Browse through the stories below to view current deals for Washington banks or select an item from the menu bar above to view current rates in Washington.
Banks often don't make it easy to close a CD at maturity. They hope you'll let the CD automatically roll over. If you want to close the CD when the CD matures, you sometimes have to jump through hoops. This problem isn’t just confined to banks. Credit unions can also have issues. That’s the case a DA reader experienced with State Employees Credit Union of Maryland (SECU). He emailed me the issues he had when he tried to have his CD closed at maturity. It reminded me of the...Continue Reading
M&T Bank has long been offering promotions for its MyChoice Checking account. In the latest one you can earn a $100 cash bonus for opening the MyChoice Checking Account and setting up direct deposit. The promotion is scheduled to last until 6/27/2014. Please refer to the bank’s promotions page for the full details.
The offer’s small print has the details about the direct deposit requirements and what qualifies as direct deposit:
MyChoice Checking is not a free checking account. According to the MyChoice Checking page, there's a $6.95 monthly fee unless you...Continue Reading
It has been awhile since NASA Federal Credit Union has offered a competitive CD special. So I’m pleasantly surprised to see its new CD special which has a 2.00% APY and a 49-month term. Minimum deposit is $5,000, and new money is required. It’s also available in an IRA. This special is listed at the credit union’s rates table as of 2/10/2014. It’s a limited-time offer that is subject to change at any time.
According to the credit union’s Q&A’s database, the early withdrawal penalty is "up to six month's...Continue Reading
BB&T has brought back its $125 checking account promotion. Like the one last year, you can qualify for the bonus without direct deposit. That’s rare these days. The one downside remains the same. All of BB&T's checking accounts have potential monthly service fees. So if you open the checking account for the bonus, you have to make sure to avoid the fees.
To qualify for the $125 bonus, customers must open a BB&T checking account and either 1) use online bill pay for 3 bill payments with a minimum payment of...Continue Reading
PNC Bank has started to offer a $200 checking account bonus. This is an upgrade to the bank’s usual $150 bonus. You still have to be careful to avoid monthly service charges. Here’s the link to PNC’s promotion page. The offer is scheduled to end on 2/28/2014. You can open the account online or choose to have them email you a coupon to take to a branch. Here's a summary of the requirements to qualify for the bonus:
PenFed will be lowering most of its CD rates in February. This isn’t official since these rates are not yet posted on PenFed’s website. I learned of these rates from a PenFed customer service representative in a phone call this morning. Near the end of the month PenFed’s board of directors approves the CD rates for the next month. Once they’re approved, the CSRs are typically notified of these new rates by an internal email. Thanks to DA reader Lou for first reporting on this news in the forum.
One important...Continue Reading
PenFed IRA certificates have some nice features, but a reader has recently found out that they’re not as nice as you might think. We have long known that PenFed allows penalty-free partial withdrawals of IRA CDs when the owner has reached 59 ½ . However, there are limitations on the partial withdrawals. First, here’s what is stated in PenFed’s IRA Application Booklet:
Not only are partial withdrawals allowed, but there is no penalty "if the owner has reached age 59½ and takes a partial withdrawal." That is one of four early...Continue Reading
I’m glad to see PenFed is still offering the very high CD rates. When I first reported on these on December 1st, I was concerned that they may not last through December. As I mentioned, PenFed no longer guarantees the CD rates will last for the entire month. However, I can’t remember a time when PenFed lowered CD rates before the end of the month. In addition, I see PenFed has a rotating banner on its home page advertising the 3.04% 5-year CD, and that banner says "your gift for...Continue Reading
Those 3% rumors turned out to be true. PenFed is now officially offering a 5-year and a 7-year CD with a 3.04% APY. The rates are listed at PenFed’s certificates overview page as of 12/01/2013. Thanks to the readers who reported on these early. There’s also good news for those who prefer shorter terms. PenFed’s 4-year CD rate increased to 2.22% APY, and the 2-year CD rate increased to 1.41% APY. PenFed’s 3-year CD still has a very competitive 2.02% APY. Below is a summary of the new December rates...Continue Reading
Update 12/16/13: This CD special has ended.
In today’s interest rate environment, any short- or mid-term CD with a rate near 2% is a hot deal. That’s the case with the CD special at Money One Federal Credit Union. It’s offering a promotional share certificate with a 19-month term and a 1.90% APY. Minimum deposit is $9,000, and the maximum deposit is $99,000. New money is required. This rate is listed on the top of the credit union’s share certificates page as of 11/07/2013.
This credit union also offers reward checking and...Continue Reading
Update 1/10/14: The savings account promotion has ended.
If you live in the market area of Capital One Bank, customers can get a good savings account deal. This is similar to Capital One’s past checking account promotions. It’s the Smart Savings Account, and a high rate is guaranteed on all balances for 12 months. The guaranteed APY is 1.00% for most Capital One market areas. It’s only 0.70% for the Austin, Texas metro area and only 0.40% for Louisiana. Thanks to DA member stormdog123 for posting on this in the...Continue Reading
Pentagon Federal Credit Union (PenFed) CD rates are getting better each month. Last month PenFed raised its 5-year and 7-year CD yields to 2.02%. Today PenFed raised its 3-year and 4-year CD rates to this same 2.02% APY. This is the first nationally available 3-year CD with a yield above 2% that we’ve seen in a long time. Thanks to DA member Shorebreak who posted on this news in the forum. Below is a list of these new CD and IRA CD rates in effect as of November 1, 2013: