Best Bank Account Interest Rates - Summary for December 26, 2010

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• Savings Account Rates
• Rate Hikes
• Rate Cuts
• Certificate of Deposit Rates
• Reward Checking Accounts
• Recap for the Week - Links to This Week's Posts
• 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
• Bank Account Alternatives

Happy Holidays! This is a reduced version of my weekly rate recap. Last week was a slow banking news week, but unfortunately, there continued to be a few rate cuts.

The Fed funds future charts didn't change much from the previous week. As compared to December 18th, the implied probability of a higher Fed funds rate has gone down from 19.2% to 18.2% for June, it went up from 45.5% to 47.9% for September and it stay the same at 57.1% for November.

Savings Account Rates

This was a quiet week for rate changes. There was just one savings account in my top list that had a rate cut. As I mentioned last week, Alliant Credit Union is scheduled to cut the rate of its savings account from 1.35% to 1.15% APY in January.

Rate Hikes:

1. None

Rate Cuts:

1. Hudson City Internet Money Market Savings - 1.25% (was 1.35%)
2. Alliant Credit Union Savings - 1.15% in January (currently 1.35%)
3. Alliant Credit Union Checking - 1.10% in January (currently 1.35%)

Certificate of Deposit Rates

The special 75-day CD at Justice Federal Credit Union brings back memories of high CD rates. The special has a 7.50% APY. As you might expect, it has a maximum deposit, but it's high enough ($25K) to still make this a good deal. I have more details in this post.

For long-term CDs, Fort Knox Federal Credit Union continues to offer some good deals including a 2.75% APY 5-year CD and a 2.25% APY 3-year CD. An additional 0.15% is added for Jumbo CDs with a $100K minimum deposit (see post).

Starting next Saturday PenFed is scheduled to start offering 10-year CDs. It's unlikely we'll see rates as high as the CD reservation program, but hopefully they'll be higher than the 7-year CD rates which are currently the best for nationally available rates. Ten years is a long time, but since this 10-year CD will have the same early withdrawal penalty as the 7-year CD, it could be a better deal than the 7-year CD (see post).

Reward Checking Accounts

There were a few large rate cuts this week that either took effect or are scheduled to take effect early next year on reward checking accounts. Two of them had their yields fall from around 5% to 2.50%. This may be a sign that reward checking rates over 3% may not last. Thanks to the readers who mentioned these in the discussion forum. I've summarized the cuts below:

• Texas Citizens Bank - 2.50% up to $25K (was 5.01% up to $25K)
• Randolph Bank - 2.50% up to $25K (4.75% until Jan, cap will remain unchanged)
• Incommons Bank - 3.01% up to $10K (4.25% until Jan 3, $25K cap until Feb 1)
• CB&S Bank - 2.25% up to $25K (was 2.60% up to $25K)

To find reward checking accounts available nationwide or to find those that are only available in your state, please refer to the reward checking section of DepositAccounts.com.

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

Banking News/Resources

• Merry Christmas and Happy Holidays!
• Strategy for Getting the Best Yields in Deposit Accounts - Part 2
• Strategy for Getting the Best Yields in Deposit Accounts

CD Deals - National

• Top CD Rates at Fort Knox Federal Credit Union - Easy Membership
• Hot 75-Day CD Special at Justice Federal Credit Union - Easy Membership
• Higher Long-Term CD and IRA CD Rates at EverBank - Available Nationwide

Checking/Savings Bonuses

• Checking Account Promotion Continues at Flagstar Direct - Available Nationwide

Reward Checking Accounts

• Competitive Short-Term CD and Reward Checking Rates at Northstar Bank of Texas - Local Only
• Competitive Reward Checking & CD Rates at Consumers Credit Union - Easy Membership

CD and Money Market Deals - Local

• Top CD Rates at First American International Bank in New York City - Local Only
• Competitive Short-Term CD Rates at MidCoast Community Bank in Delaware - Local Only
• CD and Money Market Specials Continue at Customers Bank for PA & NJ Residents
• Top 3-Year CD Rate Continues at EBSB Direct - New England and NY 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. 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.

Rates as of December 26, 2010

Checking/Savings/Money Market Accounts:

• Best Reward Checking Account Rates (Nationwide & by State)
• Best Savings Account Rates (Nationwide & by State)
• Best Money Market Rates (Nationwide & by State)
• Best Checking Account Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• EverBank - 2.01% ($5K min), 3 mo promo rate up to $50K (1.06% ongoing) account review
• AmericaNet/Evantage Bank - 1.75% (up to $35K, 1% over) account review
• SmartyPig - 1.75% (min $25, max $50K) withdrawal restrictions, account review
• The Morrill and James Bank - 1.51% Checking (min $1.5K) account review
• SFGI Direct - 1.41% (min $500 to open) account review
• Ready Saver - 1.35% account review
• Alliant Credit Union - 1.35% (1.15% eff Jan 1st) (min $100) account review
• Incredible Bank - 1.35% Checking ($1K min) account review
• Sallie Mae Bank - 1.30% (Upromise rewards) account review
• Clear Sky Accounts - 1.30% account review
• American Express Bank - 1.30%, account review
• Capital One/Costco - 1.30% InterestPlus Savings ($5K min) quarterly bonuses for $10K+, account review
• H&R Block Bank - 1.25% MMA (min $50K) account review
• Discover Bank - 1.25% Savings (min $500) account review
• Capital One - 1.25% InterestPlus Savings ($1K min) quarterly bonuses for $10K+, account review
• Hudson City Savings Bank - 1.25% (min $2.5K)
• WTDirect - 1.21% ($10K min) account review
• CNB Bank Direct - 1.20% account review
• Zions Bank - 1.11% ($1K min)
• Colorado Federal Savings Bank - 1.10% ($2.5K min) account review
• DollarSavingsDirect - 1.10% ($1K min) account review
• ING Direct - 1.10% Orange Savings
• Ally Bank - 1.09% MMA account review

• Noteworthy Accounts - Local Only

• Mid America Bank & Trust Company - 1.54% (min $10K) in MO
• Affinity Bank (formerly Atlanta Business) - 1.40% MMA (min $100K) in GA
• Solera National Bank - 1.25% (min $100) in CO

3-Month Certificates of Deposit:

• Best 3-Month CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Self-Help CU - 1.01% (min $500) account review
• AmTrust Direct - 1.00% (4-mo) (min $1K)
• Fort Knox FCU - 1.00% (min $500)
• TotalBank - 0.85% e-CD (min $1K)
• Virtual Bank - 0.75% (min $10K)
• Ally Bank - 0.64%

• Noteworthy Accounts - Local Only

• Self Reliance New York FCU - 1.45% (min $500) in NYC
• Bank of Georgetown - 1.40% (4-mo w/relationship) (min $1K) in Washington DC metro
• NavyArmy FCU - 1.30% (min $100K) in South TX
• Atlanta Postal CU - 1.00% (min $2K) in GA

6-Month Certificates of Deposit:

• Best 6-Month CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Connexus CU - 1.50% Active checking required, account review
• America's Credit Union - 1.25% (min $25K)
• Aurora Bank FSB - 1.11% (min $1K)
• Virtual Bank - 1.06% (min $10K)
• OneWest Bank - 1.05% (min $1K)
• Ally Bank - 1.04%

• Noteworthy Accounts - Local Only

• Massena Savings and Loan - 2.56% IRA-only (min $2.5K) in NY
• Self Reliance New York FCU - 1.65% (min $500) in NYC
• Affinity Bank (formerly Atlanta Business) - 1.41% (min $1K) in GA
• Industrial Credit Union - 1.40% (min $1K) in MA
• NavyArmy FCU - 1.40% (min $100K) in South TX
• F&A Federal Credit Union - 1.40% (min $50K) in CA
• Fayetteville Bank - 1.26% (min $500) (1.41% $100K+) in TX

9-Month Certificates of Deposit:

• TotalBank - 1.15% e-CD (min $1K)
• Virtual Bank - 1.11% (min $10K)
• Easthampton Savings Bank - 1.10% (min $1K)
• Discover Bank - 1.10% (min $2.5K)
• OneWest Bank - 1.10% (min $1K)

• Noteworthy Accounts - Local Only

• Island Federal Credit Union - 2.00% (min $2K) Requires active checking, in NY
• Miami Postal Service CU - 1.76% (min $5K) in Miami, FL
• Self Reliance New York FCU - 1.70% (min $500) in NYC
• NavyArmy FCU - 1.45% (min $100K) in South TX

12-Month Certificates of Deposit:

• Best One-Year CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Connexus CU - 1.75% Active checking required, account review
• RTN Federal Credit Union - 1.55% (min $50K)
• America's Credit Union - 1.55% (13-mo) (min $25K)
• Alliant Credit Union - 1.50% (min $25K) account review
• CNB Bank Direct - 1.50% (min $25K) (shown at the bank's online banking login page) account review
• Melrose CU - 1.41% (min $5K) account review
• Bank of Internet - 1.41% (min $1K) account review
• Salem Five - 1.35% (14-mo) (min $10K)
• North American Savings Bank - 1.35% (14-mo) (min $1K)
• Discover Bank - 1.30% (min $2.5K) account review
• Sallie Mae Bank - 1.30% (no min) account review
• Ally Bank - 1.28% (min $0) account review
• Virtual Bank - 1.26% (min $10K)
• Choice Financial - 1.25% (13 mo) (min $5K) add-on feature, account review
• Ally Bank - 1.20% (11-mo) (min $0) No-Penalty CD
• ING Direct - 1.00%

• Noteworthy Accounts - Local Only

• Self Reliance New York FCU - 2.00% (min $500) in NYC
• NavyArmy FCU - 1.85% (min $100K) in South TX
• University of Iowa Community CU - 1.80% (15-mo) (min $100K) in Iowa
• Affinity Bank (formerly Atlanta Business) - 1.71% (min $1K) in GA
• Progressive Credit Union - 1.71% in NYC
• Barksdale Federal Credit Union - 1.61% (min $1K) in Louisiana
• Industrial Credit Union - 1.60% (min $1K) in MA
• Fayetteville Bank - 1.56% (min $100K) in TX

18-Month Certificates of Deposit:

• Best 18-Month CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Alliant Credit Union - 1.75% (min $25K) account review
• America's Credit Union - 1.65% (min $25K)
• CNB Bank Direct - 1.65% (min $25K) (shown at the bank's online banking login page) account review
• Fort Knox FCU - 1.50% (min $500)
• Aurora Bank FSB - 1.43% (min $1K)
• Acacia Federal - 1.40% (min $500)
• Discover Bank - 1.40% (min $2.5K), account review
• MetLife Bank - 1.35% (min $25K)
• Ally Bank - 1.35% (no min)
• USAA Bank - 1.35% (min $1K) (1.70% $175K min) account review
• First Savings Bank Northwest - 1.28% unlimited add-on (min $500) account review

• Noteworthy Accounts - Local Only

• Massena Savings and Loan - 2.82% IRA-only (min $200) in NY
• Self Reliance New York FCU - 2.10% (min $500) in NYC
• Affinity Bank (formerly Atlanta Business) - 1.87% (min $1K) in GA
• Hyde Park Savings Bank - 1.70% (16-mo) Online Only (min $1K) in MA
• Truliant Credit Union - 1.50% (17-mo) (min $1K) in NC, SC & VA

24-Month Certificates of Deposit:

• Best Two-Year CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• America's Credit Union - 2.05% (25-mo) (min $25K)
• Alliant Credit Union - 1.90% (min $25K) account review
• CNB Bank Direct - 1.85% (min $25K) (shown at the bank's online banking login page) account review
• Fort Knox FCU - 1.75% (min $500)
• Melrose CU - 1.66% (min $5K) account review
• Bank of Internet - 1.60% (min $1K)
• Delta Community CU - 1.60% (min $1K) account review
• Ally Bank - 1.55% Raise Your Rate CD

• Noteworthy Accounts - Local Only

• Self Reliance New York FCU - 2.35% (min $500) in NYC
• First Peoples Community Credit Union - 2.20% (21-mo) (min $5K) in MD, PA & WV
• NavyArmy FCU - 2.15% (min $100K) in South TX
• Barksdale Federal Credit Union - 2.12% (min $1K) in Louisiana
• University of Iowa Community CU - 2.10% (25-mo) (min $100K) in Iowa
• Affinity Bank (formerly Atlanta Business) - 2.07% (min $1K) in GA

36-Month Certificate of Deposit:

• Best 3-Year CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Fort Knox FCU - 2.25% (min $500)
• RTN Federal Credit Union - 2.25% (min $50K)
• Air Force FCU - 2.25% (min $25K) membership restrictions account review
• Melrose CU - 2.17% (min $5K) account review
• Navy Federal - 2.15% (30-mo) (min $10K) membership restrictions account review
• Alliant Credit Union - 2.10% (min $25K) account review
• America's Credit Union - 2.05% (min $25K)
• Andrews FCU - 2.00% (min $1K) account review
• Bank of Internet - 1.91% (min $1K)
• Delta Community CU - 1.85% (min $1K) account review
• Acacia Federal Savings Bank - 1.85% (min $500) account review
• USAA Bank - 1.85% (min $1K) (2.15% $175K min) account review
• Pentagon Federal CU - 1.75% (min $1K), account review
• Sallie Mae Bank - 1.75% (no min) account review

• Noteworthy Accounts - Local Only

• Sea Comm Federal Credit Union - 2.63% (min $1K) in Northern NY
• First Peoples Community Credit Union - 2.60% (39-mo) (min $5K) in MD, PA & WV
• Massena Savings and Loan - 2.56% (min $1K) in NY
• First Community CU - 2.50% w/relationship (min $300) in MI
• Barksdale Federal Credit Union - 2.43% (min $1K) in Louisiana
• Security Service FCU - 2.35% (min $100K) in TX & CO
• Affinity Bank (formerly Atlanta Business) - 2.32% (min $1K) in GA
• American Heritage Credit Union - 2.30% (min $1K) in PA
• Redding Bank in Commerce - 2.27% (min $100K) in Northern CA
• Montauk Credit Union - 2.25% in NYC
• Fort Bragg Federal Credit Union - 2.23% (min $25K) in NC

48-Month Certificate of Deposit:

• Best 4-Year CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Fort Knox FCU - 2.55% (min $500)
• America's Credit Union - 2.55% (min $25K)
• Alliant Credit Union - 2.50% (min $25K) account review
• Melrose CU - 2.42% (min $5K) account review
• Self-Help CU - 2.28% (min $500) account review
• Pentagon Federal CU - 2.25% (min $1K), account review
• Hudson City Bank - 2.25% (min $5K) account review
• EverBank - 2.19% ($1.5K min) account review
• Bank of Internet - 2.16% (min $1K)
• Acacia Federal Savings Bank - 2.10% (min $500) account review

• Noteworthy Accounts - Local Only

• First Community CU - 3.25% w/relationship (min $300) in MI
• Barksdale Federal Credit Union - 2.89% (min $1K) in Louisiana
• Sea Comm Federal Credit Union - 2.75% (min $1K) in Northern NY
• Police & Fire Credit Union - 2.75% (min $500) in PA
• Education First CU - 2.75% in SE Michigan
• LOMTO FCU - 2.63% in NYC
• The Napoleon State Bank - 2.58% (min $50K) in IN

60-Month Certificate of Deposit:

• Best 5-Year CD Rates (Nationwide & by State)

• Noteworthy Accounts Available Nationwide:

• Connexus CU - 3.00% Active checking required, account review
• Melrose CU - 2.93% (min $5K) account review
• Air Force FCU - 2.85% (min $25K) membership restrictions account review
• Fort Knox FCU - 2.75% (min $500)
• Salem Five - 2.75% (min $10K)
• Pentagon Federal CU - 2.75% (min $1K), account review
• Velocity Credit Union - 2.63% (min $1K) (2.73% IRA)
• EverBank - 2.55% ($1.5K min) account review
• Andrews FCU - 2.50% (min $1K) account review
• Acacia Federal Savings Bank - 2.50% (min $500) account review
• Northrop Grumman FCU - 2.46% (min $40K), account review
• Mountain America CU - 2.45% (min $1K) account review
• Delta Community CU - 2.45% (min $1K) account review
• First Internet Bank - 2.40% (min $1K)
• Ally Bank - 2.40% (min $0) account review
• USAA Bank - 2.40% (min $1K) (2.45% $175K min) account review
• Navy FCU - 2.40% ($20K min) (2.50% $100K+) restrictions to membership, account review
• Sallie Mae Bank - 2.35% (no min) account review

• Noteworthy Accounts - Local Only

• PEF Federal Credit Union - 3.29% (min $500)
• Police & Fire Credit Union - 3.25% (min $500) in PA
• First Community CU - 3.25% w/relationship (min $300) in MI
• First Peoples Community Credit Union - 3.10% (min $5K) in MD, PA & WV
• LOMTO FCU - 3.10% in NYC
• Barksdale Federal Credit Union - 3.04% (min $1K) in Louisiana
• Security Service FCU - 3.00% (min $100K) in TX & CO
• Sea Comm Federal Credit Union - 2.99% (min $1K) in Northern NY
• First Choice Bank - 2.90% (min $1K) in NJ
• Hudson Valley Credit Union - 2.85% (min $500) in NY State
• F&A Federal Credit Union - 2.75% (min $50K) in CA

84-Month Certificate of Deposit:

• Best 6+-Year CD Rates (Nationwide & by State)

• Pentagon Federal CU - 3.25% 7yr (min $1K), account review
• Capital One - Costco - 3.05% (10-yr) (min $5K)
• Capital One Direct Banking - 3.00% (10-yr) (min $5K)
• Navy FCU - 3.00% 7yr ($20K min) restrictions to membership, account review
• Discover Bank - 2.75% 7yr (min $2.5K) (3.00% 10yr) account review
• USAA Bank - 2.70% 7yr (min $1K) (2.74% $175K min) account review
• Apple FCU - 2.60% (min $500) (3.25% 10yr) account review

• Noteworthy Accounts - Local Only

• Security Service FCU - 3.50% 7yr (min $100K) in TX & CO
• Randolph-Brooks Credit Union - 3.45% (min $75K) 7yr in Central TX
• Montauk Credit Union - 3.00% 7yr in NYC
• Access National Bank - 3.00% 7yr (min $10K) in VA, DC & MD
• Anchor Mutual Savings Bank - 3.00% 8yr (min $500) in WA
• Cardinal Bank - 2.91% 6yr (min $1K) in VA, DC & MD

Various Deposit Account Deals

• Bank Deals Forum
• Checking/Savings Account Bonuses
• Best IRA CD rates, local and nationwide deals
• Latest CD and Savings Account Deals with No Major Deposit Limitiations

Bank Account Alternatives

• Ford Interest Advantage - 1.65% rate for $50k+, Ford Interest Advantage review
• GE Interest Plus - 1.45% rate for $50k+
• Vanguard Tax-Exempt Money Market Fund - 0.16% 7-day yield
• Paypal Money Market Fund - 0.12% 7-day yield
• Vanguard Prime Money Market Fund - 0.06% 7-day yield
• Fidelity Money Market Fund - 0.02% 7-day yield (reviews on Fatwallet)
• Fidelity Municipal Money Market Fund - 0.01% 7-day yield
• TIAA-CREF Money Market Fund - 0.00% 7-day yield
• FW Thread on Treasury Bills
• I & EE Savings Bonds for 2010, I Bond Article, I Bonds as CD Alternatives

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)