Rhode Island Banking Rates and News

Home Loan Investment Bank raised its long-term CD rates last week, and now its 5-year and 3-year CD and IRA CD rates are very competitive. Its 5-year CD has a 2.00% APY, and its 3-year CD has a 1.50% APY. Minimum deposit is $1,000. These rates are listed in the bank’s CD page as of 7/29/2013. According to the small print at the bottom of this page rates apply only to residents of RI, MA and CT.

If you’re interested in these CDs, please refer to the bank’s contact page where...

Citizens Bank and Charter One regularly have checking account promotions with nice bonuses. Both are brand names of RBS Citizens, N.A. Citizens Bank branches are primarily located on the east coast and Charter One branches are located in the Midwestern states of Illinois, Michigan and Ohio. Charter One is currently listing a bonus of up to $175. I can’t find a similar one at Citizens Bank, but when I called Citizens Bank at 888-411-7442, the CSR told me that this same $175 bonus is available. (see update below) However, he...

Mutual Bank in Massachusetts did something that is rare these days. It increased the rate of its reward checking account. Another nice change is that the bank is now allowing anyone from New England to apply online. The rate increase makes the reward checking competitive, but I wouldn’t call it a hot deal since it still has a small balance cap. There’s also a companion savings account called REALSaver which helps offset the checking's low cap. Below is a summary of the rates and features of these two accounts. These...

Every now and then a financial institution will offer a CD special that's actually more like a checking account bonus. That's the case at Chartway Federal Credit Union. It's offering a special called the GO Direct Promotional Certificate. It has an 11-month term and a 3.00% APY. Minimum deposit is $1,000. Here's the catch (there are actually two). Maximum deposit is $20,000, and it requires direct deposit for the duration of the CD. The details of this special CD are listed in this Chartway promotions page as of 2/22/2013. It's...

Citizens Bank is offering a checking account bonus of up to $150. The bonus doesn't require too much work. One downside is that the checking accounts do have monthly service fees, but there are easy ways to avoid them. This promotion is scheduled to last until 2/28/2013. The details are listed at www.citizensbank.com/150. Here's summary of what's required to earn the full $150:

1. Open your first new personal checking account by 2/28/13
2. Get $50 when you setup direct deposit and have a single deposit of $500 or more clear your new checking...

Chartway Federal Credit Union has extended its CD specials that it was offering in November. In addition, it has increased the rates by 25 basis points. The top rates for these specials are now 1.51% APY for the 12-month CD and 1.26% APY for the 6-month CD. These rates require a premium level checking relationship. Without the checking relationship, the rates are 25 basis points lower (1.26% APY for 12 months and 1.00% APY for 6 months). Minimum deposit is $10,000 for the 12-month CD and $500 for the 6-month...

Chartway Federal Credit Union is offering four specials in November. One of these might interest savers. That's a special 1-year share certificate with a 1.25% APY. Minimum deposit is $10,000. Premium level checking is required. Rate is not available in Rhode Island. This special CD and rate is listed in the credit union's promo page as of 11/15/2012.

Lower rates are available for smaller balances. All the rates and checking requirements are listed in the Chartway's certificate rate sheets. Three checking accounts appear to qualify for this premium level checking rate:...

Citizens Bank is offering a promotion that includes a short-term CD special and a special credit card cash-back deal. It's called the "Get the Value of Five." The promotion is scheduled to end on 9/28/2012. Here's the link to the Citizens Bank promo page. Citizen's Bank branches which are branded as Charter One have this same promo. Here's the link to the Charter One promo page. Hat tip to DA reader Kaight who posted on this deal in this forum thread. More details about this promo is available in this...

As we have seen over the last few years, the vast majority of changes on reward checking accounts have been rate and/or balance cap reductions. There have been rare occasions when a bank increases the rate. That recently occurred at Southbridge Savings Bank with its rewards checking account. Thanks to reader 51hh who mentioned this rate hike in the comments. I first reviewed Southbridge Savings and its reward checking account in 2007. Since that time, the reward checking account is now under the Kasasa brand and is called Kasasa Cash....

With so many banks cutting their CD rates, I was pleasantly surprised to see that EBSB Direct continues to offer a very competitive 3-year CD rate. As of the morning of 8/1/2012, the APY is still 1.80%. This yield has remained unchanged since August 2011. I last reviewed it in October. At that time the rate was competitive. As rates at other banks have fallen, this 1.80% APY has become much more competitive. Minimum deposit is $1,000. These rates are listed at EBSBdirect.com as of 8/1/2012.

I called the bank this...

Update 12/14/2012: The checking promotion has been extended to December 31, 2012.

These Sovereign Bank promotions aren't anything to get excited about, but in today's environment, they may be something to consider if you're looking for a checking account bonus or a decent CD rate. With some of these accounts, you'll have to watch out for fees. Like at other banks, it has become harder to avoid some of the fees.

Checking Account Promotion

For the checking account promotion, Sovereign Bank is offering up to a $125 bonus for opening a checking and...