Maryland Banking Rates and News

Cardinal Bank is offering a good checking account deal. Its First Choice Checking has a 2.01% APY for balances up to $100,000 (0.31% over). These rates are listed in the bank's First Choice Checking page as of 1/31/2012. It's a limited time offer, and there's no mention how long this rate will last. Credit to iBankDesign member ichaelm for this find.

Unlike the typical reward checking account, you can qualify for the top rate without debit card usage. To qualify for the top rate, they give you the choice between direct deposit...

It has been over a year since I last reviewed Andrews Federal Credit Union and its share certificates. It continues to offer competitive certificates that can be opened by people in any state. Its best deals are long-term CDs and IRA CDs. These include a 2.30% APY 5-year CD, 2.05% APY 4-year CD and a 1.55% APY 3-year CD. Minimum deposit is $1,000. These rates are listed in the credit union's rates page as of 1/13/2012.

The credit union's Truth in Savings disclosure provides the CD details including the early withdrawal penalties....

I last mentioned 1st Commonwealth Bank of Virginia in November when it was offering a special 3-month CD with a 1.00% APY. I learned today that it's still available. More noteworthy in my opinion is the bank's long-term CDs. These are the bank's standard rates, and they are quite competitive. The noteworthy CD rates that are listed at the bank's rate sheet as of 1/11/2012 include:

• 1.40% APY 2-year CD
• 1.75% APY 3-year CD
• 2.00% APY 4-year CD
• 2.25% APY 5-year CD
• 2.40% APY 6-year CD
• 2.60% APY 7-year CD

The bank's IRA CD rates are the same as above, but there...

There had been rumors that Pentagon Federal Credit Union (PenFed) was going to finally start offering 10-year certificates to all members in January. A reader reported that he was told by a CSR the yield would be 3.00%. I wasn't able to confirm this 10-year CD last week, and there isn't any mention of this new CD at PenFed's website. New January rates are posted with no mention of a 10-year CD or IRA CD.

There is some good news with PenFed's January rates. First, the 1-year CD yield has increased from 0.99% to 1.16% APY. This is...

John Marshall Bank continues to offer several good deals on CDs. Rates have fallen since my last report of this bank in February, but the CD rates are still competitive. The best ones are a 1.51% APY 2-year CD, a 1.76% APY 3-year CD and a 2.32% APY 5-year CD. Minimum deposit is $500. These rates are listed in the bank's rate sheet as of 11/30/2011. There's a link to the rate sheet at the bank's personal banking webpage.

To open an account, you must be a resident of the Washington DC, Maryland or Virginia....

I have never been enthusiastic about 3-month CD specials. I've found that they're too short to be worthwhile. If you do prefer short-term CDs, at least make sure the yield is comparable to the top savings account rates. That's the case with 1st Commonwealth Bank in Virginia which is having a 3-month CD special with a 1.00% APY. Minimum deposit is $1,000, and there is no maximum deposit or checking requirement. This rate isn't listed at the bank's website. A reader emailed me news of this promo today (11/29/2011). This special is only available for those in the Washington...

Savers in the Washington DC metro area are fortunate to have several credit unions with competitive deposit rates. In September I reported on competitive CD rates at the Department Of Commerce FCU and at the US Senate FCU. We can add another to this list with HEW Federal Credit Union. It's offering several competitive CD and IRA CD rates. Its CDs are called Silver Share Certificates, and the best rates are 1.75% APY for 2 years, 1.81% APY for 3 years and 2.52% APY for 5 years. The 3-year and 5-year IRA CD rates are even better:...

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...

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...

With all the CD rate cuts over the last couple of months, I was happy to see that Pentagon Federal Credit Union kept its CD rates the same in October. These rates have held up since March 2011. At that time, these rates were not that competitive, but now PenFed's long-term CD rates are back near the top for nationally available CDs.

Below are PenFed's long-term CD yields as listed in PenFed's Money Market Certificates page as of 10/05/2011.

• 2.75% APY 7-year CD & IRA CD
• 2.25% APY 5-year CD & IRA CD
• 2.00% APY 4-year CD &...

Update 10/7/2011: The 8-year CD rate has fallen.

Finding a 3 percent CD these days is especially hard, and as we learned in the last week, it often doesn't last long when we find one. I hope this one lasts for a while. It's at Saint Casimir's Savings Bank in Baltimore, Maryland. The bank is offering a 3.00% APY 8-year CD. This is listed at the bank's rates page as of 10/05/2011.

It's a small community bank so it appears to be a local deal. It has 4 branches in Baltimore.