Bank Deals Blog

In July and October, PenFed Credit Union (PenFed) raised the rates on the majority of its Money Market Certificates (MMC) setting them on the road to being competitive. A third set of rates increases occurred this week, with the 5-year MMC offering the most competitive APY. Since July, the 5-year MMC has gained 60 bps. The current 1.30% APY is its highest rate since March 2020. The minimum opening deposit for...

First Choice Credit Union (First Choice) recently raised the rates on its 60-month CD and Jumbo CD. After the addition of 21 bps, the 60-month Jumbo CD now earns 1.51% APY, ($75k minimum), with the 60-month CD earning 1.26% APY ($5k minimum).

Rate changes on savings, money market and checking accounts continue to be rare. The most noteworthy rate change in the last two weeks was a rate cut at Customers Bank. Its Ascent Money Market rate was slashed by 15 bps to 0.35%. This account had remained competitive for some time, but now its rate is significantly below the average rate for online savings accounts.

For November, our Online Savings Account Index, which tracks the average rate of ten well-established online savings accounts, finally had an increase. The Index increased 1 bp...

The last Fed meeting of the year is scheduled for next week (Dec 14-15), and there will likely be some interesting news from the meeting. First, there are growing expectations that the Fed will announce an acceleration of its tapering of asset purchases. This would result in tapering ending early next year, and that would make it easier for the Fed to pull in rate hikes. The meeting will also include an update to the Fed’s Summary of Economic Projections (SEP). New inflation forecasts and federal funds rate forecasts (i.e....

The long-running, competitive 20-month Super-Jumbo CD, Jumbo CD, and CD offered by Illinois-based Consumers Credit Union (CCU) are no longer available. CCU began the month by adding 16-month Super-Jumbo CD, Jumbo CD, and CD, which have rates 30 bps higher than the now defunct 20-month CDs.

All three 16-month CDs are offered as IRA CDs (Traditional, Roth, CESA,...

Over the weekend, Pen Air Federal Credit Union (Pen Air) added 5 bps to its 15-month Add-On CD, which now earns 0.60% APY. According to CSR, there are no limitations on the Add-On CD: unlimited additional deposits in any amount can be made at any time throughout the term. The minimum opening deposit is $500, with no stated balance cap.

The Add-On CD is also offered an as...

I wrote about Tioga Franklin Savings Bank’s (Tioga Franklin) Kasasa brand products last April. At that time, Tioga Franklin’s market area was limited to the greater Philadelphia metropolitan area, but the Bank has recently expanded its market area to...

Oklahoma-based Energy One Federal Credit Union (Energy 1) substantially raised the rates on its long-term Share Certificates this week, with the 36-month Share Certificate offering the most competitive APY. After the addition of 50 bps, the 36-month Share Certificate tiered-APYs are now 1.15% APY ($500 minimum) and 1.25% APY ($100k minimum).

This is the first rate increase in nearly 3 years...

Ardent Credit Union (Ardent) recently raised the rates on its 48-month CD and 60-month CD to competitive levels. Following significant increases of 35 and 50 bps, the 48-month CD now earns 1.25 APY, with the 60-month CD earning 1.50% APY. The minimum opening deposit is only $100, with no stated balance cap.

Both CDs are offered as IRA CDs (Traditional,...

For the third time in less than three months, NASA Federal Credit Union (NASA Federal) has raised the rates on it Share Certificate Specials (SCS): 9-month (0.80% APY), 15-month (1.05% APY), and 49-month (1.70% APY). While this week’s increases are modest (5 bps and 10 bps), the 9-month SCS, 15-month SCS, and 49-month SCS have gained 20, 45, and...

In the past three months, Texas-based Advancial has increased the rates on most of its Jumbo Certificates, with the longer-terms having the largest gains. Advancial started the new month by raising the rates on its shorter-term Jumbo Certificates,...

First Community Credit Union (First Community) recently added 60 bps to its 5-year CD, which now offers rates of 1.55% APY ($100k minimum deposit) and 1.50% APY ($500 minimum deposit). The current rates are the 5-year CD’s highest APYs in about 18 months.

First Community CDs are also available as IRA CDs (Traditional, Roth, CESA, SEP), earning the same rates...