Bank Deals Blog

Three CDs offered by the Virginia-based Signature Federal Credit Union (Signature FCU) were added to this week’s CD Rates Summary. The 1-year Jumbo Share Certificate (1.40% APY), 2-year Jumbo Share Certificate (1.60% APY), and 18-month Share Certificate (1.40% APY) are all the in top half of their respective term-length categories in the Summary. The Jumbo Share...

Illinois-based First State Bank of Forrest (FSB of Forrest) began offering its Free Kasasa Cash checking account in 2013. In the past seven years, the rate/balance cap have remained unchanged: 2.50% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

The monthly qualification requirements include,

• At least 12 debit card purchases.
• At least one ACH payment transaction.
• Be...

All five CDs offered by Minnesota-based United Educators Credit Union (UECU) are FlexRate CDs. When I first read the term “FlexRate,” I thought it might refer to a variable rate CD. I was wrong: FlexRate actually denotes a bump-up option.

While the rate increase option may not be useful in the near future, we may see some decent rate increases in the next three years.

UECU recently raised the...

Horizons North Credit Union’s (HNCU) Kasasa Cash checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.25% APY, with non-qualifying balances earning 0.01% APY.

The qualification cycle requirements include,

• At least 15 debit card purchases.
• At least one direct deposit, ACH payment, or bill pay transaction.
• Be enrolled in and agree to receive e-Statements.

The Kasasa Cash account has no minimum balance requirement...

When Missouri-based Paramount Bank began offering products on a nationwide basis earlier this year, the CDs were uniquely structured: one rate (2.25% APY) and a single, but very flexible, term length (anywhere between 12 and 60 months). All that has changed. Paramount Bank now offers seven CDs with three different APYs. Of the seven, the 6-month CD (1.25% APY) is the most competitive. The minimum opening deposit is $1k, with no stated balance cap.

In addition to currently having the top-rated nationally available 18-month CD (1.55% APY), Pen Air Federal Credit Union (Pen Air) is also offering a 15-month Add-On CD, earning 1.50% 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 start of a new month has brought another surge of CD rate cuts. CD rates appear to be headed toward 1% and under. Two of the latest credit union examples include Alliant Credit Union’s 5-year CD (fell to 0.90% APY) and Andrews Federal Credit Union’s 5-year CD (fell to 0.30% APY). Two of the latest online bank examples include Barclays’ 5-year CD (fell to 1.00% APY) and Sallie Mae Bank’s 5-year CD (fell to 1.10% APY).

The only mild bright spots this week are a few credit unions that have...

It’s hard to be optimistic about the economic recovery when mass rioting, looting and property destruction takes place as progress was finally being made in reopening businesses closed from the COVID-19 pandemic. It’s too early to know how long lasting the effects of the riots will be on the economy, but it’s definitely another headwind that will only slow the economic recovery and the normalizing of interest rates.

Next week the two-day FOMC meeting will take place, and it should be the first FOMC meeting this year to include an update...

About three months ago, Atlantic Federal Credit Union (Atlantic FCU) began offering several Kasasa brand products. The newly added Kasasa Cash Checking account currently earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.50% APY, with non-qualifying balances earning 0.05% APY.

The qualification cycle requirements include,

• At least 12 debit card purchases.
• At least one ACH debit or credit transaction.
• Be enrolled...

Sunmark Credit Union (Sunmark) expanded its product line in December when it began to offer Kasasa Brand accounts. The Kasasa Cash Checking earns 3.00% APY on qualifying balances up to $25k. Qualifying balances over $25k earn 0.40%, with non-qualifying balances earning 0.05% APY.

The qualification cycle requirements are standard and include,

• At least 12 debit card purchases.
• At least one direct deposit, ACH payment, or bill pay transaction.
• Be...

The U.S. Bureau of Economic Analysis (BEA) released its monthly Personal Income and Outlays report this morning. What is particularly noteworthy is the massive surge in the personal savings rate. This is a measure of how much Americans are saving, and the rate has surged to an all-time record high of 33.0% in April. The personal savings rate had a large increase in March, rising from 8.2% in February to 12.7%, but the April increase is unprecedented.

History of the personal savings rate

You can see the history of the personal savings...

Finding long-term CDs with rates at or above 2.00% APY is becoming more difficult. Two very competitive rates are currently being offered by Enrichment Federal Credit Union (Enrichment) on its 4-year Share Certificate (2.02% APY) and 5-year Share Certificate (2.12% APY). The minimum deposit is $1k, with no stated balance cap. (While Enrichment’s product line also includes Jumbo Share Certificates...