Bank Deals Blog

Yesterday, R.I.A. Federal Credit Union (RIA FCU) unveiled its “Dream Your Way To Higher Rates” promotion on its 18-, 24-, 36-, and 60-month Share Certificates. Immediate bump rates of an additional 0.10% ($5k...

ableBanking (internet division of Northeast Bank) is the latest bank to become a player in the nationally available 1-year CD rate race, by adding 30 bps to its 1-year CD (1.70% APY). The minimum deposit is $1k, with a balance cap of $240k.

The 1-year CD was part of the product line when ableBanking opened its virtual doors in 2012. Four months after the 1-year CD debuted, the...

AAC Credit Union (AACCU) has added a 25-month Autumn CD Special, which earns 2.05% APY. The Autumn CD Special can be opened with a $500 minimum deposit, with no stated balance cap.

AACCU currently has two other CD Specials (13-month, 1.51% APY; 60-month, 2.27% APY), but neither has a very competitive rate.

As stated in the CD Disclosure document, the Early Withdrawal Penalty reads as follows:

Deal Summary: Most competitive are the 18-month (1.76% APY) and 1-year (1.61%); $1k minimum deposit

PenFed Credit Union (PenFed) increased the rates on all of its Money Market Certificates (CDs) today. PenFed typically changes rates at the start of each month, so this increase is a good sign that PenFed saw the need to do another rate hike so soon after its October 1st increase. The new rates aren’t exceptional, but they are competitive. The most competitive ones are the 18-month CD (1.76% APY) and the 12-month...

Idaho Central Credit Union (Idaho Central) is continuing to offer competitive promotional rate CDs, with the latest offerings including two Freedom CDs: 1-year (1.75% APY) and 2-year (2.00% APY). The minimum deposit is $500, with no...

For more than two years, First Federal Credit Union (First Federal) has offered a variety of CD Specials with attractive rates. The latest offering includes a 10-month (1.75%), 20-month (2.00%), and 30-month (2.25% APY) CD Special. Of the three, the 10- and 20-month are the most competitive.

The CD Specials require a $10k minimum opening deposit of new money, with no stated balance cap.

Last Friday’s consumer inflation report that showed a surge in inflation is unlikely to have any impact on the Fed. Higher energy prices due to Hurricane Harvey was the main reason for the surge in the consumer price index (CPI), but the core CPI which excludes food and energy rose a much smaller amount (0.1%), and on a yearly basis, the core CPI remains unchanged at 1.7% for the fifth month in a row. Even though core CPI isn’t the preferred inflation index for the Fed, it does add to...

Now through October 23, First Community Credit Union (First Community CU) is offering a special rate on its 24-month CD (2.00% APY). The minimum deposit is $500, with no stated balance cap.

The 24-month CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the...

For the past couple of years, Red Rocks Credit Union (Red Rocks CU) has been offering “seasonal” Share Certificate Specials. The 2017 Fall Specials have been announced, and surprisingly, the most competitive rate belongs to a long-term Share Certificate: 48-month (2.27% APY, $10k and...

Michigan-based Northpointe Bank has added a 17-month CD Special that earns 1.75% APY. The minimum deposit is $1k, with no stated balance cap.

The CD Special is also offered as an IRA, earning the same APY with the same funding requirements.

As stated in the Truth in Savings disclosure, the Early Withdrawal Penalty reads as follows:

For CD Terms of 1 year but less than 3 years the
penalty is 90 days interest on principal amount withdrawn.

Ultimate...

The Labor Department released the September Consumer Price Index (CPI) numbers on Friday, and with these numbers, the next Series I Savings Bond inflation component can be computed. This allows us to calculate the earnings for I Bonds purchased this month and redeemed from October 2018 to January 2019. Sometimes I Bonds compare favorably to 1-year CDs, and that is the case this time. The rise in gas prices after the hurricanes caused the CPI to surge. Friday’s report showed that the CPI-U increased by 1.24% in the last six...

Kansas regulators closed The Farmers and Merchants State Bank of Argonia on Friday. This is the seventh bank to fail in 2017. The last bank to fail before Friday was on May 26 when a small Illinois bank failed. Bank failures have become much less frequent in recent years. Only five banks failed in 2016, and only eight banks failed in 2015.

The Farmers and Merchants State Bank of Argonia had two branches and $34.2 million in assets and $29.6 million in deposits. The FDIC arranged for another bank to...