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Banking Deal Summary for Dec 10th

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There were several big savings account rate increases this week. GMAC Bank is now the leader of the high rate savings account. Early today it raised its Money Market Savings account rate from 4.10% to 4.30% APY. Earlier in the week, ING Direct finally made a significant increase to its savings account rate. It's now at 3.75% APY. It's still a long way from the top. Capital One Savings and Money Market account rates increased from 3.75% to 4.00% APY. This is the non-Costco version that's open to all.

There wasn't as much change with the CD rates. GMAC Bank increased its 6-month CD rate from 4.45% to 4.50%. ING Direct increased its 6-month CD rate from 4.10% to 4.20% and its 1-year CD rate from 4.35% to 4.40% APY. Short term savings and CD rates continue to rise faster than long term rates.

In the list below I've added MMA next to the rates to indicate money market accounts. Most of these money market accounts have check 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 Dec 3rd, Nov 26th, Nov 19th, Nov 12th, Nov 5th and Oct 29th.

As of December 10, 2005

Savings/Money Market Accounts:

6-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

CD Specials at Local Credit Unions/Banks

CD Alternatives


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