Bank Deals Blog

In the past five years, Indiana-based INOVA Federal Credit Union (INOVA) had been a prolific producer of great rates and hot deals, but in the recent past, INOVA’s rates have been somewhat lacking. As of this week, that changed with substantially increased rates (100 bps added) for the 18-month IRA (2.50% APY) and 18-month CD (2.25% APY). The minimum opening deposit for both is only $200.

Capital Credit Union (CCU) is currently offering a 12-month Certificate Special, which earns 2.20% APY. The minimum opening deposit is $5k, with no stated balance cap. According to the CCU official I spoke with, new money is required, even though there is no mention of new money on CCU’s website.

The 12-month CD is also available as an IRA (Traditional, Roth), earning the same 2.20% APY with the same funding requirements.

About a year ago, I wrote about a 39-month Promo CD (3.50% APY) offered by Pennsylvania-based Sharon Bank. In that blog post, I noted that the Bank’s High Yield Money Market had an introductory 2.15% APY guaranteed for six months. While the rate on the 39-month Promo CD has been cut in half (1.75% APY), the High Yield Money Market...

You may have noticed a new nationally available money market making its debut in yesterday’s Best Bank Account Rates Summary. The Superior Money Market account was added to the Affinity Plus Federal Credit Union (Affinity Plus) product line earlier this month.

While the Superior Money Market’s 2.02% APY looks competitive at first glance, there are a couple of limitations that reduce its attractiveness....

To commemorate the opening of three new branch locations, United Credit Union (UTCU) is offering a limited-time 12-month Grand Opening CD Special, earning 2.73% APY. The minimum opening deposit is $500 of new and/or existing money, with no stated balance cap.

UTCU also has two new money CD Specials: 36-month (2.50% APY) and 19-month (2.00% APY), which require a $1k minimum opening deposits....

We are still seeing quite a few online savings and money market rate cuts. Most of the cuts were on accounts with yields of 2% and higher. The well-established online banks (like Ally, Synchrony and Discover) have online savings accounts with yields that have settled into the 1.60% to 1.80% range. Only one of these (Synchrony) had a rate cut in the last two weeks. It appears that we are starting to settle into a yield range of 1.60% to 2.00%, with the new challengers offering yields in the range...

The first FOMC meeting of the year is scheduled to start next week, and all indications still point to a continuation of the Fed's decision in December to hold rates steady.

Last week’s inflation report should keep the Fed on track with its pause. The Consumer Price Index (CPI) numbers showed that inflation continues to be low. December core CPI increase was 0.1%, which was below the consensus of 0.2%. The CPI increased 0.2%, which matched the consensus, but was down from the 0.3% increase seen in November. Inflation for 2019...

Coastal Community and Teachers Credit Union (CCATCU) recently added a 12-month CD Special to its product line. Earning a competitive 2.27% APY, the 12-month CD Special requires a minimum $5k opening deposit.

I’ve had a run of bad luck lately determining Early Withdrawal Penalties (EWP) – either the CSRs don’t have the information or I’m given a ludicrous answer. (My favorite so far...

Added to the product line in late September, Andrews Federal Credit Union’s (Andrews Federal) 13-month Share Certificate Special (SCS) is the newest of five SCS currently available. While its 2.15% APY wasn’t that competitive when the SCS was first introduced, it’s become more impressive as many other 1-year CD rates have fallen. Like all of the SCS, the 13-month SCS can be opened with a...

While First-Lockhart National Bank (First-Lockhart) has been offering some type of competitive rewards checking account (RCA) for more than ten years, the Kasasa brand has only been a part of the product line for about ten months. The Free Kasasa Cash Checking account currently earns 3.05% on qualifying balances up to $25k; qualifying balances above $25k earn 1.045% APY, with non-qualifying balances earning 0.05% APY.

Freedom Federal Credit Union (Freedom FCU) is continuing to promote a series of Certificate Specials with competitive rates. As I noted yesterday, finding a CD with a 3% yield has become more difficult, but they do exist. Of the three Jumbo CD Specials being offered, the 42-month, earning 3.00% APY, has the best rate. The Jumbo CD Specials all require a minimum $50k opening deposit.

Earlier this month, Tinker Federal Credit Union (TFCU) added a 29-Month Share Certificate Special, which earns 2.53% APY. This limited-time offer can be opened with a $1k minimum deposit, and there is no stated balance cap.

The Share Certificate Special is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the...