Montana Deposit Account Rates and Deals

Update 11/26/09: The 21-month CD special rate has fallen to 2.10% APY. Please check the credit union's website for the latest rates.

Altana Federal Credit Union is offering a hot CD special with a 2.59% APY and a 10-month term. Minimum deposit is $500. The special is listed at the top of the credit union's certificates rate table as of 8/19/09.

Membership is open to those who live, work, worship or attend school in the Montana counties of Yellowstone, Carbon, Stillwater, Sweet Grass, Wheatland, Golden Valley and Musselshell. Please refer to the credit union's membership page for the full details.

Branches are located in the Montana cities of Billings, Columbus, Laurel and Red Lodge.

The 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 3/31/09 financial data (It appears the credit union used to be named Avanta. Make sure to use this name if you search at BauerFinancial.) The credit union is federally insured by the NCUA (Charter # 6275).

Thanks to the reader who mentioned this CD in the comments.

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 7/24/09: The RateBuilder CD rate has fallen to 2.21% APY.

Choice Financial continues to offer a very competitive 13-month CD as part of its RateBuilder Accounts. When I first posted on Choice Financial in May, they were offering hot deals on both the savings account and this CD. In less than a week after the post, they made substantial rate cuts. The CD rate fell from 3.01% to 2.51% APY. As of 7/13/09, the CD rate is still 2.51% APY which is now a very competitive rate for a 13-month maturity. In addition, it has a limited add-on feature which allows you to make additional deposits to the CD up to the original deposit amount. Below is a summary of the CD features based on their disclosure (pdf) and based on what I was told by the CSR in May:

• 13-month term
• $5,000 minimum deposit
• Interest will be compounded and credited annually
• Early withdrawal penalty equals 6 months of interest on the amount withdrawan
• Grace period at maturity of 10 calendar days
• Add-on feature: You will be able to make additional deposits to the CD up to the original deposit amount without extending the term of the CD
• CD starts earning interest on the business day that they receive the initial deposit (CSR)
• CD rate that you will receive is the rate as of the date that they receive the application (CSR)
• When the CD matures, you may elect to have those funds withdrawn by a mailed check, ACH transfer or wire transfer (CSR)
• You can close the CD over the phone. They'll use security questions to verify your identity (CSR)

For more details of this CD and the savings account and to read comments of those who applied, please refer to my May account review.

Choice Financial is a small bank with 11 branches in North Dakota. You can review the details about their financials at this FDIC page. They have some solid ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 9423).

Other High 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 7/24/09: Rates have dropped. Rate Builder Savings: 2.26% APY 30-day intro, 1.26% APY $5K-$25K, 1.51% APY $25K-$100K, 1.76% APY $100K+. Rate Builder 13-mo CD: 2.21% APY.

Update 5/12/09: Rates have dropped. Rate Builder Savings: 2.76% APY 30-day intro, 1.76% APY $5K-$25K, 2.01% APY $25K-$100K, 2.26% APY $100K+. Rate Builder 13-mo CD: 2.51% APY. Rates are from disclosure.

Choice Financial has two attractive deposit account deals: a savings account with a rate of up to 3.26% APY and a 13-month CD with a rate of 3.01% APY. The bank calls these their RateBuilder accounts. The savings account and CD are available nationwide. There's also a high-yield checking account for those in Minnesota, Montana and the Dakotas.

The savings account has a 30-day intro rate of 3.76% APY. After the intro period, the following tiered interest rates apply:

• 2.76% APY $5K to $25K
• 3.01% APY $25K to $100K
• 3.26% APY $100K and over

The above rates are listed at the RateBuilder Page as of 5/08/09. Note, the disclosure lists the rates for the bottom two tiers as interest rates rather than APY.

One downside to this account is that interest is only credited quarterly, and if the account is closed before the interest is paid, you'll lose the accrued interest. Some other features mentioned on the website and the disclosure (pdf) include:

• Minimum opening deposit of $5,000
• $2/month fee if balance falls below $5K on any day of the month
• Interest credited and compounded quarterly
• $50 closing fee if closed within first 90 days
• If account is closed before the interest is paid, you'll lose the accrued interest
• Typical limit of 6 withdrawals per month

RateBuilder Certificate of Deposit

There's also a good deal on the RateBuilder CD. As of 5/08/09, the rate is 3.01% APY for a 13-month term. Minimum deposit is $5,000. Some additional details mentioned in the disclosure (pdf) includes:

• 13-month term
• $5,000 minimum deposit
• Interest will be compounded and credited annually
• Early withdrawal penalty equals 6 months of interest on the amount withdrawn
• Grace period at maturity of 10 calendar days
• Add-on feature: You will be able to make additional deposits to the CD up to the original deposit amount without extending the term of the CD

Additional Details from the Customer Service Representative

For some additional details about the savings and CD, I called the bank's customer service number at 1-877-380-3623. At first, the voice message informed me that they were busy with other customers and that I should leave a message. Instead of leaving a message, I called back a little later and was quickly connected to a CSR. According to the CSR, they rolled out these RateBuilder accounts about 4 weeks ago. She said the posted rates are accurate. Some additional things I was told by the CSR include:

• No hard credit inquiry. They just use ChexSystem
• ACH service provided to allow electronic funding of savings account and CD. You can also mail a check
• Savings account has an ACH transfer service. Transfers are free, and there are no size limitations on transfers (CSR didn't appear too knowledgeable about this)
• CD rate locks at the time that the application is submitted

There were two interesting features mentioned in the disclosure that I tried to confirm with the CSR:

Savings account bonus: As described in the disclosure: Electronic gift certificate issued after receiving opening deposit valued at $10. Electronic account anniversary gift certificate issued one year from account opening date valued at $25 if your account has an average daily balance $500 on the account anniversary date. The CSR confirmed this. She said that the gift cerificate is for some online store.

Add-On Deposits in the CD: As descrbied in the disclosure: After the account is opened, you may make an unlimited amount of deposits. The total of the deposits may not exceed original amount of the opening deposit. The CSR did not think you could make additional deposits. Leave a comment if you are able to confirm. The add-on feature is limited in value since the add-on is capped to the initial deposit. Update: Another CSR confirmed that the CD does have this add-on feature.

Update: I received additional info from a CSR by email (I'm impressed by the speed of the replies). Below is what I received:

More RateBuilder CD info from the CSR:

The CD does have an add-on feature. You will be able to make additional deposits to the CD up to the original deposit amount without extending the term of the CD.

The CD starts earning interest on the business day that they receive the initial deposit. The CD rate that you will receive on the CD is the rate as of the date that they receive the application.

When the CD matures, you may elect to have those funds withdrawn by a mailed check, ACH transfer or wire transfer. You can close the CD over the phone. They'll use security questions to verify your identity.

More RateBuilder Savings Account info from the CSR:

I confirmed that they had mistakenly listed the rates instead of the APYs for the first two tiers on the RateBuilder webpage. It was correct in the disclosure. I've corrected the rates above.

The CSR didn't provide many additional details on their ACH bank-to-bank transfer service. They do seem to have such a service, and transfers are free.

You may fund the account by mailing a check, wire transfer or by ACH. This also applies to the RateBuilder CD.

Health Savings Account

Thc CSR confirmed that their Health Savings Accounts (HSA) are also available nationwide. A reader commented that she has been happy with their HSA for the last 3 years. It's a tiered account with rates that range from 1.04% APY to 2.53% APY as of 5/08/09. Refer to their HSA rates page for the latest info, and for general info and good nationwide options on HSAs, refer to this post.

Overview of Choice Financial Group

Choice Financial is a small bank with 11 branches in North Dakota. You can review the details about their financials at this FDIC page. They have some solid ratings for safety and soundness: 3.5 stars (good) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 9423).

Thanks to the reader who emailed me news of these online accounts.

Treasure State Bank is offering a reward checking account with the following rates and features if certain monthly requirements are met:

• 4.01% APY on balances up to $50,000
• 1.01% APY on balances over $50,000
• 0.10% base rate if qualifications are not met
• Refund of ATM fees nationwide without limits

The monthly requirements include:

• 10 Visa debit card purchases
• One direct deposit or ACH debit
• Receive e-statements

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

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly service charge
• Multiple accounts are allowed, but requirements must be met for each account

There's an online application, but it appears a branch visit is required to complete the application process.

Treasure State Bank is located in Missoula, Montana. It's a fairly new bank that was recently established in 2007. The bank is a member FDIC (FDIC Certificate # 58454).

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.

Sterling Savings Bank is advertising a checking account promotion in which you can earn $101 for opening a checking account and enrolling in 3 of 4 of the following within 90 days of account opening:

• Bill Pay
• Online Statements
• minimum of 1 incoming Direct Deposit or ACH credit
• use your Check Card a minimum of 3 times (can be ATM, PIN-based or signature-based transactions)

Some other important details mentioned in the small print include:

• New accounts will be reviewed three full calendar months after account opening and the $101 will be credited to your checking account within four calendar months of account opening upon meeting usage requirements.
• $101 incentive is subject to Internal Revenue Service and other tax reporting
• All accounts require a minimum opening deposit of $100

It appears that the free checking account qualifies. It has no monthly service charge.

A branch visit appears to be required to open an account. Branches are located throughout Washington State, Oregon, Idaho and Montana. There are also a few locations in California's San Francisco Bay Area.

The bank is FDIC insured (FDIC Certificate # 32158).

Update 6/14/08: The rates have gone up! The new 24-month CD yield is 4.15% APY. The title has been modified to reflect this change.

Golf Savings Bank has some competitive rates on its certificates of deposit. Its 2-year CD is the most competitive with a yield of 4.05% APY. The longer term CDs also have decent yields: 4.25% APY 3-year CD, 4.30% APY 4-year CD and 4.50% APY 5-year CD. The minimum deposit is $10,000.

It appears a branch visit is required. Branches are located in Washington State, Idaho, Montana and Oregon. The bank has been FDIC insured since 2000 (FDIC Certificate # 35362). It has a 2 out of 5 star rating (below peer group) at Bankrate based on 12/31/07 data.

Update 3/31/09: The top yield has fallen to 4.01% APY. Refer to the bottom of the post for the rate history.

Rocky Mountain Bank has a reward checking account that pays 4.01% APY on balances up to $20,000 (1.01% for above) and refunds ATM fees (up to $20 per cycle) if the following monthly requirements are met: 1) 15 signature-based Visa Debit Card purchases, 2) one direct deposit, and 3) receive electronic statements. If these are not met, the rate falls to 0.25%. The minimum opening deposit is $25. There are no minimum balance requirements or monthly fees.

It appears that a branch visit is required to open accounts. Branches are located in the Montana cities of Billings, Plains, Bigfork, Plentywood, Bozeman, Stevensville, Kalispell and Whitehall. The bank has been FDIC insured since 1970 (Certificate 20310).

For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
03/31/09: 4.01% APY up to $20K; 1.01% over
12/06/08: 5.01% APY, 15/mo debit card purchases required.
04/10/08: 6.01% APY up to $20K; 1.51% over; 12/mo debit card purchases required,

Edit 3/07/09: Automatic payment no longer listed as an alternative to direct deposit.

Summit Credit Union is offering certificate specials which include a 5.51% APY 25-month CD, a 5.43% APY 13-month CD and a 5.22% APY 48-month CD. The minimum deposit is $5,000. The credit union also has some high rates on its jumbo CDs which require a minimum of $75K. The highest rate is 5.59% APY for a 24-month term.

Memberhsip is open to anyone who lives, works and worships in any of the following Montana counties: Yellowstone, Carbon, Mussellshell, Stillwater, Rosebud, Sweet Grass, Big Horn and Treasure. Please refer to the credit union's membership page for more details. Membership requires a minimum $25 into your share savings account.

The credit union is located in Billings, MT. It's federally insured by the NCUA (Charter # 63198). The credit union has $61.4 million in assets and 7,633 members.

Update 7/26/09: The top yield has fallen to 3.51% APY. See bottom of post for the rate history.

Bank of Idaho is offering a reward checking account that pays 3.51% APY on balances up to $25K (0.51% over) and refunds ATM fees (up to $25/cycle) if the following monthly requirements are met: 1) 10 Visa Debit Card transactions, 2) Direct Deposit or ACH auto debit, 3) receive electronic statements, and 4) one login to online banking. If these are not met, the rate falls to 0.25%. There are no monthly fees or minimum balance regardless of meeting these requirements.

Customers who have the Kasasa Cash reward checking account can qualify for the Kasasa Saver Account. The rate is 3.01% APY on all balances if checking requirements are met.

Update 5/10/09: There's now an online application which appears to be available to residents of ID, UT, WY and MT.

Branches are located in the Idaho cities of Ashton, Idaho Falls, Island Park, Pocatello and St. Anthony. The bank is FDIC insured (Certificate # 26403).

Other Reward Checking Accounts

To learn more about reward checking accounts, please refer to my High Yield Reward Checking Reviews post. For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
07/22/09: Top yield: 3.51% APY
05/07/09: Top yield: 4.01% APY (name changed to Kasasa Cash with availability in ID, UT, WY and MT)
12/23/08: Top yield: 3.01% APY, 0.51% APY for above
11/22/08: Top Yield: 4.01% APY
08/11/08: Top yield: 5.01% APY
04/22/08: Top yield: 4.01% APY
11/07/07: Top yield: 6.01% APY, 1.01% APY for above

Sterling Savings Bank is offering a $101 bonus for any new Perfect Fit Checking account. The bonus requires trying 3 of the following 4 services within the first 90 days: 1) check card used at least 3 times at an ATM or for purchases, 2) one direct deposit or ACH credit, 3) enroll in 1-2-Free Bill Pay, and 4) enroll in online statements. Free checking requires a minimum opening deposit of $100. The offer is available through October 31, 2007.

Some other details of this promotion include: Offer is only for the first new checking account. New accounts will be reviewed three full calendar months after account opening and the $101 will be credited to your checking account within four calendar months of account opening upon meeting usage requirements. $101 incentive is subject to IRS and other tax reporting.

One important note regarding the Free Checking is that the 1-2-Free Bill Pay requires being used for at least 2 bills per month to avoid a $5.95 monthly fee. Also, there's no mention of any free checks, so make sure you see how this might be charged to your account.

This bonus appears to require a branch visit. Branches are located in Washington State, Oregon, Idaho and Montana. Note, other states are listed in the location page, but these don't seem to have bank branches. The bank is FDIC insured (FDIC Certificate # 32158).

Thanks to KS who mentioned this bonus in the finding deals post.