Michigan Deposit Account Rates and Deals

EDS Credit Union's rates on its certificate specials have dropped in the last couple of months, but they remain competitive. The best deal is a 1.90% APY 9-month certificate with a $50,000 minimum (1.75% APY for a $1,000 minimum). There's also a 1.65% APY 5-month certificate with a $25,000 minimum. The standard certificate rates are also fairly competitive. The most competitive include a Jumbo 24-month CD with a 2.40% APY and a Jumbo 60-month CD with a 3.30% APY. These rates are listed in the credit union's rates page as of 1/06/2010.

In addition to EDS employees, membership is open to persons who live or work in Collin County, Texas. Also, eligible are persons who live, work, worship or attend school within a 10-mile radius of certain EDS Credit Union locations. For more details on eligibility, please refer to the credit union's How to Join page. In the online application, many of the eligibility details are listed in a form. The easiest way to find out about eligibility and to learn about the best way to apply is to call their toll-free number at 800-337-3328 (Option 5).

Branches are located in Plano, Frisco and Carrollton, Texas; Santa Ana, California; Auburn Hills, Pontiac, Detroit and Troy, Michigan; Camp Hill, Pennsylvania; Herndon and Sterling, Virginia. Note, several branches are inside secure buildings (probably EDS facilities) and have limited access.

EDS Credit Union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The Bankrate rating is down by one star since my October post. The credit union is federally insured by the NCUA (Charter # 68505).

Other Competitive Certificate of Deposit Rates

I'm afraid it's hard to find CD rates of 2% or higher for terms under one year. For a federally insured institution, the best nationwide deal I know about is 1.77% APY for a 10-month CD at EBSB Direct (see my weekly rate summary). For other top CD rates, please refer to:

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

Update 12/12/09: The 2% promo is no longer listed on the bank's website. The $100 bonus is still listed at this promotions page.

Flagstar has brought back the promotion for its S.M.A.R.T Interest Checking in which you can lock in a rate of 2% on balances up to $100K for 12 months when you open a new Flagstar interest-bearing checking account. As an alternative, you can choose a $100 bonus. Here's the link to the promo page as of 11/30/09. The offer has the following requirements:

• New personal checking account customers only
• Minimum opening deposit of $50
• Direct deposit of income of at least $250 per month
• Direct deposit must be established within first 60 days of account opening

Thanks to the reader who emailed me info on this. In the reader's email he mentioned that the Flagstar rep at his local branch said that they would allow him to do an ACH from PayPal to meet the direct deposit requirement.

The online application requires you to enter your zip code, and if it's outside of MI, IN or GA, it states:

We're sorry - this checking product is not available in your market area.

You may still take advantage of our $100 or 2% offer. Please click Continue below to select the checking product best for you, or call (800) 642-0039 to speak to a banking expert.

I was confused about this message so I called Flagstar today. According to the CSR, this promotion is only for those who live in their market area (Michigan, Indiana and Georgia).

Flagstar's Express Money Market Account

For those who don't live in Flagstar's market area, you can open accounts at FlagstarDirect.com. Flagstar has been offering an internet money market account since July 2007 (see post). The rates have remained competitive. As of 11/30/09, the APY is 1.70%. It has no minimum balance requirements and offers free checks (see account review). You may also be able to get a $25 bonus for opening this account. Refer to my bonus review for details. Note, I haven't checked if this promo is available since November 12th.

Financial/FDIC Info

Flagstar has been hit hard by the mortgage crisis. Flagstar's third quarter results showed another big loss. However, the bank claims to be still well-capitalized for regulatory purposes. Bankrate.com now gives the bank 1 star (lowest) for safety and soundness. However, BauerFinancial gives Flagstar Bank 3 stars (adequate). Both ratings are based on 6/30/09 financial data. The bank is a member FDIC (FDIC Certificate # 32541).

For other high-yield checking and savings accounts available nationwide, refer to my weekly rate summary.

Citizens Bank has a checking account promotion in which you can earn $100. The details of the checking account bonus are listed at www.citizensbank.com/holidayoffer. Offer ends 12/15/2009. The requirements to earn the $100 include:

• $50 for setting up direct deposit of $50 or more
• $25 for making 5 online bill payments
• $25 for making 5 signature-based debit card or credit card purchases

The Green Checking qualifies for this bonus, and it's a free checking account with no monthly fees. Minimum opening balance is $50.

The Green Checking also qualifies for the Green$sense program. Citizens Bank says you can get paid up to $120 per year in Green$ense. However, this would require 100 debit card purchases, online bill payments or automatic payments per month for 12 months. For each of these non-paper transactions, Citizens Bank pays you 10 cents.

There's an online application at the promotions page. However, it only accepts zip codes in their market area. Their market area includes Connecticut, Delaware, Illinois, Indiana, Kentucky, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.

Citizens Bank operates under two FDIC charters: Citizens Bank of Pennsylvania (FDIC Certificate # 57282) and RBS Citizens, N.A. which has branches in several states outside of PA and NJ (FDIC Certificate # 57957).

Other Bank Bonuses

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

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

Update 11/05/09: It has been reported that the promo code is good for only one use and the customer must have the physical coupon in order to qualify.

National City is offering a $150 Visa Gift Card in a checking account promotion. The offer doesn't seem to be listed at National City's website. They've been sending out flyers with this promotion, and it was mentioned in this SlickDeals thread. The offer code is DM1109657496, and the offer expires 11/27/2009. Here are the requirements to receive the $150 Gift Card:

• Open a Free Checking Plus account by 11/27/2009
• Set up direct deposit of your entire paycheck (of at least $400) into your account within the first 60 days
• Get a National City Visa CheckCard and make at least 10 purchases within the first 60 days

You can apply by phone (1-877-526-3604) or at nationalcity.com/checking. At the National City website, I discussed this promo with a National City CSR via online chat. Here is what the CSR stated:

This promotion does exist. To be eligible, you will need to apply through this chat and with approval, make the opening deposit at your local National City branch.

You can also apply using the online application, but the CSR said you'll only be able to get an instant decision on the application via the secure online chat. I would assume it would be similar if you call.

Some important details related to the Free Checking Plus Account include:

• $50 minimum opening balance
• Requires monthly automatic activity (direct deposit, online bill payment or ACH payment)
• Without automatic monthly activity, converted to Free Checking ($12 free for transfer)
• No maintenance fees
• Free checks
• No charges for use of non-National City ATMs (other bank may charge)

When I checked with National City last year I was told there is no hard credit inquiry in the application. They just use ChexSystem.

This promo appears to only be available in areas where National City has branches that have not yet been converted to PNC branches. National City has branches in FL, IL, IN, KY, MI, MO, OH, PA and WI.

$100 PNC Bonus

For those who don't live in National City's market area, PNC still has a $100 bonus for opening its Virtual Wallet Account. Refer to my bonus review for more details.

National City Branch Conversions

PNC finished the closing of its acquisition of National City on December 31, 2008. Conversion of National City branches into PNC branches were scheduled to start the second half of 2009. According to this Indy Star article, conversion of Florida and Pennsylvania branches are scheduled for November. Indiana branches are scheduled for conversion next summer.

Saginaw Medical FCU is offering a high yield rewards checking account with the following rates and features if certain monthly requirements are met:

• 5.00% APY on balances up to $25,000
• 0.50% on all amounts above $25,000
• 0.50% if requirements are not met (amounts over $10,000)
• ATM refunds nationwide up to $25 (requires receipts; excludes excess withdrawal fees)

The monthly requirements include:

• 12 debit card signature-based purchases
• One direct deposit
• Enrollment in online banking (PCSmart) with eStatements

Additional features of the account regardless of the monthly requirements include:

• $50 opening deposit for checking account
• No minimum balance requirement
• No monthly service charge
• No per check charges
• Free online banking
• Free online bill pay

Membership is open to anyone employed in the health care field or health care facilities (and their families) in the Saginaw area. Please refer to the credit union's membership page for the full details. A minimum balance of $5.00 is required to open a credit union share savings account. There is no membership fee.

Branches are located in Saginaw, Michigan.

Additionally, a couple of notable pluses include a Youth Savers account that list 3.04% APY for all balances, and a current youth special CD: 7%, 7 months, $700 max ($500 min).

The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 data. The credit union is federally insured by the NCUA (Charter # 20007).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

EDS Credit Union has cut its special certificate rates since my last post, but the special rates remain very competitive. One is a 9-month special with a 2.00% APY for a $1,000 minimum and a 2.15% APY for a $50,000 minimum. The 5-month CD special now has a 2.00% APY. Minimum deposit is $25,000. The standard certificate rates are also fairly competitive. The most competitive include a Jumbo 18-month CD with a 2.20% APY and a Jumbo 60-month CD with a 3.40% APY. These rates are listed in the credit union's rates page as of 10/22/09.

In addition to EDS employees, membership is open to persons who live or work in Collin County, Texas. Also, eligible are persons who live, work, worship or attend school within a 10-mile radius of certain EDS Credit Union locations. For more details on eligibility, please refer to the credit union's How to Join page. In the online application, many of the eligibility details are listed in a form. A reader in my previous post mentioned that the credit union's California branch is unable to accept local residents until November 1st. The easiest way to find out about eligibility and to learn about the best way to apply is to call their toll-free number at 800-337-3328 (Option 5).

Branches are located in Plano, Frisco and Carrollton, Texas; Santa Ana, California; Auburn Hills, Pontiac, Detroit and Troy, Michigan; Camp Hill, Pennsylvania; Herndon and Sterling, Virginia. Note, several branches are inside secure buildings (probably EDS facilities) and have limited access.

EDS Credit Union's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 68505).

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

KeyBank has a new checking account promotion in which you can receive up to $225 when you:

• Open a qualifying checking account and enroll in KeyBank Rewards by November 20, 2009
• Make one debit card transaction and a combination of two direct deposits and/or automated payments each of $100 or more by January 22, 2010

The $225 bonus requires that you open either the Key Privilege Checking or Key Privilege Select Checking. Both of these have high minimum balance requirements to avoid a monthly service charge. A smaller bonus of $125 is available for opening the free checking account which has no minimum balance requirement or monthly service charge.

Here's an important detail listed in the promotion's FAQs:

• This offer is not available in all states. Individuals and businesses will only be eligible in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

And here's some of the important small print:

• 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.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the gift card will be reported on Form 1099-INT.
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

It appears you can apply online, by phone (1-877-539-6659) or at a branch. Note, if you want the 60,000 KeyBank Rewards instead of the $125 cash bonus, you'll need to call or visit a branch.

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR last year.

KeyBank has been a FDIC member since 1956.

Credit to iBankDesign for this find.

Other Bank Bonuses

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

Citizens Bank has a checking account promotion in which you can earn $100. They also have a savings program called Green$sense which is similar to Bank of America's Keep the Change program.

The details of the checking account bonus are listed at www.citizensbank.com/220/. Offer ends 11/13/2009. The requirements to earn the $100 include:

• $50 for setting up direct deposit of $500 or more
• $25 for making 5 online bill payments
• $25 for making 5 debit or credit card purchases

Citizens Bank also lists $120 for enrolling in GreenSense. However, this would require 100 debit card purchases, online bill payments or automatic payments per month for 12 months. For each of these non-paper transactions, Citizens Bank pays you 10 cents. Refer to the Green$sense page for more details. The Green Checking appears to qualify. It's a free checking account with no minimum balance requirement.

There's an online application. However, it appears to only accept zip codes in their market area. Their market area includes much of the Northeast along with Ohio, Indiana, Illinois, Kentucky and Michigan.

Citizens Bank operates under two FDIC charters: Citizens Bank of Pennsylvania (FDIC Certificate # 57282) and RBS Citizens, N.A. which has branches in several states outside of PA and NJ (FDIC Certificate # 57957).

Credit for this find goes to SlickDeals member SUCHaDEAL who posted it on this SD thread.

Other Bank Bonuses

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

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