Chartway Federal Credit Union is offering some competitive CD rates. The most competitive is its 12-month CD which has a top rate of 2.06% APY for a minimum deposit of $10,000. Other competitive ones include a 1.60% APY 6-month CD and a 2.26% APY 24-month CD. These yields require a Preferred Plus, Elite 50 Plus or Premier Checking. Without these checking accounts, the rates are 25 basis points lower. These rates are listed in the credit union's rates sheet as of 2/05/2010.
The checking account requirement does hurt this deal. All three of the qualifying checking accounts have a minimum balance requirement to avoid a monthly fee. The Preferred Plus checking and the Elite 50 Plus checking have a $10 monthly fee unless a minimum balance of $2,500 is maintained. These two would be preferable to the Premier Checking which has a $20 monthly fee unless a minimum balance of $5,000 and direct deposit are maintained.
Unfortunately, their eChecking account does not qualify for this CD. This is a reward checking account that pays up to 3.84% APY on a $20K balance (see review).
Another good deal at the credit union is the money market accounts. The top rate on the Money Market Plus and Link accounts is 2.02% APY for balances of at least $100K as of 2/05/2010. These rates don't require the above checking accounts.
Membership and Locations
Membership is open to those who live, work, worship or go to school in a defined geographic area served by the credit union's Virginia, Florida, Rhode Island and Texas branches. A reader noted in a previous post that the geographic areas are narrow, so please call to see if you can be eligible. You can also be eligible via schools and select employer groups. The online application has a list of eligible schools and employers. Please refer to their Membership Page for more details. Membership requires a $5 minimum deposit into the Prime Share savings account.
Branches are located in Virginia, Georgia, Rhode Island, North Carolina, Texas, Florida, Ohio and New Jersey.
The credit union has some decent financial ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both are based on 9/30/09 data. Chartway is federally insured by the NCUA (Charter # 13242).
Texas Deposit Account Rates and Deals
Browse through the stories below to view current deals for Texas banks or select an item from the menu bar above to view current rates in Texas.
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.
Velocity Credit Union is offering a special 15-month certificate with a 2.02% APY. Minimum deposit is $5,000. It's available as a regular or IRA certificate. The special is listed on the credit union's home page as of 2/1/10. According to this promo page, the special is scheduled to last through 2/07/2010.
There's an online application for membership and account opening via Andera, a common service used for account opening. In the application page that covers eligibility, the bottom of the page states "None of the above apply. I would like to join one of the following organizations." In the select box, Paramount Theater Assocation is the only one included. There's a $15 fee to join this association, and it appears to be open to all.
The only problem with this online application is that it doesn't include the 15-month CD special as an option. Last year I called about this regarding a similar CD special, and according to the CSR, a member can call and open the CD by phone. The CSR should be able to fund the CD by transferring the money from the member's Velocity savings or checking account. For someone new, that person should be able to apply for membership online and fund the savings account. Once the membership is complete and the savings account funded, the new member should be able to open the CD by phone.
In addition to Paramount Theater Association members, credit union membership is open to those who live or work in one of the following Texas counites: Travis, Williamson, Hays, Bastrop or Caldwell. Please refer to their Eligibility Page for the full details. Membership requires a minimum $5 deposit into the savings account.
Branches are located in Austin and Round Rock, Texas.
May Soon Be Dropping NCUA Deposit Insurance
Velocity Credit Union is in the process of switching its deposit insurance from NCUA to private ASI. I reviewed this issue in my Velocity/ASI post last September. The credit union reported in early January that they received enough member votes to make this switch. The results must still be officially tabulated and approved by the NCUA, and I don't see any indication that this has been done yet. Nevertheless, it seems likely that Velocity will soon be depending entirely on the private ASI for its deposit insurance. I wonder how many deposits have been withdrawn because of this. Perhaps this is a reason for this CD special (although they did have a similar special last year).
The credit union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is currently federally insured by the NCUA (Charter # 68359).
United Heritage Credit Union is offering a special 15-month IRA CD with a 2.30% APY. Minimum deposit is $1,000, and there's no maximum. Funds can be a new contribution or a transfer of an existing IRA. The rate is listed at the credit union's promotion page as of 1/26/10. This is very similar to the IRA promotion United Heritage offered last year except the rate is 2 percentage points lower.
United Heritage also offers a reward checking account that currently pays 3.01% APY on balances up to $25K (see post). However, they stopped accepting new applicants for this checking account about a year ago.
Membership is open to those who live, work or attend school in Travis, Williamson, Bastrop, Caldwell, Hays, Smith or Wood County, Texas. You can also be eligible via family or select employer groups. Refer to the credit union's Eligibility Page for more details. Membership requires a minimum balance of $1 into the savings account.
Branches are located in Austin, Cedar Park, Georgetown and Round Rock in Central Texas and in Tyler in Northeast Texas.
The credit union's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 68251).
Other IRA Certificates of Deposit
Other IRA CD deals that I've recently mentioned that are still available as of 1/26/2010:
Patriot Bank is offering a special 5-year CD with a 3.50% APY. Minimum deposit is $1,000, and the maximum is $100,000. New money is required. There's also a step-up feature in which you are allowed a one-time rate increase to the current Patriot Bank rate for a matching term once after two years from the issue date. This rate is listed at the bank's special offers page as of 1/24/2010.
Step-up CDs may help to provide some protection against rising interest rates. However, if the bank doesn't keep their 5-year CDs competitive in the future, the feature may not be useful.
Based on past reports from this bank, a branch visit is likely to be required. Branches are located in the Texas cities of Dallas, Houston, Friendswood, Allen, Honey Grove and Mesquite.
Patriot Bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 3258).
- To qualify for the $50 bonus, you must open a new PlainsCapital Bank Free Checking Account by Feb. 19, 2010, with a minimum deposit of $50 in new funds
- To qualify for the $100 bonus, you must set up direct deposit into the new account within 60 days of account opening.
- $50 bonus will be automatically deposited into your new account within 10 business days.
- Once direct deposit is set up and a deposit is made, the $100 bonus will be automatically deposited into your new account within 10 business days.
- Limit one offer per customer
- Checking account to remain open for 90 days or the account could be subject to an early closing fee
- Bonus is considered interest and must be reported on IRS Form 1099-INT
The Free Checking Account has no monthly fees or minimum balance requirements. The first box of checks is free.
Branches are located in the Texas cities of Austin, Round Rock, San Antonio, Frisco, Dallas, Arlington, Fort Worth, Carrollton, Lubbock and Weatherford.
The bank has been a FDIC member since 1955 (FDIC Certificate # 17491).
Thanks to the reader who emailed me news of this special.
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
Earn up to $75 when you use online bill pay
- Open a new Compass checking account and sign up for Online Bill Pay by 2/28/10
- Pay at least 5 bills online every 30 days for the first 90 days your account is open
- For each month that you do, you'll get $25 - up to $75 total
- Online bill payments must be made to a third party and be at least $25 in order to be eligible
- Each $25 bonus will be deposited into the new checking account from which online payments were made, within 60 days of fifth eligible online payment for each 30-day period.
- Open a new checking account online by 2/28/2010 and sign up for payroll Direct Deposit.
- Get your first payroll Direct Deposit within 30 days that your account is open.
- $75 bonus will be deposited, within 120 days of first recurring payroll direct deposit, into the new checking account that receives the direct deposit.
- Minimum $25 opening deposit required
- Offer available to new checking households only
- Bonus may be subject to income tax reporting
- Limit one bonus totaling $150 per household
- Bonuses are paid on the last business day of the month
- Must be a U.S. Citizen
- Must be a resident of one of the following states: Alabama, Arizona, Colorado, Florida, New Mexico, or Texas.
Compass Checking Accounts
I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.
The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my last Compass post mentioned that the first order of checks is free.
The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.
BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).
Thanks to the reader who commented on this promo in the bank deals hub.
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
In addition to EDS employees, membership is open to persons who live or work in Collin County, Texas. Also, eligible are persons who live, work, worship or attend school within a 10-mile radius of certain EDS Credit Union locations. For more details on eligibility, please refer to the credit union's How to Join page. In the online application, many of the eligibility details are listed in a form. The easiest way to find out about eligibility and to learn about the best way to apply is to call their toll-free number at 800-337-3328 (Option 5).
Branches are located in Plano, Frisco and Carrollton, Texas; Santa Ana, California; Auburn Hills, Pontiac, Detroit and Troy, Michigan; Camp Hill, Pennsylvania; Herndon and Sterling, Virginia. Note, several branches are inside secure buildings (probably EDS facilities) and have limited access.
EDS Credit Union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The Bankrate rating is down by one star since my October post. The credit union is federally insured by the NCUA (Charter # 68505).
Other Competitive Certificate of Deposit Rates
I'm afraid it's hard to find CD rates of 2% or higher for terms under one year. For a federally insured institution, the best nationwide deal I know about is 1.77% APY for a 10-month CD at EBSB Direct (see my weekly rate summary). For other top CD rates, please refer to:
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals
- Unlimited deposits of at least $1,000, up to a maximum balance of $95,000
- Six withdrawals are allowed within the term (in any amount of $1,000 or more)
If you don't live near a branch, you may also want to open Wilshire State's free checking account. You can then use another bank's ACH service to transfer money in and out of this account. With this checking account, you should then be able to move money in and out of the Flex CD without a branch visit.
If you want Wilshire State Bank's eLink Savings Account, the free checking won't qualify. You'll need at least the Regular Checking which has a $500 minimum balance requirement to avoid a monthly service charge. The eLink Savings Account is paying 1.50% APY on all balances as of 1/05/2010.
Wilshire State Bank is one of the few banks that offers an Installment Savings Account. It's called the Rainbow Savings. Its rates have fallen since my last Wilshire post, but they remain fairly competitive: 3.05% APY for 12 months to 3.82% APY for 36 months as of 1/05/2010. To see how these compare to regular CD and savings account rates, please refer to my Installment Savings Account review.
When I contacted Wilshire State Bank last year, I was told that the accounts which have the online application can be opened by people in any state. After you submit the application online, you have to print and mail the form. They'll send you a signature card to complete.
Wilshire State Bank is Korean-American bank with branches in Southern California, New York, New Jersey and Dallas, Texas. A reader in my June post commented that "Wilshire Blvd is one of the main streets in Koreatown in Los Angeles, hence the name."
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1980 (FDIC Certificate # 23301).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals
At the December meeting, our Board of Director approved lower Money Market & IRA Certificate rates for January 2010 than previously announced. We became aware of the change in rates on December 29. It is very rare for the Board of Directors to make a change in the rates after we project them, but in this case; other factors in the market forced us to lower our projected rates slightly.For more details about PenFed CDs and membership, please refer to my previous PenFed post.
As indicated in all of our disclosure statements, our rates are always subject to change. Below, I have provided a few key points regarding the rates along with a January 2010 rate chart.
* All members who participated in the CD Rollover Subscription program will have their reservations honored, and they will receive the advertised rate from that promotion: 3 yr/3.50%, 5 yr/4:00% and 7 yr/4.25
* With the exception of CD Rollover Subscription enrollees that will receive the promised CD Rollover Subscription rates, the 0.25% APY certificate rollover bonus will be applied to all qualifying certificates rolling over between December 29, 2009 and February 1, 2010, inclusive. These certificates will receive the "Rollover " rates reflected in the chart below. Update 1/06/09: I received a clarification about the below rates. For those members with CDs maturing December 29-31, 2009 and February 1, 2010 (and did not participate in the CD Reservation program), and wish to rollover, they will receive the rate in effect for that month - plus the 0.25% bonus.
APY for
CD CD Subscription APY for APY for
Term Participants Rollovers New Money
---- --------------- --------- ---------
6 mo - 1.00% 1.00%
1 yr - 1.25% 1.25%
2 yr - 1.75% 1.75%
3 yr 3.50% 3.25% 3.00%
4 yr - 3.50% 3.25%
5 yr 4.00% 3.75% 3.50%
7 yr 4.25% 4.00% 3.75%
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals
Immediate Access Accounts
Certificates of Deposit
Compare Rates:
- ETrade Super Bowl Commercials - What Happened to ETrade Bank?
- Competitive 21-Month CD at Stonebridge Bank in PA - Available Nationwide
- 2.33% 9-Month CD at S-Bank in MA on Feb 12-13, 2010 - Local Only
- $150 Checking Bonus and 1.50% 3-Mo Money Market Guarantee at Sovereign Bank in the Northeast
- Competitive 15-Month CD Special at Stillwater National Bank in OK - Local Only
Average Business Savings Rate Trend
