New Mexico Deposit Account Rates and Deals

Bank of the Southwest is offering a high-yield reward checking account called True Checking. It has the following rates if certain monthly requirements are met:

• 5.12% APY on balances up to $25,000
• 0.25% APY on portion of balance over $25,000
• 0.25% base rate if requirements are not met

The monthly requirements include:

• 15 debit card purchases (credit based)
• 1 direct deposit or online bill pay or electronic payment
• Write 5 or fewer checks per month (They don't want heavy use of paper checks)
• Receive electronic statements

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

• $100 minimum initial deposit
• No minimum balance requirement
• No monthly maintenance fee
• Free Bill Pay
• Automatic refunds of up to 3 ATM surcharges per month

It appears that a branch visit is required to open an account. Branches are located in the New Mexico cities of Roswell, Las Cruces, Hatch, Farmington, Kirtland, Bloomfield, Truth or Consequences (that's a strange city name!) and Elephant Butte.

The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 5 stars (superior) at Bankrate.com (based on 6/30/09 data). It's rare to find a bank with 5 stars at both BauerFinancial and Bankrate. The bank has been a FDIC member since 1934 (">FDIC Certificate # 2247).

Other Reward Checking Accounts

As several readers have noted, many banks have been cutting rates and leaving the 5% reward checking club. A recent example is Bank2 in Oklahoma which had started its reward checking last March as a nationwide deal with 5% guaranteed through 2009 (see post).

To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.

BBVA Compass Bank is offering a bonus of up to $150 for opening a new checking account, using online bill pay and direct deposit. Here's the promotion page link. To earn the first $75 requires the use of Online Bill Pay. The second $75 requires direct deposit. The new checking account must be opened by 2/28/2010. Here are the details:

Earn up to $75 when you use online bill pay

• Open a new Compass checking account and sign up for Online Bill Pay by 2/28/10
• Pay at least 5 bills online every 30 days for the first 90 days your account is open
• For each month that you do, you'll get $25 - up to $75 total

Some important small print:

• Online bill payments must be made to a third party and be at least $25 in order to be eligible
• Each $25 bonus will be deposited into the new checking account from which online payments were made, within 60 days of fifth eligible online payment for each 30-day period.

$75 for signing up for Payroll Direct Deposit

• Open a new checking account online by 2/28/2010 and sign up for payroll Direct Deposit.
• Get your first payroll Direct Deposit within 30 days that your account is open.
• $75 bonus will be deposited, within 120 days of first recurring payroll direct deposit, into the new checking account that receives the direct deposit.

Some important small print for both bonuses:

• Minimum $25 opening deposit required
• Offer available to new checking households only
• Bonus may be subject to income tax reporting
• Limit one bonus totaling $150 per household
• Bonuses are paid on the last business day of the month

Requirements for Opening Compass Bank Accounts:

• Must be a U.S. Citizen
• Must be a resident of one of the following states: Alabama, Arizona, Colorado, Florida, New Mexico, or Texas.

BBVA Compass now has branches in California after its acquisition of the failed Guaranty Bank last August. However, these branches may not be transitioned over yet to allow people to qualify for these Compass promotions. If you're in California and interested in this promo, it may be worth a call to Compass.

Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my last Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.

BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).

Thanks to the reader who commented on this promo in the bank deals hub.

Other Bank Bonuses

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

Washington Federal Savings is offering some competitive mid-term CD rates. These include a 24-month CD with a 2.50% APY and a 36-month CD with a 3.00% APY. Minimum deposit is $1,000. Jumbo CDs with a $90K minimum receive an extra 5 basis points. These rates are not listed at the bank's website. A reader mentioned these rates, and I called two of the bank's branches in Redmond, Washington and in Las Vegas on Friday. The CSR at Redmond said rates are usually updated on Fridays so she expected these CD rates to last through next week.

A branch visit is required to open an account. Branches are located in Texas, New Mexico, Arizona, Utah, Nevada, Idaho, Oregon and Washington State. Rates may vary by area, so make sure you confirm the CD rates with your local branch.

The bank's ratings for safety and soundness are a little above average: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1935 (FDIC Certificate # 28088). It's a sizable bank with $12.6 billion in assets and $7.9 billion in deposits.

Other Competitive Certificate of Deposit Rates

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

BBVA Compass is offering a 8GB iPod touch for opening a new Build-to-Order Free Checking account by 12/15/09 and setting up payroll direct deposit. Here's the promotion page link. As instructed at that promo page, make sure you first register to receive the claim code.

Some important details listed in the small print include:

• $100 minimum opening deposit required to qualify for the bonus
• Direct deposit must begin within 6 weeks of account opening and must continue at least once per statement cycle
• At 6 months your account will be verified again to confirm you are still meeting the payroll direct deposit requirement. If not, BBVA Compass will debit $180 (the approximate cost of the iPod touch) from your checking account.
• You must pay for shipping and handling of the iPod touch
• Does not apply to anyone who already has a BBVA Compass checking account
• Limit one iPod touch per household
• BBVA Compass may report its value to the IRS

Requirements for Opening Compass Bank Accounts:

The online application specifies the following requirements for opening a checking account:

• Must be a U.S. Citizen
• Must be 18 years old (19 in Alabama)
• Have a permanent residence within a state where Compass Bank has a banking center (Alabama, Arizona, Colorado, Florida, New Mexico, or Texas).

Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my previous Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. Last December I received the $25 credit as promised. I confirmed with a CSR that this bonus will occur every year as long as the checking account remains active.

Compass Bank is a FDIC member (FDIC Certificate # 19048).

Credit for this find goes to FatWallet member rcbullock who posted the deal at this FW 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.

Charter Bank is offering two competitive CD rates: 2.25% APY for 18 months and 2.01% APY for 10 months. Minimum deposit is $5,000 for the 10-month and $1,000 for the 18-month. The 18-month CD is also available in an IRA. These rates are listed at the bank's rate table as of 10/23/09. This 10-month CD special has the same rate as when I posted on this bank in September.

Charter Bank CDs used to be available nationwide. However, I called the bank last month, and I was told that they now require you to come into a branch to open a CD. This is also consistent with the online applications they provide. There are online applications for their reward checking account and loans, but none for the CDs.

This is the same bank that offers the nationwide Turbo Checking Account. It's a reward checking account that pays 4.01% APY on balances up to $25K. The account had been paying 6.01% APY when it was launched in 2007 (see post). It's one of the few reward checking accounts that were launched in 2007 that still offers over 4% APY.

Charter Bank is headquartered in Santa Fe, New Mexico. In addition to Santa Fe, it has branches in Albuquerque and Rio Rancho.

Charter Bank's ratings for safety and soundness continue to be a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1986 (FDIC Certificate # 32498).

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

Charter Bank is offering a special 10-month CD with a 2.01% APY. Minimum deposit is $5,000. This rate is listed at the bank's rate table as of 9/25/09.

Charter Bank CDs used to be available nationwide. However, I called the bank yesterday, and I was told that they now require you to come into a branch to open a CD.

Charter Bank is headquartered in Santa Fe, New Mexico. In addition to Santa Fe, it has branches in Albuquerque and Rio Rancho.

This is the same bank that offers the nationwide Turbo Checking Account. It's a reward checking account that pays 4.01% APY on balances up to $25K. The account had been paying 6.01% APY when it was launched in 2007 (see post).

Charter Bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 6/30/09 data) and 1 stars (lowest) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1986 (FDIC Certificate # 32498).

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

BBVA Compass continues to offer a competitive rate of 2.50% APY on its 2-year CD. Minimum deposit is $5,000. This rate is listed at the bank's rate table as of 9/08/09. Note, they have separate CD rate tables for the different regions. I've checked most of these, and they all have the 2.50% APY for the 24-month term. This is the only CD term with a competitive rate.

Guaranty Bank is also offering a 2.50% APY 24-month CD at its branches in California and Texas. This rate is listed at the bank's rate sheets as of 9/08/09. Guaranty Bank was closed by federal regulators on August 21st. BBVA Compass then took over the bank through an agreement with the FDIC. Guaranty Bank had been offering a very competitive 14-month CD a week after it was closed. Now the rates seem comparable to what BBVA Compass offers. When I called Guaranty Bank regarding that old 14-month CD, I was told CA and TX residents could apply by phone (see post).

Equity Index Power CD

BBVA Compass is once again offering a new equity indexed Power CD. It's a 4-year CD that has the potential to earn 4% APY each year. However, this only occurs if the S&P 500 Index is equal or higher on an anniversary date, than the S&P 50 Index on the issue date. Otherwise no interest payment will be made for that year, but your principal remains protected. The offer is only available through September 18, 2009.

Back in March I reviewed a previous Power CD offering from Compass. I discussed some issues to consider about these types of CDs, and commenters provided some additional issues.

Locations

To open an account at BBVA Compass, you must reside in one of Compass's market areas which include Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Guaranty Bank (now part of Compass) has branches in California and Texas.

Financial/FDIC Overview

BBVA Compass used to be just Compass Bank. It was rebranded after Compass was acquired by Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. The bank is still called Compass Bank in the FDIC database with a FDIC certificate # 19048.

BBVA Compass Bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate.com and 3½ stars (good) at BauerFinancial. Both ratings are based on 3/31/09 financial data.

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

First American Bank is offering a reward checking account called First Rewards Checking. The account has the following rates and features if certain monthly requirements are met:

• 5.00% APY on balances up to $25,000
• 0.20% on portion of balance over $25,000
• 0.15% APY base rate if requirements are not met

Note, these rates are based on a conversation with a bank representative on 8/31/09. The website currently doesn't list the rates. The monthly requirements include:

• 12 electronic transactions for purchases
• 1 direct deposit or ACH credit (see note below)
• Receive e-statements

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

• $100 to open account
• No minimum balance requirement
• No monthly service charge
• Free bill payment
• Check images not returned
• Bank allows up to 2 accounts per household

There is no mention on the website about foreign ATM fee refunds, but when outside of their service area one should look for these logos: VISA, NYCE and CIRRUS.

Branches (banking centers) include Alamogordo, Artesia, Chaparral, Hobbs, Las Cruces, Lovington and Roswell.

The bank has some strong ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com based on 3/31/09 data.

The bank began in 1903 and has been a FDIC member since 1934 (FDIC Certificate # 2240).

Thanks to the reader Steve who mentioned this account in the comments.

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.

Note 9/12/09: A reader emailed me the following info regarding the direct deposit requirement:

FAB Rewards Account requires an ACH deposit, but only accepts SS or Payroll--no phone or utility bill w/ds and not an ACH from another bank.

Update 9/18/09: Irwin Union Banks have been closed by regulators. Refer to this FDIC press release for more details.

Irwin Union Bank has started a new CD promotion called Win-Win CD. You receive a competitive rate for a 13-month term and receive 1% cash back (up to $250) instantly. The catch is that it requires that you have a new or existing checking account, and then you have to open or maintain 4 additional products or services. The promo page doesn't provide any details about what services qualify, so I called the bank today. I was told that qualifying services would include a debit card, direct deposit, online bill pay and estatements. The CSR wasn't sure if they do a hard credit inquiry. She could only confirm that they do a ChexSystem verification.

Unlike Irwin Union Bank's June CD promotion, I was told this new promotion requires a branch visit.

A few other important details of the promotion include:

• limited time promotion (CSR didn't know how long it's scheduled to last)
• 1% bonus paid at the CD account opening may be revoked if the CD is closed prior to original maturity
• New money deposits only
• Irwin Union Bank reserves the right to limit the opening deposit to $250,000 per CD

Certificate of Deposit Rates

The 13-month CD rate varies by zip code. The best rate I've found is 2.28% APY in Las Vegas. For most other areas with nearby branches, the rate is just under 2%. If your CD deposit is $25,000 or under, the 1% cash back will effectively add just under 1% to the APY of the CD. Since the 1% bonus is capped at $250, the bonus will have less effect for larger deposits.

Below is a list of rates for several cities. The rates are subject to change daily. When you enter your zip code at the promo page, please leave a comment about what rate applies to your city.

13-Month CD rates as of 8/28/09

2.28% APY, Las Vegas, NV (89128)
1.98% APY, Costa Mesa, CA (92626)
1.91% APY, Phoenix, AZ (85016)
1.82% APY, Sacramento, CA (95833)
1.82% APY, Indianapolis, IN (46204)

Irwin Union Bank branches are located in Arizona, California, Indiana, Kentucky, Michigan, Missouri, Nevada, New Mexico, Utah and Wisconsin.

The bank has been a FDIC member since 1934 (FDIC Certificate # 10100). Note, there are actually two Irwin Union Banks with different charters. The one with Certificate # 10100 is Irwin Union Bank & Trust Company. The other one is Irwin Union Bank, F.S.B. (FDIC Certificate # 57068). Both are part of the bank holding company, Irwin Financial Corporation.

The bank has been hurt by its home equity loans in western states, and it's not in the best financial shape. Its financial ratings for safety and soundness are weak:

• Irwin Union Bank and Trust (IN, NV, MI, UT): 0 star (lowest) at BauerFinancial and 1 star (below peer group) at Bankrate.com
• Irwin Union Bank. FSB (AZ, CA, IN, KY, MO, NV, NM, WI): 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com

The above ratings are based on 3/31/09 financial data.

For weak banks that may be restricted from offering the best rates (see post on FDIC rate caps), bonuses like this may be one way around this.

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 7/11/09: The 24-month CD rate has changed. For most areas, the rate has fallen to 2.30% APY. However, it went up to 2.60% APY in some places including Austin, TX; Colorado; and Jacksonville, FL.

BBVA Compass is offering a competitive rate of 2.50% APY on its 2-year CD. Minimum deposit is $5,000. This rate is listed at the bank's rate table as of 7/09/09. Note, they have separate CD rate tables for the different regions. I've checked most of these, and they all have the 2.50% APY for the 24-month term. This is the only CD term with a competitive rate.

Compass also has a promotion for opening a new checking account. It's not as good as previous ones. Here's the link to the promotions page. When you open a new checking account by 7/31/09, you'll receive 5% cash back for gas, groceries and utilities when you pay using the BBVA Compass Visa Check Card that comes with the checking account. The maximum cash back is $50, and the signature-based check card purchases must be made before 8/31/09.

I've been happy with my Compass Bank Build-to-Order Free Checking. I don't use it much. I keep it active with monthly debits which qualifies me for yearly $25 bonuses. Refer to my previous Compass Bank post for details of the Build-to-Order checking.

To open an account, you must reside in one of Compass's market areas which include Alabama, Arizona, Colorado, Florida, New Mexico and Texas.

BBVA Compass used to be just Compass Bank. It was rebranded after Compass was acquired by Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. The bank is still called Compass Bank in the FDIC database with a FDIC certificate # 19048.

Compass Bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 3/31/09 financial data.

Thanks to the reader who emailed me news of this CD.

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

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