Bank Deals Blog

Many thanks to DA reader, me1004, for the recent Forum post about the new and very competitive 18-month Share Certificate (1.00% APY) offered by SkyOne Federal Credit Union (SkyOne). The 18-month Share Certificate is one of the many promotions currently being offered in celebration of SkyOne’s new branch location in El Segundo.

The 18-month Share Certificate can be opened with a $1k minimum deposit and...

DA readers may recognize the Luana Savings Bank (Luana) name from the bi-weekly CD Rates Summary. In the past twelve months, Fidelity and Vanguard have offered a variety of brokered CDs, mainly long-term certificates, issued by Luana.

The rates offered on the 6-month Certificate Special are among the highest rates in the Luana Certificate product line: only the 5-year and 6-year Certificates have slightly higher rates. Like all Luana Certificates,...

Now through October 16, 2021, SouthState Bank is offering a $200 bonus for opening a new personal checking account (in-branch or online) and completing two of three requirements within 60 calendar days of account opening. Two requirements can be chosen to avoid direct deposit.

As stated on the bonus promotion page, the “Eligibility & Qualifications” for the $200 bonus are as follows:

Limitations/Restrictions

Just when I thought not much would happen at the end of the week, Energy Capital Credit Union (ECCU) caught my attention with two substantial long-term CD rate hikes. With 105 bps and 100 bps added to its 36-month CD and 60-month CD, respectively, ECCU is now offering the highest 3-year CD rate in Texas and the highest 5-year CD rate in the Houston area. The...

This is the third time in five years I’ve written about the 20-month Certificate Special offered by Premier Credit Union (Premier CU). After adding 20 bps this week, the 20-month Certificate Special now earns 1.00% APY (although substantially lower than the 2.75% APY offered in 2019). The minimum opening deposit is still $10k, with no stated balance cap.

California Coast Credit Union (Cal Coast) is currently offering a 5-month Take 5 Certificate earning 5.00% APY. The minimum opening deposit is $500, and the deposit is capped at $5k, with new money required for the total deposit. There is a limit of one Take 5 Certificate per member, with business and IRA accounts are not allowed.

CSR confirmed that funding a Take 5...

United Credit Union (UTCU) has gone down the route of offering “uni-rates” on all its CDs, with the exception of a 3-month CD Special, which currently earns 0.90% APY (more than three times higher than the 0.25% uni-rate). The minimum opening deposit is $500 of new and/or existing money, with no stated balance cap.

The 3-month CD Special is listed as being available for a limited time,...

At the completion of its two-day FOMC meeting, the Fed issued a statement that had the one important addition that points to a taper announcement at the Fed’s next meeting (November 2-3):

The only other change from the July FOMC statement was the recognition that the latest COVID-19 wave has impacted the economic recovery:

Everything else in today’s FOMC statement was the same as the July statement. The statement continues to claim that the recent high inflation is transitory. “Inflation is elevated, largely reflecting transitory factors.” The zero interest rate policy and...

The CDs offered by Utah-based Merrick Bank have been featured in the bi-weekly CD Rates Summary for a couple of years. While never appearing at the top of any term-length category, Merrick Bank’s CDs have consistently been solidly competitive. This week’s CD Rates Summary includes Merrick Bank’s 12-month CD (0.70% APY) and 24-month CD (0.80% APY – a recent 9 bps increase). The minimum opening deposit for any Merrick Bank...

The CD rates offered by Texas-based Red River Credit Union (RRCU) have remained remarkably steady and competitive for about a year. Last month, I wrote about the 12-month CD (0.81% APY) and 60-month CD (1.31% APY), both of which have near-leading rates. The rates currently offered on the 36-month CD (1.11% APY) and 48-month CD...

CD rate changes continue to be rare. No major online bank had any noteworthy CD rate changes in the last two weeks.

There were a few noteworthy CD rate changes at the small online banks and easy-to-join credit unions. Not all were rate cuts. A few of the changes were rate hikes, with most of the rate hikes coming from credit unions.

More credit unions’ 5-year CD rates are getting back over 1%. AgFed Credit Union increased its 5-year CD rate last week from 1.05% to 1.10% APY. Its shorter-term CD rates...

The FOMC meeting began today and is scheduled to complete on Wednesday. The FOMC statement and the Summary of Economic Projections (SEP) should be released at 2pm ET Wednesday, and then at 2:30pm, Fed Chair Jerome Powell should hold his usual post-meeting press conference.

Expectations are high that the Fed will be providing “advance notice” on tapering at this meeting, which will pave the way for a formal taper announcement at either the Fed’s November or December meeting. The Fed will likely emphasize its requirement that “substantial further progress has been...