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Banking Deal Summary for Nov 12th


There's a new leader of the money market/savings account. UmbrellaBank raised its Pot o`Gold Money Market account from 4.00% to 4.15% APY. It's now higher than Presidential's Premier Savings account which is still at 4.12% APY. I should note that Superior Savings bank still has a 4.50% APY money market account. However it has a $25K minimum balance requirement. Below that and you earn 0% interest (see post). Because of this high balance requirement, I'm not including it in my list.

The main problem with UmbrellaBank is that it doesn't have bank-to-bank ACH transfer capability like EmigrantDirect or ING Direct. However, you can use another bank to make ACH transfers. So you might want to pair UmbrellaBank with a bank like USAA Bank which has a great checking account and great online features.

Like savings account rates, CD rates continue to rise. Corus Bank's 1-year CD went from 4.65% to 4.75% APY which is now the top 1-year CD from a bank. Its 6-month CD went from 4.35% to 4.40% APY.

In addition to its money market rate increase, UmbrellaBank made significant increases to its CD rates. The 6-month CD went from 4.25% to 4.40% and the 12-month CD went from 4.50% to 4.70% APY.

The largest rate hike was at ebank which increased the 6-month CD from 4.00% to 4.35% and the 12-month CD from 4.25% to 4.60% APY. You might actually be able to get 0.25% higher on these if you also open an ePremium Checking account. This would make the 6-month and 12-month rates 4.60% and 4.85%. Just like stores that advertise prices afer the mail-in rebate, I'm wondering if ebank may be doing something similar. So I've emailed them to confirm this.

The top 6-month and 1-year CD rates available nationally continue to be from Self-Help Credit Union (SHCU). As I've mentioned in this post, a one-time $25 membership fee to its non-profit organization makes anyone eligible to join. It's important to note that SHCU's CD rates change daily. Also, a commenter made the important note that SHCU won't lock in the CD rate until your check arrives. In the last week, the CD rates have fluctuated between 4.78% and 4.92%. The other important note regarding SHCU's certificates of deposit is that you can't make an early withdrawal. You're totally locked in until maturity. Most bank CDs allow an early withdrawal with a penalty. Refer to my post for more info.

Finally, if you're lucky enough to be eligible for membership, some credit unions are offering 3-month, 6-month and 1-year CDs of 5.00% APY.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Nov 5th, Oct 29th, Oct 22nd, Oct 15th, Oct 8th and Oct 1st.

As of November 12, 2005

Savings/Money Market Accounts:

6-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

Short Term Special CDs

Longer Term CDs

CD Alternatives

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Anonymous   |     |   Comment #1
USA 1 National Credit Union, Illinois www.usaonecu.com, offers a CD special:

15 month C.D.
$10,000 min. for 5.38% APY
$20,000 min. for 5.48% APY
$30,000 min. for 5.58% APY
$40,000 min. for 5.68% APY
$50,000 min. for 5.78% APY
$60,000 min. for 5.90% APY

American First Credit Union, Califonia
www.amerfirst.org, offers the "Advantage Money Market" at 5.11% APY with a minimum deposit of $10,000. This rate is guaranteed until February 1, 2006.

DuPage Credit Union, Illinois www.dupagecu.org, offers a tiered Wealth Management Checking Account that pays 4.6% APY for balances of $1,000,000 or more.
Banking Guy
Banking Guy   |     |   Comment #2
Thanks for the great credit union deal info!