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Banking Deal Summary for Dec 3rd


There were a few increases in money market account rates this week. GMAC Bank just recently raised its money market rate from 4.05% to 4.10% APY. This matches the new rate at MyBankingDirect.

The Self Help Credit Union (SHCU) made a 0.20% increase to its money market account. The rate is now 3.86%. Although the SHCU's CD rates change daily, the week ended with some new high CD rates. SHCU's 6-month CD increased from 4.66% to 4.76% APY and the 12-month CD increased from 4.84% to 4.97% APY. The longer term CDs with terms of two years and over all have rates over 5% with the 5-year CD rate at 5.12% APY. These CDs have the unique feature that allows you to add to them during the term without affecting the rate or term. I describe in this post how this feature can be used to offset interest rate uncertainty.

The only other bank to make an increases to its CD rates was GMAC Bank. Its 1-year CD went from 4.75% to 4.80% APY. I've also added the 6-month CD offered by MyBankingDirect. Its 6-month CD (now earning 4.20% APY) finally has a rate over its money market rate.

I posted on two new signup bonuses this week for these high-interest-rate national banks. The first was a $50 bonus from ebank for signing up for its ePremium Checking account. The second was a new $25 signup bonus for HSBC's OnlineSavings account.

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 Nov 26th, Nov 19th, Nov 12th, Nov 5th, Oct 29th and Oct 22nd.

As of December 3, 2005

Savings/Money Market Accounts:

6-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

Checking and Saving Accounts at Local Credit Unions

CD Specials at Local Credit Unions/Banks

CD Alternatives
Banking Guy
Banking Guy   |     |   Comment #1
This 1-year 5% CD is still available from Point West CU.
Leif Wickland
Leif Wickland   |     |   Comment #2
It looks like you turned on full text in your RSS feed. Thank you!