Eastman Credit Union continues to offer competitive certificate rates. The two most competitive ones include a 2.00% APY 12-month CD and a 2.30% APY 2-year CD. Minimum deposit is $1,000. An extra 10 basis points are applied to Jumbo CDs with a $100,000 minimum deposit. These rates are listed in the credit union's deposit rates table as of 2/2/2010.
Membership is open to those who live, work or attend school in several counties in the northeast part of Tennessee. Counties in southwest Virginia and in Harrison and Gregg Counties in Texas are also included. There's also a long list of Select Employer Groups. Please refer to the Who Can Join Page for the full details.
Branches are located in Tennessee, Virginia, Texas, South Carolina and Arkansas.
The credit union's ratings for safety and soundness are strong: 4 stars (sound) at Bankrate.com and 5 stars (superior) at BauerFinancial. Both ratings are based on 9/30/09 financial data. The Bankrate rating is one star higher than what I reported in August when it was based on 3/31/09 data.
The credit union is federally insured by the NCUA (Charter # 68095). It's a large credit union with $2.1 billion in assets and 109,770 members based on 11/17/09 NCUA data.
Tennessee Deposit Account Rates and Deals
Browse through the stories below to view current deals for Tennessee banks or select an item from the menu bar above to view current rates in Tennessee.
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Competitive CD Rates at Eastman Credit Union in Parts of TN, VA, TX, SC & AR - Local Only
Tuesday, February 2, 2010 - 9:07 AM CT
High-Yield Reward Checking Account at First State Bank in TN - Local Only
Monday, February 1, 2010 - 8:51 AM CT
First State Bank is offering a high-yield reward checking account called First Rewards Checking. It offers the following rates and features if certain monthly requirements are met:
- 4.25% APY on balances up to $25,000
- 1.01% on portion of balance over $25,000
- 0.15% base rate if requirements are not met
- Unlimited nationwide ATM fee refunds
The monthly requirements include:
- 12 Visa check card purchases
- 1 direct deposit or ACH auto debit
- Receive e-statements
Additional features of the account regardless of the monthly requirements include:
- $25 minimum initial deposit
- No minimum balance requirement
- No monthly maintenance fee
There's an online application link at the bank's micro-website. However, the application states "We are only currently accepting Rewards Checking applications from the state of Tennessee."
Branches are located in many Tennessee cities some of which include Nashville, Lexington, Jackson, Union City and Knoxville.
The bank's ratings for safety and soundness are a little mixed: 3½ stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 1479).
Thanks to the reader who emailed me news of this reward checking account.
4% Reward Checking Accounts
It's getting harder to find reward checking accounts with rates at or above 4%. Many popular ones have been cutting their rates, reducing balance caps and/or restricting availability. If you have a choice between a reward checking account that's only available in your area vs. one that is available nationwide, you may have better luck with the local one. Nationwide ones attract more rate chasers which can put a strain on these accounts.
2.15% 12-Month Online CD at Franklin Synergy Bank - Available Nationwide
Monday, December 28, 2009 - 12:02 PM CT
Update 12/29/09: The 12-month eCD rate has fallen from 2.25% to 2.15% APY. High rates sure don't last long these days.
Franklin Synergy Bank increased the rate of its 12-month eCD last week from 2.05% to 2.25% APY. Minimum deposit is $1,000, and the maximum is $500,000. The 2.25% eCD is listed in the bank's eProducts page as of 12/28/09.
When I contacted the bank last summer, I was told that the account can be opened online by people from any state. The application link is at the bottom of the eProducts Page. Some details I received from the bank in July include:
The bank also has an E-Savings Account that's listed on the same eProducts page. The rate is also competitive: 1.75% APY for balances of $25K and up, 1.35% APY for smaller balances. One issue with this account is that it requires a checking account. Also, according to the account description, "Maximum of $500 accepted from external account." I'm trying to find out if this is through their ACH bank-to-bank transfer service.
The bank is a fairly new bank that was established in 2007 with headquarters in Franklin, Tennessee. It's a small bank with $237 million in assets and $197 million in deposits based on 9/30/09 FDIC data. Since it's new, BauerFinancial doesn't have a rating for it. Bankrate.com gives the bank 2 stars (below peer group) based on 6/30/09 financial data (down from 3 stars based on 12/31/08 data). The bank is a member FDIC (FDIC Certificate # 58714).
Other High Certificate of Deposit Rates
If you want a hassle-free competitive 1-year CD, ING Direct would be a good choice. They're still offering 2% APY (see my ING Direct review). For other good CD deals, please refer to:
Franklin Synergy Bank increased the rate of its 12-month eCD last week from 2.05% to 2.25% APY. Minimum deposit is $1,000, and the maximum is $500,000. The 2.25% eCD is listed in the bank's eProducts page as of 12/28/09.
When I contacted the bank last summer, I was told that the account can be opened online by people from any state. The application link is at the bottom of the eProducts Page. Some details I received from the bank in July include:
- CD can be funded either by wire transfer or check by mail
- Rate is locked at the time of application
The bank also has an E-Savings Account that's listed on the same eProducts page. The rate is also competitive: 1.75% APY for balances of $25K and up, 1.35% APY for smaller balances. One issue with this account is that it requires a checking account. Also, according to the account description, "Maximum of $500 accepted from external account." I'm trying to find out if this is through their ACH bank-to-bank transfer service.
The bank is a fairly new bank that was established in 2007 with headquarters in Franklin, Tennessee. It's a small bank with $237 million in assets and $197 million in deposits based on 9/30/09 FDIC data. Since it's new, BauerFinancial doesn't have a rating for it. Bankrate.com gives the bank 2 stars (below peer group) based on 6/30/09 financial data (down from 3 stars based on 12/31/08 data). The bank is a member FDIC (FDIC Certificate # 58714).
Other High Certificate of Deposit Rates
If you want a hassle-free competitive 1-year CD, ING Direct would be a good choice. They're still offering 2% APY (see my ING Direct review). For other good CD deals, please refer to:
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals
2.25% 15-Month CD & 2.10% 9-Month CD at Commercial Bank in TN & KY - Local Only
Friday, December 18, 2009 - 9:53 AM CT
Update 1/21/2010: The special CD rates have fallen, but they remain competitive: 1.75% APY 9-month and 2.00% APY 13-month.
Commercial Bank is offering two very competitive CD rates: 2.10% APY for 9 months and 2.25% APY for 15 months. The 9-month CD is a special. Both have a $500 minimum deposit. These rates are listed in the bank's rates page as of 12/18/09. Note, on the front page they're listing the 15-month CD with a 2.15% APY. I've emailed the bank to find out which rate is correct.
The bank also offers a high-yield reward checking account with a 3.01% APY for balances up to $25K (see my review).
It appears that a branch visit is required to open an account. Branches are located in several cities in Tennessee and Kentucky. Some of the cities include Harrogate, Knoxville, Kingsport, Luttrell, Pineville, Cumberland and Barbourville.
The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1976 (FDIC Certificate 22354).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com (overview of DepositAccounts.com)
- My weekly list of hot nationwide and local CD deals
3.01% Reward Checking Account at Commercial Bank in TN & KY - Local Only
Friday, December 18, 2009 - 9:50 AM CT
Commercial Bank is offering a high-yield reward checking account called Hometown Rewards Checking. It has the following rates and features if certain monthly requirements are met:
The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1976 (FDIC Certificate 22354).
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
- 3.01% APY on balances up to $25,000
- 0.51% APY for portion of balance over $25,000
- 0.05% base rate if requirements are not met
- Reimburses ATM fees nationwide per cycle
- 10 debit card purchases
- 1 Automatic Payment or Direct Deposit
- $100 minimum initial deposit
- No minimum balance requirement
- No monthly service charge
- Free Bill Pay
The bank's ratings for safety and soundness are fair: 3½ stars (good) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1976 (FDIC Certificate 22354).
Other Reward Checking Accounts
To find reward checking accounts in other areas of the nation, please refer to the reward checking section of DepositAccounts.com. To learn more about reward checking, please refer to this reward checking overview.
2.00% 15-Month CD & 2.50% 23-Month CD at Regions Bank in Several States - Local Only
Wednesday, December 16, 2009 - 8:53 AM CT
Regions Bank has adjusted its special CDs, but they remain competitive in many states. All areas appear to have the same long-term CD special rates: 2.50% APY for 23 months and 3.00% APY for 42 months. The 7-month CD special also appears common for all areas, but it's not nearly as competitive with a 1.25% APY. They used to have a 12-month special, but the term is now 15 to 17 months. The APY is 2.00% for many states (I've confirmed this for AL, GA, IL and TX). In some states it's only 1.75% APY (I've confirmed this for FL and IN). The rates vary by area, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The above rates were checked on 12/16/09.
Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.
When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).
Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).
Other Competitive Certificate of Deposit Rates
Minimum deposit for the above specials is $10,000 with a $1 million maximium, and new money is required. Also, the CD page states that you must have or open a Regions checking account. A reader in my last Regions post mentioned that his Texas branch hasn't required him to open a checking account. So you may be able to get out of the checking requirement if you have some nice reps at your local branch.
When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
Regions lost $473 million in the third quarter, and it's in the process of cost-cutting which includes closing some branches. According to this Herald Tribune article, it's closing 22 offices in Florida and 121 in its 16-state footprint. Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).
Regions Bank's rating for safety and soundness at Bankrate.com is 1 star (lowest) based on 6/30/09 data. At BauerFinancial it was 3 stars (adequate) when it was based on 6/30/09 data. It remains 3 stars based on 9/30/09 data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com (overview of DepositAccounts.com)
- My weekly list of hot nationwide and local CD deals
2.25% 12-Month CD & 2.50% 24-Month CD at Appalachain Community FCU in TN & VA - Local Only
Thursday, November 12, 2009 - 4:14 PM CT
Appalachian Community FCU is offering three competitive share certificate specials:
Membership is open to those who live, work, worship or attend school in one of the following Tennessee or Virginia counties: Carter, Hawkins, Sullivan, Unicoi and Washington in TN and Scott, Washington and Wise in VA. Please refer to the membership eligibility page for the full details.
Branches are located in the cities of Kingsport, Johnson City, Rogersville, and Norton.
The credit union's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 24495).
Other Competitive Certificate of Deposit Rates
- 1.85% APY 6 months
- 2.25% APY 12 months
- 2.50% APY 24 months
Membership is open to those who live, work, worship or attend school in one of the following Tennessee or Virginia counties: Carter, Hawkins, Sullivan, Unicoi and Washington in TN and Scott, Washington and Wise in VA. Please refer to the membership eligibility page for the full details.
Branches are located in the cities of Kingsport, Johnson City, Rogersville, and Norton.
The credit union's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 24495).
Other Competitive Certificate of Deposit Rates
$150 Checking Account Bonus at First Tennessee Bank - Local Only
Wednesday, November 4, 2009 - 7:19 AM CT
First Tennessee Bank is offering a checking account promotion in which you can earn up to $150. Details of the promotion are described at firsttennessee.com/150. The promotion is scheduled to end on 12/31/2009. To receive $100 requires that you open a new checking account at a branch and present a copy of this promo or open online. Some of the important small print includes:
It appears that you must be in First Tennessee's market area to be eligible for this offer. The online application requires that you enter your zip code, and it won't let you apply for a First Tennessee checking account if the zip code is outside their area.
Branches are located mostly in Tennessee, but there are also branches in Georgia, Virginia, Arkansas and Mississippi. The bank has been a FDIC member since 1934 (FDIC Certificate # 4977).
Thanks to the reader who mentioned this promotion in the Bank Deals hub page.
Other Bank Bonus Deals:
- Minimum opening deposit to receive bonus is $300.
- If you meet the stated requirements of this promotional offer, the bonus will be credited to your account within 6 weeks and will be reported as income on Form 1099-INT.
- Limit one $100 bonus per household.
- New checking households only.
- Customer agrees to maintain account in good standing for a minimum of six months.
- $50 Bonus is for new or existing customers who have never used First Tennessee Bill Pay Online or who have not used Bill Pay Online with any First Tennessee account since August 1, 2009.
- Customer must pay a minimum of six bills using First Tennessee Bill Pay Online between November 1, 2009, and December 31, 2009, to be eligible for bonus.
- Bills are considered paid as of the actual payment date, which is the date funds are withdrawn and sent to the payee.
- Customers receiving this offer who meet the requirements will receive a direct deposit of $50 into account from which bills were paid on or before January 31, 2010.
- No partial bonus amounts will be awarded.
- Limit one bill pay bonus per household.
It appears that you must be in First Tennessee's market area to be eligible for this offer. The online application requires that you enter your zip code, and it won't let you apply for a First Tennessee checking account if the zip code is outside their area.
Branches are located mostly in Tennessee, but there are also branches in Georgia, Virginia, Arkansas and Mississippi. The bank has been a FDIC member since 1934 (FDIC Certificate # 4977).
Thanks to the reader who mentioned this promotion in the Bank Deals hub page.
Other Bank Bonus Deals:
2.78% 12-Month CD &t 3.09% 27-Month CD at Wings Financial CU in MN & Other Places with Limited Membership
Tuesday, November 3, 2009 - 7:24 AM CT
Update 11/14/09: The rates have fallen, but they remain very competitive. Please refer to the credit union's website for the latest rates.
Wings Financial Credit Union continues to offer several very competitive CD rates. In addition, they have expanded their field of membership beyond just the airline industry to include all those who live or work in the Minneapolis/St. Paul metro area.
The special 27-month CD and all of their standard CDs have competitive rates. Minimum deposit is $500. These are also available in an IRA. Below is the full list of CD rates as shown on the credit union's rate sheet as of 11/03/2009:
The expanded field of membership just occurred last month. In addition to those connected to the airline industry, those who live or work in the 13 County Minneapolis/St. Paul Metro are eligible for membership. Refer to the credit union's Membership Eligibility page for the full details.
Branches are located in California, Florida, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.
The credit union's ratings for safety and soundess are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data.
Wings Financial is a large credit union with $2.2 billion in assets and 122,394 members. It's federally in insured by the NCUA (Charter # 68601). Note, Wings' charter number has changed now that it's a state charter.
Other Competitive Certificate of Deposit Rates
Wings Financial Credit Union continues to offer several very competitive CD rates. In addition, they have expanded their field of membership beyond just the airline industry to include all those who live or work in the Minneapolis/St. Paul metro area.
The special 27-month CD and all of their standard CDs have competitive rates. Minimum deposit is $500. These are also available in an IRA. Below is the full list of CD rates as shown on the credit union's rate sheet as of 11/03/2009:
- 1.96% APY 3 month
- 2.37% APY 6 month
- 2.78% APY 1 year
- 2.98% APY 2 year
- 3.09% APY 27 month (special)
- 3.14% APY 3 year
- 3.24% APY 4 year
- 3.49% APY 5 year
The expanded field of membership just occurred last month. In addition to those connected to the airline industry, those who live or work in the 13 County Minneapolis/St. Paul Metro are eligible for membership. Refer to the credit union's Membership Eligibility page for the full details.
Branches are located in California, Florida, Georgia, Hawaii, Michigan, Minnesota, Tennessee and Washington.
The credit union's ratings for safety and soundess are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data.
Wings Financial is a large credit union with $2.2 billion in assets and 122,394 members. It's federally in insured by the NCUA (Charter # 68601). Note, Wings' charter number has changed now that it's a state charter.
Other Competitive Certificate of Deposit Rates
2.00% 12-Month CD, 2.50% 23-Month CD & 3.25% 42-Month CD at Regions Bank in Several States
Wednesday, October 28, 2009 - 8:05 AM CT
Update 1/09/2010: The special CDs have changed, and the rates have fallen. Please check the bank's website for the latest rates.
Regions Bank just came out with a special 12-month CD rate of 2.00% APY. Also, the longer terms specials continue to be very competitive. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The 2% was available in zip codes in Texas, Illinois, Central Florida and Georgia. However, a lower 1.75% APY was listed for South Florida, Indiana and North Carolina. The longer term rates were the same for all of the above areas. The full list of special CD rates as of 10/28/09 include:
I last posted on these specials in September. Before today the 42-month CD rate had gone down to 3% APY in many areas.
When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
Regions Financial Overview
Regions Financial reported its third quarter results last week. According to this Reuters article, Regions' third-quarter loss was more than what analysts expected. However, the results were good enough to be encouraging to analysts.
One interesting thing to note in the earnings report is that Regions plans to close 121 branches to cut costs. Also, as you might expect with the CD specials that they have offered for many months, their deposits have grown with 270,000 new checking accounts. Average low cost deposits increased $1.3 billion versus the second quarter. These were highlights in the earnings report and show why they require a checking account with these special CDs.
Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).
Regions Bank's rating for safety and soundness at Bankrate.com has dropped from 2 stars to 1 star (lowest). It continues to be 3 stars (adequate) at BauerFinancial. Both ratings are based on 6/30/09 financial data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).
Thanks to the reader who mentioned this new 12-month CD special in the bank deals hub page.
Other High Certificate of Deposit Rates
Regions Bank just came out with a special 12-month CD rate of 2.00% APY. Also, the longer terms specials continue to be very competitive. The rates vary by state, so you'll have to enter your zip code at Regions CD page to see the rates available for your area. The 2% was available in zip codes in Texas, Illinois, Central Florida and Georgia. However, a lower 1.75% APY was listed for South Florida, Indiana and North Carolina. The longer term rates were the same for all of the above areas. The full list of special CD rates as of 10/28/09 include:
- 3.25% APY 42-month CD
- 2.50% APY 23-month CD
- 2.00% APY 12-month CD (1.75% APY in some areas)
- 1.25% APY 7-month CD
I last posted on these specials in September. Before today the 42-month CD rate had gone down to 3% APY in many areas.
When I had last checked with Regions on its special CDs, a branch visit was required to open an account. Branches are located in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
Regions Financial Overview
Regions Financial reported its third quarter results last week. According to this Reuters article, Regions' third-quarter loss was more than what analysts expected. However, the results were good enough to be encouraging to analysts.
One interesting thing to note in the earnings report is that Regions plans to close 121 branches to cut costs. Also, as you might expect with the CD specials that they have offered for many months, their deposits have grown with 270,000 new checking accounts. Average low cost deposits increased $1.3 billion versus the second quarter. These were highlights in the earnings report and show why they require a checking account with these special CDs.
Regions was one of the major banks that were required to raise capital based on the government's stress test last spring (see post).
Regions Bank's rating for safety and soundness at Bankrate.com has dropped from 2 stars to 1 star (lowest). It continues to be 3 stars (adequate) at BauerFinancial. Both ratings are based on 6/30/09 financial data. Regions Bank has been a FDIC member since 1934 (Regions' FDIC Certificate # 1368).
Thanks to the reader who mentioned this new 12-month CD special in the bank deals hub page.
Other High Certificate of Deposit Rates
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