Open Discussion Thread

Anonymous - #1, Friday, January 1, 2010 - 5:30 AM CT

Melrose credit union savings account down .25%

Anonymous - #2, Friday, January 1, 2010 - 1:52 PM CT

Was excited for ten minutes:

America's Credit Union 5% APY Perk Checking... $33 join fee with AUSA... Oh, for only $1,000.:D

Anonymous - #3, Friday, January 1, 2010 - 2:28 PM CT

Re: Recent discussion of ING Direct's 12-month 2.00% CD:

As of 12/31/09, rate for this CD was 1.75%.

Anonymous - #4, Friday, January 1, 2010 - 4:29 PM CT

ACU Above:

It lists the tier as any amount, which is incorrect; it is for $1,000 only.

Anonymous - #5, Friday, January 1, 2010 - 6:22 PM CT

For RCAs:

It would be nice to summarize the weekly delta (i.e., who dropped rate, who imposed limit on availability, who reduces dollar amount); e.g., United FCU, Univ. Wyo. FCU all dropped rate significantly.

Anonymous - #6, Friday, January 1, 2010 - 6:28 PM CT

PFCU bonus program is a gimmick. Just spoke to the rep there...they lowered the rates (unknown to anyone) on 12/29 so that the bonus for rolling over CDs gets you nothing other than their prior rates. In fact, the rep said that the system was changed 12/29 and no one even knew this had happened and everyone flagged their CDs for auto renewal. So- take everything you hear about PFCU with a grain of salt. They do not appear to be committed to transparency.

Anonymous - #7, Sunday, January 3, 2010 - 3:46 PM CT

BofA did not honoured special 1.5% rate on My account that I opened at Nov 19/2009

Anonymous - #8, Monday, January 4, 2010 - 9:44 AM CT

Thanks for the following article on your twitter page:

http://www.bizjournals.com/baltimore/stories/2010/01/04/story1.html?b=1262581200%5E2664431

According to the "experts" in the article we should expect even lower rates on deposits during the first half of 2010. The impression is even left that people are satisfied with 1.5% on their deposits. The Fed, FDIC, and Treasury have certainly done their job and punished the savers of this country for the financial crisis. In my next life I'm going to work for Goldman Sachs.

Anonymous - #9, Monday, January 4, 2010 - 10:30 PM CT

Interesting behind-the-scenes article on debit cards and PIN- vs signature-based use: http://tiny.cc/1wiiv

Anonymous - #10, Tuesday, January 5, 2010 - 8:26 AM CT

Ally rate down to 1.49 for savings and money market.

Anonymous - #11, Tuesday, January 5, 2010 - 10:23 AM CT

RE: Anonymous post at 6:26 AM, January 05, 2010

Yes, it appears Ally is using the drip method to reduce it's rates. By mid-year 1% savings rates will look good, if you can get it. Most of the banks will probably be yielding .5% or less by that time as the FDIC pressure builds.

Anonymous - #12, Tuesday, January 5, 2010 - 10:31 AM CT

http://www.nytimes.com/2010/01/05/your-money/credit-and-debit-cards/05visa.html?hp

interesting article about debit cards

ichaelm - #13, Tuesday, January 5, 2010 - 10:39 AM CT

Acacia Federal Savings Bank is celebrating 2010 by offering a 21 month CD which pays 2.010% APY. Min deposit is $500. This is not posted at the bank's website, but it's advertised on page A11 of today's Washington Post.

AcaciaFederal.com
1-800-950-0236

Anonymous - #14, Tuesday, January 5, 2010 - 8:09 PM CT

"GMAC expects $5B loss in 4th quarter, mostly from writing down mortgage assets for sale, selling mortgage assets"

http://finance.yahoo.com/news/GMAC-expects-5B-4Q-loss-apf-917453934.html?x=0&sec=topStories&pos=main&asset=&ccode=

This ought to help Ally's deposit yields. Yeah, right.

Anonymous - #15, Wednesday, January 6, 2010 - 7:23 AM CT

Ally is doing small rate drops. Yesterday the savings and money market and today the 12 month CD is down to 1.80%.

Anonymous - #16, Wednesday, January 6, 2010 - 7:56 AM CT

Rockland FCU (Mass) close their RCA offers several months ago; for existing/legacy customers the rate is down this month from 3.8% ($50K) to 3.5% ($50K).

Anonymous - #17, Wednesday, January 6, 2010 - 9:49 AM CT

Ally: large drop - people shout; small drop - poepl wonder; no change - people wait...

Tough crowd!:D

Anonymous - #18, Wednesday, January 6, 2010 - 11:06 AM CT

Banking Guy, when you get a free moment, can you please fix the Recent Posts link.

Clicking one of the Recent Posts link no longer takes you to the latest posts.

Thank you.

Anonymous - #19, Wednesday, January 6, 2010 - 11:26 AM CT

If not renewing a CD at Ally Bank it will take a long time to get your funds. Their policy is 24 to 48 hours to transfer the funds from a matured CD to their on-line savings account. Yet, they don't follow their own policy. It's been over three days since I requested the funds be transferred and it hasn't been done. Are they afraid I will withdraw the funds from their bank? I called to confirm the transfer after two days and still was told 24 to 48 hours. Maybe everytime one calls, the 24 to 48 hour delay starts all over again.

Anonymous - #20, Wednesday, January 6, 2010 - 12:28 PM CT

To: Anonymous at 9:26 AM, January 06, 2010

Ally can't pay you until they get their latest billions from the government. You will have to be patient until that check clears. Just watch out that they don't go past the grace period and the CD automatically renews. I believe it's 10 days for Ally. Then you will have to jump through hoops to get your money. Good luck.

Anonymous - #21, Thursday, January 7, 2010 - 10:43 AM CT

@#%%&#@Ally Bank! My CD matured on the 5th & I still don't have access to my $$$. It's an internal transfer to my savings account, but they are dragging their feet. Last night I tried to set up an ACH from Ally to my bank from my savings account, and "the system was down for updates". They are really short of cash.

Anonymous - #22, Thursday, January 7, 2010 - 11:05 AM CT

Re delays at Ally, this disturbs me. Perhaps Banking Guy can put something together to address this.

You see, Ally is NOT in FDIC receivership. Thus, it has no special (bankruptcy) protection allowing it to delay payment. That CD is a legally enforceable contract that the money will be paid the day it matures if you so request. That does not allow them another day or two or several days to "process." They have already had the full term of the CD to deal with any "processing," must pay on the maturity date if requested, especially if that request is put in in advance.

Well, unless the CD contract specifies up front that there might be a delay -- and I've never seen one that does.

Anything else is to make your CD longer than you contracted for -- and that would be illegal.

I went through a similar thing with Amtrust a year or more ago. But I learned of the problem a week in advance. So, daily for a week, I had nasty e-mail and other exchanges with them pointing out how it is a legal violation and I can sue the hell out of them for breach of contract, among other things. By the day before maturity, they relented and I got my money on the maturity date.

But the point is, they saw I had a real case against them and paid before they became seriously liable for punitive damages.

And I will never do business with Amtrust again. Few other people would have been able to break them as I did, and I very much did not like the exchange I had to undertake. Unfortunately, by paying me, they were able to continue their illegal practices with everyone else. Had I sued and won, I could have made it a class action that could have bankrupted them.

They tried to argue that it was part of the terms, but it was not and I showed them so.

Clearly, this kind of stuff by banks irritates me to no end! This REALLY needs to be cracked down on.

Anonymous - #23, Thursday, January 7, 2010 - 12:40 PM CT

$150 Bonus on RCA paying 4.5%
Rate Guar. til Derby Day May, 2010.
Most strange!!!

See http://www.cbandt.com/ AND
http://www.cbandt.com/switch.asp

"open a new Commonwealth Bank Extreme Checking account, and you can get up to $150.* ...

Just open a CB&T Extreme Checking account, pay your bills online using our Internet Bill Pay Service and we’ll deposit $15 into your account for each automatic bill pay transaction you schedule - up to 10 payees."

Anonymous - #24, Thursday, January 7, 2010 - 3:26 PM CT

Never used Doral Bank Direct!

This bank is ridiculous. I have an 11 month promo CD maturing with them. I just called to see what I needed to send them for closing instructions and I was told I had to send my CD back. Are you serious? Who sends an actual CD form? Since there is no way in the world I have the CD form, they are sending me an affidavit to sign to say I lost it. And even if I had the CD, they send you a check in the mail upon closing. This bank is in the stone age and I would highly advise against ever using them.

Anonymous - #25, Thursday, January 7, 2010 - 4:41 PM CT

It's becoming obvious that Ally is delaying transferring the funds in matured CD accounts to the accounts that the customer directs Ally to deposit the funds into. Either their employees are overburdened with requests or it's a problem with their system. You don't think they would intentionally delay the transfer of funds, do you? They would have to pay interest at a higher rate usually than the 1.49% the on-line savings account pays. Either way, it doesn't matter, their customer service is starting to stink when one's CD matures.

adam - #26, Thursday, January 7, 2010 - 10:24 PM CT

Compass Bank is offering $150 to open a new account. You must be a U.S. citizen and a resident of Alabama, Arizona, Colorado, Florida, New Mexico or Texas to open a checking account with BBVA Compass.

https://www.bbvacompass.com/special/201001/newyear2/

Anonymous - #27, Friday, January 8, 2010 - 1:32 AM CT

To Anonymous who posted on 9:05 AM, January 07, 2010

This is the issue that I have with these online banks. With a bricks and mortar bank, you can go to a branch office and get your money right then and then and there. In the virtual world, they can drag their feet and delay giving you your money upon maturity. And they will try to back up their position using some kind of legalese.

To Anonymous who posted on 1:26 PM, January 07, 2010

Let me get this straight. A bank with a "DIRECT" name which implies an online financial institution with no branch offices issues CDs with a paper form? Does this mean you can take that CD form to a business office and demand your money? How was your account opened? Was it via mail? Did they send you a CD form after they opened your account?

Anonymous - #28, Friday, January 8, 2010 - 7:09 AM CT

To Anonymous at 11:32:

The CD was opened online. I think the "Direct" is the online version of a brick and mortar bank. Apparently they sent the CD certificate after I opened the account, except I have no record of it and I am pretty anal about my records. I just find it moronic that unlike every other online bank, I cannot fax in closing instructions.

I told the CSR that in no way do I want the CD to automatically renew and she said that someone would have to call me to confirm. Not sure why she could not. I plan on calling back today to hopefully get someone else.

The best part of it all, the affidavit I have to sign needs notarized. I live in Europe right now. Tell me how I am supposed to do that!?! At the end of all of this I may be forced to let it renew for another year or else have my money just sit there for months doing nothing unless I can figure something else out.

Anonymous - #29, Friday, January 8, 2010 - 8:53 AM CT

ING Savings rate drop to 1.25%

Anonymous - #30, Friday, January 8, 2010 - 11:31 PM CT

Capital One has a new 10% quarterly bonus if you maintain $15,000.

Here's the Link: http://www.capitalone.com/directbanking/offers/costco/interest-plus-online-savings-account/

Anonymous - #31, Saturday, January 9, 2010 - 12:40 AM CT

To Anonymous who posted on 5:09 AM, January 08, 2010

The bank caters to the immigrant community, so it would appear to be the kind that would be a stickler to positive ID authentication. They must be very wary of fraud. A fax can be faked so that may be the reason why they won't accept it. Now, the notarization requirement is a bit new I must say. That kind of stuff usually is tied to brokerage accounts or legal documents processing. I don't recall a bank requiring that in order to redeem a CD, but then I rarely do business with small community banks. Since you are outside the US, that would be a problem with trying to obtain an affidavit. I guess it is required in order to cover their butt in case of an issue later. You might be stuck between a rock and hard place on this one.

Anonymous - #32, Saturday, January 9, 2010 - 7:49 AM CT

Has anyone renewed a CD at Ally for 12 months and not received the extra bonus interest rate?

Anonymous - #33, Saturday, January 9, 2010 - 8:47 AM CT

River City Bank in Georgia (5% APY, $25K) looks new; definitely local without any online forms.

Georgia has the most 5% club members, but it also has the highest bank failures:D

Anonymous - #34, Saturday, January 9, 2010 - 5:29 PM CT

Pelican State Credit Union: 5.01% to 4.4% as of 1/9/10. Note that their cover sheet did not change; but the context and footnote were changed.

Anonymous - #35, Saturday, January 9, 2010 - 5:32 PM CT

Correction: Pelican State Credit Union: No rate change,s till 5.01%. Sorry about it, their way to account the bonus rate is very strange.

Anonymous - #36, Sunday, January 10, 2010 - 1:55 PM CT

Anyone else having problems with delays in closing Doral 11 month
CD's which are now maturing?

Anonymous - #37, Sunday, January 10, 2010 - 6:13 PM CT

We witnessed several RCA rate drops for the New Year. The trend is definitely downward.

Incommons (TX) and Bank2 (OK) were the recent casualty from the 5% club. Soon, there will be very few 5% RCAs...

What to do? Just stay with the steady-eddie 4% RCAs and go on with our lives. The rate chasing game, like in the stock market, is a losers' game and grave. Look, there were so many popular RCAs (FAB&T, BotS) are dropped their rate eventually.

I am happy with the 4% rate, but no less.

Anonymous - #38, Monday, January 11, 2010 - 5:12 PM CT

To follow up/fact-supporting on the disapperance of 5% RCAs: Bank 1440 (AZ) reduced their 5.01% rate to 4.01%; typical of the fallen 5% club members.

Anonymous - #39, Monday, January 11, 2010 - 7:17 PM CT

To add anothe casulaty for 5% RCA: Farmers Bank and Trust from 5% to 4.01%

Anonymous - #40, Monday, January 11, 2010 - 7:31 PM CT

Ha, on a roll now: Bank of Newington (GA): 5.01% to 4.5% (in FAQ).

Anonymous - #41, Monday, January 11, 2010 - 8:37 PM CT

Farmer's Bank and Trust: AR.

Tuphat - #42, Tuesday, January 12, 2010 - 5:32 AM CT

The expected new fee on banks' liabilities is bad news for savers. Hoepfully credit unions and community banks will be exempt.
http://online.wsj.com/article/SB126322918488724799.html?mod=WSJ_hps_LEFTWhatsNews

Anonymous - #43, Tuesday, January 12, 2010 - 3:37 PM CT

More good news as usual...

"St Louis Fed President James Bullard says that rates will remain low for some time. For those hoping that short-term savings and cd rates will increase anytime soon - forget about it."

http://www.bestcashcow.com/the_economy/article/sam_cass/st-louis-fed-president-james-bullard-says-rates-will-remain-low-for-some-time

Anonymous - #44, Wednesday, January 13, 2010 - 11:13 AM CT

Ally has another small rate drop today on its 12 month CD. It is now 1.49%. I think this is the third like this they have done. It is sad with this rate environment that I feel I hit the jackpot with the CD I renewed 1/2/10 at 2.35%.

Anonymous - #45, Wednesday, January 13, 2010 - 1:03 PM CT

Bank of Edwardsville: 5.0% to 4.6%, a relatively merciful drop. But out of the 5% club anyway.

Anonymous - #46, Wednesday, January 13, 2010 - 1:03 PM CT

Edwardsville: IL.

Anonymous - #47, Wednesday, January 13, 2010 - 7:44 PM CT

incommons bank added new kasasa savings account: 2.5% for up to $25,000 if qualifications are met for kasasa cash.

Anonymous - #48, Wednesday, January 13, 2010 - 8:48 PM CT

Texas Heritage National Bank: 5% --> 4%. The 5% club is dropping like flies.

Anonymous - #49, Wednesday, January 13, 2010 - 8:59 PM CT

Neighbor's Credit Union (Missouri): 5% --> 4%!!

Ken, is there a way to highlight those that changed rate (at least for those 5% stars)?

Anonymous - #50, Wednesday, January 13, 2010 - 9:15 PM CT

Linn Area Credit Union (IA): 5% --> 4%.

Anonymous - #51, Wednesday, January 13, 2010 - 9:36 PM CT

Another shocker: Rio Bank (Texas): 5.5% (second highest) --> 3.5%!!!! Shocker!!!

Anonymous - #52, Wednesday, January 13, 2010 - 11:22 PM CT

Franklin Synergy Bank.
1 year CD 2.15%
Penalty 30 days of interest.
I opened account very fast without any problems.

Anonymous - #53, Thursday, January 14, 2010 - 2:09 AM CT

Suntrust Bank has a money market offer (at least in FL)
Deposit $10K in new money and get 1.59% through 4/11/2010

Anonymous - #54, Thursday, January 14, 2010 - 8:31 AM CT

Bank 1440 in Arizona just dropped it's reward checking account from 5.01 APY (25K) 2%APY (above 25K) to 4 %APY (25K) 1%APY (above 25K).

Sonoran Bank in AZ is still offering 5% up to 30K and 3% in savings if all requirements are met with reward checking account.

I guess it's time to switch. I couldn't find the Sonoran Bank deal listed at Bank guys new site.

Anonymous - #55, Thursday, January 14, 2010 - 1:09 PM CT

Bank 1440 rate drop: happened already, see 1/11/10 post above.

Numerous banks left the 5% club since then...

Anonymous - #56, Thursday, January 14, 2010 - 1:54 PM CT

Franklin Bank and Trust (KY): 5% --> 4%; rate information is not even in their website (stealth account); I had to call them to find it out:D

Anonymous - #57, Friday, January 15, 2010 - 8:26 AM CT

CD rates are down at ING.

Anonymous - #58, Friday, January 15, 2010 - 7:29 PM CT

Three banks closed today: Town Community Bank & Trust (IL), St. Stephen State Bank (MN), and Barnes Banking Co. (UT).

51hh - #59, Saturday, January 16, 2010 - 5:47 AM CT

Please update: Farmers Bank and Trust (AR): 5.01% --> 4.01%.

51hh - #60, Saturday, January 16, 2010 - 6:06 AM CT

The Community Bank (Mass) dropped their rate from 4.01% to 3.01% recently.  The bank has a C&D order from FDIC last year, maybe that was the partial reason for the drop.

bobert - #61, Saturday, January 16, 2010 - 9:16 AM CT

Disservice to Readers -

Ken, I'm one of your biggest fans, but two things here drive me crazy:

1) Teaser Ads - Like Omni's 5% (oh, BTW ...only on $1K) - please do not even post Teaser Ads - or FLAG them as such so we don't waste time on them

2) OLD headlines - on your FRONT PAGE - you still list Flagstar's NEW online 5.3% MMA .... oh, yeah, from 2007.  Why do you even show these out of date headlines.

Please make sure your LINKS only show current information, and ignore or Flag (like *T) offers that are only teasers.

Thanks - Bob (in Texas)

KenBDG - #62, Saturday, January 16, 2010 - 12:39 PM CT

Bob, thanks for the feedback. I'm afraid we had some problems in the transition. There was a sorting issue that put old posts in the headlines. I think we fixed this, but I'll keep looking in on this.

About Omni's 5% savings account, remember that it also has 1.90% for the portion above $1,000 (at least the last time I checked). You're right in that the 5% doesn't mean much for most of us. I think we do need to do a better job on the tables to make sure these teaser rate accounts (or kid accounts) don't show up on top.

Shorebreak - #63, Saturday, January 16, 2010 - 1:58 PM CT

Ally's checking account details are now posted on their site.

Shorebreak - #64, Saturday, January 16, 2010 - 2:14 PM CT

Investment Checking

Minimum Opening Deposit $7,500.00 $.00-$7,499.99 .00% .00% None     $7,500.00-
$14,999.99 1.15% 1.16%  

    $15,000.00-
$29,999.99 1.30% 1.31%       $30,000.00 Plus 1.55% 1.56%

Lance - #65, Saturday, January 16, 2010 - 3:35 PM CT

Hi Banking Guy. How come Incredible Bank's eletronics checking account, which earns 2.02% APY, is not listed on your list of checking accounts? It's not listed under either Personal Checking, nor under Classic Checking. INGDIRECT is listed. Is this done on purpose or unintentional? 

51hh - #66, Saturday, January 16, 2010 - 3:42 PM CT

There seems to be several errors in rate tables for RCAs: For example, NewportFed (RI): e-Checking, it should be 2.5% APR; not 10% (I wish):D

KenBDG - #67, Saturday, January 16, 2010 - 8:07 PM CT

@Lance, Incredible Bank should be listed. Thanks for pointing this out. It's just an oversight. With the main transition completed, I'll have more time to go through the rate tables with a fine tooth comb.

@51hh, Thanks for catching that mistake. Looks like a format change at the bank's website messed up our software which pulls in bank rates. We have put in checks to flag suspiciously high rates like this. I'm not sure why it still got listed.

Another good way to let us know about missing or wrong rates is to use the "report an issue" link in the bank hub pages. Here's the hub page for NewPortFed.

Bugs - #68, Monday, January 18, 2010 - 11:51 AM CT

need "day of week" with the date

Anonymous - #69, Monday, January 18, 2010 - 7:01 PM CT

What ever happened to the tip jar, where those of us who appreciate Banking Guy's service could contribute to his own financial well-being?

Anonymous - #70, Monday, January 18, 2010 - 7:10 PM CT

Today's Arizona Daily Star newspaper in Tucson contains an ad from Vantage West Credit Union for a 3% APY 18-month I.R.A. share certificate.  $500 minimum balance; no maximum listed.  New money only.  Offer ends January 31, 2010.  

I checked their website and found no mention of this special.  

No idea whether there are residency requirements, etc., but one could check it out.  Local phone: (520) 298-7882.

51hh - #71, Tuesday, January 19, 2010 - 4:20 PM CT

Another casualty from the 5% club: Farmers and Merchants Bank (WI) 5.01% to 3.61% as of today.

Ricochet - #72, Tuesday, January 19, 2010 - 6:55 PM CT

Personal Checking Accounts show rates as high as 7.50%

DepositAccounts "Decimals Gone Wild"

Anonymous - #73, Wednesday, January 20, 2010 - 1:12 PM CT

New reward checking option with pretty easy qualifications.

www.1cbv.com

4.01% to $25K

requires 12 debit card purchases, and 1 direct deposit OR 1 auto debit OR 1 bill pay.

This is a new bank - just opened last fall - with one small office in Arlington, VA. I spoke to the branch manager and she said they will accept accounts nationwide. They have no online account opening process but she is willing, for now, to open them by mail/fax (they just started offering the account yesterday). As I said, this is a VERY small bank, so I am sure that policy will change if a ton of people call her!

Also, as far as I know, it's the only local bank here in the Washington DC area offering reward checking, so it's noteworthy for that reason as well.

Shorebreak - #74, Wednesday, January 20, 2010 - 8:30 PM CT

 

Interesting Wells Fargo conference call minutes regarding the direction of interest rates:

http://www.calculatedriskblog.com/2010/01/wells-fargo-on-interest-rate-risk.html

Shorebreak - #75, Wednesday, January 20, 2010 - 8:34 PM CT

Regarding post #64: Those rates were for Qualtrust Credit Union in Texas. somehow it was incomplete, sorry.

anonymous - #76, Thursday, January 21, 2010 - 5:53 PM CT

fidelity cash reserves current yield is .07%.

milt - #77, Thursday, January 21, 2010 - 8:28 PM CT

Position of Comments icon?

Could you return the Comments icon back to the end of an article? To me the time at which you want to read or leave a comment is when you are positioned at the end of the post.  As it now stands you have to scroll back up to the top of the article to either leave or read comment(s).  Not a real big deal, but another one of those little items that make life easier, nicer. The work you do and your Blog are absolutely terrific. Thank you.

bobert - #78, Friday, January 22, 2010 - 10:18 AM CT

I agree with what MILT suggests.  Also - can you please reverse the order of this OPEN DISCUSSION thread.  When I click on the link to get here, I'm not really interest in seeing the old stuff first.  Just seems intuitive to have newest first, then down in date order.

Thanks - Bob (in Texas)

Anonymous - #79, Friday, January 22, 2010 - 1:42 PM CT

I agree with MILT.

bobert.....I have to strongly disagree. This Blog has always been read from the top to bottom, like reading a book. That is intuitive. In fact I dont really think we should be able to change the order of the posts because of a vote whether we like a post or not. This will really screw up the flow of discussion in the threads. We could vote for popularity if you want but leave the comments static.

my 2% 

Anonymous - #80, Friday, January 22, 2010 - 2:07 PM CT

The voteing comment above does not seam to effect the posts in this thread. But I do notice it does in the subject specific threads.

Anonymous - #81, Friday, January 22, 2010 - 9:03 PM CT

$150 Checking Account Bonus at Flushing Savings Bank in NY is back until 2/28.

Anonymous - #82, Friday, January 22, 2010 - 10:03 PM CT

Charter Bank in New Mexico has gone belly-up.

Anonymous - #83, Saturday, January 23, 2010 - 12:04 PM CT

Attention American Express Bank CD holders and CD holders in general...

I recently received an updated account agreement from American Express Bank, which is supposedly duplicated here: http://personalsavings.americanexpress.com/deposit_terms/ .  There is a section dealing with early withdrawal of CDs.  Basically, the previous early withdrawal penalty section (which I don't have a copy of) is being deleted and replaced with a new one.  Which applies if you withdraw all of your principal balance OR if the account is closed for any other reason.  The new penalty is THE GREATER of X months OR The Cost Recovery Value (CRV) on the withdrawn amount (if applicable).  Here is how CRV is defined:

The CRV estimates the interest cost that we would incur if we were to replace your early withdrawn or closed CD with another replacement CD.  The replacement CD would be of a term that is closest to but not greater than the remaining term on your original CD.  To calculate the CRV, we take the difference between the (lower) APY on your original CD and the (higher) APY on the replacement CD and apply this difference to your withdrawn amount, multiplied by the number of years (or partial year) remaining on your withdrawn or closed CD. (If the APY on the replacement CD is less than or equal to the APY on your original CD, there is no applicable CRV on the withdrawn amount.  If we are offering more than one APY to the general public for a replacement CD with a term that is closest to but not greater than the remaining term on your original CD, at the time of your early withdrawal or early account closure, we will use the lowest APY we are offering to the general public for a replacement CD to calculate any applicable CRV.)

I haven't had enough coffee yet, but the way I read this... Say you open a $50,000 5-year CD paying 3.0% interest (and aren't reinvesting the interest, just to keep the calcs easier).  Without this CRV recovery clause, if you withdraw the CD after one year you would have to pay 6 months * $125 interest/month = $750 early withdraw penalty.  Lets say a year from now American Express Bank is offering a four year CD paying 4.0%.  If they must replace your withdrawn $50,000 with such a CD, they will have to pay 1% more in interest per year for four years = $500 * 4 = $2000 which will become your penalty.  You wouldn't be paying 6 months of interest as a penalty, you'd be paying ** 16 months ** of interest as a penalty.  The way the letter is written, it appears this would only apply to CDs renewed or opened on or after February 20, 2010.

I've never encountered this type of Cost Recovery penalty before.  Has anyone?  I presume it is one way in which banks are going to heed the "prepare for the possibility of higher interest rates" warning.  I suspect more will push all of the risk onto the CD holder.  I hope there is no way for any of them to do that retroactively, as in to existing CDs.

Anonymous - #84, Saturday, January 23, 2010 - 1:58 PM CT

ViewPoint Bank in Texas:  I would like to know the criteria to open a Reward Checking Account at this Bank.  They denied my deposit, are they looking for dead-beats or what? The repesentatives do not know anything.  I spoke with them and they say we get your report from Chexsystem.  I got a copy from Chexsystem and there was nothing negative. In fact, I have no outstanding loan for a very long time.  I do not overspend, no matter how little I make.  I live to bare bones.  Can't go to see a Dr. these days, they rip you off.  The bill the insurance maximum they can, "you have a very Good Insurance" unpaid of it comes back to bite me.  Well, please investigate, if they do not do not want to honor what they advertise they should be removed from the list. Why should we waste our time. My friend tried it, samething happened to him.  We both have excellent score.

 

Anonymous - #85, Saturday, January 23, 2010 - 2:15 PM CT

CNBT in Texas have no maximum limit to earn 2% but they told me that they charge money to receive Wire Transfer.  I know most bank s do charge to send Wire Transfer but I was surprised how many little things one has to inquire because they do not disclose these to you on their own.  I could not believe it. 

Fayetteville Bank has a good  Reward checking account -maximum 50k, but they put a hold of 5 business days on your check deposit in order to earn to earn interest.  Thank God, I have banking background and I know what questions to ask, my husband does not know any of these tricks.  I can understand that Banks put a hold on your deposit for you to take it out but I did not know that the banks could legally hold money in your account before you could actually earn interest on those funds.  My CU told me that it is illegal to hold money in my account to earn interest. They have to deposit the day they receive it and must earn interest from that day onward.

Anonymous - #86, Sunday, January 24, 2010 - 11:22 AM CT

capital one bank has three different banks and all have different star ratings. How do you know which one you are dealing with.

ichaelm - #87, Sunday, January 24, 2010 - 11:43 AM CT

Alliant CU savings rate will remain at 2% in Feb!! Checking remains at 1.75%. Credit for this info goes to craig10x at FW.

Anonymous - #88, Sunday, January 24, 2010 - 12:14 PM CT

I agree with Milt #77.  The option to post should be at the bottom, not the top.

ichaelm - #89, Monday, January 25, 2010 - 11:48 AM CT

Here's a classic video of FL congressman Alan Grayson grilling the Fed's General Counsel Scott Alvarez. Congressman Grayson asked him if the Fed has manipulated the stock market, and exactly who received the $1 trillion which the Fed has handed out.

http://www.youtube.com/watch?v=mXmNpdYpfnk&feature=channel

Anonymous - #90, Monday, January 25, 2010 - 2:49 PM CT

Sonoran Bank (AZ): 5.03% is not included.

51hh - #91, Monday, January 25, 2010 - 3:08 PM CT

#85: On Bank of Faye. hold: "bank check-holding policy is different from daily interest earning.  Most banks receive checks and start accrue interst on the same day (as long as it is deposited during business hours).  Some start crediting interest the next day.  Holding checks mean the check amount is not available, but the daily interest is still credited the same (or next) day.  I have not heard any banks actually not crediting daily interest while the check is being held.  There were some rumors/confusions about some banks on this point, but it turned out to be the false statement due to CSR ignorance.  I would serious doubt that Bank of Faye. is the exception to this rule.  Please doubt check with higher management on this issue. 

Jeff - #92, Monday, January 25, 2010 - 6:13 PM CT

Can we get an RSS feed for the blog that contains NO "local only" posts?

Jeff - #93, Monday, January 25, 2010 - 6:19 PM CT

Why have you decided to separate Saving Accounts and Money Market accounts?  I don't see the benefit of having two lists to look at to find the best savings rate.

51hh - #94, Monday, January 25, 2010 - 9:54 PM CT

Lumbee Gurantee Bank (NC) 4.5% LGB Rewards Checking is not included.

Anonymous - #95, Tuesday, January 26, 2010 - 9:57 AM CT

Allly 12 month CD is down to 1.69%

ekat - #96, Tuesday, January 26, 2010 - 12:05 PM CT

Royal Banks of Missouri:  Majestic Checking (Rewards Ckg)

Increasing debit card transaction requirements from 10 to 15 monthly, effective Mar. 9th, in order to maintain their high interest rate.

For questions: 

314-212-1614 or stevensm@royalbanksnet.com

Michael S. Stevenson, Sr. VP

Senior Retail Banking Officer

 

Anonymous - #97, Wednesday, January 27, 2010 - 10:28 AM CT

Is it ok for a bank to send an account application (prefilled with SS# and birthdate) through email as an attachment?  I called them and told them email is not secure. 

Anonymous - #98, Wednesday, January 27, 2010 - 2:04 PM CT

Above Post: It is your responsibility to ensure that they do not do that initially. 

Anonymous - #99, Wednesday, January 27, 2010 - 4:03 PM CT

Popular category Installment Savings Accounts (on the right) is not linked to any posts

Wil - #100, Wednesday, January 27, 2010 - 4:54 PM CT

RATE DROP: Wilshire State Bank's eLink Savings down to 1.25% APY (from 1.50%).

Anonymous - #102, Thursday, January 28, 2010 - 5:49 AM CT

Wilshire State Bank eLink Savings drops from 1.50% to 1.25% on 1/26/10.

Anonymous - #104, Thursday, January 28, 2010 - 2:36 PM CT

opo

Anonymous - #105, Thursday, January 28, 2010 - 2:40 PM CT

Regarding Credit Unions:  Is there anyway to indicate whether they are not only national but also "easy" membership (ie: can be joined via some type of association open to all)?

This would be very helpful vs having to search and read the blogs for this info.

ichaelm - #106, Friday, January 29, 2010 - 10:37 AM CT

To the previous poster, anyone can open an account with Alliant CU by joining the national PTA, for $25. Alliant's savings account is paying 2% and will continue to pay that rate thru at least the end of Feb.

me1004 - #107, Friday, January 29, 2010 - 11:05 AM CT

Re #105: Banking Guy already puts that info in his postings on each CU.

Anonymous - #108, Friday, January 29, 2010 - 8:18 PM CT

Worthington Federal Bank

Based in Huntsville Al.

Website says, "we are able to provide our services in all 50 states"

Several CD rates are nationally competitive. Website says rates effective Jan 8. I emailed bank, and they confirmed same rates valid as of Wednesday the 27th

 6 Months 1.30%

12 Months 1.85%

18 Months 2.05%

24 Months 2.25% 

MaryAnne - #109, Saturday, January 30, 2010 - 1:06 PM CT

Open a checking account with Citizen's Bank in PA, and you can earn .10 every time you use their debit card or pay a bill online. I'm a TD customer and am considering switching as I could earn at least $42 a year on the pay bills feature alone. The max per year is $120, plus you can earn an addl $360 if you use their Mastercard for purchases.

51hh - #110, Saturday, January 30, 2010 - 3:08 PM CT

Farmers Bank and Trust (True Rewards Checking) dropped rate from 5.01% to 4.01%, it is becoming a an obvious downward trend.

51hh - #111, Saturday, January 30, 2010 - 3:21 PM CT

Bank of Edwardsville (IL) dropped rate from 5% to 4.6%.  R.I.A. CU (IA/WI) dropped rate from 5.01% to 4.01%.  FYI.

Mike - #112, Saturday, January 30, 2010 - 7:31 PM CT

Changes at Ocean Communities Federal Credit Union in Maine:

1.  New branch location in Westbrook, Me.

2.  Oceanstar reward checking changing name to Kasasa reward checking

3.  5.01% up to 10,000 (was 25,000 -- same qualifications)

4.  3% up to 50,000 if you attach Kasasa savings account to the reward checking.

I tried to post this with the blog about this bank, but it wouldn't work for me.  Hope this is ok.  Shoot me an email if you want more info, Banking Guy.  You do great work.

ekat - #113, Saturday, January 30, 2010 - 7:52 PM CT

FYI - re: notice received upon a failed bank was taken over by another.

OneWest, which took over failed First Federal, notified those customers in January that, "As a commitment to you, for the next three months, if you would like to roll over or extend a CD, and if you find a rate at another bank that is higher then the posted rate at OneWest, I have instructed all branch managers to match any CD rate with a maturity of 6 months or more."

They also notifed that customers of the failed bank were required to "claim ownership" of deposits by June 18, 2011, or they would be returned to the FDIC.  Claiming ownership basically just entails using the account, either simply logging in online or doing any transaction on the account (deposit or withdrawal) by any means (ATM, check, debit card, direct deposit, etc.)  Or customers could just drop by a branch or send a fax.

"One West is honoring all interest rates, terms and conditions of your accounts as you had them with First Federal."  Further, "Whether you prefer to bank at your branch, by phone or online - we are available when you need us, just as before.  All First Federal branches remain open with the same friendly staff.  All automatic transfer, deposits or withdrawals set-up through your accounts will continue."

OneWest did, in fact, retain the First Fed staffs at the branches, so their transition has been very smooth and reassuring so far.

ekat - #114, Saturday, January 30, 2010 - 8:01 PM CT

P.S. Re: OneWest takeover of First Fed (see above)

There was an asterisk on First Fed customers getting CD matching:

"If before March 31, 2010, you find a higher advertised interest rate on the same available term prior to your purchase of a certificate of deposit, we will match that interest rate.  Simply bring in the advertisement of the local (southern California) bank competitor, while the higher rate is in effect and you will receive the same rate on your CD.  This guarantee applies to competitors' retail branch CD offerings and does not apply to our competitors' online-only account offerings."

The letter was signed by:

Terry Laughlin

President & CEO

OneWest Bank, FSB.

(OneWest Bank, FSB, 888 East Walnut Street, Pasadena, CA 91101)

djc314 - #115, Sunday, January 31, 2010 - 10:02 AM CT

Triad Bank frontenac MO 314-993-4333 2.05% 12 month cd $10K min in 1/31/10 Post Dispatch noting about dollars having to be local

Anonymous - #116, Sunday, January 31, 2010 - 3:09 PM CT

The U.S. Option for RCA disappeared, please recover it ASAP.  TIA.

Anonymous - #117, Monday, February 1, 2010 - 2:00 PM CT

It doesn't pay to Discover.

Discover Bank on 2/1/2010 cut its Online Savings rate to 1.35% from 1.60%.

I had some cash I had been planning to move to Discover from Ally (1.49% rate). Guess I'll move it somewhere else.

Anonymous - #118, Monday, February 1, 2010 - 2:19 PM CT

Bank of Internet USA on Feb. 1, 2010, cut its rates by 5 basis points:

 

High Yield Savings: to 1.60% from 1.65%.

Advantage Savings: to 1.50% from 1.55%.

Money Market: to 1.55% from 1.60%.

 

Still decent rates, but one of the clunkiest bank websites I've run across and lackluster customer service.

51hh - #119, Monday, February 1, 2010 - 2:48 PM CT

Mid America Bank and Trust (MO): 5.55% rewards checking;a branch visit is required for account opening. 

51hh - #120, Monday, February 1, 2010 - 2:54 PM CT

Quad City (Iowa) U Account: 5% up to $25K.

Anonymous - #121, Tuesday, February 2, 2010 - 12:35 AM CT

Dear Banking Guy,

Currently FDIC Insurance is $250k, but expires on 12/31/2013.  On 1/1/2014 the FDIC insurance would drop to $100k, unless congress extends the FDIC Insurance coverage on a permanent basis.

This is important as if someone deposits $200k in a 7 year CD, based on current rules on 1/1/2014 they would be only insured for $100k.  As a depositor it is a bad idea to be putting more than the FDIC limit into any bank, unless it is a too big to fail.

I haven't seen you mention this, and I presume it's because everyone is probably under the perception that the $250k limit is going to be permanent.

You have a great blog!

Regards,

Bobby Mahendra
bobby_mahendra@hotmail.com

Anonymous - #122, Tuesday, February 2, 2010 - 10:47 AM CT

Any news about SFGI? I see they stopped acceptimg new accounts again. Im getting nervous even though Im covered by FDIC

Tom P - #123, Tuesday, February 2, 2010 - 11:54 AM CT

$100 business checking offer from Chase is active.

Get $100 when you open a Chase Business Checking account! Use the URL below to get a coupon to take to a Chase branch. You’ll need to deposit $500 within 30 days of opening the account.  This offer is valid until March 15, 2010.

Here’s URL:
https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/smallbusiness/shared/page/115914_bb_chkga&MSC=bb0210


Here is some important information about this limited-time offer: Offer valid 2/1/10- 3/15/10. To qualify for this offer, open a Chase BusinessClassicSM Checking, BusinessClassicSM Checking with Interest, Chase Advanced BusinessCheckingSM, Advanced Business CheckingSM with Interest, Commercial Checking, Commercial Checking with Interest, or Chase BusinessPlus® Extra Checking account and deposit a minimum of $500 or more into your new business checking account within 30 days of account opening with funds not currently on deposit with Chase or any of its affiliates. Account opening and award of premium are subject to approval (interest bearing accounts available only to sole proprietorships, non-profit organizations, and government entities). Limit one business checking account-related premium per customer per calendar year. Chase reserves the right to withdraw this offer at any time without notice. Attempts to earn multiple premiums may be voided by Chase, at its discretion. Offer not available to existing Chase checking customers. Coupon must be presented at time of account opening. Offer not available on account conversions or in combination with any other offer and is non-transferable. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Cash premium will be deposited automatically into your checking account within 10 business days after the minimum deposit requirement is met. Cash bonus may be considered interest reportable on IRS Form 1099-INT.

 

Wil - #124, Tuesday, February 2, 2010 - 2:28 PM CT

To Anonymous #122: I think that getting nervous about SFGI Direct at this point is needless. I just checked the bank rating of Summit Community Bank WV (of which SFGI Direct is the online division) at bankrate.com and it is 3-stars as of 9/30/09. It was previously rated 2-stars, so the bank's overall condition has actually improved based on the latest data. It is likely that SFGI Direct has stopped accepting new accounts, again, because it is getting overwhelmed by more deposits than it can currently handle, again.

51hh - #125, Tuesday, February 2, 2010 - 2:59 PM CT

Carter FCU (AR, LS) dropped their rate from 5.01% to 3.21% and limit from $30,000 to 10,000.  Nice going!

me1004 - #126, Wednesday, February 3, 2010 - 10:35 AM CT

First City Bank offering 15-month CD at 2.25%. Available nationally, I believe. The are in Fort Walton beach, FL. http://www.firstcitybank.com/cd-special.asp

me1004 - #127, Wednesday, February 3, 2010 - 10:39 AM CT

Banking Guy,

 

I have been having GREAT, IMPOSSIBLE difficulty posting to this thread since you went to this site. Immediately above is a VERY RARE exception. I normally get the posting box greyed out. It all works, but nothing posts. This rare time, it was not greyeed out, and it did psot. Only one other time have I been able to post.

 

I have sent e-mail to you to tell you about this about four times via Feedback@depositaccounts.com. But you have not responded and I have continued to not be able to post.

 

Please look into this and fix it. Thanks.

KenBDG - #128, Wednesday, February 3, 2010 - 2:02 PM CT

Sorry about the commenting problems. There was a bug in the system. It should now be fixed.

Anonymous - #129, Thursday, February 4, 2010 - 6:43 AM CT

Cedar Rapids Bank and Trust in Iowa has a reward checking account called MAXX Checking that is paying 5% APY  (www.crbt.com).

Wil - #130, Thursday, February 4, 2010 - 7:16 AM CT

RATE DROP AT ING DIRECT: Orange Savings down to 1.20% APY (from 1.25%) and Electric Orange top-tier down to 1.40% APY (from 1.45%).

Rod - #131, Thursday, February 4, 2010 - 8:48 AM CT

I saw a print advertisement from Union National Community Bank claiming they have a 2.00% 24-month CD with no penalty for early withdrawal.  However, I can't find any info about it on their web site.

Quovatis - #132, Thursday, February 4, 2010 - 1:11 PM CT

Schwab bank rates fell:

High Yield Investor Checking: from 0.75% to 0.60%

High Yield Savings:  from 1.05% to 0.75%

ichaelm - #133, Thursday, February 4, 2010 - 1:17 PM CT

Shocking news!! Flagstar MMA UP from 0.61% to 1.25% for current Flagstar customers!! I just rec'd this email:

We would like to thank you for your continued loyalty as a Flagstar holder. Because we value your relationship, we want to let you know that the interest rate on your Flagstar Direct Internet money market account has increased to 1.25% APY on all balances effective February 3, 2010.   This rate is only available to our current Direct Express money market account holders and will not be offered on new Internet money market accounts.

Linda - #134, Thursday, February 4, 2010 - 2:53 PM CT

Premier American Bank N.A. recently taken over/sold by FDIC is offering a 12 month CD Special of 2.00 % APY. Minimum $10,000. 4 locations in Miami, FL area

Anonymous - #135, Thursday, February 4, 2010 - 5:47 PM CT

Carolina Premier Bank (south Charlotte suburbs) now has a Bauer Rating of ****. I wrote a long review on the Bank Deals OP of 11/10/09 comments but could not submit (malfunction?). I won't bother with repeating said comment here. The rates remain the same as on that date, 5% rewards checking coupled with a 2.1% passbook savings. Congenial people.  Addendum: The rewards checking account cycles from the 15th of the month. 

marc - #136, Friday, February 5, 2010 - 10:32 AM CT

Bank of the West Online Savings just dropped to 1.25

51hh - #145, Friday, February 5, 2010 - 3:14 PM CT

Guaranty Bank (MO): 5.00% ($30K) --> 4.00% ($30K).   

Shareone - #146, Friday, February 5, 2010 - 6:33 PM CT

Three weeks into the new website.  What do you think?  Miss the original recipe just a little?  Me too.

51hh - #147, Saturday, February 6, 2010 - 11:12 AM CT

To me, the site is ok.  The pro for the new site is the (additional) overall list (U.S.) for rewards checking accounts (which is my primary interest for this site).  The con is the lack of popularity of the discussion board (maybe due to transition); fewer people are providing updated new information than before thus not that useful.  

KenBDG - #148, Saturday, February 6, 2010 - 2:04 PM CT

Thanks Shareone and 51hh for your candid feedback. I'm sure our recent comment problems didn't help any. We do have plans for a discussion board to replace this thread. Let us know what features you would like to see.

Also, I'm trying to post more with more variety via our Notices section. I don't have time for full posts on all topics and deals, so I try to at least write short posts in our Notices section with links where you can find more details. I'll continue to do full blog posts on the best topics and deals. If you have any suggestions about this, please leave a comment.

Anonymous - #149, Saturday, February 6, 2010 - 4:15 PM CT

VIEWPOINT BANK IN TEXASDOES NOT HONOR IT'S ADVERTISED ACCOUNTS.  Pl read all the complaints people have had with this bank, they declined depositors accounts, do not give you any explanation.  Those comments can be found on the ViewPoint bank's webpage under the reviews.  This bank should be removed from this list.

KenBDG - #150, Saturday, February 6, 2010 - 9:01 PM CT

@Anonymous #149, I have added a note about how Viewpoint has been rejecting applicants. The note is prominently displayed in the Viewpoint's hub page. I prefer to note issues like this and let readers make their own decisions about if it's worthwhile to apply.

Shareone - #151, Sunday, February 7, 2010 - 7:41 PM CT

Thanks Ken.  I had not visited Notices Section.  Indeed, it is a useful component of the Deposit Accounts website.  I will navigate around a bit more to gain familiarty with all this website has to offer.

51hh - #152, Monday, February 8, 2010 - 7:59 AM CT

Rockland FCU (legacy RCAs, MAss) is down another notch (3.5% --> 3.25%) this month.

Anonymous - #153, Monday, February 8, 2010 - 8:43 AM CT

HSBC cut rate to 1.20 from 1.35%

51hh - #154, Monday, February 8, 2010 - 10:48 AM CT

Update of Goldwater Bank RCA: It was taken off the market, even for AZ residents.  Legacy accounts still earn 5.02% APY as claimed by a CSR.

51hh - #155, Monday, February 8, 2010 - 3:19 PM CT

Two banks (with RCAs) disappeared from your list today (??):

Corolina Premier Bank (5% APY)

First American Bank (NM) (5% APY)

FYSA.

Anonymous - #156, Tuesday, February 9, 2010 - 8:34 AM CT

Ally Savings down to 1.44%

Emigrant Direct dow to 1.10%

salamanca - #157, Tuesday, February 9, 2010 - 12:29 PM CT

Dollar Direct Savings just dropped from 1.50% to 1.40%

Quovatis - #158, Tuesday, February 9, 2010 - 6:39 PM CT

It seems Schwab pulled their credit card from accepting new members.  I don't see it listed anywhere on the main site anymore.  If I log into my regular account, it does finally show up, but they removed the online application and now says the only way to open one is over the phone with a special code given to me.

So maybe if you have some kind of account with Schwab, you might be able to open one, but they don't make it easy, and seems like they don't want anyone to know about it.  I have a Schwab credit card already and enjoy the 2% cash back on everthing (great deal), but looks like newcomers are going to have a tough time.

KenBDG - #159, Wednesday, February 10, 2010 - 7:39 AM CT

@51hh Thanks for letting us know about the banks that have disappeared from the list. We want to keep the rate table accurate, and we're able to do that fairly automatically (except for the occasional glitch) when the banks include the rates on their website. However, if they're not on the website, I have to call or email. So for the sake of accuracy, we are temporarily removing rates that we have not been manually verified after 3 months. Once they have been verified, they'll be back on the list. If you can help verify the rates, that would be very helpful. Just leave a comment or send an email saying that you have contacted them and verified the rate.

51hh - #160, Wednesday, February 10, 2010 - 9:20 AM CT

Ken,

Thanks much, be glad to help; yes, I have verified both of the missing banks (First American - NM, Corolina Premier - NC lately that they still offer 5% APY.

On the negative side, First Southern National Bank (GA) just dropped their rate from 5.01% to 4.5%, as reflected on your RCA list.

Anonymous - #161, Wednesday, February 10, 2010 - 11:37 AM CT

I received this email on 2/10/2010 from Discover Bank. (I'm not sure what the "premium" interest rate is; the email refers me to online Account Center, but when I logged in I couldn't find anything about the interest rate. From what Ken has said, it looks like Discover is in the process of relaunching its online banking site, so things may be in transition.)

The email I received:

As one of our first Online Savings Account customers,
you’re now among the select few to be automatically upgraded on 1/31/10 to the new Discover Premium Savings Account.

The Premium Savings Account is a variable rate account with
the same features as our Online Savings Account. However,
as of the date of this e-mail, the Premium Savings Account offers
a higher yield than that of the Online Savings Account*. Because
the Premium Savings Account is not available to the general
public, you will need to log in or register for the Discover
Bank online Account Center or check your most recent
paper statement to get rate information on your account.

Anonymous - #162, Wednesday, February 10, 2010 - 11:44 AM CT

Addendum to my above posting on Discover Bank: Discover's new "premium" savings account as of today pays 1.59%.

I dug around a bit in my online account area and, after clicking on Account Detail, saw "1.590%" listed as the interest rate. That is 24 basis points above Discover's regular savings account (1.35%).

Anonymous - #163, Wednesday, February 10, 2010 - 1:04 PM CT

http://www.marketwatch.com/story/its-time-for-the-fed-to-help-savers-2010-02-09

Shorebreak - #165, Friday, February 12, 2010 - 8:37 AM CT

Here's an article regarding the probability of banks failing due to commercial property defaults:

http://washingtonindependent.com/76452/how-americans-can-plan-to-be-screwed-tomorrow

Anonymous - #166, Friday, February 12, 2010 - 1:19 PM CT

Bank of Internet USA on 2/10/2010 cut High Yield Savings rate to 1.50% from 1.60%.

The bank has the worst customer service and backwards technology of any online bank I've dealt with, so I'd suggest caution before you open an account. There are better options out there.

Anonymous - #167, Friday, February 12, 2010 - 1:34 PM CT

Suntrust Bank Offering $150.00

1)  Get on e-mail list at www.suntrust.com/solid

2)  Apply for Free Checking

3)  Register your account at www.suntrust.com/solid

4)  Pay 3 Bills within 2 Months and get $50.00

5)  Pay 3 More Bills each month for 3 months and get $100.00

Anonymous - #168, Monday, February 15, 2010 - 9:37 AM CT

Anyone know anything about Sallie Mae's Online High Yield Savings account with an interest rate of 1.45%.  CDs are also available. 

http://go.salliemae.com/bank/default.aspx?dtd_cell=RDAPS1WBSMHM0110549

Tuphat - #169, Tuesday, February 16, 2010 - 7:54 AM CT

Carolina First Bank -- 30 mo variable rate CD, initial/min yield 2.31%; add-on and penlty-free withdrawal features.  Also 13 mo fixed CD, 2.05%.  See advert and fine print at:  http://shopping.islandpacket.com/ROP/ads.aspx?advid=1094885&adid=8935875&cat=3389

Linda - #170, Tuesday, February 16, 2010 - 8:49 AM CT

Re: Carolina First Bank 13 month CD 2.05 % APY justed posted... They have a division in South Florida called "Mercantile Bank" with 9 locations from Coral Gables to Ft. Lauderdale, Miami Beach, Aventura, Boca Raton, Pembroke Pines, Aventura, and Coral Springs offering the same deal. It can be seen at www.bankmercantile.com. Only negative is these rates around 2 percent seem like a pittance and they are currently rated only 2 stars at Bauer Financial.

amit - #171, Tuesday, February 16, 2010 - 12:19 PM CT

I have a CD maturing with ally on Feb 22nd. Got an e-mail this morning that the renewal will be eligible for 0.5% bonus rate.

salamanca - #172, Wednesday, February 17, 2010 - 9:29 AM CT

WT Direct just dropped it's savings rate to 1.26% APY from 1.41% APY. Others will no doubt follow.

I feel that it is important for savers to continue to search for the highest rates and leave those who lead in dropping rates of their online products.

Anonymous - #173, Wednesday, February 17, 2010 - 10:40 AM CT

Received a RepublicBank.com mail offer of $100 to open either a;

'BreakFree' (up to 2% APY for bal. up to $500K, 1 DD/auto payment, 12 debit trans. and receive e-statements. $10 acct setup fee. $10 annual fee. If requirements are not met, rate is 0.01%. Rate subject to change.),

'Premier 50' (Free w/int. Rate not mentioned.) or an

'Absolutely Free' (No monthly fee) checking acct.

These 3 do not have a minimum balance requirement. They do require a minimum $50 opening deposit. Must be a NEW customer. Limit 1 ck. acct.-related reward/premium per customer per calendar year. Acct. must remain open 12 months. Need to "mention offer when you come in to open your account". Valid through April 30, 2010

Mary - #174, Wednesday, February 17, 2010 - 10:44 AM CT

Interesting article on Advanta Bank, Delaware and a challenge to a FDIC enforcement order. 

http://www.bankinvestmentconsultant.com/news/FDIC-Advanta-OTS-2665823-1.html

 

Anonymous - #175, Wednesday, February 17, 2010 - 9:37 PM CT

Another rate drop at Ally Bank: Savings account cut to 1.39%; money market account also cut to 1.39%.

me1004 - #176, Wednesday, February 17, 2010 - 9:48 PM CT

Wings Financial CU cutting rates to slow its groth.

http://www.wingsfinancial.com/asp/services/service_5_2.asp

Seems its high yields attracted plenty of attention. Damn! From the Web site:

 

Deposit Accounts Adjusted to Manage Growth

Wings Financial enjoyed another successful year in 2009 – while we watched many banks and credit unions realize massive losses or even go out of business.  So far in 2010, we’re on track to another year of rapid growth.  To remain healthy, Wings needs to slow that growth down.

Several Deposit Accounts Temporarily Discontinued
Effective February 10, 2010, Wings has discontinued the opening of new accounts in several liquid and short-term deposit categories until further notice:

Certificates less than 2 years World Class Money Market Investment Money Market If you currently have any Certificates at terms less than 2 years, you may roll over maturing certificates at the same term and effective rate at that time, but you may not add to the balance. If you have an existing World Class or Investment Money Market Account, you may continue to use them as usual, but new accounts are not available.  Interest rates offered on all of these products will, as always, be very attractive.

Increased Checking and Savings Rates
To return more value to members through other accounts, we’ve increased our First Class Checking and Share Savings rates by 0.25% to 0.75% - making these accounts even more competitive.

me1004 - #177, Wednesday, February 17, 2010 - 10:03 PM CT

FYI, I just sent in feedback to Wings CU about their new account restrictions:

I see you are limiting growth by barring any new 2 year or less CDs and barring new money market accounts.

 

I understand that too fast growth is not good, can even be dangerous. Still, you are hurting we the existing members in doing this! Perhaps a better approach would have been to bar any new members.

 

You also are forcing us to go into poorer investments. Pretty much everyone understands that longer term CDs are a bad investment at this time as it is obvious that within a year or so interest rates will be higher and certainly before two years are out, rates can be expected to be significantly higher. But you are offering only the option to lock in the current relatively low rates for the very long term and be stuck with those low rate for years after rates significantly increase. This is not in the interest of we the members!

 

Same for the Money Market accounts. I can get crummy, low savings rates at the bank.

 

We existing member savers kind of expect our credit union to act in our best interests. And there is more than this way to restrict growth. You could just stop taking new members -- and their new money -- until conditions allow for more growth, rather than give us all a bad deal.

salamanca - #178, Wednesday, February 17, 2010 - 11:15 PM CT

Colorado Federal Savings. Another rate drop on savings account. 1.50% APY to 1.40% APY.

If this trend continues, and it looks like it will, short term treasuries will no longer be so unappealing.

Anonymous - #179, Thursday, February 18, 2010 - 6:07 AM CT

You might consider adding Agriculture Federal CU to your CD list.

Their 5-year CD at 3.30% would rank near the top of the 5-year list.

http://www.agriculturefcu.org

Wil - #180, Thursday, February 18, 2010 - 8:15 AM CT

RATE DROP:  ING Direct Orange Savings down to 1.15% APY (from 1.20%).

Also: fairly competitive CD rates for people to live, work, or worship in Passaic County, New Jersey at Self Reliance NJ Federal Credit Union: 2.02% APY for 12-months, 2.12% APY for 18-months, 2.27% APY for 24-months, and 2.53% for 36 months. Branch visit required; branches in Clifton and Passaic, NJ.

Anonymous - #181, Thursday, February 18, 2010 - 1:52 PM CT

Your Online Savings Account is now earning 1.25% APY1. Your FNBO Direct Online Savings Account continues to earn a competitive rate at more than 5x the national average for traditional savings accounts2.

Now more than ever it is important to pay yourself first. Set up recurring deposits or directly deposit your paycheck into your Online Savings Account and the extra money you earn in interest helps to provide financial peace of mind. Log in to your account at www.fnbodirect.com for additional savings tools including CD and BillPay accounts to help grow your savings.

You can be confident that your FNBO Direct Accounts are managed by a bank that values trust, integrity and security. In fact FNBO Direct was named in Money Magazine's Annual Best list, Best Place to Park your Emergency Cash3, and was awarded Kiplinger's Best Online Savings Account4. You can feel safe knowing your money is with an all-American bank with over 150 years of experience.

For more information, please contact us at service@fnbodirect.com.

Sincerely,
The FNBO Direct Team

Anonymous - #182, Thursday, February 18, 2010 - 4:23 PM CT

http://mddailyrecord.com/2010/02/18/waterfield-bank-ordered-to-merge-or-sell-assets/

Anonymous - #183, Friday, February 19, 2010 - 10:22 AM CT

FNBO rate cut 1.25% down from 1.40%.

Anonymous - #184, Friday, February 19, 2010 - 12:27 PM CT

Washington Federal Savings still has the best rate for 3 years (and >100K, I think):  it's 3.05 APY

Oldtimer - #185, Friday, February 19, 2010 - 2:13 PM CT

Just received the following e-mail from Darby Direct:

 

Dear Darby Direct Customer:
36 Month Step Up CD

As a valued customer, we would like to inform you about changes to your Darby Direct 36 Month Step Up CD. The last day to make additional deposits to your 36 Month Step Up CD is Sunday, February 28th. Following this date, no additional deposits can be made. For account disclosure information, please click here.

 

Upon opening Darby Direct's 36 Month Step Up CD, the Truth in Savings Disclosure for the account stated:  

   "You may make unlimited deposits into your account."

It has been my understanding that the Truth in Savings Disclosure is a form of a contract, and that consequently, the bank cannot unilaterally change the terms of the disclosure/"contract" during the term of the CD. 

Otherwise, what would prevent them from changing the stated interest rate or any other detail pertaining to the CD during the CD's term?

Does anyone have specific knowledge as to whether Darby Direct is violating FDIC, State, or other govermental entity regulations by unilaterally changing the terms of the Truth in Savings Disclosure during the term of the CD?

djc314 - #186, Friday, February 19, 2010 - 2:53 PM CT

email from Incrediblebank today

 

Thank you for choosing Incrediblebank for your banking needs.  We wanted to let you know that your online checking account rate was adjusted to 1.74% APY as of February 17, 2010.  With no monthly fees or minimums* and a rate that still packs a punch, your online checking account remains a competitive option in the marketplace.

Thanks again for being an Incredible customer!

Sincerely,
Your Incredible Team
877.261.4750.

  *Annual Percentage Yield (APY) for the online checking account is accurate as of 2/17/10. APY is variable and subject to change.  Minimum deposit to open is $1000.

Dave - #187, Friday, February 19, 2010 - 5:33 PM CT

Re comment #185 (Darby Bank)

 

Yes, this is ridiculous -- they were allowing unlimited deposits into this CD, I double-checked my own Account Disclosure PDF that I had saved right after signing up for this. It says "You may make unlimited deposits into your account"

 

Any way BankDealsGuy Ken you can find out if this is legal to just amend a CD contract unilaterally like this? If you want the original PDF let me know.

Dave - #188, Friday, February 19, 2010 - 5:36 PM CT

In addition to the above comment, I checked out the new account disclosure (https://www.darby-direct.com/disclosures.html) that was modified.


Darby added the language: "You may only make deposits into your account until February 28, 2010" to this agreement.

Mike - #189, Friday, February 19, 2010 - 6:17 PM CT

Maybe we need a "BAD BANKdeals" link on this site.  Put the deceptive, dishonorable, and irritating banks there.  Then we spread the word, and put the offenders on the defensive.  Declining rates is one thing.  Breaking contracts is another, entirely.

Wil - #190, Friday, February 19, 2010 - 6:30 PM CT

On the rate dropped at Incredible Bank mentioned above: interestingly enough, they didn't change the rate on the website until today (early this morning it was still showing 2.02% and now it is 1.74%). Just checked my email before finishing this post: I got two emails from them, the second of which is headed "REVISED" and shows the date of the rate change as Feb. 19. 2010. Of course the rate would drop only 15 days after I finally opened an account. C'est la vie!

me1004 - #191, Friday, February 19, 2010 - 10:24 PM CT

Re the Darby issue. First, I am NOT a lawyer. So, I'm not representing that what I'm saying is legal advice. However, I am all but certain that unless the original terms included at least a clause saying that the terms can be amended, then the original terms are binding for the full length of the CD term. It otherwise would constitute breach of contract -- as the CD is a contract. Any first year law student should be able to tell you all about this.

Now, even if there were a clause providing for amending the terms, I do not presume they can do so to any and all parts of the terms, or that they can do so to any parts of the terms unilaterally. But that would be a trickier legal question.

I note, many lawyers operate under a tactic that basically amounts to "if you can get away with it, then its legal." So, change the terms in midcontract and see if you get away with it. 

On the other hand, there also might be ability for the FDIC or other government agency to override the CD terms and force Darby to take such action. I have no idea about that. But, is Darby under any financial stress; has the FDIC given any warnings to Darby?

Lastly, surely there must be some government agency you can file a complaint with. Maybe the FDIC? Maybe your state banking department? If no one else, your state attorney general or the federal prosecutors office? Seriously, file one. At least file with the Better Business Bureau.

me1004 - #192, Saturday, February 20, 2010 - 7:47 PM CT

I'm surprised you're not listing Melrose Credit Union in your weekly summary as one of the better rates out there. For instance, 12-month CD = 2.07 APY.

 

http://www.melrosecu.org/saverates.asp

Mike - #193, Sunday, February 21, 2010 - 3:14 PM CT

After reading comments on this site about CITIcards adding annual fees, and members closing their accounts.  And also reading of Darby Direct's potential breach of contract, I found this brief article very ominous, regarding CITI checking accounts:

http://seekingalpha.com/article/189605-citi-warns-of-withdrawal-gate?source=article_sb_popular

I'm beginning to wonder what the future of banking is going to look like.  It's beginning to look very unfriendly.

Tuphat - #194, Monday, February 22, 2010 - 10:33 AM CT

See link to newspaper ad for an "Interest First CD."  After verifying funds, bank immediately pays you the interest for the entire term of the CD.  Rate for 24 mon is 2.00%, 18 mo 1.80%, 12 mo 1.58%.  Local only (Beaufort County, SC), $10k min.

http://shopping.islandpacket.com/ROP/ads.aspx?advid=1226476&adid=8962078&cat=3389

me1004 - #195, Monday, February 22, 2010 - 1:18 PM CT

I see Service CU is offering a 9-month CD for 2.0% APY, and a 19-month CD for 2.25% APY.

If you have a link to the military, you're in. Or if you live in N.H. or certain cities in Mass.

http://www.servicecu.org/template.aspx?id=196

51hh - #196, Monday, February 22, 2010 - 4:01 PM CT

Marine Federal Credit Union from 5% ($25,000) to 3.5% ($15,000) as of 1 April, another 5% club member out of the window.

Bozo - #197, Monday, February 22, 2010 - 8:32 PM CT

I am having a bit of trouble adjusting to the new site, so bear with me. One might find above-average CD rates at First Republic. One must first find a "personal banker", then use the appropriate handshake. Two passwords later. and a sip from the chalice, you get 90 basis points or so above what mere mortals get.

 

It's called the "unpublished rate".

 

Weird.  But, worked for me.

 

Bozo

Anonymous - #198, Tuesday, February 23, 2010 - 8:49 AM CT

I don't know if this is new, but Ally has a raise your rate CD.  It's a 2 year term with an APY of 2.04%.

me1004 - #199, Tuesday, February 23, 2010 - 10:24 AM CT

Re Bozo 197 and First Republic: well, stop talking code and tell us how to get that "personal banker" and get the extra basis points. where do we find the "unpublished rate," and it is open to anyone, or only those who go to the branch?

Bozo - #200, Tuesday, February 23, 2010 - 10:45 AM CT

To: Me

From: Bozo

 

Re: Secret Handshake

 

First, yes, a branch visit is required (how else to use the grip?). Second, you must mutter "bad rates, bad rates" under your breath nine times. Third, ask for the personal banker upon arrival. You will be directed to a person in a clown costume juggling ping-pong balls. He or she is your "personal banker". Keep muttering "bad rates, bad rates". Fourth, ask said clown for the rates hidden in his or her desk drawer for persons muttering "bad rates, bad rates." Shake said clown's hand using the secret grip of one finger inserted into the palm and the pinky finger curled, as if taking tea.

 

That's it. You get the secret rate.

 

Actually, it's simpler than that. Just go into the branch and whine and you'll prolly get the "unpublished" rates.

 

I got a 2 year at 2.5 a bit ago after my wife whined profusely in the Menlo Park branch. They asked her what it would take to keep her from fainting, and she said, "better rates".

 

Bozo

Anonymous - #201, Tuesday, February 23, 2010 - 10:52 AM CT

The American Airlines Credit Union has some competitive rates for their Ladder CDs for those who qualify. Membership is open to anyone in the air transport industry.  Link to rate sheet:

https://www.aacreditunion.org/pdf/rateandfee-fulldoc.pdf

me1004 - #202, Tuesday, February 23, 2010 - 6:56 PM CT

Alliant Credit Union will keep its savings rate at 2.0 APY for the month of March. CSR just told me on the phone that no rates will be changing.

http://www.alliantcreditunion.org/services/rates/

BestCashCow - #203, Wednesday, February 24, 2010 - 8:52 AM CT

Regarding Darby - I have spoken to the FDIC about this type of issue. According to the FDIC, Darby can't change the terms of the initial disclosure unless they specify in the disclosure that it is subject to change. They also need to state that near the term they plan to change. So, they can't say the CD allows unlimited deposits on page 2 and then say this is subject to change on page 5.  I don't see that anywhere in the amended agreement. I don't have the initial PDF but if there is no "subject to change" language then Darby shouldn't have altered the agreement. I'd contact the FDIC. the Fed or your local banking commission.

 

me1004 - #204, Wednesday, February 24, 2010 - 10:27 AM CT

RE Darby and the contract change:

I THINK that you will find that even with such a clause and placed in close enough proximity to what is being changed, they cannot change just anything. And even with such a clause, they might not be able to change anything at all anyway.

There are legal rules regarding what is acceptable in a contract, and I don't think that would pass legal muster -- a contract must be giving something specific for something specific. To be able to unilaterally change the terms any old way you want would not be giving anything -- for you could just change the terms to 0% interest and extend it to 15 years! They cannot just change any old part of the contract simply because they stick such a clause in it -- because that kind of use of such a clause isn't going to pass legal muster. But such a clause could make it legal to change the contract if BOTH PARTIES agree to it, with some outsider affected by that change -- say, a stockholder or other investor -- having no basis for challenging the change on the basis that the contract can't be changed.

As I said before, a lawyer will operate on the basis that its OK if you can get away with it.

I strongly urge any Darby customer, who wild have ground for complaint, to file a complaint with the FDIC so Darby will get in trouble -- and serve as a warning to other banks.

Wil - #205, Wednesday, February 24, 2010 - 4:14 PM CT

RATE DROP: Danversbank DBK Savings now 1.35% APY (from 1.50%); even worse, 4 month CD now 1.25% APY (from 1.75%). What a shame!

Anonymous - #206, Thursday, February 25, 2010 - 10:15 AM CT

Mariner bank in NJ has a 2.05% checking Account.

http://www.marinersbank.com/bank_rates_mariners.asp

Shorebreak - #207, Thursday, February 25, 2010 - 10:34 AM CT

Qualtrust Credit Union still has 4 year share certificates yielding 3.30% and 5 year certificates yielding 3.56%.

It is a local only credit union serving the Dallas/Fort Worth and San Angelo Texas areas.

Bill from DKK - #208, Thursday, February 25, 2010 - 11:35 AM CT

Reliabank Dakota's reward checking account (Ultimate Checking) is no longer available nationwide. In-state applicants only.

www.reliabank.com/checking.html

Wil - #209, Thursday, February 25, 2010 - 11:46 AM CT

To Anonymous @ 10:15 AM (#206): Congratulations! Nice find! Any idea if this is "Safe Harbor checking" is a new account offering or has it been around for awhile? Some banks have a habit of starting new types of accounts while dropping rates on old ones, so I'm wondering whether or not this might be a "teaser"? In any case, looks like a good deal in this rate environment.

Anonymous - #210, Thursday, February 25, 2010 - 2:58 PM CT

First credit union closure that I've seen in a little while....

http://www.ncua.gov/news/press_releases/2010/MR10-0225FCULiquidation.pdf

Wil - #211, Friday, February 26, 2010 - 7:43 AM CT

RATE UP? Danversbank's DBK Online Savings back up to 1.50% APY, just a week after it had dropped to 1.35%. Welcome news, but very strange. However, the 4-month CD is still at 1.25% APY.

Wil - #212, Friday, February 26, 2010 - 7:48 AM CT

Correction to my last post: DBK Online Savings back up to 1.50% APY after the rate had been dropped just 2 days before!

Anonymous - #213, Friday, February 26, 2010 - 8:47 AM CT

HSBC rate cut down to 1.10%

Dave - #214, Friday, February 26, 2010 - 10:26 AM CT

SFGI Direct down from 1.85 to 1.75 apy today (Feb 26 2010)

Wil - #215, Friday, February 26, 2010 - 10:51 AM CT

RATE DROP: SFGI Direct Savings down to 1.75% APY (from 1.85%).

Rick - #216, Friday, February 26, 2010 - 11:42 AM CT

A good long term CD deal for Vermonters is at the VT State Employees Credit Union, currently offering 3.6% for a 60 month term, with $1000 minimum deposit and a 180 day early termination penalty.  Membership is open to anyone who lives or works in VT, and for existing members, they offer "membership rewards" bonuses of as much as 15 basis points.

Alan - #217, Friday, February 26, 2010 - 3:27 PM CT

City National Bank (of Texas) Rewards Checking account is NOT 2.05% but 1.68% as per their website today (2/26/2010)

51hh - #218, Saturday, February 27, 2010 - 9:22 AM CT

Waterbury Teachers FCU dropped their rate from 5.01% ($30K) to 4.00% ($30K); another one falls from the 5% club.

Anonymous - #219, Saturday, February 27, 2010 - 10:28 AM CT

The CD rate at Northrop Grumman CU is good for members prior to January 31st 2010, not to new members.  I rather buy a a closed end Bond Fund or an aggregate Bond ETF which pays 4-5% conservative. The best day to buy is when they start complaining Interests Rates are going up or ask BOZO for 2 yr. CD and wait to earn 2 !/2 % . I personally feel the Interest Rates are going to stay low for some time, can be six months to 2011.  US Govt can't afford to pay high Int rates on its own Debt.  The Govt has to continue to refinance its own debt. High Inflation is  linked to Social Security payments, it is not in Government's int to raise rates. Only Wall Street cries Wolfe? They scare people and when people sell they buy those high yld bonds.  Who should we Trust?

me1004 - #220, Saturday, February 27, 2010 - 12:40 PM CT

To Anonymous 219: the value of bonds you hold goes inverse to the rise in interest rates. So, bonds you are holding will become worth less and less as interest rates rise. I wouldn't want to be holding bonds when interest rates start going up. And in a bond fund, as you suggest, you don't even have control over whether to hold the bonds to maturity -- much less is it possible to sell at maturity as all the bonds in the fund will mature on different dates.

But also, you are comparing interest rates of bonds and FDIC-insured CDs. The CDs are not going to lose money -- period. The bonds very well might -- especially if the issuer should go bankrupt in the lousy economy.

Kathy - #221, Saturday, February 27, 2010 - 12:49 PM CT

Anyone heard anything about Wesleyan Investment Foundation?  They are paying 2.5% up to $4999 and 3% on $5000 - 34999 -- it is not FDIC insured, but maybe worth looking at?

me1004 - #222, Saturday, February 27, 2010 - 2:41 PM CT

Re Kathy #221. I just looked at the Web site. Still not clear to me just what kind of investment that is -- seems to be some sort of mortgage-backed securities. But regardless, it does not appear that it would be any safer than bonds in a particular company. And bonds will yield you more than Wesleyan's current savings rate. And frankly, I'm not sure it is even as safe as bonds. I'm not sure they will be getting even the inadequate oversight that bond -- or most mortgage -- issuers get.

If you don't mind giving up the safety of FDIC and NCUA accounts, there are plenty of other opportunities for the 3% or more that Wesleyan is offering.

Further, many people would want to consider that it is strictly to support the Wesleyan church.

51hh - #223, Saturday, February 27, 2010 - 9:28 PM CT

Community Bank (Mass), once (RCA) at 4.5% APY now is 1.91% after the FDIC C&D pressure.

me1004 - #224, Sunday, February 28, 2010 - 9:50 AM CT

Banking Guy,

I'm surprised to see in your weekly summary that you are still not incuding Melrose Credit Unn under "Best Nationwide CD Deals as of 2/27/10." I would think it should be in the number 4 spot, right behind Alliant CU. You list Alliant as offering 2.1% APY for a 12-month term; Melrose is offering 2.07% APY for a 12-month term. Yes, Melrose is generally open to all nationwide.

me1004 - #225, Sunday, February 28, 2010 - 9:56 AM CT

Oh, OK -- nix my last post. I see, you only list one place for each term you list. 

51hh - #226, Sunday, February 28, 2010 - 8:09 PM CT

Mountain CU (NC) dropped their rate from 5.15% to 4.15%; not as drastic as Marine FCU; but out of the RCA 5% club anyway.

Mike - #227, Monday, March 1, 2010 - 10:11 AM CT

Simple/complicated question:

Is there software available to track CD's similar to the Savings Bond Wizard program from Treasury Direct?

I'm pondering opening a 10 year CD every month (not a lot of money, just a lot of CD's as the money is available), but I'm wondering if there is an easy way to track that.  10 years from now I'd start to have CD's maturing every month that I would have to reinvest. 

I'm considering spliting the small amounts of money between I bonds and CD's.

Any ideas are much appreciated.

vgross - #228, Monday, March 1, 2010 - 2:17 PM CT

New to banking.  I am wondering if banks that offer low credit card interest rates bring in customers to become account customers.

andybuji - #229, Monday, March 1, 2010 - 7:41 PM CT

Effective 3/10/10, Patriot Bank reducing top tier amount (3.01%) max from $50,000 to $35,000.

Anonymous - #230, Tuesday, March 2, 2010 - 7:53 AM CT

Rates way down at ING.

Anonymous - #231, Tuesday, March 2, 2010 - 10:24 AM CT

3/2/10 Provident Direct external transfers - ACH system has been down all week.  (providentnjdirect) doesn't know when it will be back up.

Anonymous - #232, Wednesday, March 3, 2010 - 1:37 AM CT

Savings Square Kirpatrick Bank down from 1.45%to 1.35% APY.

larkin - #233, Wednesday, March 3, 2010 - 10:44 AM CT

Ally on-line savings and money maket down to 1.30% (from 1.39%).

Anonymous - #234, Wednesday, March 3, 2010 - 1:49 PM CT

Dollar Savings Direct down to 1.30% from 1.40%

Anonymous - #235, Thursday, March 4, 2010 - 11:50 AM CT

American Express savings lowered their rates from 1.50% to 1.30%...it's just a matter of time before we get negative percentage rates....:(

Anonymous - #236, Thursday, March 4, 2010 - 1:17 PM CT

PenFed is no longer offering a renewal bonus.  I have a CD maturing this month and I was told by a CSR that, "Unfortuantly the renewal bonus is no longer being offered."  I hate to miss out on the extra 0.25% bonus.

MrFrugality - #237, Friday, March 5, 2010 - 4:17 AM CT

As of 03/05/10, at EBSB (East Boston Savings Bank the 1.77% APY 10 Mo CD is NOT AVAILABLE NATIONWIDE as is indicated on the bank page. I attempted to open an account and the application indicated the account was not availabe in the state where I reside. (Also placed this info on the EBSB bank page. )

Anonymous - #238, Friday, March 5, 2010 - 11:25 AM CT

The following info about a $75 bonus for Discover More card was posted by SD member linoox on SD QUOTE Apply for Discover Card and get $75 after making $599 in purchases Just found this deal when I opened up my postbox today.

Get $75 when you make at least $599 in purchases. Use offer code DABB when applying. Offers only for new cardmembers only. http://www.icardbonus.com/r.php?url=http://www.apply.Discovercard.com OFFER CODE: DABB

Not the best offer around (previously was $100) but if you need a Discover Card soon, this is it. Take advantage of the 5% cashback bonus and other cashback deals. Great for travels, groceries, hotels, etc. It works great for me. This is my first deal post. Since I don't have a scanner at home, I can't show you guys the printout. I'll try to get it scanned tomorrow at the office.

Scott - #239, Friday, March 5, 2010 - 12:14 PM CT

Had a Danvers 4 month 1.75% mature today and went into branch to close. They asked what I was going to do with money and told them plan was to put in PenFed 36 month 3% CD. Danvers current 36 month CD is 2.50% but they offered to match PenFed 36 month 3% rate so let them roll it into that.

51hh - #240, Friday, March 5, 2010 - 4:20 PM CT

First National Bank of Syracuse (Kansas) dropped rate from (5.01%, $35K) to (4.01%, $35K). 

Shorebreak - #241, Saturday, March 6, 2010 - 9:58 AM CT

 

Nevada Federal Credit Union is paying savers to close their accounts. Deposit insurance makes saving accounts a losing proposition for the credit union.

http://globaleconomicanalysis.blogspot.com/2010/03/credit-union-pays-savers-to-close-their.html

Wil - #242, Saturday, March 6, 2010 - 11:31 AM CT

More bad news on CD rates, unfortunately. Choice Financial Group dropped the rate on the 13-month RateBuilder CD to 1.65% (from 1.85%). Choice Financial pays interest at maturity.

raypol - #243, Saturday, March 6, 2010 - 12:50 PM CT

Union Savings bank is offering 4% yield on 4 year cd at their new Newtown Ct branch.

fled57 - #244, Sunday, March 7, 2010 - 11:47 AM CT

 

New Alliance Bank (CT & MA residents only) Premium Money Market Account 1.50% min $50K -- tiered.

Also requires checking account with $500 min.

Rates as of 2/8/10

See below

https://www.newalliancebank.com/rate-specials-limited

cactus - #245, Monday, March 8, 2010 - 3:20 AM CT

Watch out for fake banks

A warning to Cease and Desist from doing business in the State of California without a license from the Commissioner of Financial Institutions was issued on March 3, 2010 to FOX BANK, operating at 17415 Catalpa Street, Suite 7, Hesperia, California 92345 and at the Herreman Law Firm, 41707 Winchester Road, Suite #101, Temecula, California 92563.

FOX BANK is not authorized to engage in the banking or trust business, nor is it authorized to transact business under a name which contains the word “bank” and which indicates the business is that of a bank pursuant to Chapter 6 of Division 1 of the California Financial Code. All persons who have communicated with Fox Bank at the above addresses, or with Richard Hall, the purported President, are asked to contact the Department of Financial Institutions, Legal Division, Los Angeles, CA at (213) 897-2160.

 

Anonymous - #246, Monday, March 8, 2010 - 12:41 PM CT

Refer Comment #243 Union Savings Bank Newtown 4% 4 year CD only available to new customers.  I have been told that existing customers of the bank cannot participate. 

Anonymous - #247, Monday, March 8, 2010 - 4:45 PM CT

Giftsforbanking.com have already LOWERED their rate on the Two year Cd......

    * Was 2.05% APY 2-year CD - -  NOW 1.40%

The others stay the same for now.
    * 2.49% APY 3-year CD
    * 3.15% APY 5-year CD

I remember lots of banks used to offer BOTH great rates and a free gift... I took advantage of some of them in the past and turned out to be good deals....

They REALLY need to put the value they will charge on the 1099 next to the gift for us to see.

Anonymous - #248, Monday, March 8, 2010 - 8:05 PM CT

Virginia Heritage Bank is offering 2% on a 2-year no-penalty CD.  $5,000 minimum deposit.  One penalty freee withdrawal after 7 days. 

Anonymous - #249, Monday, March 8, 2010 - 8:06 PM CT

Fortune Magazine's Allan Sloan says that interest rates will eventually go "way, way up"

<snip>

What sector should we watch for the next bubble?

Sloan: Well, the obvious one are a long-term U.S. Treasury securities. Because I don't doubt the Treasury's ability to print dollars and repay its debts, but I think interest rates on these things, like many people, are going way, way up, and if you buy a 30-year Treasury now, I think you're going to come to regret it.

http://marketplace.publicradio.org/display/web/2010/03/08/am-sloan/

 

Anonymous - #250, Monday, March 8, 2010 - 11:09 PM CT

Special 2.00% 18-Month IRS Cd only plus Free Thermos and mug set at Ridgewood Savings Bank in NY.

 

Minimum deposit for the IRA Cd is $500 - $1500. if you want the free gift.

 

A branck visit is requied. You can call 877-417-6547

Anonymous - #251, Tuesday, March 9, 2010 - 10:19 AM CT

Apple Bank's Grand Yield acct rate drop to 1.25% down from 1.40%.

Anonymous - #252, Tuesday, March 9, 2010 - 7:58 PM CT

I just learned that, unlike banks, credit unions need not honor the posted APY on non-CD accounts.  This is because at a credit union, posted dividend rates are considered prospective in nature.  Until formally declared and paid at the end of the statement period, the rate is subject to change retroactively to the beginning of the statement cycle.  In my case, the credit union had posted a 2% APY, but declared a 1.75% dividend at the end of the month.  All perfectly legal under NCUA regulation (12 CFR 707.3).

Anonymous - #253, Wednesday, March 10, 2010 - 8:29 AM CT

Citi ultimate down to .90%.

Wil - #254, Wednesday, March 10, 2010 - 9:03 AM CT

Investors Savings Bank in New Jersey is offering a $100 bonus for opening a checking account with direct deposit. Must be new account and bonus is automatically credited in $25 increments at the end of each quarter, starting in the first quarter following receipt of the first direct deposit. Direct deposit must be entire paycheck or other recurring payment (such as social security or pension), with a minimum of $300. If account is closed within the first 12 months, any bonus payment credited will be forfeited and a $25 termination fee will be applied. Branch visit is required. I'm not sure whether this offer is just at the Clifton Botany Village branch or at any branch. Postcard says visit www.isbnj.com/home/misc/clifton.

me1004 - #255, Wednesday, March 10, 2010 - 9:53 AM CT

To Anonymous 252: Which credit union was that? We haven't had any listing at 2.0% APY on savings accounts other than Alliant, but they actually paid 2.0. They paid 1.75 on their interest checking.

Anonymous - #256, Wednesday, March 10, 2010 - 9:59 AM CT

Investor's Business Daily on Broadway Bank, Chicago 3-9-10. 

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=525872

 

Anonymous - #257, Wednesday, March 10, 2010 - 11:49 AM CT

To #255: Connexus Credit Union.  They post rates online each day with the notation "Rates effective (today's date)."  For most of February, the APY was posted online as 2.00%.  Late in February, the APY posted online was reduced to 1.75%.  The rate actually paid for the entire month of February was the lower 1.75% APY, which apparently was the official declared rate.  They consider the 2.00% APY to be only a prospective rate, which they are not legally bound to honor. As I understand it, they can pay any rate that they want at the end of the month.

One other thing to note is the footnote in their rate sheet: "Accounts may be subject to minimum balances and other requirements."  The posted rate only applies to balances over $100.000.  Banking Guy notes this clearly.  Unfortunately, the credit union does not. 

They are really nice people at Connexus, but their policies do seem a bit unusual to me.  I wonder if anyone else has heard of any other credit union not honoring their propective rates.

barrytuneup - #258, Wednesday, March 10, 2010 - 1:31 PM CT

If anyone is interested in the best IRA cd deal out there,for 15 months @ 2.50% at a famous NY bank,here it is Its The Dime Savings Bank in Brooklyn NY. it can be opened thru the mail nationwide. My wife and i have 4 years worth of IRA'S(laddering) with them and they have the highest rate (I started in 2005 at 5%,)with no problems. They even sent out monthly statements. After calling the number you get connected to a Russian lady who is in the IRA dept. and is quite helpful. She has been there for years. dimewill.com/site/promo1/content.aspx   barrytuneup@yahoo.com

Anonymous - #259, Wednesday, March 10, 2010 - 6:28 PM CT

citibank ultimate now .90%

Anonymous - #260, Thursday, March 11, 2010 - 10:46 AM CT

I'm not happy with Discover banks transfer time.  I had a small amount of money left at ETrade and let it go to Discover since the rates were higher and I thought money would move as fast as ETrade.  I requested a transfer on 3/10 and it won't list till 3/12.

Shorebreak - #261, Thursday, March 11, 2010 - 8:38 PM CT

 

National CD rates set by the FDIC?

http://jumbocdinvestments.com/cd_rates_blog/2010/03/fdic-establishes-a-national-cd-rate/

Shorebreak - #262, Thursday, March 11, 2010 - 9:04 PM CT

Anyone have any experience with Visions Federal Credit Union? Their share certificate rates appear to be pretty good and I didn't see any restriction on national membership.

http://www.visionsfcu.org/

mrthnman - #263, Thursday, March 11, 2010 - 9:21 PM CT

FDIC SHUT DOWN LIBERTY POINTE BANK IN NY , ALL DEPOSITS TO BE ASSUMED BY VALLEY NATIONAL BANK

Sarah N - #264, Thursday, March 11, 2010 - 10:12 PM CT

Just got a direct-mail promotion from Chase (I suspect they are targeting people who already have accounts, unsure if this will be more widely available).

Offer:  $75 bonus for opening a Chase Money Market Savings account w/ initial new money deposit of $2,000.  $12 monthly fee if balance is below $1,500 (unless linked to Chase Better Banking checking account, which also has monthly fee).  Bonus credited within 10 business days, will be deducted if account is closed w/in 6 months.  Nominal interest rate of 0.01% (yes, one hundredth of one percent).  Requires coupon code & branch visit to open, code can only be used once, not valid for other accounts.

Quick envelope calculation says it's essentially a 5% return on a non-renewable 6-month $1500 CD. :)

Anonymous - #265, Friday, March 12, 2010 - 10:34 AM CT

I think Ally is lowering their rates as I write this.

Anonymous - #266, Friday, March 12, 2010 - 5:15 PM CT

To Anonynmous # 257

 

Connexus only lists the highest rate on their chart which is misleading when balances are under the rate eligible for the higher rate.  You have to ask them for the tiered balance requirements. it isn't on their website.  I think this is partially deceptive, IMHO.

Anonymous - #267, Friday, March 12, 2010 - 6:43 PM CT

To #266.  Yes, I know that.  However, the issue is that Connexus did not honor the posted rate on that higher tier.   As I noted in #252 and #257, credit unions are not legally obligated to honor their posted prospective rates on non-CD accounts. This is from NCUA regulations (12 CFR 707.3).

The only situation that I could find where a credit union did not honor a prospective rate was where NCUA took over an insolvent credit union & then did not pay out accrued dividends.  That's because an insolvent credit union can't pay dividends.  Connexus is not in that situation.  They have relatively strong ratings--4 stars at both Bauer & Bankrate.

I'm still wondering if anyone knows of any other credit union that has failed to honor their posted prospective rate

.

Anonymous - #268, Saturday, March 13, 2010 - 3:26 AM CT

Capital One "Interest Plus" (yeah, right) dropped to 1.25% from 1.40%.

Shorebreak - #269, Saturday, March 13, 2010 - 8:55 AM CT

Yup...Ally 1.29%

Drip, drip, drip.

Anonymous - #270, Saturday, March 13, 2010 - 1:10 PM CT

To Anonymous # 267,

How about Pacific Resources Credit Union?  They show a projected tiered rate structure where you never reach the stated rate in that tier because your initial deposit amounts are calculated at a lower rate.  They calculate your overall interest rate on separate amounts as your balance increases(similar to how the income tax is calculated).  If you look at the rate chart that they show for a savings account, you never achieve the stated rate for a given tier because some of the money is given a lower rate before you reach that tier.  Not many financial institutions calculate your interest rate based on varying rate categories like this credit union.  So they don't technically honor the stated rate.

Shorebreak - #271, Sunday, March 14, 2010 - 9:42 PM CT

Banco Popular North America which runs E-LOAN Bank has been downgraded to "ZERO stars" by Bauer financial. E-LOAN is a wholly-owned subsidiary of Banco Popular North America, a New York State-chartered bank, which in turn is a wholly-owned subsidiary of Popular, Inc., a full service financial services provider with operations in Puerto Rico.

Meanwhile from Calculated Risk: http://www.calculatedriskblog.com/2010/03/weekly-summary-and-look-ahead_14.html

"On Friday the FDIC will probably close several more banks. I'm still expecting some activity in Puerto Rico soon, and the Chicago Tribune reported this week that bids are being taken on several banks in the Chicago area:

The Federal Deposit Insurance Corp. is putting at least a half-dozen struggling Chicago-area banks out for bid to healthy institutions that might want to buy their deposits and asset.
...
People familiar with the FDIC process say that, among the undercapitalized banks, those that the regulator is trying to line up buyers for include Amcore Bank, Broadway Bank, Lincoln Park Savings Bank, Wheatland Bank, Citizens Bank & Trust Co. of Chicago and New Century Bank."

dale - #272, Monday, March 15, 2010 - 9:36 AM CT

Re Ally's 60 day withdrawel penalty- Since they can change it back to 6 months at any time, has anyone computed what the effective rate is on a 5 yr. if we need to withdraw at yrs 2, 2.5 & 3 if rates skyrocket by then?

Tom Roberts - #273, Monday, March 15, 2010 - 10:57 AM CT

Get $100 when you open a Chase Business Checking account!  Use the URL below to get a coupon to take to a Chase branch. You’ll need to deposit $1000 within 30 days of opening the account.  This offer is valid until April 15, 2010.

 Here’s URL:https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/smallbusiness/shared/page/118399_bb_chkga&MSC=bb0310

 And here’s the bonus information:

Here is some important information about this limited-time offer: Offer valid 3/1/10- 4/15/10. To qualify for this offer, open a Chase BusinessClassicSM Checking, BusinessClassicSM Checking with Interest, Chase Advanced BusinessCheckingSM, Advanced Business CheckingSM with Interest, Commercial Checking, Commercial Checking with Interest, or Chase BusinessPlus® Extra Checking account and deposit a minimum of $1000 or more into your new business checking account within 30 days of account opening with funds not currently on deposit with Chase or any of its affiliates. Account opening and award of premium are subject to approval (interest bearing accounts available only to sole proprietorships, non-profit organizations, and government entities). Limit one business checking account-related premium per customer per calendar year. Chase reserves the right to withdraw this offer at any time without notice. Attempts to earn multiple premiums may be voided by Chase, at its discretion. Offer not available to existing Chase checking customers. Coupon must be presented at time of account opening. Offer not available on account conversions or in combination with any other offer and is non-transferable. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Cash premium will be deposited automatically into your checking account within 10 business days after the minimum deposit requirement is met. Cash bonus may be considered interest reportable on IRS Form 1099-INT.

Anonymous - #274, Monday, March 15, 2010 - 11:09 AM CT

Got a letter from E-Trade Bank today.  As of April 14, they will no longer renew non-IRA CD's.

Anonymous - #275, Monday, March 15, 2010 - 11:15 AM CT

Apparently E-Trade has stopped selling non-IRA CD's all together, as they are no longer listed on its web site.

Tuphat - #276, Monday, March 15, 2010 - 5:13 PM CT

President of failed Park Avenue Bank charged w/ TARP fraud.

http://online.wsj.com/article/SB10001424052748703909804575123672347495854.html?mod=WSJ_hps_LEFTWhatsNews

Craig - #277, Monday, March 15, 2010 - 8:10 PM CT

@ Dale - #272

 Calcs for net rate reduction in early w/d comparing 60 day & 6 month penalties:

term   interest rate   APY

 5 yr       3.04%      3.05%

w/d    full term    60 day penalty    6 month penalty

 2 yr       3.09%            2.83%              2.31%

 2.5 yr    3.11%            2.90%              2.49%

 3 yr       3.13%            2.96%              2.61%

 4 yr       3.18%            3.05%              2.78%

cactus - #278, Tuesday, March 16, 2010 - 2:39 AM CT

"...Private equity firms and many nonfinancial companies were able to borrow on easy terms until the credit crisis hit in 2007, but not until 2012 does the long-delayed reckoning begin for a series of leveraged buyouts and other deals that preceded the crisis.

"That is because the record number of bonds and loans that were issued to finance those transactions typically come due in five to seven years..."

"Experts worry about the marke't ability to absorb all that new debt, warning that interest rates could rise"

 

cactus - #279, Tuesday, March 16, 2010 - 2:41 AM CT

...from "Junk Bond Avalanche Looms for Credit Markets"

New York Times

http://www.nytimes.com/2010/03/16/business/16debt.html?pagewanted=1&hp

Anonymous - #280, Tuesday, March 16, 2010 - 8:51 AM CT

Newtown Savings U-Sweep Acct down to 1.40 down from 1.60%

Mary - #281, Tuesday, March 16, 2010 - 5:09 PM CT

TO #267, Friday, March 12, 2010 - 6:43 PM CT “I'm still wondering if anyone knows of any other credit union that has failed to honor their posted prospective rate”

 Are you discussing the possibility that, perhaps, if a credit union is closed, only dividends already posted to an account would be paid?  That dividends accrued to date on a share certificate, but not paid before the institution was closed, would never be paid to the certificate holder?

Shorebreak - #282, Tuesday, March 16, 2010 - 5:25 PM CT

Report: FDIC Seeking Buyers for Puerto Rico Banks

http://www.calculatedriskblog.com/2010/03/report-fdic-seeking-buyers-for-puerto.html

Anonymous - #283, Wednesday, March 17, 2010 - 8:59 AM CT

This is very depressing.  CD rates are down again at ING.  A 12 month term is now 1%.  The government is making this very difficult for us.