Hawaii Deposit Account Rates and Deals

HomeStreet Bank has brought back its $215 checking account promotion that I last reported on in July 2009. The bonuses amounts appear to be the same as before. The largest bonus is for direct deposit, but you can still make $135 without it. Details are listed in the bank's promotion page as of 1/21/2010. I don't see any expiration date, but based on its history, the promo comes and goes. The following activities are required to receive the full $215:

• $80 for direct deposits of payroll, pension, social security or other income to your account
• $60 for using your new Visa Check card ($2 per purchase up to $60)
• $40 for using free Online Bill Pay ($10 per payment up to $40)
• $10 for receiving e-statements
• $25 for giving the bank your old checks and debit card from your old bank ($15 for your check card and $2 per pad of checks up to $10).

Some important small print of the offer includes:

• Minimum opening deposit for the checking account is $100
• The Totally Free Checking qualifies
• All transactions eligible for a bonus payment must be made within the first 3 statement cycles after account opening
• Offer is limited to one account per household
• Accounts closed by the customer within 90 days of opening are subject to a $15 early closure fee

One nice change for 2010 is that they doubled their refer-a-friend promotion. When you refer a friend who opens a checking account, both you and your friend will earn $50. There's no limit on the number of referrals you can make.

When I posted on this promotion last year, a reader mentioned being told by the CSR that there is no hard credit inquiry.

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii. The bank is a member FDIC (FDIC Certificate # 32489).

I received info from PenFed contact yesterday concerning January CD rollovers. The good news is that those who participated in the November Certificate Reservation program will have the advertised rates honored (3.50% 3 years, 4.00% 4 years and 4.25% 7 years). Several readers in my previous PenFed post have also confirmed the same thing. However, those who missed the November Certificate Reservation program won't be getting those top rates. It appears that the interest rate environment was turning out to be worse than what they had expected. Below are the details that I received:

At the December meeting, our Board of Director approved lower Money Market & IRA Certificate rates for January 2010 than previously announced. We became aware of the change in rates on December 29. It is very rare for the Board of Directors to make a change in the rates after we project them, but in this case; other factors in the market forced us to lower our projected rates slightly.

As indicated in all of our disclosure statements, our rates are always subject to change. Below, I have provided a few key points regarding the rates along with a January 2010 rate chart.

* All members who participated in the CD Rollover Subscription program will have their reservations honored, and they will receive the advertised rate from that promotion: 3 yr/3.50%, 5 yr/4:00% and 7 yr/4.25

* With the exception of CD Rollover Subscription enrollees that will receive the promised CD Rollover Subscription rates, the 0.25% APY certificate rollover bonus will be applied to all qualifying certificates rolling over between December 29, 2009 and February 1, 2010, inclusive. These certificates will receive the "Rollover " rates reflected in the chart below. Update 1/06/09: I received a clarification about the below rates. For those members with CDs maturing December 29-31, 2009 and February 1, 2010 (and did not participate in the CD Reservation program), and wish to rollover, they will receive the rate in effect for that month - plus the 0.25% bonus.

        APY for
CD      CD Subscription  APY for    APY for
Term    Participants     Rollovers  New Money
----    ---------------  ---------  ---------
6 mo    -                1.00%      1.00%
1 yr    -                1.25%      1.25%
2 yr    -                1.75%      1.75%
3 yr    3.50%            3.25%      3.00%
4 yr    -                3.50%      3.25%
5 yr    4.00%            3.75%      3.50%
7 yr    4.25%            4.00%      3.75%

For more details about PenFed CDs and membership, please refer to my previous PenFed post.

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals

Update 1/05/2010: I received info from my PenFed contact about the rollover CD rates. Please refer to this new post for the details.

Happy New Year! Thanks to everyone for reading, and let's hope that 2010 has some improvements for us savers.

Pentagon Federal Credit Union did increase some of its CD rates for January, but I'm afraid they're 25 basis points lower than what I was told by my PenFed contact. Perhaps they had more members agree to renew their CDs than what they had planned. Nevertheless, the new rates are competitive. They went up 50 basis points for terms of 3, 4 and 5 years. Unfortunately, the 7-year rate went down by 25 basis points. Below is the summary of PenFed long-term CD rates as listed at the PenFed Money Market Certificate page as of 1/01/2010:

• 3.00% APY 3 year
• 3.25% APY 4 year
• 3.50% APY 5 year
• 3.75% APY 7 year

I'm currently unable to confirm the renewal rates. I would think those who were early to participate in PenFed's Certificate Reservation Offer should be getting rates 50 basis points higher than the above rates. I'm hoping this will also apply to those who were late to participate since I was told of these higher rates by my PenFed contact and by two PenFed CSRs. It may just be 25 basis points higher than the above rates. I had one CD that matured today, and I had set it to renew. I logged in this morning, and it still hasn't rolled over to the new CD. When I receive renewal rate info, I'll be sure to update this post. Please leave a comment if you receive info on this.

Update 6:00pm 1/1/10:

I called PenFed today, and I have some new info based on my conversation with the PenFed CSR. However, I should note that the CSR didn't know much. I sent an email to my PenFed contact to find out what happened and who will be eligible for what rates. I don't expect a reply until Monday at the earliest.

I again logged into my PenFed account. The CD that matured today still shows the old CD rate and term. According to the CSR, the new rate and term should show up tomorrow after the holiday.

I'm assuming that those who were able to participate in the November Rollover Subscription Promotion (before it was canceled) should get the rates that PenFed listed which are 50 basis points higher than above. I'll know more when I receive the reply.

For those who missed the November Rollover Subscription Promotion but had set their CDs to rollover (like me), there is a question about what rates we'll get. According to the CSR, we'll just get 25 basis points over the listed rates which comes out to 4% 7yr, 3.75% 5yr, 3.50% 4yr and 3.25% 3yr. I told my PenFed contact that I and many of my readers were informed by PenFed reps that the rates would be 25 basis points higher. I'm hoping we'll be able to get those rates.

It appears the Board of Directors decided in December for the lower rates. The CSR didn't know much more.

PenFed Certificate Details

For more details about PenFed's CDs and joining PenFed, please refer to this PenFed review post. Details of the CDs are available in the second page of PenFed's account application. A few important details to note:

• Early withdrawal penalty for the terms of 3 to 5 years is 180 days of dividends (all dividends if redeemed before 180 days from issue date)
• IRA CDs available with the same rates
• IRA CD holders over 59½ can avoid most of the early withdrawal penalty (see see post)

Note, there's no grace period. However, the early withdrawal penalty for the first 180 days is not 180 days of interest but just the interest earned from the issue date. So if you change your mind about renewal a couple of days after the CD matures, you should be able to do an early closure and lose only those couple of days of interest. Many banks don't pay interest during the grace period if you don't renew. So this PenFed feature is no worse.

Membership

PenFed makes it easy for anyone to join and open accounts online. If you don't qualify based on military, employer or family, you can become eligible by joining the National Military Family Association (NMFA). Please refer to How to Join Overview Page for details. Joining NMFA and Penfed can be done at the same time all online. The yearly membership for NMFA is $20, but your membership in the association does not need to be maintained to continue as a Penfed member. You can also be eligible to become a member of PenFed if you are an employee or volunteer of the American Red Cross (refer to this PenFed page).

Branch Locations

Accounts can be opened online, but for those who prefer branches, PenFed has branches in several parts of the country including Washington DC, Maryland, Virginia, New Jersey, New York, Colorado, North Carolina, Hawaii, Puerto Rico, Missouri and Texas.

Financial/NCUA Info

PenFed's ratings for safety and soundness are no longer the best, but they remain respectable: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data).

PenFed is one of the largest credit unions in the US with $13.4 billion in assets and 889,874 members. It's federally insured by the NCUA (Charter # 227).

Update 11/14/09: The rates have fallen, but they remain very competitive. Please refer to the credit union's website for the latest rates.

Wings Financial Credit Union continues to offer several very competitive CD rates. In addition, they have expanded their field of membership beyond just the airline industry to include all those who live or work in the Minneapolis/St. Paul metro area.

The special 27-month CD and all of their standard CDs have competitive rates. Minimum deposit is $500. These are also available in an IRA. Below is the full list of CD rates as shown on the credit union's rate sheet as of 11/03/2009:

• 1.96% APY 3 month
• 2.37% APY 6 month
• 2.78% APY 1 year
• 2.98% APY 2 year
• 3.09% APY 27 month (special)
• 3.14% APY 3 year
• 3.24% APY 4 year
• 3.49% APY 5 year

Another good deal is the credit union's Wings Investment Money Market Account. It's a tiered rate account with a 1.92% APY for balances of $5K to $50K, 2.07% APY for balances of $50K to $100K and 2.22% APY for over $100K. These rates are listed as of 11/03/09.

The expanded field of membership just occurred last month. In addition to those connected to the airline industry, those who live or work in the 13 County Minneapolis/St. Paul Metro are eligible for membership. Refer to the credit union's Membership Eligibility page for the full details.

Branches are located in California, Florida, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.

The credit union's ratings for safety and soundess are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data.

Wings Financial is a large credit union with $2.2 billion in assets and 122,394 members. It's federally in insured by the NCUA (Charter # 68601). Note, Wings' charter number has changed now that it's a state charter.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Wings Financial Credit Union is offering several very competitive CD rates. They have two CD specials which include a 2.17% APY 5-month CD and a 3.09% APY 27-month CD. The credit union's regular share certificate rates are also competitive. These include a 2.38% APY 6-month CD, a 2.78% APY 1-year CD and a 3.49% APY 5-year CD. Minimum deposit is $500, and these are available as both regular and IRA share certificates.

Another good deal is the credit union's Wings Investment Money Market Account. It's a tiered rate account with a 1.92% APY for balances of $5K to $50K, 2.07% APY for balances of $50K to $100K and 2.22% APY for over $100K.

The above rates are listed in the credit union's savings rates sheet as of 10/02/09.

The downside to Wings is that membership is primarily limited to the air transportation industry. Please refer to the credit union membership eligibility page for the full details. (see note below)

Branches are located in California, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.

The credit union's ratings for safety and soundess are above average: 5 stars (superior) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data).

Wings Financial is a large credit union with $2.1 billion in assets and 122,278 members. It's federally in insured by the NCUA (Charter # 24351).

Field of Membership is Expanding

Wings Financial just announced it will be expanding the field of membership. According to the credit union's bulletin, members voted to change the charter from a federal to a Minnesota state. This will allow Wings to expand the field of membership to include anyone living, working or worshipping in the 13 county Minneapolis/St. Paul metro area. The bulletin gives no date of when this new FOM will take effect. Unfortunately, they didn't add an easy-to-join association to their FOM.

Thanks to the reader who emailed me info on these rates and this FOM change.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

HomeStreet Bank is again offering a few good CD and IRA deals. The most competitive as listed at the bank's CD page as of 7/15/09 include:

• 2.35% APY 12-month CD
• 2.55% APY 18-month Featured CD
• 2.85% APY 24-month CD
• 3.55% APY 60-month CD

Minimum deposit is $10,000. CDs with lower minimums and rates are also available. Note, you have to enter your zip code to see the rates. I used a Seattle and Portland zip code. For Hawaii zip codes, the rates are lower.

The bank continues to offer a checking account promotion in which you can earn up to $215 (see post). This is scheduled to end in September.

It appears a branch visit is required to open an account. Branches are located in Washington State, Oregon and Hawaii.

HomeStreet Bank's ratings for safety and soundness have fallen. At BauerFinancial the rating fell from 3½ stars based on 12/31/08 data to 2 stars (problematic) based on 3/31/09 data. At Bankrate.com the rating fell from 3 stars to 1 star (lowest) based on data from the same dates as above. As I recommend with any bank, it's best to stay below the FDIC limits. The bank has been a FDIC member since 1986 (FDIC Certificate # 32489).

Finding the Best Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Update 10/18/09: This promotion continues to be listed at the bank's website with no expiration date mentioned.

HomeStreet Bank has again extended its $215 checking account promotion that I last reported on in April. They did make some changes. The bonus amounts for the different activities have changed a little. They offer a little more for direct deposit and bill pay, but less for the Visa check card purchases. Details are listed in the bank's promotion page. The offer is scheduled to last through 9/30/09. The following activities are required to receive the full $215:

• $80 for direct deposits of payroll, pension, social security or other income to your account
• $60 for using your new Visa Check card ($2 per purchase up to $60)
• $40 for using free Online Bill Pay ($10 per payment up to $40)
• $10 for receiving e-statements
• $25 for giving the bank your old checks and debit card from your old bank ($15 for your check card and $2 per pad of checks up to $10).

Some important small print of the offer includes:

• Minimum opening deposit for the checking account is $100
• The Totally Free Checking qualifies
• All transactions eligible for a bonus payment must be made within the first 3 statement cycles after account opening
• Offer is limited to one account per household
• Accounts closed by the customer within 90 days of opening are subject to a $15 early closure fee

When I posted on this promotion last year, a reader mentioned being told by the CSR that there is no hard credit inquiry. Another reader in my April post mentioned that he was also able to qualify for an extra $25 for a refer-a-friend bonus.

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii. The bank is a member FDIC (FDIC Certificate # 32489).

HomeStreet Bank has a few good CD and IRA deals. The most competitive is the 24-month CD with a 2.95% APY. Their featured CD is a little less competitive: a 2.55% APY 12-month CD. Also competitive is the 18-month CD with a 2.65% APY. Minimum deposit is $25,000. Lower rates are available for lower minimums. These rates are listed at the bank's rate table as of 6/04/09. Note, you have to enter your zip code to see the rates. I used a Seattle and Portland zip code. For Hawaii zip codes, the rates are lower: 2.13% APY 12-month CD and a 2.45% APY 24-month CD.

The bank continues to offer a checking account promotion in which you can earn up to $215 (see post). This is scheduled to end in June.

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii.

HomeStreet Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3.5 stars (good) at BauerFinancial. Both ratings are based on 12/31/08 data. The bank has been FDIC insured since 1986 (FDIC Certificate # 32489).

Finding the Best Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

HomeStreet Bank is offering a featured CD with a 2.70% APY for a 1-year term. Minimum deposit is $10,000. The rate is 2.60% APY for a $500 minimum. This is also available for IRA deposits. The bank also has some competitive long-term CDs: 3.00% APY for a 2-year term and 3.50% APY for a 5-year term. These rates are listed at the bank's rate table as of 4/17/09. Note, you have to enter your zip code to see the rates. I used a Seattle and Portland zip code. A lower rate of 2.35% APY for the 1-year CD is listed for Hawaii zip codes. The long-term rates are also lower: 2.50% for 2 years and 2.95% for 5 years.

The bank is also offering a checking account promotion in which you can earn up to $215 (see post).

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii.

HomeStreet Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3.5 stars (good) at BauerFinancial. Both ratings are based on 12/31/08 data. The bank has been FDIC insured since 1986 (FDIC Certificate # 32489).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

HomeStreet Bank is again offering up to $215 for opening a personal checking account along with a few other activities. Details are listed in the bank's promotion page. The offer is scheduled to last through 6/30/09. The following activities are required to receive the full $250:

• $75 for direct deposits of payroll, pension, social security or other income to your account with a minimum $500 a month for 2 consecutive months
• $75 for using your new Visa Check card to make 10 purchases or payments each month for 2 consecutive months
• $30 for enrolling in Free Online Banking and Bill Pay and paying a minimum of 3 bills each month for 2 consecutive months
• $10 for receiving e-statements
• $25 will be applied to the cost of new checks when you give the bank your old checks and/or check card from your current account at another financial institution. A reader in my last post was told that you can keep the $25 if you chose not to order checks

Some important small print of the offer includes:

• Minimum opening deposit for the checking account is $100
• The Totally Free Checking qualifies
• Offer is limited to one account per household
• Account holder will be responsible for tax implications
• Accounts closed by the customer within 90 days of opening are subject to a $15 early closure fee
• Customer must meet requirements of program on or before 9/30/09

The bank was offering this same promotion last year which was scheduled to expire in March (see post). A reader mentioned being told by the CSR that there is no hard credit inquiry.

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii. The bank is FDIC insured (FDIC Certificate # 32489).

Edit: Corrected title to include OR instead of OH.