Utah Deposit Account Rates and Deals

Washington Federal Savings is offering some competitive mid-term CD rates. These include a 24-month CD with a 2.50% APY and a 36-month CD with a 3.00% APY. Minimum deposit is $1,000. Jumbo CDs with a $90K minimum receive an extra 5 basis points. These rates are not listed at the bank's website. A reader mentioned these rates, and I called two of the bank's branches in Redmond, Washington and in Las Vegas on Friday. The CSR at Redmond said rates are usually updated on Fridays so she expected these CD rates to last through next week.

A branch visit is required to open an account. Branches are located in Texas, New Mexico, Arizona, Utah, Nevada, Idaho, Oregon and Washington State. Rates may vary by area, so make sure you confirm the CD rates with your local branch.

The bank's ratings for safety and soundness are a little above average: 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 1935 (FDIC Certificate # 28088). It's a sizable bank with $12.6 billion in assets and $7.9 billion in deposits.

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

KeyBank has a new checking account promotion in which you can receive up to $225 when you:

• Open a qualifying checking account and enroll in KeyBank Rewards by November 20, 2009
• Make one debit card transaction and a combination of two direct deposits and/or automated payments each of $100 or more by January 22, 2010

The $225 bonus requires that you open either the Key Privilege Checking or Key Privilege Select Checking. Both of these have high minimum balance requirements to avoid a monthly service charge. A smaller bonus of $125 is available for opening the free checking account which has no minimum balance requirement or monthly service charge.

Here's an important detail listed in the promotion's FAQs:

• This offer is not available in all states. Individuals and businesses will only be eligible in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

And here's some of the important small print:

• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the gift card will be reported on Form 1099-INT.
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

It appears you can apply online, by phone (1-877-539-6659) or at a branch. Note, if you want the 60,000 KeyBank Rewards instead of the $125 cash bonus, you'll need to call or visit a branch.

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR last year.

KeyBank has been a FDIC member since 1956.

Credit to iBankDesign for this find.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Bank of American Fork has two CD specials. The most competitive one is a 2.30% APY 17-month CD. The other one has 2.50% APY for a 35-month term. Minimum deposit is $5,000, and a checking account is required. These specials are listed in the bank's CD rates page as of 9/06/09. A branch visit is required to open a CD.

The bank offers a reward checking account with a 3.60% APY as of 9/06/09 for balances up to $25,000 if the typical reward checking requirements (see post). It has no monthly fee or minimum balance requirement.

Bank of American Fork also offers an online savings account called SaveSmart Direct with a 1.60% APY for balances of of $1K to $250K as of 9/06/09. Unlike the other accounts, this savings accounts is available nationwide. There's an online application which allows funding via ACH from you existing checking account (see post).

Branches are located in the Utah cities of Murray, Sandy, Draper, Riverton, Highland, Lehi, Saratoga Springs, Alpine, American Fork, Pleasant Grove, Orem and Spanish Fork.

Bank of American Fork has fair ratings for safety and soundness: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 12773).

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Update 9/18/09: Irwin Union Banks have been closed by regulators. Refer to this FDIC press release for more details.

Irwin Union Bank has started a new CD promotion called Win-Win CD. You receive a competitive rate for a 13-month term and receive 1% cash back (up to $250) instantly. The catch is that it requires that you have a new or existing checking account, and then you have to open or maintain 4 additional products or services. The promo page doesn't provide any details about what services qualify, so I called the bank today. I was told that qualifying services would include a debit card, direct deposit, online bill pay and estatements. The CSR wasn't sure if they do a hard credit inquiry. She could only confirm that they do a ChexSystem verification.

Unlike Irwin Union Bank's June CD promotion, I was told this new promotion requires a branch visit.

A few other important details of the promotion include:

• limited time promotion (CSR didn't know how long it's scheduled to last)
• 1% bonus paid at the CD account opening may be revoked if the CD is closed prior to original maturity
• New money deposits only
• Irwin Union Bank reserves the right to limit the opening deposit to $250,000 per CD

Certificate of Deposit Rates

The 13-month CD rate varies by zip code. The best rate I've found is 2.28% APY in Las Vegas. For most other areas with nearby branches, the rate is just under 2%. If your CD deposit is $25,000 or under, the 1% cash back will effectively add just under 1% to the APY of the CD. Since the 1% bonus is capped at $250, the bonus will have less effect for larger deposits.

Below is a list of rates for several cities. The rates are subject to change daily. When you enter your zip code at the promo page, please leave a comment about what rate applies to your city.

13-Month CD rates as of 8/28/09

2.28% APY, Las Vegas, NV (89128)
1.98% APY, Costa Mesa, CA (92626)
1.91% APY, Phoenix, AZ (85016)
1.82% APY, Sacramento, CA (95833)
1.82% APY, Indianapolis, IN (46204)

Irwin Union Bank branches are located in Arizona, California, Indiana, Kentucky, Michigan, Missouri, Nevada, New Mexico, Utah and Wisconsin.

The bank has been a FDIC member since 1934 (FDIC Certificate # 10100). Note, there are actually two Irwin Union Banks with different charters. The one with Certificate # 10100 is Irwin Union Bank & Trust Company. The other one is Irwin Union Bank, F.S.B. (FDIC Certificate # 57068). Both are part of the bank holding company, Irwin Financial Corporation.

The bank has been hurt by its home equity loans in western states, and it's not in the best financial shape. Its financial ratings for safety and soundness are weak:

• Irwin Union Bank and Trust (IN, NV, MI, UT): 0 star (lowest) at BauerFinancial and 1 star (below peer group) at Bankrate.com
• Irwin Union Bank. FSB (AZ, CA, IN, KY, MO, NV, NM, WI): 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com

The above ratings are based on 3/31/09 financial data.

For weak banks that may be restricted from offering the best rates (see post on FDIC rate caps), bonuses like this may be one way around this.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Barnes Banking Co. continues to offer competitive rates on its promotional CDs. The current promotions include a 2.27% APY 15-month CD and a 2.78% APY 23-month CD. These CDs require that you have a new or existing deposit or loan account with the bank. Minimum deposit is $5,000. These CD specials are listed in the bank's rate table as of 8/24/09.

A branch visit appears to be required to open an account. Branches are located in several Utah cities including Salt Lake City, South Ogden, Fort Union, St. George, Orem, Kaysville, Layton, Bountiful, Syracuse and Roy.

The bank's ratings for safety and soundness are weak: 1 stars (lowest) at Bankrate.com and 0 star (lowest) at BauerFinancial. Both ratings are based on 3/31/09 financial data. It's wise to stay under the FDIC limit. The bank has been a FDIC member since 1934 (FDIC Certificate # 1252).

Thanks to the reader who emailed me news of these CD specials.

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

KeyBank has a new checking account promotion that's similar to what they were offering in March except with new versions of the Garmin GPS. In this new promo you can receive a free Garmin nuvi 1200 GPS or a Garmin nuvi 1350 GPS.

The 1200 GPS requires that you open a qualifying checking account by 9/11/09 and make one debit card transaction and make two direct deposits or automated payments each of $100 or more by 11/13/09. The Express Free Checking qualifies. One thing new in this promo is that you must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program. There is a $20 annual fee for the KeyBank Rewards Program that will be waived for the first year. The current price of this 1200 GPS is $179.99 at newegg.com.

The more expensive 1350 GPS requires opening either the Key Privilege or Key Privilege Select checking account. The other requirements seem to be the same. These two personal accounts require large minimum balances to avoid monthly fees. The current price of this 1350 GPS is $279.99 at newegg.com.

You will receive your Garmin GPS within 90 days of meeting requirements. Here's some of the important small print. Please refer to the promotion page and the FAQ page for the official details.

• Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
• Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• The value of the Garmin GPS will be reported on Form 1099-INT ($145 for the 1200 and $212 for the 1350)
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.
• You can apply at a KeyBank branch, Key.com or through 1-877-539-4477
• Only available in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

Some features of the Key Express Free Checking include:

• $50 Minimum opening deposit
• No monthly fees
• No minimum balance requirements
• ACH transfer capability
• free pill pay

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process. This is based on my conversation with the CSR in 2007.

KeyBank has been FDIC member since 1956.

Other Bank Bonus Deals:

• my last 40 posts on checking and savings account bonuses

Update 8/18/09: Crossed out Florida from list of eligible states per info from reader. FDIC database does show KeyBank branches in Florida, but these zip codes are not accepted in the online application.

Update 9/01/09: The CD rates have fallen. Please check the credit union's website for the latest rates.

Delta Community Credit Union continues to offer some competitive CD rates. The two most competitive ones include a 2.35% APY 12-month CD and a 2.50% APY 24-month CD. These same rates are also available as IRA CDs. Minimum deposit is $1,000. These rates are listed at the credit union's rate table as of 8/05/09.

One nice feature of the credit union CDs is a mild early withdrawal penalty: 31-day interest penalty for maturities of 12-months or less and 90 days interest-penalty for maturities over 12 months. Please refer to the bottom of the rate page for more details.

Another nice feature is that they update their rates at the start of each month, and then they don't change them until the next month (at least in my observations). This can reduce the risk of missing out on the CD rate you wanted.

The money market account also continues to have competitive rates. It's a tiered rate account with rates that range from 1.50% APY for balances of $1K to $10K to 2.25% APY for balances over $100K (as of 8/05/09). The Money Market Account offers an ATM card and limited check writing (checks are not free). According to the fees page, there are no monthly fee.

Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for more details. Membership requires a minimum $5 deposit into the savings account.

Joining the credit union and opening accounts are much quicker if you can visit a branch. Readers commented on their experience joining this credit union in my November post when the credit union was offering a 4.50% 12-month CD. The reader who joined with a branch visit reported a very easy process.

Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro).

Delta Community Credit Union has fair to strong ratings for saftey and soundness: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with $3.2 billion in assets and 185,702 members

Other Competitive Certificate of Deposit Rates

I used to call these rates high, but in today's environment there are no "high" deposit rates. I'll use the term competitive instead which means that the rate will be better than what other federally insured institutions offer on a similar bank deposit product. As a comparison, in Bankrate.com's list of CD rates, the top nationwide 12-month CD and 24-month CD rates are 2.07% APY and 2.47% APY as of 8/05/09. Refer to the following links to find other competitive CD rates:

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Update 7/26/09: Rates have fallen but they remain competitive. Please refer to the bank's website for the latest rates.

Barnes Banking Co. has three promotional CDs with competitive rates. The most competitive ones include a 2.75% APY 15-month CD and a 3.00% APY 23-month CD. These CDs require that you have a new or existing deposit or loan account with the bank. There's also an 8-month CD with a 1.75% APY. This doesn't have the relationship requirement. Minimum deposit for all three specials is $5,000. These CD specials are listed in the bank's rate table as of 7/20/09.

A branch visit appears to be required to open an account. Branches are located in several Utah cities including Salt Lake City, South Ogden, Fort Union, St. George, Orem, Kaysville, Layton, Bountiful, Syracuse and Roy.

The bank's ratings for safety and soundness are weak: 1 stars (lowest) at Bankrate.com and 0 star (lowest) at BauerFinancial. Both ratings are based on 3/31/09 financial data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been a FDIC member since 1934 (FDIC Certificate # 1252).

Thanks to the reader who emailed me news of these CD specials.

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Update 9/05/09: Rate for balances of $1K to $250K has fallen from 1.75% to 1.60% APY. Over $250K, the rate has fallen from 1.80% to 1.70% APY.

Bank of American Fork has started an online savings account called SaveSmart Direct. The rates are fairly competitive. As of 5/11/09, it has the following tiered interest rates:

• 0.50% APY for $10 to under $1,000
• 2.20% APY for $1,000 to under $250,000
• 2.30% APY for $250,000+

Unlike some other recent new internet bank launches, there's no intro period. So these rates are subject to change weekly. The rates aren't exceptional, but it's always nice to see a new internet bank. The more competition, the better it'll be for savers.

The FAQ and disclosure have some of the account details, but as usual, there are few details describing the ACH bank-to-bank transfer system. I received some of these details from a bank representative today. One issue with their ACH system is that withdrawals are limited to $10,000 per day. However, this limit can be temporarily increased if you call.

Below are some of the important features of the account as describe in the bank's FAQ, in the bank's disclosures and from info I received from the bank's rep:

• Account Opening:
• Consumer accounts available nationwide. Business accounts only available to applicants with Utah business license (Rep)
• $10 minimum opening deposit (Disc)
• Can be opened online and funded with ACH transfer from an existing account (FAQ)
• Application allows for up to 6 beneficiaries (FAQ)
• No hard credit inquiry, just a soft pull via Equifax for ID verification purposes (Rep)
• ChexSystem is used. Past ChexSystem inquiries should not cause application from being rejected (Rep)
• Account Fees/Limitations:
• $1.50 monthly fee if balance is under $10 on the last day of the statement cycle (Disc)
• $1 fee for each outbound transfer that exceeds 3 per month (Disc)
• Maximum number of outbound transfers is 6 per month (Disc)
• No limit on number of deposits (Rep)
• Account Features:
• Interest compounded and credited monthly (Disc)
• If you close your account before interest is credited, you will receive the accrued interest (Disc)
• Interest rates may change weekly (Disc)
• Paper statements are mailed by default, but eStatements can be selected when you're logged into online banking (FAQ)
• ACH Bank-to-Bank Transfer Service:
• ACH transfer for initial funding done without trial-deposit verification (Rep)
• Once account is opened, the funding account is not automatically linked for future transfers (Rep)
• Up to 3 linked accounts are allowed (Rep)
• Links can be added through an online-only process that involves the typical trial-deposit method (Rep)
• By default, inbound transfers are limited to $100,000 per day. Outbound transfers are limited to $10,000 per day. Customer service can temporarily increase limits on request. (Rep)
• Transfers can take 2 to 4 business days depending on the time of day the transfer is initiated (FAQ)

Bank of American Fork has average ratings for safety and soundness: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/08 financial data.

The bank is based in Utah with 12 offices. It's a small bank with less than a billion in assets. As of 12/31/08, it has $877.8 million in assets and $785.5 million in deposits. The bank has been FDIC insured since 1934 (FDIC Certificate # 12773).

For other high-yield savings accounts, refer to my weekly rate summary.

Edit 5/12/09: Corrections made to the ACH in/out limits.

Account History:
Update 9/05/09: Rate for balances of $1K to $250K has fallen from 1.75% to 1.60% APY. Over $250K, the rate has fallen from 1.80% to 1.70% APY.
Update 7/11/09: Rate for balances of $1K to $250K has fallen from 1.95% to 1.75% APY. Over $250K, the rate has fallen from 2.00% to 1.80% APY.
Update 6/04/09: Rate for balances of $1K to $250K has fallen from 2.20% to 1.95% APY. Over $250K, the rate has fallen from 2.30% to 2.00% APY.

Update 5/25/09: The CD rates have fallen. Please check the credit union's website for the latest rates.

Delta Community Credit Union continues to offer some competitive CD rates. Just like others, they've cut rates in the last couple of months, but the rates remain very competitive. Current CD rates include 2.35% APY for 6 months, 2.85% APY for 12 months, 3.05% APY for 24 months and 3.50% APY for 60 months. Minimum deposit is $1,000. The same rates apply to the IRA CDs. The money marekt account has tiered rates that are also fairly competitive. Rates include 1.85% APY for $10K minimum and 2.35% APY for $50K minimum. These rates are listed at the credit union's rate table as of 4/07/09.

One nice feature of the credit union CDs is a mild early withdrawal penalty: 31-day interest penalty for maturities of 12-months or less and 90 days interest-penalty for maturities over 12 months. Please refer to the bottom of the rate page for more details.

My last post on this credit union was in February. A reader described some additional nice features of this credit union:

accrued interest is deposited monthly and reported in monthly statements that are both clear and explicit.
...
Finally, the icing on the cake: On January 1 of this year, Delta deposited a patronage bonus in my savings account amounting to 4.50% of dividends earned in the prior year.

Credit union membership is open to members of the GettingAhead Association. This appears open to people from any state who pay a $5 membership fee. You can be immediately eligible for credit union membership if you're a resident of one of several Georgia counties in the Atlanta metro area, work for one of their Select Employer Groups, or via family (not just immediate family). Please see the credit union's eligibility page for more details. Membership requires a minimum $5 deposit into the savings account.

Joining the credit union and opening accounts are much quicker if you can visit a branch. Readers commented on their experience joining this credit union in my November post when the credit union was offering a 4.50% 12-month CD. The reader who joined with a branch visit reported a very easy process.

Branches are located throughout the Atlanta Metro area. There are also branches in Florence, Kentucky (Cincinnati Metro); Salt Lake City, Utah; and Southlake, Texas (Dallas Metro).

Delta Community Credit Union has very strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial (based on 12/31/08 data) and 5 stars (superior) at Bankrate.com (based on 9/30/08 data). The credit union is federally insured by the NCUA (Charter # 66357). It's a large credit union with $2.9 billion in assets and 181,259 members.