Bank Deals Weekly Summary for April 10, 2010

Comments (5)
Apr 10, 2010 - 8:28 PM by Ken Tumin

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

I may be a little biased, but the biggest bank-related news story this week was the launch of our new DepositAccount.com rate tables. I reviewed all the new features in this Monday post. In addition to a much improved table format, you can expand each row for an indepth look at the products. Clicking on the links will take you to our hub for that bank or credit union. We've also expanded the hub page with new tables and a new section on the health of the bank.

Before I transitioned to DepositAccounts.com, most of the rate summary information (except for reward checking accounts) was contained in these weekly summaries. Now that we have this information in the rate tables, I'm changing the focus of the weekly summaries. Instead of trying to provide a comprehensive list of bank deals, I'm going to focus on highlighting a few of the best nationwide and local deals. Thus, I've started to reduce the tables. Also, I've moved the hot-deals section into the main lists. The local hot deals are at the bottom of each product section.

I kept a few more banks on the lists than I had planned. I've found that I have a hard time dropping a bank. It's a little like throwing away a favorite hat. In addition to rates, I'm taking into consideration other relevant features such as liquid-CD features, early withdrawal penalties and other type of rewards. So some banks are on the list even though their rates are a little low.

Savings Account Rates

One nice surprise this week was the rate increases at CapitalOne Direct Banking. All of their liquid account rates went up by 5 basis points. It's not much, but it's a nice change.

For those in New York City, there's a hot money market deal at Metropolitan National Bank which is offering a 2.00% APY guaranteed to 12/31/10 (see review).

Rate Hikes:

  1. CapitalOne/Costco InterestPlus Savings - 1.35% (was 1.30%)
  2. CapitalOne InterestPlus Savings - 1.30% (was 1.25%)

Rate Cuts:

  1. SFGI Direct Savings - 1.65% (was 1.75%)
  2. Danversbank Savings - 1.35% (was 1.50%)
  3. Bank of Internet Savings - 1.30% (was 1.40%)
  4. Colorado Federal Savings - 1.30% (was 1.35%)

Certificate of Deposit Rates

I'm afraid there continues to be a downward rate trend for most all CD terms. Notable rate cuts came from EverBank, Hudson City Bank and USAA Bank.

We had another credit union rate leader slash its CD rates. Melrose Credit Union lowered all CD rates by around 55 basis points this week.

On a positive note, I added Fort Knox Federal Credit Union on the nationwide section. They now provide an easy way for anyone to qualify for membership. They currently have very competitive regular and special CD rates (see my review).

Reward Checking Accounts

I reviewed two new reward checking accounts this week with rates of 3.55% APY. Both are from credit unions: one in Wisconsin and the other in Mississippi. The Wisconsin reward checking account has balance cap of $30K which is a little larger than the typical $25K.

This week I reviewed reward checking accounts with above-average balance caps. Also, some reward checking accounts have competitive rates for the second tiers. To help those with more than $25K find the best reward checking deals, you can now enter an investment amount in the filter option of the tables. This was part of the DepositAccount.com upgrade. The tables will then be sorted based on the investment amount you entered and the blended APYs. For example, if you enter the investment amount of $50K, the table may put a 3% rate above a 3.50% rate. This might be due to the 3% account having a 1.50% rate for above $25K and the 3.50% account having a rate of only 0.50% for above $25K. So if you have $50K, you would do better with the 3%/1.50% account as compared to the 3.50%/0.50% account.

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 April 10, 2010

Checking/Savings/Money Market Accounts:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

3-Month Certificates of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

6-Month Certificates of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

9-Month Certificates of Deposit:

  • Noteworthy Accounts - Local Only

12-Month Certificates of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

18-Month Certificates of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

24-Month Certificates of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

36-Month Certificate of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

48-Month Certificate of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

60-Month Certificate of Deposit:

  • Noteworthy Accounts Available Nationwide:
  • Noteworthy Accounts - Local Only

84-Month Certificate of Deposit:

  • Noteworthy Accounts - Local Only

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)


Post a CommentComments
In order of date posted. - Sort by votes
AnonymousE

AnonymousE (anonymous) - #1, Saturday, April 10, 2010 - 9:51 PM

YOU HAVE EVERY RIGHT TO BE A LITTLE BIASED BANKING GUY YOU ARE THE BEST KEEP UP THE GOOD WORK


4
Anonymous

Anonymous - #2, Sunday, April 11, 2010 - 9:47 AM

Hello Ken and YES!  By all means you SHOULD be proud of yourself for the incredibly great work you are doing with even greater improvements...although...even before it was a great work too!  Thank you for all this help to all of us!  Good luck and prosperity to you!     :o)         Adela


5
O-Qua Tangin Wann

O-Qua Tangin Wann (anonymous) - #3, Sunday, April 11, 2010 - 12:47 PM

It is obvious the hard work that is put into this site.

Both you and the new features of the site are appreciated.

Thank you, Ken!


5
Richard

Richard (anonymous) - #4, Sunday, April 11, 2010 - 5:49 PM

"A little biased?"  I assume that I can speak for most of your readers by saying "Thank you!!!"  Keep up the excelent work!


2
Anonymous

Anonymous - #5, Monday, April 12, 2010 - 9:26 AM

Hello - I noticed a typo in several places of your blog re. Southeast Financial CU:  it is a CU not a FCU / Federal CU.  I.e. this credit union is Type 2 / FISCU, not Type 1 / FCU.  Thank  you.


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