Bank Deals Weekly Summary for January 2, 2010
Jan 2, 2010 - 3:36 PM by Ken Tumin
Hot Deals, Quick Link for Rates, Recap of this week's posts
Happy New Year! Let's hope that 2010 will be better for savers than 2009. Deposit rates were in decline for all of 2009. One year ago many savings accounts and 12-month CDs were paying over 3.50%. These rates are now about 2 percentage points lower.
The Fed didn't help any. Before 2009 started they slashed the fed funds rate to near zero, the lowest in history. There were hopes that once the financial crisis was over, they would raise rates above the crisis level. That didn't happen. At every FOMC meeting, the Fed continued to state that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
A few internet banks were major disappointments. At the start of 2009, E*TRADE Bank, OnBank (division of M&T Bank, N.A.) and Flagstar were offering competitive online savings accounts. Now all three only pay a tiny 0.50% on their savings accounts.
Another disappointment was what happened with Corus Bank. It had a long history of competitive money market and short-term CD rates. Corus Bank failed in 2009, and the deposits were assumed by MB Financial which decided it didn't want out-of-state customers.
Even though all banks and credit unions cut their rates in 2009, there were a few that stayed more competitive than others. Alliant Credit Union was one. Its savings account rate kept dropping during the first half of 2009, but when it hit 2%, Alliant stopped the cuts while others kept cutting. The 2% continues through this January 2010.
I would consider reward checking a success story for 2009. Yes, several banks have cut rates and some have stopped offering these accounts. However, there are still several that continue to offer rates of at least 4% for balances up to $25K, and the accounts are available nationwide. I'm actually surprised that they can continue to pay 4% when most online savings account rates have fallen to under 2%. Refer to my math behind reward checking accounts post to see how banks can afford to pay these rates.
Do you have any other disappointments or pleasant surprises for 2009?
Savings Account Rates
ShoreBank Direct had kept its savings account rates close to 2% for quite a while in 2009, but that ended this week when they cut the rate from 1.95% to 1.70%. Amboy Direct was another disappointment. Amboy's eSavings account rate had a big fall from 1.30% to 1.00%.
It has been almost two months since I first reported on the Incredible Bank and its 2.02% APY non-reward checking account. I'm glad they're still offering 2.02%, but I should point out that internet checking accounts don't have a history of maintaining rates higher than savings accounts. Remember the high-yield checking accounts at Salem Five Direct and Charles Schwab? Both of these are now paying under 1%.
EverBank continues to offer its 3-month 2.51% promo for its money market account and checking account, and the non-promo yield continues to be fairly competitive at 1.51% APY. I have a feeling these rates won't be lasting for too much longer.
Rate Hikes:
Pentagon Federal Credit Union did come out with some higher long-term CD rates for January, but they're 25 basis points lower than what I had been told. Nevertheless, the new rates are still competitive, but I wouldn't call these great deals.
ING Direct ended its 2% 12-month CD on Thursday. I still have a few 12-month CDs with rates of around 2% on my list, but the numbers are falling.
Dollar Savings Direct continues to offer 2.25% APY on its 16-month CD.
Below are some of the best nationwide and local CD deals that are still active.
Best Nationwide CD Deals as of 1/02/10: Also listed are savings account promos with rate guarantee periods. The full list of nationwide CD rates is farther down.
I reported on four new reward checking accounts this week with rates from 4% to 5.01% APY. All are local deals. The reward checking with the 5.01% APY only pays this rate for balances up to $10K. There are still a few reward checking accounts paying 5% with a $25K cap, but these are rare and they're not available nationwide. Only one reward checking account still pays 6%. It's at Golden Plains Credit Union in Kansas.
To see all of the high yield reward checking accounts available throughout the nation, please refer to the reward checking section of DepositAccounts.com.
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 under $100,000. 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 January 2, 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: Removed SBI (California) in local deals section.
Happy New Year! Let's hope that 2010 will be better for savers than 2009. Deposit rates were in decline for all of 2009. One year ago many savings accounts and 12-month CDs were paying over 3.50%. These rates are now about 2 percentage points lower.
The Fed didn't help any. Before 2009 started they slashed the fed funds rate to near zero, the lowest in history. There were hopes that once the financial crisis was over, they would raise rates above the crisis level. That didn't happen. At every FOMC meeting, the Fed continued to state that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."
A few internet banks were major disappointments. At the start of 2009, E*TRADE Bank, OnBank (division of M&T Bank, N.A.) and Flagstar were offering competitive online savings accounts. Now all three only pay a tiny 0.50% on their savings accounts.
Another disappointment was what happened with Corus Bank. It had a long history of competitive money market and short-term CD rates. Corus Bank failed in 2009, and the deposits were assumed by MB Financial which decided it didn't want out-of-state customers.
Even though all banks and credit unions cut their rates in 2009, there were a few that stayed more competitive than others. Alliant Credit Union was one. Its savings account rate kept dropping during the first half of 2009, but when it hit 2%, Alliant stopped the cuts while others kept cutting. The 2% continues through this January 2010.
I would consider reward checking a success story for 2009. Yes, several banks have cut rates and some have stopped offering these accounts. However, there are still several that continue to offer rates of at least 4% for balances up to $25K, and the accounts are available nationwide. I'm actually surprised that they can continue to pay 4% when most online savings account rates have fallen to under 2%. Refer to my math behind reward checking accounts post to see how banks can afford to pay these rates.
Do you have any other disappointments or pleasant surprises for 2009?
Savings Account Rates
ShoreBank Direct had kept its savings account rates close to 2% for quite a while in 2009, but that ended this week when they cut the rate from 1.95% to 1.70%. Amboy Direct was another disappointment. Amboy's eSavings account rate had a big fall from 1.30% to 1.00%.
It has been almost two months since I first reported on the Incredible Bank and its 2.02% APY non-reward checking account. I'm glad they're still offering 2.02%, but I should point out that internet checking accounts don't have a history of maintaining rates higher than savings accounts. Remember the high-yield checking accounts at Salem Five Direct and Charles Schwab? Both of these are now paying under 1%.
EverBank continues to offer its 3-month 2.51% promo for its money market account and checking account, and the non-promo yield continues to be fairly competitive at 1.51% APY. I have a feeling these rates won't be lasting for too much longer.
Rate Hikes:
- None
- ShoreBank Direct Savings - 1.70% (was 1.95%)
- Discover Bank Savings - 1.60% (was 1.75%)
- Delta Community CU MMA - 1.40% $25K (was 1.50%)
- AIG Bank MMA - 1.36% $10K (was 1.41%)
- Amboy Direct eSavings - 1.00% (was 1.31%)
Pentagon Federal Credit Union did come out with some higher long-term CD rates for January, but they're 25 basis points lower than what I had been told. Nevertheless, the new rates are still competitive, but I wouldn't call these great deals.
ING Direct ended its 2% 12-month CD on Thursday. I still have a few 12-month CDs with rates of around 2% on my list, but the numbers are falling.
Dollar Savings Direct continues to offer 2.25% APY on its 16-month CD.
Below are some of the best nationwide and local CD deals that are still active.
Best Nationwide CD Deals as of 1/02/10: 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)
- 1.50% money market with rate guaranteed to Apr 2010 at Bank of America (account review)
- 1.77% 10-mo CD at EBSB Direct (account review)
- 2.42% 12-mo CD at Wings Financial CU, Limited Membership (account review)
- 2.15% 12-mo CD at Franklin Synergy Bank (account review)
- 2.10% 12-mo CD at Alliant CU (account review)
- 2.25% 16-mo CD at Dollar Savings Direct (account review)
- 2.32% 24-mo Add-On CD at Northwest FCU (account review)
- 3.00% 36-mo CD at Pentagon FCU (account review)
- 3.00% 45-mo CD at Reliabank Dokota (account review)
- 3.25% 48-mo CD at Pentagon FCU (account review)
- 3.15% 48-mo CD at Hudson City Savings Bank (account review)
- 3.65% 60-mo CD at Melrose CU (account review)
- 3.60% 60-mo CD at Apple FCU (account review)
- 3.53% 60-mo CD ($100K min) at Northwest FCU (account review)
- 3.50% 60-mo CD at Pentagon FCU (account review)
- 3.40% 60-mo CD at Hudson City Savings Bank (account review)
- 4.16% 84-mo CD (min $175K) at USAA Bank (account review)
- 2.50% Money Market Account (min $100K) at Georgia Primary Bank in Atlanta (account review)
- 1.90% Savings Account (5% for 1st $1K) at OMNIBANK in TX (account review)
- 2.12% 6-mo CD & 2.42% 12-mo CD at Wings Financial CU in MN (account review)
- 2.00% 6-mo CD at Mutual Federal Bank in Chicago (account review)
- 2.00% 6-mo CD at Vision Bank in Dallas (account review)
- 2.00% 6-mo CD at United Financial Bank of Florida (account review)
- 3.00% 7-mo CD at NIH FCU in MD & DC - Limited Membership (account review)
- 2.00% 9-mo CD & 2.18% 18-mo CD at United Orient Bank in NYC (account review)
- 2.26% 12-mo CD at 1st Financial FCU in MO (account review)
- 2.25% 12-mo & under CD at Cecil Bank in MD (account review)
- 2.30% 16-mo Jumbo CD at Teachers FCU in NY (account review)
- 2.75% 18-mo CD & 4% 60-mo CD at Greylock FCU in MA (account review)
- 2.50% 23-mo CD at Regions Bank in Many States (account review)
- 4.06% 48-mo CD & 2.50% 24-mo CD at Founders FCU in SC/NC (account review)
- 3.50% 48-mo CD at Rollstone Bank & Trust in MA (account review)
- 4.07% 60-mo CD at IH Mississippi Valley CU in IL & IA (account review)
- 4.00% 60-mo CD at PFFCU in Philadelphia (account review)
- 3.80% 60-mo & 3.29% 48-mo CD at PrimeWay FCU in Houston (account review)
- 3.60% 60-mo Jumbo CD at CEFCU in CA & IL (account review)
- 3.50% 60-mo CD at First Priority CU in MA (account review)
I reported on four new reward checking accounts this week with rates from 4% to 5.01% APY. All are local deals. The reward checking with the 5.01% APY only pays this rate for balances up to $10K. There are still a few reward checking accounts paying 5% with a $25K cap, but these are rare and they're not available nationwide. Only one reward checking account still pays 6%. It's at Golden Plains Credit Union in Kansas.
To see all of the high yield reward checking accounts available throughout the nation, please refer to the reward checking section of DepositAccounts.com.
Recap for the Week - Links to This Week's Posts
Banking News
- New Year's Eve Credit Union Liquidation
- Update on ASI, Velocity Credit Union and Private Deposit Insurance
- Beware of Wrong Reports of FDIC Guarantee Changes
- UmbrellaBank and Imperial Capital CD Holders Take a Beating
- How the Proposed Fed CDs Will Affect Savers?
CD Deals - National
- Happy New Year! PenFed Raises CD Rates for January
- 2.15% 12-Month Online CD at Franklin Synergy Bank - Available Nationwide
Checking/Savings Bonuses
Reward Checking Accounts
- 4.08% Reward Checking Account at Partners Financial FCU in Virginia - Local Only
- 4.00% Reward Checking Account at Peoples Bank & Trust in MO - Local Only
- 5.01% Reward Checking Account at St. Paul FCU in MN - Local Only
- 4.00% Reward Checking Account at Guaranty Bank and Trust in MS - Local Only
CD and Money Market Deals - Local
- Competitive Money Market, Checking and CD Rates at Georgia Primary Bank - Local Only
- 2.20% 14-Month CD at Blueharbor Bank in North Carolina - Local Only
- 2.26% 12-Month CD at 1st Financial FCU in Missouri - Local Only
- 2.15% 7-Month CD at One Georgia Bank - Atlanta Area Only
- 2.48% 24-Month CD & 2.02% 12-Month CD at Atlas Savings and Loan Association in New York - Local Only
- 2.25% 12-Month CD at North Alabama Bank - Local Only
- 2.00% 6-Month CD & 2.00% Money Market at United Financial Bank of Florida - 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 under $100,000. 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 January 2, 2009
Checking/Savings/Money Market Accounts:
- EverBank - 2.51% ($5K min), 3 mo promo rate up to $50K (1.51% stnd) account review
- Incredible Bank - 2.02% Checking ($1K min) account review
- SmartyPig - 2.01% (min $25) withdrawal restrictions, account review
- Redneck/AmericaNet/Evantage Bank - 2.00% (up to $35K, 1% over) account review
- Alliant Credit Union - 2.00% (min $100), account review
- SFGI Direct - 1.85% ($25 min), NOT accepting new customers, account review
- Peoples Bank - 1.81% ($10K min) account review
- Southern Community Bank & Trust - 1.80% ($25K min) req chk, guaranteed to 1/31/10, account review
- FNCB Bank - 1.75% (min $100) account review
- Alliant Credit Union - 1.75% Checking, required direct deposit, account review
- Wings Financial CU - 1.71% MMA ($5K min) Limited Membership, account review
- Colorado Federal Savings Bank - 1.70% ($2.5K min) account review
- CNB Bank Direct - 1.70% account review
- ShoreBank - 1.70%, account review
- EBSB Direct - 1.67% (min $50K) account review
- Capital One/Costco - 1.65% InterestPlus Savings ($5K min) quarterly bonuses for $15K+, account review
- Bank of Internet - 1.65% (min $100) account review
- Clear Sky Accounts - 1.60% account review
- Capital One - 1.60% InterestPlus Savings ($2.5K min) quarterly bonuses for $15K+, account review
- UFB Direct - 1.60%, account review
- Newtown Savings Bank - 1.60%, account review
- Bank of Internet - 1.60% MMA (min $100) account review
- Discover Bank - 1.60% Savings (min $500) account review
- Savings Square - 1.55%, account review
- Salem Five Direct - 1.55% Savings, account review
- Bank of Internet - 1.55% Advantage Savings (min $100) account review
- 1st Constitution Direct - 1.50% (min $100), 3 mo promo (1.50% $10K+ stnd) account review
- First Trade Union Bank - 1.50% ($2.5K min) account review
- Ally Bank - 1.50% Savings account review
- Ally/GMAC Bank - 1.50% MMA account review
- Bank of America - 1.50% MMA ($10K min), guaranteed to 4/2010, account review
- ProvidentNJ Direct - 1.50% (min $10K) account review
- Wilshire State Bank - 1.50%, chk required (min $500) account review
- ADB Bank - 1.50% account review
- Danversbank - 1.50% account review
- Bank of American Fork - 1.50% (min $1K) account review
- Connexus CU - 1.50% MMA (min $20K) (2.00% $100K+) account review
- Nationwide Bank - 1.50% MMA (min $1K) account review
- DollarSavingsDirect - 1.50% ($1K min) account review
- American Express Bank - 1.50%, account review
- United Central Bank - 1.45% MMA (min $5K) (1.65% $75K-$300K) account review
- WTDirect - 1.41% ($10K min), account review
- CapitalOne/Costco - 1.40% MMA (min $1K, Costco members only, $60 deal for exec. members)
- FNBO Direct - 1.40%, account review
- Grand Yield Direct - 1.40% (min $2.5K) account review
- Hudson City - 1.40% (min $2.5K) account review
- Delta Community CU - 1.40% MMA (min $25K) 1.65% $100K+, account review
- AIG Bank - 1.36% MMA (min $10K) account review
- E-LOAN - 1.35% Savings Plus (min $5K) other requirements, account review
- Bank Provident Online - 1.35% (min $10) account review
- HSBC Direct - 1.35% account review
- Heartland Bank Direct - 1.31% ($500 min), account review
- iGObanking - 1.31%, 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
- State Farm Bank - 1.25% Checking (min $2.5K) account review
- Zions Bank - 1.25% MMA, outside of Utah, (min $2.5K) account review
- Intervest National Bank - 1.25% MMA (min $2.5K) account review
- UnivestDirect - 1.25%, (0.25% checking), account review
- Presidential Bank - 1.25% (min $5K, 0.75% over $35K), account review
- Union Federal Savings - 1.25% account review
- Capital One - 1.20% MMA, account review
- Bank of America NEA - 1.20% MMA ($500 min) (1.30% for $50K+) account review
- EmigrantDirect - 1.20%, account review
- OneWest Bank - 1.15% (min $1K) account review
- Discover Bank - 1.10% MMA (min $2.5K) (1.50% $10K-$100K) account review
- Charles Schwab - 1.05% Savings, account review
- Bank of Internet - 1.05% Checking (min $5K) account review
- Grand Yield Direct - 1.01% Checking (min $2.5K), must have the grand yield direct savings account for 30 days
- OneUnited - 1.01% (min $1K), account review
- Citibank - 1.01% (Ultimate Savings) account review
- TotalBank - 1.00% (min $1K) account review
- Presidential Bank - 1.00% Checking (min $1K, 0.50% over $25K), requires direct deposit, account review
- Amboy Direct - 1.00% (min $3K) (eSavings) account review ($50 bonus)
- Charles Schwab - 0.75% Checking, account review
- Salem Five Direct - 0.75% Checking (0.85% $100K+), account review
- VirtualBank - 0.75% (min $100), (1.26% $25K+, 1.41% $50K+) post ($20 bonus)
- Amegy Bank - 0.55% (min $1K) account review
- Seacoast Commerce Bank - 0.50% (min $25K) account review
- iGObanking - 0.50% Checking, account review
- ETrade Bank - 0.50%, account review
- Flagstar - 0.50% MMA, account review
3-Month Certificates of Deposit:
- Wings Financial CU - 1.86% (min $500) Limited Membership, account review
- Danversbank - 1.75% (4 mo) (min $500) account review
- TotalBank - 1.65% (min $1K) account review
- UFB Direct - 1.22% (min $8K)
- MetLife Bank - 1.15% (min $25K) account review
- Southeast Financial FCU - 1.10% (min $500) account review
- Ally Bank - 1.00% (min $0) account review
- Wilshire State Bank - 0.90% (min $1K) account review
- H&R Block Bank - 0.75% (min $5K) account review
- Consumers CU - 0.50% (min $500) account review
6-Month Certificates of Deposit:
- Wings Financial CU - 2.12% (min $500) Limited Membership, account review
- America's CU - 1.75% (7 mo) (min $500) account review
- TotalBank - 1.65% (min $1K) account review
- Southeast Financial FCU - 1.60% (min $500) account review
- UFB Direct - 1.55% (min $8K)
- Ascencia Bank - 1.51% (min $500), account review
- State Bank of India - 1.51% (min $5K) account review
- Colorado Federal Savings Bank - 1.50% ($5K min) account review
- Connexus CU - 1.50% (min $500) account review
- La Jolla Bank - 1.50% (min $10K), account review
- Jacksonville Bank - 1.50% (min $1K) account review
- Ally Bank - 1.40% (min $0) account review
- Excel National Bank - 1.37% (min $10K) account review
- MetLife Bank - 1.25% (min $25K) account review
- ING Direct - 1.25% account review
- Wilshire State Bank - 1.25% (min $1K) account review
- Consumers CU - 1.25% (7-mo) (min $250) (1.50% $100K+) account review
- Century Bank Direct - 1.25% (5 mo) (min $1K) account review
- E-LOAN - 1.15% ($10K min) account review
9-Month Certificates of Deposit:
- Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
- EBSB Direct - 1.77% (10-mo) (min $1K) account review
- TotalBank - 1.65% (min $1K) account review
- NewDominion Bank - 1.50% (min $3K) account review
- Century Bank Direct - 1.50% (10 mo) (min $1K) account review
- Doral Bank Direct - 1.40% (min $1K) account review
- MetLife Bank - 1.35% (min $25K) account review
- Acacia Federal Savings Bank - 1.35% (min $500) account review
- Ally Bank - 1.24% (min $0) No-Penalty, account review
- Ally Bank - 1.20% (min $0) account review
- OneWest Bank - 1.20% (min $5K) account review
- E-LOAN - 1.20% ($10K min) account review
- Bank of America - 0.45% (min $5K), risk-free, rates vary by state (account review)
12-Month Certificates of Deposit:
- Wings Financial CU - 2.42% (min $500) Limited Membership, account review
- Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
- Franklin Synergy Bank - 2.15% account review
- Golf Savings Bank - 2.11% (15-mo) (min $10K) account review
- Alliant Credit Union - 2.10% (min $25K) account review
- Self-Help CU - 2.07% (min $500) account review
- Melrose CU - 2.07% (min $5K) account review
- Choice Financial - 2.05% (13 mo) (min $5K) add-on feature, account review
- Colorado Federal Savings Bank - 2.00% ($5K min) account review
- America's CU - 2.00% (13-mo) (min $500) account review
- Southeast Financial FCU - 2.00% (min $500) account review
- Jacksonville Bank - 2.00% (min $1K) account review
- Frontier Bank - 1.95% (min $500) account review
- NewDominion Bank - 1.92% (min $3K) account review
- Ascencia Bank - 1.91% (min $500), account review
- State Bank of India - 1.91% (min $5K) account review
- Academy Bank - 1.90% (min $500) account review
- Discover Bank - 1.85% (min $2.5K) account review
- Ally Bank - 1.84% (min $0) account review
- ISN Bank - 1.82% (min $1K) account review
- Pacific Mercantile Bank - 1.81% (min $10K) account review
- UFB Direct - 1.80% (min $8K)
- Nationwide Bank - 1.80% (min $500) account review
- La Jolla Bank - 1.80% (min $10K), account review
- Delta Community CU - 1.80% (min $1K) account review
- USAA Bank - 1.79% (15-mo) (min $1K) (2.10% $175K min) account review
- BankUnited - 1.75% (min $5K) account review
- Wilshire State Bank - 1.75% (min $10K), liquid features, account review
- Connexus CU - 1.75% (min $500) account review
- Consumers CU - 1.75% (15-mo) (min $250) (2.00% $100K+) account review
- AIG Bank - 1.75% (min $2.5K) account review
- ING Direct - 1.75% (min $1) account review
- Credit Union of Georgia - 1.71% (min $50K), account review
- Acacia Federal Savings Bank - 1.70% (min $500) account review
- Century Bank Direct - 1.70% (15-mo) (min $1K) account review
- MetLife Bank - 1.65% (min $25K) account review
- TotalBank - 1.65% (min $1K) account review
- Bank of Internet - 1.65% (min $1K) account review
- Northpointe Bank - 1.65% (min $5K) account review
- Equity Bank - 1.61% (min $1K) account review
- OneWest Bank - 1.55% (min $5K) account review
- Northwest FCU - 1.50% (min $500) add-on, account review
- Tennessee Commerce Bank - 1.50% (min $5K) account review
- Fifth Third - 1.50% (13-mo) (min $5K) not all states, account review
- Geauga Savings Bank - 1.50% (min $1K) account review
- Wilshire State Bank - 1.50% (min $1K) account review
- E-LOAN - 1.45% ($10K min) account review
- OneWest Bank/IndyMac - 1.30% (min $5K) liquid CD, account review
- HSBC Direct - 1.25% (min $10) account review
- Amboy Direct - 1.10% Add-On (min $10K) account review
- iGobanking - 1.00% (min $500), account review
18-Month Certificates of Deposit:
- Citibank - 4.07% (min $200) (max $25K) requires secured credit card, account review
- Pacific Mercantile Bank - 2.48% IRA-only (min $7.5K) account review
- Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
- DollarSavingsDirect - 2.25% (16-mo) (min $1K) verified by phone on 1/02 account review
- Southeast Financial FCU - 2.11% (min $500) account review
- Alliant Credit Union - 2.10% (min $25K) account review
- Colorado Federal Savings Bank - 2.05% ($5K min) account review
- Main Street Bank - 2.00% (min $10K) account review
- Nationwide Bank - 1.97% (min $500) account review
- NewDominion Bank - 1.96% (min $3K) account review
- Discover Bank - 1.90% (min $2.5K), account review
- Academy Bank - 1.90% (min $500) account review
- Century Bank Direct - 1.90% (20 mo) (min $1K) account review
- AIG Bank - 1.85% (min $2.5K) account review
- Northpointe Bank - 1.85% (min $5K) account review
- Ally Bank - 1.84% (min $0) account review
- Equity Bank - 1.83% (min $1K) account review
- Navy FCU - 1.65% ($10K min) restrictions to membership, account review
- MetLife Bank - 1.65% (min $25K) account review
- OneWest Bank - 1.60% (min $5K) account review
- Flagstar - 1.15% (min $500), account review
24-Month Certificates of Deposit:
- Wings Financial CU - 2.88% (min $500) Limited Membership, account review
- Pacific Mercantile Bank - 2.48% IRA-only (min $7.5K) account review
- Frontier Bank - 2.45% (min $50K) account review
- Jacksonville Bank - 2.40% (min $1K) account review
- Self-Help CU - 2.33% (min $500) account review
- Northwest FCU - 2.32% (min $500) add-on, account review
- Melrose CU - 2.32% (min $5K) account review
- Golf Savings Bank - 2.30% (min $10K) account review
- Hudson City Bank - 2.30% (min $5K) account review
- Northrop Grumman FCU - 2.29% (min $40K), account review
- ISN Bank - 2.28% (min $1K) account review
- State Bank of India - 2.27% (min $5K) account review
- Colorado Federal Savings Bank - 2.25% ($5K min) account review
- America's CU - 2.25% (25 mo) (min $500) account review
- TriState Capital Direct - 2.25% (min $95K) account review
- Discover Bank - 2.25% (min $2.5K) account review
- Gateway Regional CU - 2.25% (min $1K) restrictions to membership, account review
- Southeast Financial FCU - 2.25% (min $500) account review
- NewDominion Bank - 2.21% (min $3K) account review
- AIG Bank - 2.20% (min $2.5K) account review
- USAA Bank - 2.20% (min $1K) (2.51% $175K min) account review
- Main Street Bank - 2.20% (min $10K) account review
- Ally Bank - 2.19% (min $0) account review
- Northpointe Bank - 2.14% (min $5K) account review
- Alliant Credit Union - 2.10% (min $25K) account review
- Equity Bank - 2.05% (min $1K) account review
- EverBank - 2.05% ($1.5K min) account review
- Broadway Federal Bank - 2.02% (min $1K) account review
- Capital One - 2.00% (min $5K) account review
- Fifth Third - 2.00% (min $5K) not all states, account review
- American Express Bank - 2.00% (min $0) account review
- Tennessee Commerce Bank - 1.95% (min $5K) account review
- MetLife Bank - 1.90% (min $25K) account review
- Academy Bank - 1.90% (min $500) account review
- Consumers CU - 1.80% (min $250) (2.05% $100K+) account review
- E-LOAN - 1.75% ($10K min) account review
- OneWest Bank/IndyMac - 1.70% (min $5K) account review
- iGobanking - 1.50% (min $500), account review
- Bank of America DOW - 1.45% (min $1K) account review
36-Month Certificate of Deposit:
- Wings Financial CU - 3.03% (min $500) Limited Membership, account review
- Pentagon Federal CU - 3.00% (min $1K), account review
- Melrose CU - 2.83% (min $5K) account review
- Hudson City Bank - 2.80% (min $5K) account review
- Northrop Grumman FCU - 2.76% (min $40K), account review
- Southern Community Bank & Trust - 2.75% (min $500) account review
- BankUnited - 2.75% (min $5K) account review
- Frontier Bank - 2.75% (min $50K) account review
- Jacksonville Bank - 2.70% (min $1K) account review
- State Bank of India - 2.68% (min $5K) account review
- Acacia Federal Savings Bank - 2.65% (min $500) account review
- Nationwide Bank - 2.60% (min $500) account review
- Discover Bank - 2.60% (min $2.5K) account review
- Alliant Credit Union - 2.60% (min $25K) account review
- NewDominion Bank - 2.56% (min $3K) account review
- Air Force FCU - 2.55% (min $25K) membership restrictions account review
- Gateway Regional CU - 2.50% (min $1K) restrictions to membership, account review
- Colorado Federal Savings Bank - 2.50% ($5K min) account review
- AIG Bank - 2.50% (min $2.5K) account review
- H&R Block Bank - 2.50% (min $250) account review
- Dime Savings Bank - 2.50% (min $500) account review
- Ally Bank - 2.49% (min $0) account review
- Intervest - 2.45% (min $2.5K), account review
- Agriculture FCU - 2.40% (min $1K) account review
- Equity Bank - 2.34% (min $1K) account review
- Tennessee Commerce Bank - 2.25% (min $5K) account review
- Bank of Internet - 2.25% (min $1K) account review
- American Express Bank - 2.25% (min $0) account review
- iGobanking - 2.15% (min $500), account review
- Goldwater Bank - 1.85% (min $50K) account review
- Flagstar - 1.50% (min $500), account review
48-Month Certificate of Deposit:
- Pentagon Federal CU - 3.25% (min $1K), account review
- Hudson City Bank - 3.15% (min $5K) account review
- Wings Financial CU - 3.14% (min $500) Limited Membership, account review
- Alliant Credit Union - 3.10% (min $25K) account review
- Melrose CU - 3.09% (min $5K) account review
- BankUnited - 3.00% (min $5K) account review
- Capital One - 3.00% (min $5K) account review
- Acacia Federal Savings Bank - 3.00% (min $500) account review
- Frontier Bank - 2.95% (min $50K) account review
- National Bank of KC - 2.90% (min $10K) account review
- Discover Bank - 2.85% (min $2.5K) account review
- Nationwide Bank - 2.85% (min $500) account review
- Gateway Regional CU - 2.80% (min $1K) restrictions to membership, account review
- Intervest - 2.75% (min $2.5K), account review
- USAA Bank - 2.75% (min $1K) (3.06% $175K min) account review
- Third Federal - 2.75% (min $500) account review
- Ally Bank - 2.74% (min $0) account review
- Golf Savings Bank - 2.70% (min $10K) account review
- iGobanking - 2.70% (min $500), account review
- Equity Bank - 2.57% (min $1K) account review
- American Express Bank - 2.50% (min $0) account review
- Tennessee Commerce Bank - 2.45% (min $5K) account review
- FNBO Direct - 2.25% (min $500) account review
- Flagstar - 1.50% (min $500), account review
60-Month Certificate of Deposit:
- Melrose CU - 3.65% (min $5K) account review
- Apple FCU - 3.60% (min $50K) account review
- Pentagon Federal CU - 3.50% (min $1K), account review
- Northwest FCU - 3.42% (min $25K) account review
- Hudson City Bank - 3.40% (min $5K) account review
- Acacia Federal Savings Bank - 3.40% (min $500) account review
- Wings Financial CU - 3.39% (min $500) Limited Membership, account review
- Capital One/Costco - 3.30% (min $5K) account review
- Discover Bank - 3.30% (min $2.5K) account review
- OneWest Bank/IndyMac - 3.30% (min $5K) account review
- State Bank of India - 3.29% (min $5K) account review
- Intervest - 3.27% (min $2.5K), account review
- Capital One - 3.25% (min $5K) account review
- Connexus CU - 3.25% (min $1K) account review
- BankUnited - 3.25% (min $5K) account review
- Dime Savings Bank - 3.25% (min $500) account review
- Frontier Bank - 3.20% (min $50K) account review
- Agriculture FCU - 3.15% (min $1K), account review
- Nationwide Bank - 3.15% (min $500) account review
- University FCU - 3.12% (min $2.5K), account review
- Ally Bank - 3.10% (min $0) account review
- Alliant Credit Union - 3.10% (min $25K) account review
- Gateway Regional CU - 3.05% (min $1K) restrictions to membership, account review
- AIG Bank - 3.05% (min $2.5K) account review
- Credit Union of Georgia - 3.04% (min $50K), account review
- Patelco CU - 3.04% ($1K min), account review
- USAA Bank - 3.01% (min $1K) (3.32% $175K min) account review
- Delta Community CU - 3.00% (min $1K) account review
- Colorado Federal Savings Bank - 3.00% ($5K min) account review
- Third Federal - 3.00% (min $500) account review
- EverBank - 3.00% ($1.5K min) account review
- Navy FCU - 3.00% ($20K min) (3.15% for $100K+) restrictions to membership, account review
- US Bank - 3.00% (59 mo) (min $1K) account review
- E-LOAN - 3.00% ($10K min) account review
- Mountain America CU - 3.00% (min $1K) account review
- American Express Bank - 2.95% (min $0) account review
- Equity Bank - 2.83% (min $1K) account review
- iGobanking - 2.80% (min $500), account review
- Consumers CU - 2.80% (59-mo) (min $250) (3.05% $100K+) account review
- USA FCU - 2.53% (min $1K) account review
- FNBO Direct - 2.51% (min $500) account review
- Citibank - 2.50% (min $500) account review
- Western FCU - 2.08% (min $40K) account review
- Goldwater Bank - 1.95% (min $50K) account review
- Flagstar - 1.75% (min $500), account review
- 1st Source Bank - 1.50% (min $500) account review
84-Month Certificate of Deposit:
- Navy FCU - 4.00% ($20K min) restrictions to membership, account review
- USAA Bank - 3.85% (min $1K) (4.16% $175K min) account review
- Bank of America DOW - 3.80% (10-yr) (min $1K) account review
- Apple FCU - 3.75% (min $50K) (4.00% 10yr) account review
- Pentagon Federal CU - 3.75% (min $1K), account review
- Discover Bank - 3.45% (min $2.5K) (3.70% 10yr) account review
- Intervest - 3.31% (min $2.5K), account review
- Capital One/Costco - 3.30% (min $5K) account review
- Third Federal - 3.25% (6-yr) (min $500) account review
- Capital One - 3.25% (min $5K) account review
Various Deposit Account Deals
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Bank Account Alternatives
- GE Interest Plus - 2.20% rate for $50k+
- Vanguard Tax-Exempt Money Market Fund - 0.19% 7-day yield
- Paypal Money Market Fund - 0.08% 7-day yield (1% cashback debit MasterCard)
- Vanguard Prime Money Market Fund - 0.06% 7-day yield
- Fidelity Money Market Fund - 0.06% 7-day yield (reviews on Fatwallet)
- Fidelity Municipal Money Market Fund - 0.01% 7-day yield
- TIAA-CREF Money Market Fund - 0.01% 7-day yield
- 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)
Edit: Removed SBI (California) in local deals section.
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Related Posts
Anonymous - #1, Saturday, January 2, 2010 - 4:34 PM
State Bank of India (California) had already cut all their CD rates.
My CD matured just right after Christmas and I rolled-over into their 3 year CD before their new rates changed the following 2 days after.
It is now paying around 2.4%. Just some info for you, Bankingguy, so you can update the account preview.
Anonymous - #2, Saturday, January 2, 2010 - 6:37 PM
Ascencia Bank has been offering online checking account at 1% APY for over five years. The rate never changed.
O-Qua Tangin Wann (anonymous) - #3, Saturday, January 2, 2010 - 7:03 PM
Regarding Internet Checking Accounts:
Remember ING Direct's Electric Orange?
Rates now: $100K or more is paying 1.55% APY
$50K to $99,999 is paying 1.5% APY
Under $50K is paying a measly 0.25%.
If Incredible Bank drops its rates the way other Internet Checking Accounts have, people would have to demand they change their name.
~O-Qua Tangin Wann
Happy Twenty Ten, Everyone!
Anonymous - #4, Saturday, January 2, 2010 - 8:39 PM
I'd be interested to know the math behind ACH transfers and online bill pay. I was very surprised recently when I went to pay my property tax and found a note that a fee would be added if payment was made by e-check (ACH transfer). Apparently, there is something on the books that says the county cannot absorb any added administrative costs, and the service they use to process payments (a bank?) dings them for ACH transfers. So they are passing the fee on to us! Sounds ridiculous and maybe it's just this one dysfunctional county. But it worries me that it may be a sign of things to come as financial institutions look for devious new ways to exact fees. So much for going paperless to save everyone cost and hassles.
Anonymous - #5, Saturday, January 2, 2010 - 10:25 PM
For online bill payment service, my bank pays the processing fees involved in providing this free service to me. I remember when many banks charged a monthly fee for this service. If my bank starts to charge me for this service, then I will stop using it PRONTO (and probably close the checking account too). ACH transfers appear to be very popular today as a method to move money between banks. But it is susceptible to fraud. I am not aware of fees to process the funds that are transferred between banks. But, I suppose that there has to be someone who has to track the money that flows from sending to receiving bank. Even though the money moved is automated, computer activity still need to be monitored. My county doesn't accept ACH transfers to pay the property tax bill. They only accept checks or credit cards (of course, you pay a convenience fee). If you have ever been to the county cashier office, they have someone who processes payments there daily. I am sure if money has to be accounted for other than through the mail or on-site visit, that the office would have to pay for someone to handle those types of transactions.
Anonymous - #6, Saturday, January 2, 2010 - 10:26 PM
As for Incredible Bank's name, once when you adopt a brand name, it is very unlikely that it will be changed unless the bank is shut down or taken over.
Anonymous - #7, Sunday, January 3, 2010 - 2:48 AM
OK, then how about a compromise should the interest rate fall. The new name could be Formerly Incredible Bank. Or Not-So-Incredible Bank. This way they can keep the branding, as you stated.
But if the rate falls to a low level, exactly what about the bank would be incredible?
The only thing incredible about Incredible Bank is their 2% rate for a free electronic checking account. No other checking account pays 2%. Alliant CU comes the closest with a 1.75% APY.
gaelicwench (anonymous) - #8, Sunday, January 3, 2010 - 11:57 AM
I currently have a checking account with Century Bank of KY, whose interest rate plummeted to 0.80% - down from 1.20%. It used to be closer to 2.00%; this is fairly high for a no-minimum balance and no fees checking. Now, it isn't worth keeping open.
My main bill-paying checking account is with USAA, which also has direct deposit going there. I have a feeling they will keep giving us free bill-pay for the long haul, especially now that they've opened the bank up to ALL honorably discharged vets. It's obvious they need more deposit accounts, so rather than raising their fees ad nauseum, much like the "too-big-to-fail financial institutions are, they're offering membership in lieu of.....
I have a feeling that if fees are going to be exacted against those of us who use ACH to do transfers or pay bills, many are going to go back to writing checks once again....and/or not bothering to open online accounts, but keeping things strictly local.
Right now it's USAA for me and my local credit union.
Lastly, a big LOL on the alternative name for Incredible Bank. Hahaha! Happy New Year, everyone!
Anonymous - #9, Tuesday, January 5, 2010 - 4:43 PM
Well, even if Incredible bank drops its rate to rock bottom levels, then you could still think of them as Incredible, just like Incredible low rate bank.
adi (anonymous) - #10, Thursday, January 7, 2010 - 10:09 PM
what is the rate that most commercial banks charge their creditors
Anonymous - #11, Friday, January 8, 2010 - 1:08 AM
Wow, Incredible bank charges $15.00 a month for a non-electronic account statement. Now, THAT'S INCREDIBLE.
Anonymous - #12, Friday, January 8, 2010 - 5:06 AM
Bankingguy, you may be interested in this FDIC doc I tripped across.
"ADVISORY ON INTEREST RATE RISK MANAGEMENT January 6, 2010"
http://www.fdic.gov/news/news/press/2010/pr1002.pdf
Anonymous - #13, Saturday, January 9, 2010 - 1:46 PM
Worthington Federal Bank in Huntsville Alabama is offering a CD special of 2.3% for 21 months. Other CD rates listed on their website include 12 month CD @ 1.85% and 24 months @ 2.25%.
Website says they serve all 50 states
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