Bank Deals Blog

Community First Bank of Indiana (CFB) began the month by adding two new CD Specials to the product line and raising the rates on four existing CD Specials. Of the six CD Specials, the new 25-month has the most competitive rate – 2.50% APY.

The 13-, 23-, 33-, and 59-month...

It’s been nearly two years since California-based Xceed Financial Credit Union (Xceed) offered any blog-worthy product. That changed this week with the introduction of the Xclusive Money Market, which earns 2.00% on balances between $50k and $500k. Balances between $25k and $50k earn 1.50%, with balances less than $25k earning 0.25% APY.

Details

• The 2.00% APY is guaranteed through June...

Charlotte Metro Credit Union (CMCU) has raised the rates on all four of its 18-month Share Certificates to 3.00% APY. Each of the four 18-month Share Certificates require a different minimum deposit: Share Certificate ($2k), Senior Share Certificate ($5k), Jumbo Share Certificate ($50k) and Jumbo Senior Share Certificate ($100k). While the Senior Share and Jumbo Share Certificates...

Western Vista Federal Credit Union (Western Vista) recently added two new CD Specials – a 21-month (2.53% APY) and a 13-month (1.85% APY). Obviously, the 21-month offers a very competitive rate, with the 13-month having a mediocre rate. The minimum opening deposit for either is $500, with no stated balance cap.

In September, Western Vista had three CD Specials, including...

BCU (formerly known as Baxter Credit Union) has added an 11-month CD Special earning 2.25% APY. The minimum deposit is $500, with no stated balance cap.

While BCU does offer higher rates (between 10 and 25 bps) on its CDs through its Rewards Rate program, the 11-month CD Special is excluded.

According to CSR, the Early Withdrawal Penalty for CDs with terms of 12 months or less is...

Two months ago, Marshall Community Credit Union (MCCU) was promoting a 15-month CD Special, with 16 different APYs ranging from 2.00% to 3.00% APY. While that promotion is no longer available, MCCU is currently offering a 16-month CD Special, with 16 APYs ranging between 2.15% and 2.95%. The APYs are based on a combination of four deposit levels ($1k, $25k, $50k, $125k) and four Member Rewards Program levels (Valued,...

Credit unions often make CD rate changes at the start of the month, and this time, many of those changes were rate cuts. If you exclude credit unions, the pace of CD rate cuts appears to be slowing. I would expect CD rate cuts to continue to slow down if the Fed starts a long pause period.

In the last two weeks, noteworthy rate changes have occurred at the following banks. I’ve separated them into two groups. The first includes the popular banks. Note, Synchrony Bank made one slight rate increase....

The last scheduled FOMC meeting of 2019 will take place next week, and signs still point to the Fed holding rates steady even with disappointing economic data on Monday. The ISM manufacturing index came out on Monday, and the index fell below expectations. However, this shouldn’t have an effect on the Fed’s policy decision. Economist Tim Duy reviewed the ISM data and its impact on the Fed in this Fed Watch blog post. He doesn’t see the ISM index having an effect on Fed policy:

As I mentioned last week,...

In early September, USALLIANCE Financial (USALLIANCE) raised the rate on its 15-month Certificate Special to 2.70% APY, an impressive increase of 119 bps. That rate only lasted about two weeks before the 15-month Certificate Special was withdrawn from the product line. USALLIANCE started December by bringing back the 15-month Certificate Special at a lower, but competitive, 2.40% APY. This limited-time offer requires a minimum opening...

About a year ago, Orion Federal Credit Union (Orion FCU) raised the rate and qualifying balance cap on its Premier Checking account (4.00% APY, up to $30k), making it one of the top-rated nationally available rewards checking account. As of yesterday, the Premier Checking account has a totally new rate structure, which has lowered both the APY and the qualifying balance cap. The following chart...

Here’s something to be grateful for: Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is now an easy membership requirement credit union and is offering 3.03% APY on its 5-year Fixed CD. The minimum opening deposit is $500, with no stated balance cap.

The 5-year Fixed CD is also available as a Fixed IRA (Traditional, Roth, CESA), earning the same 3.03% APY with the same funding requirements.

As stated in the Truth-in-Savings disclosure, partial withdrawals...

In early August, I wrote about all-time-high Share Certificate APYs offered by P1FCU. While the Share Certificates experienced significant rate decreases about two weeks ago, these long-term APYs are still competitive, particularly the 60-month Share Certificate APY.

Previously, P1FCU’s Share Certificates had tiered APYs (based on deposit levels of $500, $10k, and $100k), but the current rates are the same for all...