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Banking Deal Summary for Dec 17th


I thought there was a good chance that EmigrantDirect would raise its savings account rate after the Fed rate hike this week. But Emigrant remained at 4%, and now Emigrant is being left behind by even wider margins. HSBC raised its Online Savings Account rate from 4% to 4.25%. UmbrellaBank became the new leader in the savings/money market account rates with its increase from 4.15% to 4.40%.

This reminds me of what happened in August and early September. From my August 20th weekly summary shows, EmigrantDirect was in a similar situation as it is today with several banks with higher rates. For most of September, HSBC maintained a 0.25% lead (see chart). I'm thinking Emigrant may wait till after New Year to make a 0.50% increase. The holidays will be over, and they'll be able to get more attention then.

For CDs there wasn't much change this week. Corus and GMAC both had 0.05% increases to their 6-month CDs. The Digital Federal Credit Union brought back its 5% 16-Month CD. DCU is one of the few credit unions in which anybody in the nation can join. Ascenia Bank almost reached 5% with its 12-month CD. The rate is 4.90% APY, and it's available online.

One thing that I tried to do better this week is to separate the national deals with the local deals. I've added a few more national CD rates on top. You can live in any state to be eligible for these. The CDs and savings accounts on the bottom have local restrictions. Some credit unions may have additional eligibility requirements.

MMA next to the rates indicate a money market account. 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 10th, Dec 3rd, Nov 26th, Nov 19th, Nov 12th and Nov 5th.

As of December 17, 2005

Savings/Money Market Accounts:

6-Month Certificates of Deposit:

8-Month Certificate of Deposit:
    World Savings - 4.61% ($10K min with new funds), my post

12-Month Certificates of Deposit:

16-Month Certificates of Deposit:
  • DCU - 5.00% (min $1K), my post

18-Month Certificates of Deposit:

26-Month Certificate of Deposit:

60-Month Certificate of Deposit:
  • Mutual Bank - 5.50% ($5K min), my post

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

CD Specials at Local Credit Unions/Banks

CD Alternatives