Kentucky Deposit Account Rates and Deals

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 page with my highlights of the important things to note:

Offer available only to new PNC customers. New personal checking account must be opened via online application between 8/01/2010 and 9/30/2010. To qualify for the $100 reward a Qualifying Direct Deposit must be received and at least 10 check card purchases made with your PNC Visa Check Card must be posted to the eligible account within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as "Promo Reward Cash Trans" on your monthly statement. A "Qualifying Direct Deposit" is defined as a recurring direct deposit of a paycheck, pension, social security or other regular monthly payment electronically deposited into a Free, Performance, Performance Select Checking account, or the Spend account for Virtual Wallet (each an "Eligible Account") on a recurring month-to-month basis. The amount of each recurring Direct Deposit must be at least $400. The recurring Direct Deposits must be made by an employer or an outside agency. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits. Offer only available to new PNC Bank checking account customers who open the Eligible Account using the on-line application. Offer only available to residents of DC, DE, FL, IL, IN, KY, MD, MI, MO, NJ, OH, PA, VA and WI. Offer may be extended, modified or discontinued at any time and may vary by market. This is an online offer that is not available through the branch.

PNC Bank's Virtual Wallet

One of the checking accounts that can qualify for the bonus is the Spend Account which is part of PNC's Virtual Wallet. Another part of Virtual Wallet is the Grow Account which is a savings account that pays 1.10% APY on balances up to $25K as of 8/8/2010. Please see my PNC Virtual Wallet review for more details.

PNC Q2 Results and Its Deposit Strategy

PNC released its second quarter results in late July. It reported a better-than-expected second-quarter profit. One thing I found interesting in PNC's press release was the description of its plans to grow checking account deposits while shrinking CD deposits. Here's an excerpt:

Average deposits of $182 billion declined $.8 billion compared with the first quarter of 2010 and $10.4 billion, or 5 percent, compared with the second quarter of 2009. In both comparisons, average deposits decreased due to the continued reduction of high-cost and primarily nonrelationship certificates of deposit and other time deposits, partially offset by growth in average transaction deposits. This was consistent with PNC’s overall deposit strategy focused on growing demand and other transaction deposits as a lower-cost funding source and the cornerstone product of customer relationships.

You can see PNC executing this strategy with these checking account bonuses and its very-low CD rates (one example: 1.50% 5-year CD in Florida).

The conversion of National City branches was also mentioned in the press release:

PNC successfully completed the National City conversion of 16 million accounts, 6 million customers and 1,300 branches in nine states.

I know many readers will miss those National City CD specials that were so popular a couple of years ago.

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus blog posts. Some additional bonuses are also listed in the checking account deals section of the discussion forum.

It's rare to see very competitive rates go up in today's environment. That happened yesterday at Fort Knox Federal Credit Union. The rates of its two CD specials went up by 5 basis points. The new rates are 1.75% APY for a 14-month term and 2.30% APY for a 23-month term. Minimum deposit is $500. These rates are listed on the credit union rates page as of the morning of 7/16/2010.

The credit union continues to have competitive standard CDs. As of 7/16/2010, the best ones include a 1.40% APY 3-/6-month CD and a 3.00% APY 60-month CD.

One reader emailed me about a very convenient way to open CDs. The credit union is part of the CU Service Center which allows you to take care of many banking transactions at a shared branch. The reader deposited a large check at a local credit union that belonged to this network. The deposit was made to his Fort Knox savings account. He called Fort Knox FCU that same day, and he was able to open the CD with the funds from the deposited check.

For more CD details, please refer to my previous post in which I discuss the early withdrawal policy and penalties.

Money Market Account

The credit union also continues to offer a top rate on its money market account. It's a tiered account with a 1.60% APY for balances of at least $50K as of 7/16/2010.

Visa Platinum Cash-Back Credit Card

The credit union also offers a great cash-back credit card with 5% cash back for gas and 1.25% cash back on all other purchases.

Membership Eligibility

Fort Knox FCU used to have a typical field of membership which included residents of several counties in Kentucky. However, earlier this year I noticed the following highlighted sentence in the credit union's membership eligibility page:

If you do not meet any of these eligibility criteria, you may qualify for membership by joining the American Consumer Council --it's free!

The American Consumer Council lists several credit union affiliates. In ACC's membership page it describes one way you can join:

You can contact one of the affiliated credit unions and complete their membership application. The process is simple. By joining through an affiliated credit union, you can join us for free!

Several readers have reported success in joining the credit union and opening CDs. One thing that has changed a little since my last post is that they list the Kentucky chapter for the American Consumers Council in the online application. I'm not sure if this was done to impede applications for those out-of-state. They have a toll-free number at 800-285-5669 for questions about membership. Many readers have been pleased with their customer service.

Credit Union Overview

Branches are located in several cities in Kentucky including Fort Knox, Radcliff, Elizabethtown and Campbellsville. Also, as I mentioned above, the credit union belongs to the shared credit union network that allows you to perform several banking transactions at shared branches across the nation.

The credit union continues to have strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview for Fort Knox FCU). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. Fort Knox FCU is federally insured by the NCUA (Charter # 7000).

PNC Bank has another checking account bonus. They are offering a little more than last month. From the home page of their website, they're listing a bonus of up to $125. Here's the direct link to the promo page. To receive the first $100 requires direct deposit of at least $400 per month along with 10 check card purchases. To receive an extra $25 requires signing up for online banking and making 5 payments through Online Bill Pay. Offer is scheduled to end on July 24, 2010. The promotion applies to both the Virtual Wallet and the Free Checking Account.

There's also a $150 bonus being advertised in the St. Louis area. This was advertised in yesterday's (7/11/10) St. Louis Post-Dispatch. The ad is available online here. The requirements for this $150 appear to be the same as for qualifying for the $100 that's mentioned at PNC's website: 1) direct deposit of at least $400, and 2) at least 10 debit card purchases.

Here's some of the small print as listed at PNC's promo page with my highlights of the important things to note:

New personal checking account must be opened between 7/11/2010 and 7/24/2010. To qualify for a $100 reward, a PNC Bank Visa Check Card must be issued to you, a qualifying direct deposit must be received, and at least 10 purchases made with your Check Card must post to your checking account within 60 days of account opening. To qualify for an additional $25 reward, the first conditions must be met and a minimum of 5 payments must be completed via PNC Online Bill Pay, also within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 or $125 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as "Promo Reward Cash Trans" on your monthly statement. A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Free, Performance or Performance Select Checking Account, or the Spend Account for Virtual Wallet. The minimum amount of any single Direct Deposit must be at least $400. The Direct Deposit must be made by an employer or an outside agency. Transfers from one account to another, or deposits made at a branch or ATM, do not qualify as Direct Deposits. Limit of one premium payment per new account legal equity ownership. For this offer, legal equity ownership will be defined by the customer name(s) and social security number(s) on the account. PNC Bank customers with an existing checking account are not eligible for this offer. Offer only available to residents of DC, DE, FL, IL, IN, KY, MD, MI, MO, NJ, OH, PA, VA and WI. Offer may be extended, modified or discontinued at any time and may vary by market.

Some additional details about this Free checking account and the other checking accounts are in PNC Bank's Schedule of Service Charges and Fees. There was some concern in my last PNC post that the debit card would have a fee. This does not appear to be the case for the Free Checking account. The only potential recurring fee I see in the above document is $10 per year for having the Banking Card linked to a checking account. The CSR did not think this applied for the Free Checking. However, terms can vary based on your state so you may want to confirm this.

PNC's Virtual Wallet is composed of a checking account and two savings accounts. One of the savings account is the Growth Account which has a fairly competitive yield of 1.10% for up to $25K (as of 7/12/10). Please refer to my PNC Virtual Wallet review for more details.

In June, PNC Bank announced the completion of the National City conversion which added 1,300 branches to PNC. PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts. You can also find additional checking account bonuses, in the Checking Account Deals Forum.

Delta Community Credit Union has lowered its CD rates since my April post, but a few of the CDs remain competitive. The best one is currently their 2-year CD which has a 2.15% APY. Also competitive is the 3.00% APY 5-year CD. The same rates are also available as IRA CDs. Minimum deposit is $1,000. These rates are listed at the credit union's rates page as of 7/09/2010. Note, the credit union typically updates rates at the start of each month.

The credit union's money market account also continues to be competitive with a top rate of 1.45% APY on the $100K tier. This is down from 1.60% in April.

One nice feature of the credit union CDs is a mild early withdrawal penalty: 31-day interest penalty for maturities of 12-months or less and 90 days interest-penalty for maturities over 12 months. Please refer to the bottom of the rates page for more details.

Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for the full details. Membership requires a minimum $5 deposit into the savings account.

Joining the credit union and opening accounts are much quicker if you can visit a branch. Readers commented on their experience joining this credit union in my November 2008 post when the credit union was offering a 4.50% 12-month CD. The reader who joined with a branch visit reported a very easy process.

Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro). The credit union is also part of the CU Service Center network which allows you to perform many basic banking transactions at a shared branch.

Delta Community Credit Union's rating for safety and soundness has gone down a bit at Bankrate.com. It's now 3 stars (performing) based on 12/31/09 data compared to 4 stars (sound) when it was based on 9/30/09 data. It continues to have the highest rating at BauerFinancial of 5 stars based on 3/31/10 data. It has an overall health score of 4 out of 5 at DepositAccounts.com (see our Delta Community Credit Union financial overview financial overview). The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with $3.62 billion in assets.

BB&T continues to offer a $100 cash bonus for opening its free checking account. However, they have made it a little harder to get the full $100. Here are the steps required:

• Open a Free BB&T checking account online by 8/31/2010
• Register online at bbt.com/welcome100
• Get $50 for making 10 online bill payments ($25 minimum payment) within 90 days of account opening
• Get $50 for receiving two direct deposits of at least $50 from the same source within 90 days of account opening

Here's the direct link to the promotions page. It's also mentioned at BB&T's home page.

The old promo in March made it easier to qualify for the $100 bonus. It could be done with only 3 online bill payments. No direct deposit was required.

In my March post, several readers have reported that BB&T makes it difficult to close accounts. If you can't make it into a branch, you may be required to mail in a notarized letter requesting that the account to be closed. One reader commented that he wasn't required to mail a notarized letter, but instead he was required to mail a copy of his ID with the letter.

The free checking account has a minimum opening deposit of $50. There are no minimum balance requirements or monthly fees. Online Bill Payment is free.

I asked the CSR in March about a hard credit inquiry. According to the CSR, "it would be a hard hit if you are primary on the application." The credit check is done through Equifax. They also use ChexSystem in the application process.

I was also told that BB&T accounts can only be opened in states with BB&T branches. That now includes Texas (BB&T took over Colonial Bank and its Texas branches when it failed in August 2009).

It's an online promotion only. However, in the small print it states that it's available at the branches in AL, FL and TX. BB&T branches are located in Florida, Georgia, Alabama, North Carolina, South Carolina, Tennessee, Kentucky, Indiana, Texas, Virginia, West Virginia, Maryland and Washington DC.

BB&T is a member FDIC (FDIC Certificate # 9846).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Some additional bonus deals are also in the checking account discussion forum.

Update 7/6/10: There's a new promotions page for the $100 bonus. This one is scheduled to end on 7/31/10.

PNC Bank has another bonus for opening a checking account. It's listed on top of their checking account page. Here's the direct link to the promotion. The Free checking qualifies. 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 6/19/2010. However, the CSR said this should last until 7/10/2010. So if this page doesn't change after 6/19, you may want to check with PNC (800-762-5684). Here's some of the small print as listed in the promo page with my highlights of the important things to note:

Offer available only to new PNC customers. New personal checking account must be opened via online application between 6/07/2010 and 6/19/2010. To qualify for the $100 reward a Qualifying Direct Deposit must be received and at least 10 check card purchases made with your PNC Visa Check Card must be posted to the eligible account within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as "Promo Reward Cash Trans" on your monthly statement. A "Qualifying Direct Deposit" is defined as a recurring direct deposit of a paycheck, pension, social security or other regular monthly payment electronically deposited into a Free, Performance, Performance Select Checking account, or the Spend account for Virtual Wallet (each an "Eligible Account") on a recurring month-to-month basis. The amount of each recurring Direct Deposit must be at least $400. The recurring Direct Deposits must be made by an employer or an outside agency. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits. Offer only available to new PNC Bank checking account customers who open the Eligible Account using the on-line application. Offer only available to residents of DC, DE, FL, IN, KY, MD, NJ, OH, PA and VA. Offer may be extended, modified or discontinued at any time and may vary by market. This is an online offer that is not available through the branch.

Some additional details about this Free checking account and the other checking accounts are in PNC Bank's Schedule of Service Charges and Fees. There was some concern in my last PNC post that the debit card would have a fee. This does not appear to be the case for the Free Checking account. The only potential recurring fee I see in the above document is $10 per year for having the Banking Card linked to a checking account. The CSR did not think this applied for the Free Checking. However, terms can vary based on your state so you may want to confirm this.

National City Conversions

According to PNC, today was suppose to be the completion day for the final phase of the conversion of National City branches into PNC branches. According to this Springfield news article, the conversion was done over the weekend:

All told over the weekend, account information for 1.6 million customers and signs at 390 branches in Illinois, as well as the states of Indiana, Missouri and Wisconsin switched to PNC

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

Update: I'm afraid the special CD rates dropped after my post this morning.

US Bank, N.A. is offering competitive rates on its 3 special CDs. The most competitive one is the 27-month CD which has a 2.25% APY. The other ones include a 1.75% APY 19-month CD and a 3.15% APY 59-month CD. Minimum deposit is $1,000. These rates are listed at the bank's CD specials page as of 5/21/2010.

There's an online application link on the bank's CD specials page, and according to the CSR, people in any state can apply. In fact, to take advantage of these CD specials, I was told you would have to apply either online or by phone, and not in a US Bank branch. After you submit the application, the CSR said that they'll send you a signature card that must be mailed back with a check for the deposit. You have 30 days to fund the CD. However, according to the CSR, the CD rate won't lock until they receive the funds. I was told you can also fund the CD with a free wire transfer. After you submit the application, you should have the account number which can be used for the wire transfer. You can also fund the CD at a branch, but you'll still need the account number and signature card.

One downside with US Bank CDs is a harsh early withdrawal penalty. I had posted on it last year. I wasn't able to find a new disclosure document, but based on what the CSR mentioned, it appears to be the same as what I posted last year:

If your account has an original maturity greater than one year, the penalty will be the greater of either A or B, plus a $25 early withdrawal fee.

A. One-half of the interest that would have been earned on the funds withdrawn if held for the entire term.

B. 3% of the amount withdrawn.

Early withdrawal penalties for long term CDs are typically only 6 months of interest, so this is much worse. This is one reason to choose the shorter terms rather than the 59-month CD.

US Bank START Savings Program

US Bank also a pretty good deal on a savings account program called S.T.A.R.T. Like the savings programs at Bank of America (Keep the Change) and Wachovia (Way2Save), it's not going to make you a lot of money, but you can easily earn $100 in one year without much work or money (my US Bank START review).

Bank Overview

US Bank has branches in many states. It has most of its branches in the states of California, Colorado, Illinois, Iowa, Kentucky, Minnesota, Missouri, Ohio, Washington and Wisconsin.

US Bank's ratings for safety and soundness are about average: 3½ stars (good) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts (see our US Bank rates and reviews page). The bank has been a FDIC member since 1934 (FDIC Certificate # 6548). It's a very large bank with $278 billion in assets and $194 billion in deposits.

Comparing with Other Certificates of Deposit

As a comparison, Bankrate's best 2-year nationwide CD rate is currently 2.03% APY, and the best 30-month CD is 2.10% APY. The best 2-year CD rate currently at DepositAccounts.com is 2.53% APY at Broadway Federal Bank. However, after Broadway, there are not many institutions offering 2-year rates above 2.00%.

PNC Bank has another checking account promotion. The bonus appear to vary from $75 to $150. The bonus that's listed online is only $75. However, if you contact PNC, you may find your area has a larger bonus. I used the online chat service, and the CSR said that a Florida zip code qualified for a $100 bonus. This SD member reported a $150 bonus for Michigan. This also appears to be available outside of PNC's market area. For a Texas zip code, the CSR mentioned a $75 reward and a $100 coupon good towards select Verizon wireless products. According to the CSR, the promo began on May 10, 2010 and runs for a full 2 weeks in all markets.

To receive the bonus that's larger than what's listed online, you will need to visit a branch or apply by phone or by the secure online chat. Below are the promo details that the CSR listed. It appears to be the same as what is listed online:

New-to-PNC checking customers must open a new Virtual Wallet, Free, Performance, or Performance Select Checking account during the offer period. A qualifying Direct Deposit of $400 or more must be received within 60 days of account opening. 10 check card POS purchases (PIN or signature) must be posted to the eligible account within 60 days of account opening Note: A qualifying Direct Deposit is a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into a Free, Performance, or Performance Select Checking account or Spend account of Virtual Wallet each statement cycle. The minimum amount of any single Direct Deposit must be at least $400. The Direct Deposits must be made by an employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify.

Regarding a hard credit inquiry, the CSR said they do not do a hard pull when you apply for a checking account.

Update: A reader emailed me the following potential gotchas with this promo and PNC checking accounts:

--The direct deposit must be $400.
--If your account is closed in fewer than 6 months, a $25 fee is debited.
--There is a $3.50 monthly debit card fee unless $2,000 average monthly balance is maintained.
--There is, I think, a $10 (yearly) card fee because the card is "linked" the checking account (I'm not sure what this means).

National City Conversions

I reviewed the status of National City conversions in March. It appears the last conversions should be completed by June 14, 2010.

PNC Bank has been a FDIC member since 1934 (FDIC Certificate # 6384).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

Update: This KeyBank promotion has ended. For those who live in parts of New York, another bank is offering a free iPod touch in a promotion that's scheduled to last through 9/30/2010. KeyBank has regularly offered an Apple iPod promo each year, so hopefully, we'll see another one next year.

KeyBank has a new checking account promotion in which you can earn a free iPod touch. This is similar to the Garmin promo they offered last year. Here's a summary of the requirements of this new promo:

• Open a Key Express Free Checking Account by 6/30/10, and
• Make one KeyBank Rewards debit card transaction, and
• A combination of two direct deposits and/or automated payments each of $100 or more by 10/01/10

One important thing to note is that you must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program. There is a $20 annual fee for the KeyBank Rewards Program that will be waived for the first year. Below are some additional important points from the small print:

Qualifying debit card transactions include signature, PayPass, and PIN-based purchases only. Direct deposit transactions are limited to: payroll, Social Security, pension, and government benefits. Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions, and account-to-account balance transfers. Limit one iPod touch per qualifying account. Limit one iPod touch per individual. The value of the iPod touch will be reported on Form 1099-INT. You will receive your iPod touch within 90 days of meeting requirements. Offer available to individuals without an existing checking account at KeyBank as of 4/30/10. Employees of KeyBank, its affiliates, and subsidiaries are not eligible for this offer. If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

Credit for this find goes to FW member Neidman who posted it on this FW thread.

One thing not mentioned at the promo page is the version of the iPod Touch. The 8GB version is currently selling at Newegg.com for $189. KeyBank would likely give it a higher value on the 1099-INT.

Like previous KeyBank promos, it appears to be only available in areas where they have branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

Some FW members have reported problems with the online application. It looks like you'll have better luck by applying by phone.

KeyBank has been FDIC member since 1956

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

Delta Community Credit Union continues to offer some competitive CD rates. These include a 1.65% APY 12-month CD and a 2.25% APY 24-month CD. The same rates are also available as IRA CDs. Minimum deposit is $1,000. The credit union's money market account also continues to be competitive with a top rate of 1.60% APY on the $100K tier. These rates are listed at the credit union's rates page as of 4/29/2010. Note, the credit union typically updates rates at the start of each month, so these rates may not last much longer.

One nice feature of the credit union CDs is a mild early withdrawal penalty: 31-day interest penalty for maturities of 12-months or less and 90 days interest-penalty for maturities over 12 months. Please refer to the bottom of the rates page for more details.

Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for more details. Membership requires a minimum $5 deposit into the savings account.

Joining the credit union and opening accounts are much quicker if you can visit a branch, and if you want to lock in the above rates, it may be necessary. Readers commented on their experience joining this credit union in my November 2008 post when the credit union was offering a 4.50% 12-month CD. The reader who joined with a branch visit reported a very easy process.

Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro). The credit union is also part of the CU Service Center network which allows you to perform many basic banking transactions at a shared branch.

Delta Community Credit Union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with over $3 billion in assets.