Best Bank Account Interest Rates - Summary for Week Ending November 27, 2011
In this short holiday week, the main economic story continues to be fears about the euro zone's sovereign debt crisis. Several European countries are seeing their bond yields rise as investors demand higher yields. That has yet to happen here in the U.S., but if the U.S. deficit continues to worsen, one has to wonder when we will be hit with some sort of sovereign debt crisis. The super committee's failure to reach an agreement on deficit reduction just adds to this worry. The super committee's failure also adds headwinds for economic growth in the short-term.
We already know the Fed plans to keep the federal funds rate near zero until mid-2013. We may learn more about the Fed's plans in future meetings. This is based on the Federal Reserve minutes of the last FOMC meeting that were released on Tuesday. The Fed "expressed interest in providing additional information to the public about the likely future path of the target federal funds rate."
With the euro zone debt crisis and the other headwinds to U.S. economic growth, Treasury yields mostly went down this week. The yield summary below shows the changes (Numbers are based on Yahoo bond rate data and the CME Group FedWatch.)
Treasury Yields:
- 6-month: 0.05% up from 0.03% last week
- 2--year: 0.27% same as last week
- 5--year: 0.93% up from 0.91% last week
- 10-year: 1.96% down from 2.00% last week
- 30-year: 2.92% down from 2.99% last week
Fed funds futures' implied probability for a higher rate by:
- Dec 2012: 7.4% down from 9.9% last week
- Mar 2013: 14.7% up from 14.6% last week
- Jun 2013: 22.2% down from 24.3% last week
The FDIC released the Quarterly Banking Profile for the Third Quarter this week. The number of "problem" institutions declined from 865 to 844. As part of this profile release, the FDIC makes public all of the bank call reports. We will be updating our bank health scores and Texas Ratios soon based on this new data. You can view a table of banks and credit unions with the worst Texas Ratios in our Bank Health Ratings page.
Savings & Checking Account Rates
There was only one rate cut this week on my short list of savings and checking account rates. American Express Bank savings account yield fell from 1.00% to 0.90% which was the same rate cut that ING Direct made last month.
It has been reported that Alliant Credit Union's savings account rate (1.15% APY) will remain the same for December. Its High Rate Checking yield of 1.10% APY will also remain the same.
Only two banks offer rates higher than Alliant Credit Union's savings account rate. Incredible Bank's money market account still has a 1.18% APY for balances of $2,500 to $250,000. UFB Direct's Airline Rewards Savings Account continues to hold on to the top spot with a 1.30% APY. UFB Direct is Bank of Internet USA's new internet division. I've been told this isn't a promo rate. However, there's no guarantee about how long it'll last. The rate has held since UFB Direct was launched in August.
Reward Checking Accounts
Just like last week, there were no rate cuts on my short list of nationally available reward checking accounts. This was also the case for the 4-percent club. These are local deals that offer at least 4.00% APY on balances of at least $25K. The number of these remains at 9. This will go down by at least one with the start of December (see forum thread).
To see the reward checking account rates available in your state, please refer to the reward checking rate table. If you're new to these tables, my rate table guide should be useful, and if you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should also be useful.
Rate Hikes:
- None
Rate Cuts:
- American Express Savings - 0.90% [was 1.00%]
Certificate of Deposit Rates
My recap of CD rate changes and the list of CD deals will now be in my Friday survey of the best CD rates. My Saturday recaps will now focus on banking news of the week and liquid accounts.
Recap for the Week - Links to This Week's Posts
Banking News/Resources Savings/Checking Accounts - Nationwide- Update on Wilshire State Bank's Installment Savings Account
- Review of ING Direct's MONEY - Checking Account for Teenagers
- ING Direct's 2011 Black Friday Specials: $107 Electric Orange Bonus
- Service Credit Union's Black Friday Specials
- ING Direct's 2011 Black Friday Sale Predictions
- No new posts this week
Checking/Savings/Money Market Accounts:
- 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:
- UFB Direct (Bank of Internet) - 1.30% Savings account review
- Incredible Bank - 1.18% MMA ($2.5K min) account review
- AmTrustDirect - 1.15% (min $10K) promo rate
- MyBankingDirect - 1.15% (min $5K) promo rate
- Alliant Credit Union - 1.15% (min $100) account review
- SmartyPig - 1.10% (min $25, max $50K) withdrawal restrictions, account review
- Incredible Bank - 1.06% Checking ($1K min) account review
- Clear Sky Accounts - 1.04% (max $250K) account review
- SFGI Direct - 1.01% account review
- CNB Bank Direct - 1.00% account review
- Capital One/Costco - 1.00% InterestPlus Savings ($10K min, includes 10% quarterly bonus) 0.91% (w/o bonus) account review
- Discover Bank - 1.00% Savings (min $500) account review
- Sallie Mae Bank - 1.00% MMA & Savings account review
- ING Direct - 1.00% ($100K) 0.95% ($50K) Electric Orange Checking
- airbanking.com - 0.95% Savings
- Capital One - 0.93% InterestPlus Savings ($10K min, includes 10% quarterly bonus) 0.85% (w/o bonus) account review
- Capital One - 0.91% Checking (rate guaranteed for 1 yr) account review
- ING Direct - 0.90% Orange Savings
- Hudson City Savings Bank - 0.90% (min $2.5K)
- American Express Bank - 0.90%, account review
- Ally Bank - 0.89% MMA account review
- Colorado Federal Savings Bank - 0.85% ($2.5K min) account review
Reward Checking Accounts:
- Best Reward Checking Account Rates for a $10,000 Balance - Nationally Available
- Best Reward Checking Account Rates for a $25,000 Balance - Nationally Available
- Noteworthy Accounts Available Nationwide:
- Consumers Credit Union - 4.09% (up to $10K) 0.56% ($10K-$25K) 0.35% ($25K+)
- Lake Michigan Credit Union - 3.00% (up to $15K) 0.00% ($15K+)
- ABCO Federal Credit Union - 2.52% (up to $25K) 0.50% ($25K+)
- Pacific Resource Credit Union - 2.27% (up to $15K) 0.50% ($15K+)
- Provident Credit Union - 2.26% (up to $25K) 0.31% ($25K+)
- First New England Federal Credit Union - 2.03% (up to $15K) 0.10% ($15K+) (extra 1% w/relationship)
- Atlantic Coast Bank - 2.01% (up to $15K) 0.50% ($15K+)
- Community Bank of Raymore - 2.01% (up to $25K) 0.50% ($25K+)
- Community Bank of Pleasant Hill - 2.01% (up to $25K) 0.50% ($25K+)
- Connexus Credit Union - 2.00% (up to $25K) 0.50% ($25K+)
- Heritage Bank - 1.71% (up to $25K) 0.10% ($25K+)
- Avidia Bank - 1.66% (up to $25K) 0.10% ($25K+)
- North Country Savings Bank - 1.50% (up to $50K) 0.75% ($50K+)
- West Texas National Bank - 1.26% (up to $25K) 0.25% ($25K+)
- Bank of Internet USA - 1.25% APY (all balances)
Certificates of Deposit:
- Best CD Rates (Nationwide & by State)
- Best IRA CD Rates (Nationwide & by State)
- Survey of the Best CD Rates for November 26, 2011 (Nationwide & Local)
Various Deposit Account Deals
- Bank Promotions
- 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 - 1.25% rate for $50k+, Ford Interest Advantage review
- GE Interest Plus - 1.20% rate for $50k+
- Vanguard Prime Money Market Fund - 0.03% 7-day yield
- Vanguard Tax-Exempt Money Market Fund - 0.02% 7-day yield
- Fidelity Money Market Fund - 0.01% 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
- PayPal Money Market Fund has ended effective 7/29/11
- FW Thread on Treasury Bills
- Series I Savings Bonds for November 2011, I Bond Article, I Bonds as CD Alternatives
cumulus - #1, Sunday, November 27, 2011 - 8:33 PM
Any particular reason for not listing Alliant Credit Union's checking
account (1.10%) in the 'Noteworthy Accounts Available Nationwide'
section? I notice a number of other checking accounts there.
Thanks so much for all your great work.
KenBDG - #2, Monday, November 28, 2011 - 4:58 AM
Yea, it deserves to be on the list. I'll add it next week. I originally had just listed the highest rate of the liquid accounts of a bank or CU. But when I added Incredible Bank's MMA, I kept its checking on the list. A similar thing happened with ING Direct.
Add Your Comment
Post a Comment