Bank Deals Blog

It’s been about six months since I wrote about any of ableBanking’s CDs. In early December, the 1-year CD offered 1.75% APY, which at the time placed it at the top of the rate pile. Except for a short stay at 2.00% APY in January, the 1.75% APY has been in effect for the past seven months. As DA reader, IvoryMale, noted in a Forum...

Mechanics Cooperative Bank (Mechanics Co-op) is currently offering a 2.75% APY on its 27-month CD Special, which can be opened online or in-branch. The minimum deposit for the CD Special is $2.5k, unlike the $500 minimum for its other CDs.

DA has been tracking the 27-month CD Special for more than seven years, with rates that were not competitive until the past three months. In the past...

Texas-based Independent Bank ended the week by raising the rate on its 13-month Promotional CD (2.73% APY). The minimum opening deposit is $1k, with no stated balance cap.

The 13-month Promotional CD was introduced only four months ago, with an initial APY of 1.51%. A total of 122 bps have been added in two rate increases...

Over the weekend, Navigant Credit Union (Navigant) has added a 23-months CD, which earns 3.00% APY. The new CD can be opened with a $500 minimum deposit of new money, and there is no stated balance cap.

The 23-months CD and 13-months CD (2.50% APY) are the only competitive certificates in Navigant’s product line. The other CDs offer APYs that range from...

This morning, Ally Bank increased the rates of its Online Savings Account, its 11-month No Penalty CD and five of its High Yield CDs. The Online Savings Account rate went up 5 bps to 1.65% APY. For CDs, the 6-month CD and 11-month No Penalty CD had the largest rate gains. The new APYs are...

Last week, First Financial Northwest Bank (FFNB) raised the rate on its 48-month CD to 3.00% APY for deposits of $100k+. The three other tiered APYs are really not competitive; there are more than 20 banks and credit unions offering nationally available 4-year CDs at higher rates than the 2.50% APY ($25k+). The minimum deposit to earn the 3.00% APY is $100k and there is no stated balance cap.

First Resource Bank has raised the rate on its 12-month CD (2.60% APY). The minimum opening deposit is $500, with no stated balance cap. CSR stated there has been a lot of interest in the 12-month CD, and while no end-date has been announced, he didn’t expect the 2.60% APY to last more than a week or so.

Following the addition of 145 bps, the 12-month CD is offering its highest APY since being added to the product...

UPDATE 6/14/2018: USALLIANCE Financial is offering its “VIP” members an additional 25 bps on new opened 25- and 36-month Certificates through June 30, 2018.

UPDATE: According to an email sent by USALLIANCE Financial, “VIP members are now eligible for a ONE QUARTER POINT RATE BOOST on newly opened 25 and 35 Month Certificate Accounts.” This rate increase results in a 3.00% APY for the 35-month...

Two days before the Fed announced yesterday's rate hike, Westerly Community Credit Union (WCCU) added 175 bps to its eChecking rate, giving the rewards checking account a 3.00% APY on qualifying balances up to $19,999.99. Qualifying balances of $20k and above earn 0.50% APY, with non-qualify balances earning 0.10% APY.

DA has been tracking the eChecking account since early 2010. The new 3.00% APY matches its initial rate,...

The Fed moved as expected by raising the federal funds rate by 25 basis points. This is the second Fed rate hike of 2018 and the seventh rate hike since the Fed started to raise rates in December 2015. Here’s that all important paragraph in today’s FOMC statement:

Just like in March, today’s decision was unanimous with all FOMC participants voting in favor of the rate hike.

In addition to announcing the rate hike, the FOMC statement described the state of the economy and the changes since the last...

Horizon Credit Union (Horizon CU) has once again added a new, competitive Certificate Special. The latest addition to the product line is a 34-month Special Certificate that earns 3.25% APY when coupled with a direct deposit to a Horizon CU...