Delaware Banking Rates and News

We are still seeing checking account bonuses from the big banks. Those who are careful may be able to profit from these, but the banks know that they will most likely profit in the end. The latest big bank offering a checking account bonus is M&T Bank which is offering a $100 cash bonus for customers who add direct deposit to a MyChoice Checking account. M&T Bank has this promotion advertised on its home page and on its special website raisethegreenflag.com/mychoice.

Those who try to qualify for this bonus should be aware of the potential...

MidCoast Community Bank is once again offering a top rate on its short-term CDs. The rate is 1.45% APY for terms from 6 to 12 months. Most of the longer-term CD rates are not quite as competitive. However, the CDs with terms over 3 years are pretty good. There's a 1.80% APY 42-month CD and a 2.25% APY 5-year CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 10/25/2011.

It appears that a branch visit is required to open an account. MidCoasat Community Bank branches are located...

PNC Bank's Virtual Wallet has changed quite a bit since I first reviewed it in 2009. The good news is that it's still easy to keep it free without monthly fees. Considering how many of the large banks have added monthly fees and debit card fees to their checking accounts, PNC's Virtual Wallet is noteworthy. The bad news is that you don't get rewarded like you used to. Another downside is that it has become more complicated. Virtual Wallet has never been simple. It's composed of three different accounts:

• Spend Account (checking)
• Reserve Account (for short-term savings & overdraft protection)
• Growth...

Update 1/20/2012: PNC has extended the promotion to 1/31/2012. Here's the new promotion page link. Also note, the full $100 bonus no longer requires the use of online bill pay.

PNC Bank has another $100 bonus for opening a new qualifying checking account and for performing certain activities. This is being advertised on their home page. Here's the direct link to their promo page. The offer is scheduled to end on 10/22/2011. Here's a summary of the requirements for the first $75:

• Open a new Virtual Wallet Performance or other select PNC Personal...

Capital One Bank has responded quickly after new rules took effect last week which allows banks to pay interest on business checking accounts. Capital One has started to advertise a new promotion called the Clear Interest Business Checking. It guarantees 1.10% APY for 1 year on balances between $10K and $100K. The rate isn't great, but the 1-year guarantee is nice.

This promotion is only available in states where Capital One has branches. The rate also varies by state, but currently, the only state that doesn't offer 1.10% APY is Louisiana which only...

Update 6/23/11: The CD rates have fallen.

MidCoast Community Bank has just made a nice bump-up in its short-term CD rates. The CDs with terms of 6 to 9 months now have a 1.35% APY. Minimum deposit is $500. These rates are listed in the bank's rates page as of 6/7/2011.

It appears that a branch visit is required to open an account. MidCoasat Community Bank branches are located in Dover and Wilmington, Delaware.

Midcoast Community Bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 5.96%...

Every now and then Doral Bank Direct offers competitive CD rates. Its latest deal is a 1-year CD with a 1.40% APY. Minimum deposit is $1,000. This is the only rate that's competitive. All the other CD rates are low. These rates are listed in the bank's CD page as of 3/29/2011.

My last report on this bank was about a year ago when they were offering a 1-year CD special. One odd thing is their requirement to close out a CD. You have to send them the original Certificate that was sent...

Update: PNC has extended the promotion to 6/18/2011. Here's the new PNC promotion page.

PNC Bank has another $100 bonus for opening a checking account with some additional requirements. This was being advertised on their home page. Here's the direct link to their promo page. The offer ends on 1/22/2011. Here's a summary of the requirements for the first $75:

• Open a new Virtual Wallet or other new select new PNC Personal Checking account
• Established a qualifying direct deposit within 60 days of account opening
• Make 10 purchases with your Check Card that post within 60 days...

MidCoast Community Bank is offering a very competitive rate on its short-term CDs. For terms from 6 months to 12 months the CD yield is 1.00% APY. Minimum deposit is $500. These CDs are listed at the bank's rates page as of 12/21/2010.

It appears that a branch visit is required to open an account. Branches are located in Wilmington and Dover, Delaware.

As a comparison to internet banks on 12/21/2010, the best 6-month CD rate is 1.11% APY at Aurora Bank FSB. ING Direct's 6-month CD rate is...

The Fulton Financial family of banks is having a checking account promotion in which you can earn one of three gifts for opening a checking account by 10/30/2010 and establishing direct deposit of at least $100. The customer can choose from one of three gifts: Airfare Cash, Garmin GPS Nuvi 205 or RCA Small Wonder Camcorder.

The Fulton Financial family has 8 banks that cover much of Virginia, Maryland, Delaware, Pennsylvania and New Jersey. You can select the bank that's near where you live from this Fulton Financial map. I checked a few of these,...

Sovereign Bank is offering a $150 cash bonus for opening a checking and money market account. Here's the direct link to the promotions page. Accounts must be opened by November 12, 2010. Here are the requirements:

• Open a new Sovereign Premier Checking account with a minimum $100 deposit
• Open a new Sovereign Premier Money Market Savings account with a minimum $100 deposit
• Enroll in Online Banking at account opening
• Make 5 debit card purchases or receive direct deposit within 60 days of account opening

When you qualify, you will receive a credit of $150 to your new checking account within 75...

Update 10/13/2010: The bonus period has been extended to 11/30/2010.

PNC Bank has another $100 bonus for opening a checking account. It's not as good as the $125 July bonus, but this $100 bonus appears to be the best PNC bonus currently available. Here's the direct link to the promotion. It requires direct deposit of at least $400 per month along with 10 check card purchases. According to the small print, the checking account must be opened via the online application by 9/30/2010. Here's some of the small print as listed in the promo...