (account review)
- 3.50% 60-mo CD at iGObanking (account review)
- 3.50% 60-mo CD at Hudson City Savings (account review)
- 3.40% 60-mo CD at Mountain America CU (account review)
- 2.25% 6-mo CD & 2.50% 12-mo CD at Atlanta Postal CU in GA (account review)
- 2.25% 6-mo CD ($25K max) at STC Capital Bank in Chicago (account review)
- 2.10% 7-mo to 13-mo CD at Washington Federal Bank for Savings in Chicago (account review)
- 2.50% 8-mo CD at Bartow County Bank in GA (account review)
- 2.58% 12-mo CD at Fort Bragg FCU in NC (account review)
- 2.50% 13-mo CD & 2.26% 7-mo CD at The Farmers Bank in TN (account review)
- 2.35% 12-mo CD at Eastman CU in Several States (account review)
- 2.50% 15-mo CD & 3% 27-mo CD at Dupaco Community CU in IA, IL & WI (account review)
- 2.40% 15-mo CD & 2% 6-mo CD at Southern Commerce Bank in FL (account review)
- 2.30% 15-mo CD at TIB Bank in South FL (account review)
- 2.50% 16-mo Jumbo CD at Teachers FCU in NY (account review)
- 2.65% 18-mo CD & 2.40% 11-mo CD at Island FCU in NY (account review)
- 2.78% 25-mo CD at Crane FCU in IN (account review)
- 2.75% 24-mo CD at First Priority CU in MA (account review)
- 2.72% to 2.93% 24-mo CD at Numerica CU in WA & ID (account review)
- 2.50% 23-mo CD at Regions Bank in Several States (account review)
- 3.00% 27-mo CD & 2.25% 15-mo CD at Enterprise Bank of SC (account review)
- 4.07% 60-mo CD at IH Mississippi Valley CU in IL & IA (account review)
- 4.07% 60-mo CD at United Community CU in IL & MO (account review)
- 4.00% 60-mo CD at PFFCU in Philadelphia (account review)
- 4.00% 72-mo CD at
1st Commonwealth Bank of Virginia (account review)
I reported on three new reward checking accounts this week with yields of 3.00%, 3.25% and 5.01%. All are local deals. I added one bank to my nationwide list. The bank is Reliabank Dakota, and it's offering a 4.07% APY for balances up to $25K (see account review).
One popular bank offering a nationwide reward checking account lowered its rate this week. City National Bank, a small Texas bank, cut its rate from 3.28% to 2.65% APY. What makes this bank special was that it's one of the few which has no balance cap. All balances qualify for the top rate if the typical reward checking requirements at met. The bank had kept this 3.28% APY since January 2008 (see account review). Based on the bank's FDIC data, the deposits have shown a lot of growth over the last year: from $119 million to $155 million (+30%). However, loans have only grown from $60 million to $62 million (+3%). Debit card usage can help banks maintain the high reward checking rates, but the impact is less for larger deposit balances. For these cases, loans become more important, and it's clear City National Bank's loans haven't kept up with its deposits.
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
- 99th Bank Failure of 2009 - San Joaquin Bank in California
- Update on Series I Savings Bonds: Next Inflation Component Will Be 3.07%
- Credit Card Fee Legislation May Impact Reward Checking Accounts
CD Deals - National
- Rip-off Alert - Chase CD Early Withdrawal Penalty
- Update on Wilshire State Bank Installment Savings Accounts - Available Nationwide
- Amboy Direct Increases Rate of 12-Month Add-On CD to 2.10% - Available Nationwide
Reward Checking Accounts
- 5.01% Reward Checking Account at Landmark Bank in Louisiana - Local Only
- 3.00% Reward Checking Account at F&M Bank in Tennessee - Local Only
- Reward Checking Account Update - Another Nationwide Deal
- 3.25% Reward Checking Account and 1.85% Online Savings Account at QNB Bank in PA - Local Only
- 3.00% 29-Month CD at New Carlisle Federal Savings Bank in Ohio - Local Only
- World Series Certificate Special with a Rate up to 2.93% for 24 Months at Numerica Credit Union in WA & ID - Local Only
- 2.75% 12-Month CD at F&M Bank in Tennessee - Local Only
- 2.00% 6-Month CD at Vision Bank Texas - Local Only
- 2.50% 13-Month CD & 3.00% 25-Month CD at The East Carolina Bank - Local Only
- 4.00% 7-Month ($2.5K Max) at Technology Credit Union in CA on International Credit Union Day - Local Only
- 2.30% 15-Month CD at TIB Bank in Florida - Local Only
- 2.25% 15-Month CD at American Heritage FCU in Philadelphia - Local Only
- 2.20% 16-Month CD & 2% 8-Month CD at San Francisco FCU - Local Only
- 2.90% 29-Month CD at Money One FCU in Maryland - Local Only
- 2.00% 5-Month CD at Chartway FCU in Several States
- 2.30% 18-Month CD & Other Competitive CDs at FirsTier Bank in Colorado - 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 October 17, 2009
Checking/Savings/Money Market Accounts:
- EverBank - 2.51% ($5K min), 3 mo promo rate up to $50K (1.51% stnd) account review
- SFGI Direct - 2.25% ($25 min) account review
- ShoreBank - 2.15%, account review
- SmartyPig - 2.01% (min $25) withdrawal restrictions, account review
- 1st Constitution Direct - 2.00% (min $100), 3 mo promo (1.96% $10K+ stnd) account review
- ProvidentNJ Direct - 2.00% (min $50), 3 mo promo (1.50% $10K+ stnd) account review
- Alliant Credit Union - 2.00% (min $100), account review
- Redneck/AmericaNet/Evantage Bank - 2.00% (up to $35K, 1% over) rates starting 5/5/09 account review
- Connexus CU - 1.90% MMA (min $20K) (2.25% $100K+) account review
- American Express Bank - 1.85%, account review
- Discover Bank - 1.85% Savings (min $500) account review
- Flagstar - 1.81% MMA, account review
- Peoples Bank - 1.81% ($500 min) account review
- Newtown Savings Bank - 1.80%, account review
- EBSB Direct - 1.77% (min $50K) account review
- Clear Sky Accounts - 1.75% account review
- Alliant Credit Union - 1.75% Checking, required direct deposit, account review
- FNCB Bank - 1.75% (min $100) account review
- Bank of Internet - 1.75% (min $100) account review
- Capital One/Costco - 1.75% InterestPlus Savings ($5K min) quarterly bonuses for $15K+, account review
- Wilshire State Bank - 1.75%, chk required (min $500) account review
- First Trade Union Bank - 1.75% ($2.5K min) account review
- Delta Community CU - 1.75% MMA (min $25K) 2.00% $100K+, account review
- UFB Direct - 1.75%, account review
- CNB Bank Direct - 1.70% account review
- Nationwide Bank - 1.70% MMA (min $1K) account review
- DollarSavingsDirect - 1.70% ($1K min) account review
- Bank of Internet - 1.70% MMA (min $100) account review
- Ally Bank - 1.70% Savings account review
- Union Federal Savings - 1.70% account review
- Heartland Bank Direct - 1.65% ($500 min), account review
- Bank of Internet - 1.65% Advantage Savings (min $100) account review
- CapitalOne/Costco - 1.65% Savings (min $10K, Costco members only, $60 deal for exec. members)
- Ally/GMAC Bank - 1.65% MMA account review
- ADB Bank - 1.60% account review
- Capital One - 1.60% (Savings) (min $10K) account review
- AIG Bank - 1.60% MMA (min $10K+) account review
- Intervest National Bank - 1.60% MMA (min $2.5K) account review
- OneWest Bank - 1.60% (min $10K) account review
- Hudson City Savings - 1.60% (min $2.5K) account review
- iGObanking - 1.56%, account review
- Salem Five Direct - 1.55% Savings, account review
- Savings Square - 1.55%, account review
- E-LOAN - 1.55% Savings Plus (min $5K) other requirements, account review
- Amboy Direct - 1.51% (min $3K) (eSavings) account review ($50 bonus)
- WTDirect - 1.51% ($10K min), account review
- Grand Yield Direct - 1.50% (min $2.5K) account review
- Bank of American Fork - 1.50% (min $1K) account review
- Seacoast Commerce Bank - 1.50% (min $25K) account review
- FNBO Direct - 1.50%, account review
- Danversbank - 1.50% account review
- United Central Bank - 1.45% MMA (min $5K) (1.65% $75K-$300K) account review
- State Farm Bank - 1.45% Checking (min $2.5K) account review
- CapitalOne/Costco - 1.40% MMA (min $1K, Costco members only, $60 deal for exec. members)
- Bank of America NEA - 1.40% MMA ($500 min) (1.50% for $50K+) account review
- Zions Bank - 1.40% MMA, outside of Utah, (min $2.5K) account review
- HSBC Direct - 1.35% account review
- UmbrellaBank - 1.35% MMA (min $1K) 1.74% ($50K+) account review
- Bank Provident Online - 1.35% (min $10) account review
- EmigrantDirect - 1.30%, account review
- ING Direct - 1.30%, (0.25% checking), post ($25 bonus)
- Choice Financial - 1.26% (min $5K), (1.51% $25K+, 1.76% $100K) account review
- TotalBank - 1.25% (min $1K) account review
- Presidential Bank - 1.25% (min $5K, 0.75% over $35K), account review
- UnivestDirect - 1.25%, (0.25% checking), account review
- Citibank - 1.20% (Ultimate Savings) account review
- Capital One - 1.20% MMA, account review
- Discover Bank - 1.20% MMA (min $2.5K) (1.50% $10K-$50K, 1.60% $50K-$100K) account review
- Imperial Capital - 1.16% MMA ($2.5K min) (1.35% for $100K+) account review
- Bank of Internet - 1.15% Checking (min $5K) account review
- Charles Schwab - 1.05% Savings, account review
- OneUnited - 1.01% (min $1K), account review
- Grand Yield Direct - 1.01% Checking (min $2.5K), must have the grand yield direct savings account for 30 days
- Amegy Bank - 1.00% (min $1K) account review
- Presidential Bank - 1.00% Checking (min $1K, 0.50% over $25K), requires direct deposit, account review
- iGObanking - 1.00% Checking, account review
- Imperial Capital - 0.88% Checking (min $1K) account review
- VirtualBank - 0.80% (min $100), (1.51% $25K+, 1.61% $50K+) post ($20 bonus)
- Salem Five Direct - 0.75% Checking (0.85% $100K+), account review
- Charles Schwab - 0.75% Checking, account review
- ETrade Bank - 0.50%, account review
3-Month Certificates of Deposit:
- Danversbank - 1.75% (4 mo) (min $500) account review
- TotalBank - 1.65% (min $1K) account review
- H&R Block Bank - 1.50% (min $5K) account review
- Consumers CU - 1.45% (min $500) account review
- Southeast Financial FCU - 1.45% (min $500) account review
- Wilshire State Bank - 1.26% (min $1K) account review
- FirstFedDirect - 1.25% (min $10K), account review
- UFB Direct - 1.25% (min $8K)
- Imperial Capital - 1.23%, ($2K min), account review
- Ally Bank - 1.20% (min $0) account review
- UmbrellaBank - 1.00% (min $1K) account review
6-Month Certificates of Deposit:
- America's CU - 2.00% (7 mo) (min $500) account review
- Ascencia Bank - 1.76% (min $500), account review
- Consumers CU - 1.75% (7-mo) (min $250) (2.00% $100K+) account review
- Southeast Financial FCU - 1.75% (min $500) account review
- TotalBank - 1.65% (min $1K) account review
- La Jolla Bank - 1.65% (min $10K), account review
- E-LOAN - 1.60% ($10K min) account review
- FirstFedDirect - 1.60% (min $10K), account review
- ING Direct - 1.55% account review
- Ally Bank - 1.55% (min $0) account review
- Wilshire State Bank - 1.51% (min $1K) account review
- Connexus CU - 1.50% (min $500) account review
- UmbrellaBank - 1.50% (min $1K) account review
- Excel National Bank - 1.50% (min $10K) account review
- Imperial Capital - 1.47% ($2K min), account review
9-Month Certificates of Deposit:
- Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
- Digital CU - 2.00% (min $500) account review
- E-LOAN - 1.76% ($10K min) account review
- Acacia Federal Savings Bank - 1.75% (10-mo) (min $500) account review
- NewDominion Bank - 1.67% (min $3K) account review
- UmbrellaBank - 1.66% (min $1K) account review
- TotalBank - 1.65% (min $1K) account review
- FirstFedDirect - 1.65% (min $10K) account review
- Ally Bank - 1.65% (min $0) No-Penalty, account review
- Imperial Capital - 1.62% ($2K min), account review
- Ally Bank - 1.60% (min $0) account review
- OneWest Bank - 1.60% (min $5K) account review
- NASA FCU - 1.50% (min $5K) account review
- Navy FCU - 1.50% ($10K min) restrictions to membership, account review
- Doral Bank Direct - 1.40% (min $1K) account review
- Bank of America - 0.65% (min $5K), risk-free, rates vary by state (account review)
12-Month Certificates of Deposit:
- Alliant Credit Union - 2.30% (min $25K) account review
- MetLife Bank - 2.25% (min $25K) account review
- Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
- FNCB Bank - 2.25% (15 mo) (min $5K) requires checking, account review
- ING Direct - 2.25%, new money (2.10% overwise) account review
- Melrose CU - 2.22% (min $5K) account review
- Northpointe Bank - 2.20% (min $5K) account review
- America's CU - 2.15% (13 mo) (min $500) account review
- Frontier Bank - 2.10% (min $50K) account review
- Amboy Direct - 2.10% Add-On (min $10K) account review
- UmbrellaBank - 2.06% (min $1K) account review
- Choice Financial - 2.05% (13 mo) (min $5K) add-on feature, account review
- Bank of Internet - 2.02% (min $1K) account review
- State Bank of India - 2.02% (min $5K) account review
- Franklin Synergy Bank - 2.01% account review
- Consumers CU - 2.00% (15-mo) (min $250) (2.25% $100K+) account review
- NewDominion Bank - 2.00% (min $3K) account review
- Discover Bank - 2.00% (min $2.5K) account review
- iGobanking - 2.00% (min $500), account review
- USAA Bank - 2.00% (15 mo) (min $1K) (2.30% $175K min) account review
- Ascencia Bank - 2.00% (min $500), account review
- Wilshire State Bank - 2.00% (min $10K), liquid features, account review
- Southeast Financial FCU - 2.00% (min $500) account review
- Nationwide Bank - 2.00% (min $500) account review
- Delta Community CU - 2.00% (min $1K) account review
- Ally Bank - 2.00% (min $0) account review
- Credit Union of Georgia - 1.97% (min $50K), account review
- E-LOAN - 1.95% ($10K min) account review
- Acacia Federal Savings Bank - 1.95% (min $500) account review
- Golf Savings Bank - 1.95% (min $10K) account review
- Pacific Mercantile Bank - 1.92% (min $10K) account review
- AIG Bank - 1.91% (min $2.5K) account review
- La Jolla Bank - 1.90% (min $10K), account review
- HSBC Direct - 1.85% (min $10) account review
- BankUnited - 1.85% (min $5K) account review
- OneWest Bank - 1.80% (min $5K) account review
- Seacoast Commerce Bank - 1.78% (min $10K) account review
- ISN Bank - 1.77% (min $1K) account review
- Imperial Capital - 1.77% ($2K min), account review
- Wilshire State Bank - 1.75% (min $1K) account review
- Connexus CU - 1.75% (min $500) account review
- Equity Bank - 1.75% (min $1K) account review
- TotalBank - 1.65% (min $1K) account review
- Tennessee Commerce Bank - 1.60% (min $5K) account review
- Geauga Savings Bank - 1.60% (min $1K) account review
- OneWest Bank/IndyMac - 1.55% (min $5K) liquid CD, account review
- Northwest FCU - 1.51% (min $500) add-on, account review
- Bank of America DOW - 1.50% (min $1K) account review
- Fifth Third - 1.50% (13 mo) (min $5K) not all states, account review
- UFB Direct - 1.50% (min $8K)
18-Month Certificates of Deposit:
- Citibank - 4.07% (min $200) (max $25K) requires secured credit card, account review
- Pacific Mercantile Bank - 2.53% IRA-only (min $7.5K) account review
- Alliant Credit Union - 2.40% (min $25K) account review
- Security Savings Bank - 2.30% (min $500) account review
- DollarSavingsDirect - 2.25% (16-mo) (min $1K) verified by phone on 10/17 account review
- Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
- FNCB Bank - 2.25% (min $5K) requires checking, account review
- Southeast Financial FCU - 2.25% (min $500) account review
- Flagstar - 2.25% (min $500), account review
- Northpointe Bank - 2.20% (17-mo) (min $5K) account review
- Nationwide Bank - 2.20% (min $500) account review
- NASA FCU - 2.20% (min $5K) account review
- MetLife Bank - 2.15% (min $25K) account review
- UmbrellaBank - 2.10% (min $1K), account review
- Discover Bank - 2.05% (min $2.5K), account review
- Equity Bank - 2.05% (min $1K) account review
- NewDominion Bank - 2.03% (min $3K) account review
- Ally Bank - 2.00% (min $0) account review
- Navy FCU - 2.00% ($10K min) restrictions to membership, account review
- AIG Bank - 1.96% (min $2.5K) account review
- OneWest Bank - 1.90% (min $5K) account review
- Citibank - 1.40% (min $500)
24-Month Certificates of Deposit:
- Alliant Credit Union - 2.55% (min $25K) account review
- Northpointe Bank - 2.55% (min $5K) account review
- Security Savings Bank - 2.50% (23 mo) (min $500) account review
- Hudson City Bank - 2.50% (min $5K) account review
- America's CU - 2.50% (25 mo) (min $500) account review
- Frontier Bank - 2.50% (min $50K) account review
- Melrose CU - 2.47% (min $5K) account review
- Northrop Grumman FCU - 2.44% (min $40K), account review
- Gateway Regional CU - 2.40% (min $1K) restrictions to membership, account review
- Equity Bank - 2.40% (min $1K) account review
- E-LOAN - 2.37% ($10K min) account review
- American Express Bank - 2.35% (min $0) account review
- Discover Bank - 2.35% (min $2.5K) account review
- Southeast Financial FCU - 2.35% (min $500) account review
- State Bank of India - 2.32% (min $5K) account review
- Ally Bank - 2.30% (min $0) account review
- Capital One - 2.30% (min $5K) account review
- Northwest FCU - 2.28% (min $500) add-on, account review
- NewDominion Bank - 2.28% (min $3K) account review
- ISN Bank - 2.28% (min $1K) account review
- AIG Bank - 2.26% (min $2.5K) account review
- USAA Bank - 2.25% (min $1K) (2.56% $175K min) account review
- MetLife Bank - 2.25% (min $25K) account review
- TriState Capital Direct - 2.25% (min $95K) account review
- OneWest Bank/IndyMac - 2.25% (min $5K) account review
- BankUnited - 2.20% (min $5K) account review
- Fifth Third - 2.15% (min $5K) not all states, account review
- iGobanking - 2.12% (min $500), account review
- Bank of America DOW - 2.11% (min $1K) account review
- EverBank - 2.10% ($1.5K min) account review
- Seacoast Commerce Bank - 2.08% (min $10K) account review
- Tennessee Commerce Bank - 2.05% (min $5K) account review
- Broadway Federal Bank - 2.02% (min $1K) account review
- Consumers CU - 2.00% (min $250) (2.25% $100K+) account review
36-Month Certificate of Deposit:
- Hudson City Bank - 3.00% (min $5K) account review
- Flagstar - 3.00% (min $500), account review
- Alliant Credit Union - 3.00% (min $25K) account review
- Melrose CU - 2.98% (min $5K) account review
- Security Savings Bank - 2.90% (35 mo) (min $500) account review
- Air Force FCU - 2.85% (min $25K) membership restrictions account review
- Frontier Bank - 2.80% (min $50K) account review
- Equity Bank - 2.76% (min $1K) account review
- Acacia Federal Savings Bank - 2.75% (min $500) account review
- Discover Bank - 2.75% (min $2.5K) account review
- Gateway Regional CU - 2.75% (min $1K) restrictions to membership, account review
- American Express Bank - 2.75% (min $0) account review
- Intervest - 2.74% (min $2.5K), account review
- NewDominion Bank - 2.71% (min $3K) account review
- Ally Bank - 2.70% (min $0) account review
- State Bank of India - 2.68% (min $5K) account review
- AIG Bank - 2.61% (min $2.5K) account review
- Nationwide Bank - 2.55% (min $500) account review
- iGobanking - 2.50% (min $500), account review
- H&R Block Bank - 2.50% (min $250) account review
- Pentagon Federal CU - 2.50% (min $1K), account review
- Agriculture FCU - 2.40% (min $1K) account review
- Tennessee Commerce Bank - 2.30% (min $5K) account review
- Bank of Internet - 2.25% (min $1K) account review
- Northrop Grumman FCU - 2.13% (min $40K), account review
48-Month Certificate of Deposit:
- Melrose CU - 3.34% (min $5K) account review
- Hudson City Bank - 3.25% (min $5K) account review
- Flagstar - 3.25% (min $500), account review
- BankUnited - 3.25% (min $5K) account review
- Alliant Credit Union - 3.25% (min $25K) account review
- Intervest - 3.10% (min $2.5K), account review
- Equity Bank - 3.00% (min $1K) account review
- iGobanking - 3.00% (min $500), account review
- Acacia Federal Savings Bank - 3.00% (min $500) account review
- Gateway Regional CU - 3.00% (min $1K) restrictions to membership, account review
- Frontier Bank - 3.00% (min $50K) account review
- Ally Bank - 2.95% (min $0) account review
- Discover Bank - 2.95% (min $2.5K) account review
- National Bank of KC - 2.90% (min $10K) account review
- American Express Bank - 2.90% (min $0) account review
- Bank of America DOW - 2.86% (min $1K) account review
- USAA Bank - 2.85% (min $1K) (3.15% $175K min) account review
- Nationwide Bank - 2.85% (min $500) account review
- Third Federal - 2.75% (min $500) account review
- Pentagon Federal CU - 2.75% (min $1K), account review
- Tennessee Commerce Bank - 2.50% (min $5K) account review
- Golf Savings Bank - 2.50% (min $10K) account review
- FNBO Direct - 2.25% (min $500) account review
60-Month Certificate of Deposit:
- Melrose CU - 3.80% (min $5K) account review
- Apple FCU - 3.70% (min $50K) account review
- Northwest FCU - 3.58% (min $25K) account review
- Hudson City Bank - 3.50% (min $5K) account review
- BankUnited - 3.50% (min $5K) account review
- iGobanking - 3.50% (min $500), account review
- Flagstar - 3.50% (min $500), account review
- Gateway Regional CU - 3.45% (min $1K) restrictions to membership, account review
- State Bank of India - 3.44% (min $5K) account review
- USAA Bank - 3.41% (min $1K) (3.72% $175K min) account review
- Discover Bank - 3.40% (min $2.5K) account review
- Acacia Federal Savings Bank - 3.40% (min $500) account review
- Mountain America CU - 3.40% (min $1K) account review
- E-LOAN - 3.40% ($10K min) account review
- OneWest Bank/IndyMac - 3.40% (min $5K) account review
- Ally Bank - 3.40% (min $0) account review
- Intervest - 3.27% (min $2.5K), account review
- Equity Bank - 3.26% (min $1K) account review
- Citibank - 3.25% (min $500) account review
- American Express Bank - 3.25% (min $0) account review
- Connexus CU - 3.25% (min $1K) account review
- Frontier Bank - 3.25% (min $50K) account review
- Alliant Credit Union - 3.25% (min $25K) account review
- NASA FCU - 3.25% (55 mo) (min $5K) account review
- AIG Bank - 3.21% (min $2.5K) account review
- Dime Savings Bank - 3.15% (min $500) account review
- Nationwide Bank - 3.15% (min $500) account review
- Agriculture FCU - 3.15% (min $1K), account review
- Navy FCU - 3.10% ($20K min) (3.25% for $100K+) restrictions to membership, account review
- Consumers CU - 3.00% (59-mo) (min $250) (3.25% $100K+) account review
- Third Federal - 3.00% (min $500) account review
- US Bank - 3.00% (59 mo) (min $1K) account review
- Pentagon Federal CU - 3.00% (min $1K), account review
- EverBank - 3.00% ($1.5K min) account review
- Credit Union of Georgia - 2.94% (min $50K), account review
- University FCU - 2.90% (min $2.5K), account review
- Delta Community CU - 2.85% (min $1K) account review
- Patelco CU - 2.58% ($1K min), account review
- USA FCU - 2.53% (min $1K) account review
- FNBO Direct - 2.51% (min $500) account review
- Western FCU - 2.20% (min $40K) account review
- 1st Source Bank - 1.90% (min $500) account review
84-Month Certificate of Deposit:
- Navy FCU - 4.00% ($20K min) restrictions to membership, account review
- Pentagon Federal CU - 4.00% (min $1K), account review
- Apple FCU - 4.00% (min $50K) (4.20% 10yr) account review
- USAA Bank - 3.61% (min $1K) (3.92% $175K min) account review
- Discover Bank - 3.55% (min $2.5K) (3.85% 10yr) account review
- Intervest - 3.29% (min $2.5K), account review
- Third Federal - 3.25% (6-yr) (min $500) account review
- Capital One/Costco - 2.45% (min $5K) account review
- Capital One - 2.40% (min $5K) account review
Various Deposit Account Deals
- Checking/Savings Account Bonuses
- Best IRA CD rates, local and nationwide deals
- 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
- GE Interest Plus - 2.30% rate for $50k+
- Fidelity Money Market Fund - 0.18% 7-day yield (reviews on Fatwallet)
- Vanguard Prime Money Market Fund - 0.18% 7-day yield
- Vanguard Tax-Exempt Money Market Fund - 0.14% 7-day yield
- Paypal Money Market Fund - 0.08% 7-day yield (1% cashback debit MasterCard)
- Fidelity Municipal Money Market Fund - 0.01% 7-day yield
- TIAA-CREF Money Market Fund - 0.01% 7-day yeild
- 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, October 17, 2009 - 9:03 PM
I haven't seen any decline in my grocery bills either. It should be noted that the food and beverage component of the CPI reflects a defined basket of goods, which must be quite different from what is in my basket. With some items, I've seen a reduction in portion size with no reduction in cost.
Anonymous - #2, Sunday, October 18, 2009 - 12:54 AM
I'm glad to see the idiots in society pouring their money into these mega banks that are offering them near ZERO savings rates.
It's also really nice to see the govt. pull the wool over everyone's eyes with regards to inflation.
Let's see, my real estate taxes went up 25% this year. Gas prices in my area are up 25% year over year. My health insurance premiums are going up at least 10% and they are elminating copays and moving towards co-insurance (so, I'm sure the real rate of inflation there is probably well over 20%), electric bills in my area have gone up about 10% year over year, water bills are up about 20% (since they claimed there was a drought once upon a time which is no longer the case), the used car market and car parts market has inflated due to the cash for morons program and the cost of flying has RISEN due to all of the baggage fees and other "hidden" surcharges related to flying.
So, yeah, inflation is almost non-existent you bunch of EVIL, LYING B*****ds!
Anonymous - #3, Sunday, October 18, 2009 - 11:11 AM
The only IDIOTS out there, are the people who keep voting for the incumbents that appoint the people who come with these deceptive calculations and are leading us to the slaughter.
Blogging Banks (anonymous) - #4, Sunday, October 18, 2009 - 11:39 AM
Hi Ken,
Chase $100 checking bonus is back:
http://www.bloggingbanks.com/2009/10/chase-100-checking-bonus-expiring-soon.html
Best Regards,
Blogging Banks
Blogging Banks (anonymous) - #5, Sunday, October 18, 2009 - 11:41 AM
Sorry, the new post should have been this:
http://www.bloggingbanks.com/2009/10/100-chase-checking-bonus-new.html
Blogging Banks
Ps Pls erase the previous post from me.
Anonymous - #6, Tuesday, October 20, 2009 - 11:47 AM
Chase can probably offer this bonus because of the bailout money that financial institutions received earlier. The current economic situation mirrors a little from the early 1980s. There was high unemployment, a recession, and big government deficits. The one big difference was that interest rates were over 10% for money market funds and mortgage rates were in the double digits. Inflation was also a big concern. I recalled back then that some economists indicated that the very high rates created other problems later for the economy. The stock market then zoomed to hew heights before the "big" crash in the market in 1987. I remember some articles written back then that the government wasn't going to follow that same path of pushing rates higher during a recession. People are putting money into these near 0% rate offerings because they are afraid that they could lose money. Look at the T-bill rates now. People are still putting money into them for getting virtually little return. If you want to make big money now, you unfortunately have to take on higher risk.
Anonymous - #7, Tuesday, October 20, 2009 - 9:20 PM
"It's a direct wealth transfer from savers and retirees to overly indebted borrowers,"
"But until rates go up, Wall Street will be chowing down on essentially free money, while fixed-income people living off their investments will have to eat into their capital, take more risk or reduce their standard of living."
People who rely on fixed income investments for their budget will be in a deep bind for a while. If it wasn't for me with a job that has annual COLA increases, my retired parents would be in a big financial bind by now (they were not into the market and had only some retirement money set aside).
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/19/AR2009101903569.html
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