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Recent Bank Interest Rate News

State Farm Bank Raises 60-Month CD Rate
Availability: Nationwide (internet bank)

It’s been almost a year since I last wrote about State Farm Bank; the occasion for this blog post is yesterday’s rate increase on the 60-month CD (2.10% APY). Since January 2016, there have been eight rate changes (mostly downward), but in the past three weeks there have been two rate increases, resulting in 40 basis points being added to the APY.

The minimum deposit to open any State Farm Bank CD is $500, and while State Farm Bank’s website lists two balance level tiers (up...

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Capital One 360 Offers $100 Money Market Bonus
Availability: Nationally available

In March, I wrote about Capital One 360’s new 360 Money Market, which currently earns 1.00% APY on balances of $10k+.

For the next ten days, Capital One 360 is offering a $100 bonus when opening a new 360 Money Market account by December 15, 2016, and depositing at least $10k by December 31, 2016.

The requirements to earn the $100 bonus are straightforward:

  • Open your “very first” 360 Money Market account online by December 15, 2016.
  • Use the promo code “Merry100.”
  • Deposit at least $10k (from an external account)...
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CIT Bank’s Limited-Time High Yield Savings Account Bonus - Up to $200
Availability: Nationwide

CIT Bank is offering a cash bonus of up to $200 for opening its High Yield Savings account. The account must be opened and funded on or before December 31, 2016. The minimum initial deposit to qualify for the bonus is $25,000, and this money must be new, i.e. not already be on deposit at CIT Bank or its OneWest Bank division. Existing customers can qualify, but a new savings account must be opened, and it must be funded with new money. There are three bonus amounts ($95,...

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Ally Bank Increases 18-Month and 3-Year CD Rates
Availability: Internet Bank

Ally Bank increased the rates of two of its High Yield CDs today. The rates increases are small, but it’s another positive sign that we may finally be at the start of a rising interest rate environment.

The rates increased by 5 basis points for the top balance tiers ($25k+) of both the 18-month CD (1.35% APY) and the 3-year CD (1.60% APY). Rates for the lower tiers did not change, except for the mid tier ($5k-$25k) of the 3-year CD which increased by 3 basis points...

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CD Rates Summary May 24, 2016
CD Rates Summary May 24, 2016

Last week’s release of the minutes of the Fed’s April meeting indicates a decent chance of a rate hike at the next Fed meeting on June 14-15. This is how economist Tim Duy summed up the minutes in his Fed Watch blog:

In addition to the minutes, comments from Fed officials have been suggesting that a rate hike is definitely on the table in June. However, Tim Duy still thinks there’s a better chance of the Fed postponing the rate hike until July or September.

Changes in both Treasury yields and Fed...

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Best Bank Account Interest Rates - Summary for May 17, 2016
Best Bank Account Interest Rates - Summary for May 17, 2016

Today’s inflation report increases the chance that we’ll see a Fed rate hike in June. The Labor Department reported that the CPI increased 0.4% in April, above expectations of 0.3%. The core CPI, which excludes energy and food, increased 0.2% which was inline with expectations. The increased chance of a June Fed rate hike doesn’t mean that it’s a good chance. It’s still low. According to this Wall Street Journal article:

On Wednesday the Fed will be releasing the minutes of last month’s FOMC meeting. That may provide hints of what...

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