Bank Deals Blog

It’s been about a year since I last wrote about New York-based State Bank of India (SBI) Senior Citizen CDs. In addition to higher rates, the Senior Citizen CDs now have a lower minimum opening deposit ($25k) and no longer have tiered rates. What hasn’t changed is that you still have to be...

Now through December 31, 2018, First Federal Lakewood (FFL) is offering a 2.53% APY on its Select Money Market account, with a one-year rate guarantee. The minimum opening deposit is $10k of new money, with a balance cap of $1m per household. The APY for balances greater than $1m is 0.45% APY, with balances of less than $10k earning 0.05% APY during the one-year guarantee period....

Rhode Island-based Washington Trust unveiled an 18-month Promotional CD (3.00% APY) about two weeks ago. This limited-time offer requires a $500 minimum deposit of new money, defined as “funds from sources other than Washington Trust.” A checking account is also required to earn the stated APY.

In April, Washington Trust...

AgFed Credit Union (AgFed) has added a new 21-month Certificate Special (3.20% APY). This limited-time offer requires a $1k minimum opening deposit of new money, which is defined as “funds not held in existing AgFed accounts.”

DA readers may remember AgFed’s most recent limited-time offer – the 16/16/16 Certificate Special, which earned 3.16% APY. That 16-month CD was added to the product line in mid-September and was gone in less than...

The Labor Department released the September Consumer Price Index (CPI) numbers on Thursday, 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 2019 to January 2020. Sometimes I Bonds compare favorably to 1-year CDs, but that is not the case this time. CD rates are now much higher than they have been in previous years. I’ll explain the details below.

Thursday’s report showed that the CPI-U increased by...

Halloween is around the corner, and Apple Federal Credit Union (Apple FCU) is the first credit union to come out with a Halloween CD promotion. Apple FCU is offering a "spooktacular" rate on its limited-time 9-month Monster Certificate (2.60% APY). The minimum deposit is $500 of new money, with a $500k maximum deposit per individual. New...

In July, KS StateBank raised the rates on all its CDs twice, after two months of static APYs. Following those increases, there was no movement in the CD rates for nearly three months. That changed today with across-the-board increases of between 6 and 25 bps. Today’s rate increases put the majority of the APYs at or near the top of their respective term...

It’s been almost two years since Illinois-based Consumers Credit Union (CCU) had a competitive CD. That changed this week with new rates on CCU’s Jumbo CD Specials ($100k minimum): 45-month (3.35% APY) and 15-month (2.85% APY). The non-Jumbo version of these CD Specials can be opened with a $250 minimum deposit and earn APYs...

The rates on Live Oak Bank’s shorter-term CDs were increased today, with 6-month (2.20% APY), 1-year (2.65% APY), and 18-month (2.70% APY) adding between 15 and 20 bps. Of these three CDs, the 1-year is the most competitive.

Any Live Oak CDs can be opened with a minimum $2.5k deposit, with a maximum $250k deposit per account. The maximum aggregate balance, which includes all consumer accounts...

Just a month ago, Rhode Island-based Ocean State Credit Union (OSCU) was offering “Seasonal Special” rates on its 1-year CD (2.75% APY) and 2-year CD (3.25% APY). Those rates have dropped by 50 bps, but OSCU is now offering even better rates on its new 1-year CD Special (2.80% APY) and 2-year CD Special (3.30% APY).

The September jobs report was released Friday. The unemployment rate declined to 3.7% in September, the lowest rate since 1969. However, the number of jobs created in September of 134,000 was below the consensus estimate of 185,000. The report was generally considered strong enough to keep the Fed on track with gradual rate hikes. Economist Tim Duy had this to say about the jobs report in his Fed Watch blog post:

Important inflation data is scheduled for release this week. The Producer Price Index is scheduled for release on Wednesday, and...