Bank Deals Blog

It’s been almost three years since my last Teachers Federal Credit Union (TFCU) blog post. In the past month, TFCU has added 40 bps to its 60-month CD, boosting the APY to 1.25% and making the 60-month the most competitive CD in TFCU’s product line. Like all of TFCU’s non-jumbo CDs, the 60-month requires a $1k minimum opening deposit, with no stated balance cap.

The 60-month CD is also offered as an IRA...

In the first quarter of 2020, Community First Credit Union (Community First) offered a variety of limited-time CD Specials with excellent rates. By the fall of 2020, the CD Specials had disappeared, but the majority of Community First’s regular CDs had become rate leaders. While all the APYs have fallen a uniform 45 bps since my September 2020...

Ohio-based Heartland Federal Credit Union and MidUSA Credit Union recently merged and have rebranded as MyUSA Credit Union (MyUSA). All of its Share Certificates offer very competitive rates, with the shorter-terms having some of the highest rates available in the state of Ohio. The minimum opening deposit is $500, with no stated balance cap.

DA has been tracking We Florida Financial’s (We Florida) rewards checking account, EarnMore Checking, for about two years. The initial 3.00% APY on qualifying balances up to $10k is still in effect. Qualifying balances greater than $10k earn 0.25% APY, with non-qualifying balances earning 0.05% APY. While the $10k balance cap may be a deal...

At the completion of its two-day FOMC meeting, the Fed issued a statement very similar to its June statement. The only significant change was a subtle reference to tapering. It suggests that the Fed is starting to think about tapering. It should probably be viewed as the first step that will culminate in a formal announcement in the FOMC statement that a reduction in asset purchases will take place. Below is an excerpt of today’s FOMC statement. I bolded the new sentence that was added.

That formal announcement is probably several...

Now through July 31, 2021, True Sky Credit Union (True Sky) is offering a 1-year CD earning an outstanding 1.75% APY. The opening deposit requires a minimum of $1k of new money. The maximum deposit is $100k. New money is defined as “funds must be from an institution other than True Sky Credit Union.” As part...

July has been a pretty quiet month for CD rates.

No major online bank had any noteworthy CD rate changes.

For the small online banks, there were just a few rate changes. Most noteworthy was at Quontic Bank. Its 5-year CD rate had a slight increase, rising 1 bp to 1.11% APY. Unfortunately, its shorter-term CD rates were cut. The 1-year rate fell from 0.75% to 0.60%, and the 6-month rate fell from 0.65% to 0.55%.

For credit unions, PenFed had a similar case as Quontic Bank in which long-term CD rates were...

The Fed meeting began today. The FOMC statement is scheduled to be released at 2:00pm on Wednesday, followed by Fed Chair Powell’s press conference at 2:30pm. It should be an uneventful meeting. No policy changes are expected, and no new economic projections will be released.

The FOMC statement along with the Fed Chair’s press conference may provide some clues about when the Fed will begin to taper its asset purchases. However, with the recent resurgence of COVID-19 and the risk that it’ll impact the economy, the Fed is unlikely to provide...

I was reviewing my old liquid summaries, and I noticed that T-Mobile MONEY Checking account has been included in the summaries with a 1% APY for more than nine months. I first mentioned the account in the summary on October 13th. Amazingly, the 1% APY has held.

Other fintechs haven’t shared this rate longevity. Last October, the fintechs Affirm and Chime were also offering 1% APY. The Affirm savings account maintained 1% APY until December when the rate fell to 0.65%. That rate is still in effect, which is...

When I wrote about the five CDs in the Comenity Direct product line in May 2019, I described the rates (ranging from 2.86% to 3.05%) as “good but not great.” Those “good” rates lasted about two months before the entire CD product line began a series of 15 rate...

If you look at Texas-based NexBank's page on DA, you will see a string of 0.75% APYs under the CD Rates heading. This is not an error: more than three years ago, NexBank began offering the same rate on its 12-, 18-, 24-, 36-, 48, and 60-month CDs.

The current 0.75% APY has been in effect for about 15 months, becoming quite competitive as other nationally available 1-year CDs have experienced...

CoastLife Credit Union (formerly known as Coastal Community and Teachers Credit Union) has only three CDs in its product line, but all three offer the highest rates available within the field of membership. The 12-month and 24-month CDs currently offer the highest APYs for 1-year and 2-year CDs available in Texas. The minimum opening deposit is $1k, with no stated balance cap.