Maryland Banking Rates and News

PNC Bank continues to offer a $100 bonus for opening its Virtual Wallet with Performance Spend and for performing certain activities. PNC has made it a little easier to qualify for the $100 bonus compared to last year. However, customers will have to be careful to avoid fees. The Performance Spend is an "upgraded" version of Virtual Wallet, and it has potential monthly fees.

Here's the link to PNC's promotion page. The offer is scheduled to end on 6/30/2012. You can open the account online or choose to have them email you a coupon to take to...

Susquehanna Bank is offering a $100 bonus for opening a personal checking account and for completing 5 transactions each month for the first four months. The offer is listed at this Susquehanna Bank promo page, and it requires that you fill in the form to receive a $100 offer coupon in the email. You then need to print the coupon and take it to a Susquehanna Bank branch near you. The offer is scheduled to end on 5/26/12.

The following is the offer's small print:

Transaction Reward: Complete 5 transactions in each of the four calendar months...

Many banks may have ended their free checking accounts, but at least a few are still offering new account bonuses. Customers will have to be more careful if they plan to take advantage of these promotions. That's the case with BB&T which is offering a $100 bonus for opening a checking account and performing some additional activities. Last year BB&T ended its free checking account, so those interested in this promotion will have to make sure they can avoid the fees.

To qualify for the $100 bonus, new customers must open a BB&T checking account and set-up direct deposit OR...

Northrop Grumman Federal Credit Union used to be a rate leader for many CD and IRA CD terms. That changed a couple of years ago. I just noticed that the credit union's CD rates are becoming more competitive. In addition, it has recently added a 7-year CD that also has competitive rates. The best one is a 2.42% APY for a $40K minimum deposit (2.26% APY for a $2.5K minimum). The 5-year CD rate is also fairly competitive with a 2.05% APY for a $40K minimum. These rates are listed in the credit union's term savings...

• 2.50% APY 7-year CD (was 2.76%)
• 2.00% APY 5-year CD (was 2.25%)
• 1.74% APY 4-year CD (was 2.00%)
• 1.25% APY 3-year CD (was 1.50%)
• 0.99% APY 2-year CD (was 1.25%)
• 0.90% APY 1-year CD (was 1.16%)

PenFed calls their CDs...

SunTrust Bank has a CD and IRA CD special with a competitive rate. It's a 6-year (72 month) CD with a 2.00% APY. Minimum deposit is $2,000, and the maximum opening deposit is $250,000 per CD. A new or existing checking account is required. This is a limited time special, and the rate may vary by location. This special rate and term are listed at the SunTrust CD rates page for several zip codes as of 2/28/2012.

I wasn't able to find an account disclosure online, so I used SunTrust's online chat service to find out about...

The Fulton Financial family of banks is again having a checking account promotion in which you can earn a nice gift. This time the gift is an Amazon Kindle Fire. To qualify for the Kindle Fire, the promotion requires that you open a checking account, sign up for direct deposit and pay three bills using online bill pay.

The Fulton Financial family has 6 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, and...

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....