Indiana Banking Rates and News

Most of the CD rates at INOVA Federal Credit Union are low, but there's one rate that's very competitive. It's the 6-year share certificate which has a 2.50% APY. Minimum deposit is $200. There's also a step-up option, but the rate is 0.10% lower. This allows the member to step-up the rate one time during the term. The IRA share certificates have rates 0.10% higher. These rates are listed in the CD rates page as of 1/11/2012.

According to the member service rep, the 6-year CD has an early withdrawal penalty of 180 days of...

Yesterday I reviewed the 7 reward checking accounts that remain in the 4% club. These are reward checking accounts with yields of at least 4.00% on balances of at least $25,000. Unfortunately, readers have reported that 2 of these 7 will be cutting rates or balance caps in January. So it's becoming increasingly difficult to find a 4% club member. You may have better luck finding ones in the 3% club. These are reward checking accounts with yields of at least 3.00% on balances of at least $25,000. We still list over a hundred reward checking accounts in the...

Flagstar Bank is offering a savings account promotion with a 1.25% APY guaranteed for 4 months. The details are listed in this Flagstar promotions page. However, it requires that you enter your zip code. It appears all zip codes are eligible, but the offer differs slightly depending on your location. If you live in their market area of Michigan or Indiana, the 1.25% APY applies to balances up to $2 million. If you're outside this area, the 1.25% APY applies to balances up to $250,000. For both cases, the 1.25% APY will last for 4 months...

MB Financial Bank is offering a checking account bonus in which you can earn up to $200. You do have to be careful to avoid monthly fees on the checking accounts. Three checking accounts qualify for the bonus, and they all have monthly service fees. However, there are several ways to avoid the fees. In addition, one of the checking accounts is a reward checking account (MB Red Checking).

Details of the checking promotion is listed at MBchecking.com. It's scheduled to expire on January 31, 2012. Here are the details from the site:

Qualifying for your...

Some community banks have extended their promotions to attract customers participating in the Bank Transfer Day movement. That appears to be the case at Horizon Bank which is still offering a $150 checking account promotion. The bonus requires that you open a new checking account, establish direct deposit and make 10 debit card purchases. The bank's free checking qualifies. Details are provided in the bank's promotion page. Note, the small print currently says the account must be opened by 10/31/2011. However, it's still advertised on the bank's home page, and I just called and confirmed that...

For those participating in Bank Transfer Day, here's a good credit union with a nice checking account promotion. It's Advance Financial Credit Union, and you can earn up to $200 in its checking account promotion. Full details are available in the credit union's promotions page. It's scheduled to last until 12/31/2011. To earn the full $200 requires the following be done during the promotional period:

• $50 for opening a new checking account and signing up for the debit card
• $100 for setting up direct deposit (direct deposit must be your entire check)
• $50 for signing up and utilizing AFFCU's...

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...

Huntington Bank has been offering a very competitive rate on its Premier Plus Money Market Account. It has a 1.25% APY for balances from $20K to $2M. No interest is paid on balances under $20K. This is listed in the bank's rate finder page as of 9/29/2011.

One worrisome issue for money market accounts is the question about how long the competitive rates will last. I contacted the CSR via the online chat, and I was told the typical reply that the rate could change at any time. We do have the rate history of this account. You...

Update 10/26/2011: The promotion has been extended to 12/31/2011.

Standard Bank and Trust Co. is again having a checking account promotion with a $200 bonus. This new promotion is scheduled to last until 12/31/2011. It's listed at this bank's promotion page as of 9/6/2011. To qualify for the bonus, you must open a new e-checking or my green checking and meet the following requirements within 90 days of account opening:

• Payroll direct deposit of at least $300 for two consecutive months
• 12 signature-based (non-PIN) debit card purchases with each purchase value of at least $10

The details from...

Finding CD yields of 3.00% is difficult these days even for the longest terms. I found one today in Indiana. It's at Teachers Credit Union which has a special 71-month CD and IRA CD with a 3.05% APY. Minimum deposit is $1,000. There's also a special 35-month CD with a 1.80% APY. These rates are listed at the credit union deposit rates page as of 8/15/2011.

Membership is open to those who live or work in one of several counties in Indiana. This includes parts of Marion County so many people in Indianapolis may qualify....