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Banking Deal Summary for Nov 19th


I've added a new bank to the list. It's Western Financial Bank (WFB), and it currently has the highest no-minimum money market account of 4.25% APY. There are a few things about this money market account that could be improved such as its partial ACH bank-to-bank transfer system (only deposits can be initiated online). Also, it doesn't provide any refunds of surcharges when using other banks ATMs. In addition to the money market account, WFB also offers checking accounts and CDs. The CD rates are currently pretty weak. Refer to this post for more info about WFB.

For all the other banks, rates continue to trend upward. The Self Help Credit Union (SHCU) had a 0.26% increase in its money market account. It's now at 3.66% APY. GMAC Bank increased its money market account from 4% to 4.05%. Corus Bank's money market account for deposits under $100K inched closer to 4%.

ING Direct increased its 6-month and 12-month CD rates by 0.10%. Several 6-month CDs had increases of 0.05%. SHCU remains on top with a 4.68% 6-month CD and a 4.90% 12-month CD. For banks, Corus is the leader with a 6-month CD of 4.45% and a 12-month CD of 4.75%. However, I confirmed this week that you can get an extra 0.25% on ebank's CDs if you have an ePremium Checking account. With this extra amount, ebank's 6-month CD becomes 4.60% and its 12-month CD becomes 4.85% (more at this post).

In the list below I've added MMA next to the rates that are from money market accounts. Most of these money market accounts have checking writing and ATM cards. Online savings accounts usually lack both of these.

The rates listed below are in APY. No minimum balances are required unless noted. Previous weekly summaries are available for Nov 12th, Nov 5th, Oct 29th, Oct 22nd, Oct 15th and Oct 8th.

As of November 19, 2005

Savings/Money Market Accounts:

6-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

Saving Accounts at Local Credit Unions

CD Specials at Local Credit Unions/Banks

CD Alternatives

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