Pennsylvania Banking Rates and News

Sometimes banks and credit unions become rate leaders because their rates fall less than others. That's the case with Freedome Credit Union in Southeast Pennsylvania. It has three CD rates that are especially competitive. These include a 2.50% APY 5-year CD, a 2.20% APY 4-year CD and a 1.75% APY 3-year CD. Minimum deposit is $500. CDs can be opened in IRAs, ESAs and even HSAs. These rates are listed in the credit union's rates page as of 1/5/2012. CD details are available in the CD rate and fee schedule. Unfortunately, the early...

Certificates of deposit with yields of at least 3.00% are rare these days even for terms as long as 10 years. There are a few local deals that still offer this yield. One is Royal Bank America which is offering 3.00% APY on its 10-year CD and IRA CD. Some other of its competitive long-term CDs include a 2.65% APY 8-year CD, a 2.00% APY 5-year CD and a 1.60% APY 3-year CD. Minimum deposit is $1,000. These rates are listed in the bank's rate sheet as of 12/19/2011.

The last time I checked with...

Quaint Oak Bank continues to offer competitive long-term CD and IRA CD rates. The three best rates are 2.20% APY for 5 years, 1.75% APY for 4 years and 1.50% APY for 3 years. Minimum deposit is $500. These rates are listed at the bank's rates page as of 12/15/2011.

A reader sent me information he received from Quaint Oak Bank regarding the early withdrawal penalty. Unfortunately, it's a harsh penalty, and they maintain the right to refuse an early withdrawal request:

"If we consent to a request for a withdrawal that is otherwise not permitted...

In today's awful interest rate environment, the only deposit account where you can find yields of 4.00% is the reward checking account. Even long-term CDs don't have yields this high. However, there are not many 4.00% reward checking accounts. Rates and balance caps have been falling. As I described in my reward checking overview, reward checking accounts only offer high yields for balances up to a certain cap. For those with large savings, this cap is as important as the rate. Many consider a balance cap of $25,000 to be the minimum cap that makes the reward checking account...

Valley Green Bank is offering three competitive rates on mid-term CDs. These are 1.20% APY for 18 months, 1.50% APY for 2 years and 1.75% APY for 3 years. Minimum deposit is $500. These rates are listed in the bank's rates page as of 12/02/2011.

The bank also offers a free checking account with no maintenance fee and up to 4 free ATM transactions per month at other banks' ATMs.

It appears that a branch visit is required to open an account. Valley Green Bank branches are located Philadelphia, PA.

MB Financial Bank is offering a checking account bonus in which you can earn up to $200. You do have to be careful to avoid monthly fees on the checking accounts. Three checking accounts qualify for the bonus, and they all have monthly service fees. However, there are several ways to avoid the fees. In addition, one of the checking accounts is a reward checking account (MB Red Checking).

Details of the checking promotion is listed at MBchecking.com. It's scheduled to expire on January 31, 2012. Here are the details from the site:

Qualifying for your...

Several credit unions are making the most out of the movement behind Bank Transfer Day. They are giving more incentives for people to move their money from the megabanks. In addition to a free checking account with no debit card fees, credit unions are offering sign-up bonuses. One example is American Heritage Federal Credit Union which is offering a bonus of up to $130 for its Totally Free Checking. This promotion is scheduled to last through November 30, 2011. Details are listed in the credit union's what's new page. Below is the offer's small print:

New...

We are still seeing checking account bonuses from the big banks. Those who are careful may be able to profit from these, but the banks know that they will most likely profit in the end. The latest big bank offering a checking account bonus is M&T Bank which is offering a $100 cash bonus for customers who add direct deposit to a MyChoice Checking account. M&T Bank has this promotion advertised on its home page and on its special website raisethegreenflag.com/mychoice.

Those who try to qualify for this bonus should be aware of the potential...

Keep an eye out for credit unions promotions. With so much publicity of Bank of America's new debit card fees and the November 5th Bank Transfer Day, credit unions are hoping to attract people fleeing their megabanks. Here's one credit union deal for those in the Pittsburgh area. Riverset Credit Union is offering a bonus of up to $150 for opening a checking account. They also offer a free checking account with no minimum balance requirements, and they give members free access to PNC Bank ATMs. The promotion is scheduled to end on 11/15/2011. Below are the promo...

Eagle One Federal Credit Union is listing several competitive rates on its share and IRA certificates. The best rates have terms from 2 to 5 years. These include a 1.76% APY 2-year CD, 2.02% APY 3-year CD, 2.27% APY 4-year CD and a 2.79% APY 5-year CD. Minimum deposit is $500. These rates are listed in the credit union's dividend rates page as of 10/25/2011.

For those looking to move your money from a megabank to a credit union, Eagle One offers a free checking account with no minimum balance requirements. The credit...

Visions Federal Credit Union is offering a good deal on its 5-year CD and IRA CD. The standard rate is 2.79% APY with a minimum balance of $500. A member can qualify for a relationship rate of 3.05% APY by having a checking account with a credit card or loan. These rates are listed in the credit union's share certificates page as of 10/21/2011. The details of the relationship rate requirements are listed below the rate table. Under these details, the credit union describes the early withdrawal penalties. For this CD, it's up to 180 days...

WesBanco has a new checking account promotion that's scheduled to last until November 21, 2011. Unlike most checking promos, this one doesn't require direct deposit. However, you'll have to make a lot of debit card purchases to qualify for the full bonus. The bonus is listed at this WesBanco promotions page. There are three levels of bonus amounts with different number of debit card purchases that are required. These requirements must be met within 90 days of account opening:

• $50 for 10 purchases
• $75 for 30 purchases
• $100 for 50 purchases

The bank still offers a free...