New Hampshire Deposit Account Rates and Deals

Connexus Credit Union has increased the rates on their internet CDs, but they added an interesting catch. The 6-month CD rate is now very competitive at 1.50% APY. The other rates are also competitive: 1.75% APY for 12 months and 3.00% APY for 60 months. These rates are listed at the credit union's deposit rates page as of 8/12/2010.

The catch is that these CD rates now require an "active checking". Here's how they define active checking in the small print:

Active Checking is defined as having at least 1 Direct Deposit of net pay, including salary, wages, government benefits or pension made to the account each month; having 10 checks and/or signature debit card transactions clear the account by the last business day of each month; and electing to receive eStatements.

Note how similar these requirements are to their reward checking requirements. So if you already have one of their reward checking accounts, you should be able to easily qualify for these CD rates.

Reward Checking

The bad news about their reward checking accounts is that the rates have gone down. The top rates as of 8/12/2010 are 2.55% APY for up to $25K in the Xtraordinary Checking and 2.25% APY for up to $25K in the MyRewards Checking. As I described in my 2008 review of these accounts, the Xtraordinary Checking requires 15 debit card purchases a month instead of 10 that's required by MyRewards Checking. It also has an extra requirement of bill pay.

Connexus Credit Union has been offering a reward checking account since 2007 when the yield was 6.01%. There are not many reward checking accounts that have been available nationwide for 2 or more years that have held up well. Danversbank is one of the exceptions. It continues to pay 4.01% APY on balances up to $25K.

Other Accounts

Connexus Credit Union also has good deals on a money market account and an HSA. Please refer to this review for more info on these accounts.

Membership

Membership is open to members of the Connexus Association. According to the credit union's About Us Page:

anyone can join Connexus Credit Union by first becoming a member of our Connexus Association.

I've been told that the Connexus Association requires a one-time $5 donation, and membership into Connexus Credit Union requires a $5 deposit in the savings account.

Credit Union Overview

The credit union is headquartered in Wausau, Wisconsin. Branches are located in Wisconsin, Ohio and New Hampshire. It appears Connexus started out as an employee-based credit union for Liberty Mutual Insurance. Most of their branches are in Liberty Mutual offices.

Connexus Credit Union's rating for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out 5 at DepositAccounts.com (see our financial overview for Connexus Credit Union). These ratings are based on March 2010 data. The credit union is federally insured by the NCUA (Charter # 66538).

Searching for the Best CD and Reward Checking Rates

• Best CD rates
• Best Reward Checking Rates

Service Credit Union continues to offer two certificate specials. The rates have gone down since last month, but they remain competitive: 1.65% APY for 19 months and 1.25% APY for 8 months. Minimum deposit is $1,000, and these are also available in an IRA. The credit union continues to have competitive rates on its standard share and IRA certificates which include a 2.25% APY 3-year CD and a 3.00% APY 5-year CD. These rates are listed in the credit union's rates page as of 8/03/2010. According to the credit union rep, these should last at least until 8/14/2010.

Other CD Specials

In addition to these specials, the credit union has a good low-max CD special: 4.00% APY 4-month CD with a maximum of $1,000. The low max and the short term means you won't earn much on this special, but it's easy to set up if you go there to open other CDs. Note, this special can only be opened at a credit union branch.

The credit union also has some good deals for seniors. There's a Senior Account program in which any person age 62+ who maintains a direct deposit of their Social Security or other payroll check is eligible to receive the 1 Year CD rate + ½% for six months. Based on their current standard CD rate of 1.15% APY, this comes out to a 1.65% APY 6-month CD. Minimum deposit is $250, and add-on deposits are allowed. In addition to senior members, STAR members also qualify. Those who earn less than $43,450 per year can qualify for STAR membership.

There's also a good deal for certain military members. It's called the Warrior Reward Certificate, and it pays 2.15% APY for 6 months as of 8/03/2010. Please refer to the bottom of the rates page for details for the military requirements to qualify for this CD. This CD also requires direct deposit.

Credit Union Membership

Service Credit Union membership is available to anyone living or working in New Hampshire (except Coos County which is way north in NH) and in the Falmouth MA area, as well as anyone related to an existing member (by family), or anyone who has served in the US Military. Please refer to the credit union's membership eligibility page for the full details. Membership requires a $5 minimum balance in the share savings account.

Branches are located in the New Hampshire cities of Bedford, Epping, Keene, Lebanon, Manchester, Newington, Portsmouth, Rochester, Salem and Somersworth and in Falmouth, Massachusetts. There are also branches in Germany to service military members.

The credit union's ratings for safety and soundness are strong: 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 of Service CU). These ratings are based on March 2010 data. The credit union is federally insured by the NCUA (Charter # 68375). It's a large credit union with $1.64 billion in assets and $1.24 billion in deposits.

NMTW Community Credit Union has several good deposit deals. One is a 33-month add-on CD with a 2.45% APY (2.55% APY for the IRA). Minimum deposit is $500, and it allows two additional deposits to be made during the term of the CD. There's also a 13-month add-on CD that allows one additional deposit to be made. However, the rate is not as competitive with a 1.25% APY (1.35% APY for the IRA). These rates are listed in the credit union's rates and fees page as of 7/16/2010.

As I described in this review of add-on CDs, the add-on feature can be useful as an insurance policy against a rate environment in which rates stay low. Unfortunately, there are not many choices for add-on CDs. So these local deals are often the best that are available.

The credit union also has a good deal on its Super Saver Account promotion. The credit union will reward you $100 after 12 months of $100 monthly deposits into the account. The catch is that you must open a checking account. Three debit card transactions per month are required along with a $100 initial deposit and a monthly deposit of $100.

There's also a nice refer-a-friend bonus in which both you and the new member receive a $20 gift.

Membership is open to anyone who lives, works, or attends school in Middlesex or Essex Counties in Massachusetts, several cities and towns within Norfolk and Worcester Counties in Massachusetts, and Rockingham and Hillsborough Counties in New Hampshire. Please refer to the credit union's Join Now page for the full details.

The credit union's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview for NMTW Community Credit Union). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 66365).

Service Credit Union continues to offer two certificate specials. The rates have gone down since my last post in April, but they remain competitive: 1.75% APY for 19-months and 1.40% APY for 8 months. Minimum deposit is $1,000, and these are also available in an IRA. These rates are listed in the credit union's rates page as of 7/06/2010. According to the credit union rep, these should last at least until 7/14/2010.

These rates may seem low, but unfortunately, they're very competitive. As a comparison, the best 9-month CD rate at Bankrate is currently 1.18% APY and the best 18-month CD rate is 1.72% APY.

Other CD Specials

In addition to these specials, the credit union has some good deals for seniors. There's a new Senior Account program in which any person age 62+ who maintains a direct deposit of their Social Security or other payroll check is eligible for a 1.65% APY 6-month CD. Minimum deposit is $250, and add-on deposits are allowed. In addition to senior members, STAR members also qualify. Those who earn less than $43,450 per year can qualify for STAR membership.

There's also a good deal for certain military members. It's called the Warrior Reward Certificate, and it pays 2.15% APY for 6 months as of 7/6/2010. Please refer to the bottom of the rates page for details for the military requirements to qualify for this CD. This CD also requires direct deposit (not allotment) and selection of the automatic loan payment feature.

Unlimited World Wide ATM Rebates

Service Credit Union has modified its ServicePlus+ checking account to provide extra ATM benefits for those who use direct deposit, e-statements and maintain a $1,500 daily balance:

1. Rebate with no limit of every ATM fee charged on your checking account for using a non-SCU ATM
2. Rebate with no limit of every VISA International Service Assessment (ISA) fee charged when using their debit or credit card (signature-based transactions). This is the 1% foreign fee that is charged by VISA.

Credit Union Membership

Service Credit Union membership is available to anyone living or working in New Hampshire (except Coos County which is way north in NH) and in the Falmouth MA area, as well as anyone related to an existing member (by family), or anyone who has served in the US Military. Please refer to the credit union's membership eligibility page for the full details. Membership requires a $5 minimum balance in the share savings account.

Branches are located in the New Hampshire cities of Bedford, Epping, Keene, Lebanon, Manchester, Newington, Portsmouth, Rochester, Salem and Somersworth and in Falmouth, Massachusetts. There are also branches in Germany to service military members.

The credit union's ratings for safety and soundness are strong: 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 Service Credit Union financial overview). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 68375). It's a large credit union with $1.6 billion in assets.

Salem Co-operative Bank is offering a special 15-month CD with a very competitive rate of 2.25% APY. Minimum deposit is $500, and it's available for both a regular CD and an IRA CD. The bank also offers a competitive standard 60-month CD with a 3.00% APY. These rates are listed in the bank's deposit rates table as of 7/05/2010.

The bank may also be offering another deal that was advertised in a Boston area newspaper on 6/18/2010 for the grand opening of their new Methuen branch. However, I can't find this listed on the bank's website, so I'm not sure if it's still available. The deal requires opening a checking account. You can then pick either a 2% APY 7-month CD or a $150 cash bonus. The cash bonus required direct deposit ($75), bill pay ($50) and/or a debit card ($25). Here's the link to the online ad.

It appears a branch visit is required to open an account. In addition to the bank's new Methuen, Massachusetts branch, the bank has its main office in Salem, New Hampshire.

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 5 out of 5 at DepositAccounts.com (see our Salem Co-operative Bank financial overview). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 1954 (FDIC Certificate # 27824).

Jeanne D'Arc Credit Union is offering a special 1.70% APY 13-month CD. Minimum deposit is $500. This rate is listed on the credit union's what's new page as of 6/19/2010. It's a limited time special and may end at any time.

The credit union also has some attractive savings accounts. The Primary Savings account has a rate of 7% APY on balances up to $500. Balances over $500 earn 0.25%. With a balance of $500, you'll earn about $30 per year more in this than a 1% account.

For those with large balances, the credit union has a decent money market account with a top rate of 1.20% APY on balances over $100,000 as of 6/19/2010. This used to be more competitive last November when the rate was 1.80% APY. Refer to the credit union's rates page for the latest rates.

Membership is open to anyone who lives, works, or attends school in Essex or Middlesex counties, the cities or towns of Fitchburg, Harvard, Leominster, Lunenburg or Lancaster, or the New Hampshire counties of Hillsborough or Rockingham. Please refer to the credit union's Membership page for the full details.

There's an online application that's provided by cashedge.com. It allows electronic ACH funding from your existing checking account. A membership savings account with a minimum balance of $5 is required to maintain membership

Branches are located in the Massachusetts cities of Chelmsford, Dracut, Lowell, Methuen, Tyngsboro and Westford.

The credit union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Jeanne D'arc Credit Union rates and reviews page). The above ratings are based on March data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 67352).

Other Competitive Certificate of Deposit Rates

For terms around 12 months, Incredible Bank continues to offer the best nationwide deal with a 2.00% blended APY (as of 6/19/2010). For Massachusetts, Industrial Credit Union had been offering a 2% 12-month CD, but this has recently fallen to 1.85% APY. Please refer to the CD Rates section of DepositAccounts.com for CD rates available nationwide or in your state.

Connexus Credit Union continues to offer very competitive CD rates. Below are the CD rates as listed at the credit union's rates page as of 6/01/2010:

• 1.50% APY 6-month CD
• 1.75% APY 12-month CD
• 2.00% APY 24-month step-up CD (via CSR)
• 2.25% APY 36-month step-up CD (via CSR)
• 3.25% APY 60-month CD

Note, the 24-month and 36-month rates are not listed in the rates page. I just confirmed them via the online chat with the credit union CSR. According to the CSR, these are subject to change at anytime. Minimum deposit is $10,000. These are also available in an IRA. The 2-year and 3-year CDs have a step-up feature that allows you to bump up the rate one time during the term.

One downside to the 60-month CD is a harsh early withdrawal penalty. According to the CSR, it's 365 days of dividends. The 2-year and 3-year terms have a penalty of 180 days of dividends, and the 6- and 12-month terms have a 90-day penalty.

Y.E.S. Money Market Account

Connexus Credit Union continues to offer competitive rates on its Y.E.S Money Market Account. It's a tiered rate account, and the credit union only lists the top rate at its deposit rates page. As of 6/01/2010, the top rate is 1.49% APY. This requires a minimum balance of $100,000. I was informed of the rates for the other tiers in my chat session with the CSR:

• 1.00% APY $1K to $10K
• 1.19% APY $10K to $20K
• 1.29% APY $20K to $50K
• 1.39% APY $50K to $100K
• 1.49% APY $100K+

A reader in my last post mentioned in the comments of an unusual aspect of these rates. I confirmed this with the CSR. The rates on the YES account are prospective rates. If the rate should change at anytime during the month, the new rate is what you would earn on all funds you have in that account from day one of the month.

No interest is earned on balances under $1,000. It has the typical withdrawal restrictions of a money market account (no more than 6 withdrawals per month). Checks must be a minimum of $250, otherwise there's a $29.95 fee.

I first posted on this money market account in July 2009 so it has a history of high rates. I'm disappointed that they still only list the rate of the top tier. If you email them, they can send you the full rate tiers.

In my July post a reader commented that the credit union does a hard credit inquiry when you open an account. However, additional accounts won't trigger a hard pull if opened within 90 days. A hard pull will temporarily ding your credit score.

Reward Checking Accounts

Connexus also offers two reward checking accounts (see post) and a competitive health savings account (see post).

Membership

Membership is open to members of the Connexus Association. According to the credit union's About Us Page:

anyone can join Connexus Credit Union by first becoming a member of our Connexus Association.

I've been told that the Connexus Association requires a one-time $5 donation, and membership into Connexus Credit Union requires a $5 deposit in the savings account.

Credit Union Overview

The credit union is headquartered in Wausau, Wisconsin. Branches are located in Wisconsin, Ohio and New Hampshire. It appears Connexus started out as an employees credit union for Liberty Mutual Insurance. Most of their branches are in Liberty Mutual offices.

Connexus Credit Union's rating for safety and soundness has gone down from 4 stars to 3 stars (performing) at Bankrate.com. It remains 4 stars (excellent) at BauerFinancial. At DepositAccounts.com, Connexus Credit Union has an overall health score of 4 out of 5. These ratings are based on 12/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 66538).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Washington Savings Bank has a new type of reward checking and savings account that's better than the typical type of bank checking and savings accounts, but they're not as good as the high-yield reward checking accounts that many savers are now depending upon for reasonable yields.

Instead of a high yield checking, the bank offers what it calls a Cash Rewards Checking in which they pay cents back on each signature-based debit card purchase. They have three different accounts. One is a free checking with no interest and the other two have potential monthly fees along with a little bit of interest. The one with the highest interest rate requires $100K balance just to qualify for 0.71% APY. Here are the details related to the Cash Rewards:

* Earn 7 cents for every signature debit card purchase with a Cash Rewards Checking Account

* Earn 3 cents more for every signature debit card purchase with a savings account with a monthly automatic deposit transfer or direct deposit

* Earn 10 cents more for every signature debit card purchase with a Washington Savings Bank loan of at least $5,000.

* Total 20 cents cash reward with every signature debit card purchase!

Internet Reward Savings Account

They do provide a way to get a decent interest rate, but it's not as attractive as what we have come to expect from reward checking accounts. To earn a decent interest rate, you have to open the bank's internet savings account called eSavings. The rate is 1.53% APY on balances up to $50K and 1.22% APY for balances over $50K. These rates are listed at the bank's rates page as of 5/03/2010. This account is a little like a reward checking account. Note the account details at the bottom of the rate table:

eSavings is an online only account. It can only be opened, funded, and accessed online. eSavings account requires a checking account with at least a direct deposit or 5 debit card purchases per month.

Note, FIRST ROI has its name on the website. They're the marketing company behind most reward checking accounts. So I wonder if we'll see more of these types of reward checking and savings accounts in the future? They definitely won't be as generous to low-spenders with large balances.

For those who may be interested in these accounts, you can apply online. However, the first page of the application states:

We can only accept applications from Massachusetts and New Hampshire at this time.

Washington Savings Bank has branches in the Massachusetts cities of Lowell, Dracut and Tyngsboro.

The bank's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1985 (FDIC Certificate # 90229).

Washington Savings Bank has some interesting deposit deals. First, it has a checking account promotion in which you can earn a free wireless netbook. Here's the promo page link with the deal listed as of 5/03/2010. Here's a copy of their requirements:

Simply activate the following services on any new or existing checking account:

* Active Debit Card (at least 10 transactions per month for two months)

* Online Banking with estatements (both during promo period)

* Direct Deposit (At least monthly of at least $1,000 into any checking account)

Applying Online? Use promo code "Netbook"

Note, you can apply online. However, the first page of the application states:

We can only accept applications from Massachusetts and New Hampshire at this time.

The only problem with checking account bonuses that are gifts is that the bank may include a over-priced value of the gift on your 1099-INT. So please keep that in mind.

Washington Savings Bank has branches in the Massachusetts cities of Lowell, Dracut and Tyngsboro.

The bank's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1985 (FDIC Certificate # 90229).

Other Bank Bonuses

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

TD Bank is offering an Flip Ultra Camcorder when you open a checking account, make 8 debit card purchases and use online bill pay 2 times within 45 days of account opening. The expiration date is June 5, 2010. The offer is listed at TD Bank's home page, and the details are described in TD Bank's promotions page.

There's an online application, but it only allows applications from states where it has branches. This includes the following states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia and Washington DC.

Credit for the find goes to FW member BrianGA who mentioned it in this FW thread. As mentioned in this thread, the retail value of the camcorder will be reported to the IRS. Also, the real value of the camcorder is around $100. So these issues hurt the deal unless you were planning on buying this camcorder.

TD Bank is part of the bank holding company Toronto-Dominion Bank which is Canada's second largest lender. On April 16th, TD Bank acquired three Florida banks that were shut down by regulators (see post). TD Bank has been a FDIC member since 1961 (FDIC Certificate # 18409).

Other Bank Bonuses

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