Bank Deals Blog

Virginia-based Langley Federal Credit Union (Langley FCU) has been offering monthly CD promotions for more than a year. April’s featured product is a 22-month Promotional Certificate, which earns a competitive 5.35% APY. This limited-time offer can be opened with a $500 minimum deposit, with no stated balance cap. (FYI – previous promotions required new money, but the 22-month Promotional Certificate does not.)

The fine print on the landing page lists the 22-month Promotional...

Last week’s 25-bp Fed rate hike showed that the Fed hasn’t forgotten about inflation. However, in the post-meeting press conference, Fed Chair Powell did admit that the developments in the banking sector may lower the federal funds terminal rate. The Fed’s Summary of Economic Projections (SEP) also indicated this with most of the Fed officials projecting only one more 25-bp rate hike this year. After rates peak, the Fed doesn’t foresee quick rate cuts. As Fed Chair Powell told reporters in the press conference, “In that most likely case,...

I must admit, I did not have the Money Market Premier (MMP) account offered by Northern Bank Direct (NBD) on my “DA Money Market Account Bingo Card.” Following...

Brilliant Bank (internet division of Equity Bank) has a limited CD product line, consisting of two CDs – 9-month and 15-month. While the 15-month CD 4.85% APY has remained unchanged for almost four months, the 9-month CD added 75 bps in two rate increases in the past week. Currently earning 5.25% APY, the 9-month CD can be opened with a $1k minimum deposit and is capped at $500k.

Old Missouri Bank (OMB) has unveiled a 13-month CD Special earning 5.13% APY. This limited-time offering can be opened with a $1k minimum deposit with no stated balance cap. CSR stressed the limited-time availability, although no set end-date has been announced; once again, it’s case of it will be available until it is not.

FYI – In addition to the 13-month CD Special, OMB has a limited-time 16-month No Penalty...

Most banks and credit unions have been concentrating on raising rates on their short-term CDs, leaving the longer-term CDs treading water. This rate increase inequity has led to inverted yield curves, but as DA reader, Robb, noted in a recent Freedom Credit Union (Freedom CU) Forum post,

Following last week’s rate increases, Freedom CU is offering competitive rates on its longer-term CDs: 36-month...

Colorado-based Canvas Credit Union (Canvas CU) has brought back its 13-month CD Special with a rate-leading 5.25% APY. Available for a limited-time, the 13-month CD Special can be opened with a $1k minimum deposit, with no stated balance cap.

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

If a CD is closed within six months of opening, an early closure fee of $25 will be assessed.

Availability

Less than two weeks ago, the 1-year Term CD offered by Rising Bank (the internet division of Missouri-based Midwest BankCentre) became competitive with a new 5.00% APY. Rising Bank ended this week by adding another 20 bps to the 1-year Term CD, which now has the highest 1-year CD rate for a small minimum deposit offered by both internet banks and brick-and-mortar banks. The minimum opening deposit is $1k, with a maximum balance...

The Merchants Bank of Indiana (MBoI) Flex Index CDs are variable rate CDs tied to the Prime Rate (Prime Rate minus a margin of 2.75%). N.B. – the Prime Rate is typically equal to the upper limit of the target federal funds rate plus 300 bps. Following Wednesday’s Fed 25-bp rate hike, the...

DA déjà vu, anyone? It’s only been a week since I wrote about a CFG Bank High Yield Money Market (HYMM) rate increase, so you may think you’ve read this blog post before. The best part of DA déjà vu is that the rates will be higher than you remember.

Following the Fed rate hike on Wednesday, CFG...

The Fed followed through with the expected 25-bp rate hike. When the banking crisis began after the failure of Silicon Valley Bank, the odds of a 25-bp rate hike today went down fast. The Fed was under pressure to pause today for the sake of financial stability. The fact that it decided to follow through on a rate hike shows some commitment in bringing down inflation. In addition to continuing the rate hikes, the Fed is also continuing the reduction of its balance sheet with no changes in its pace.