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Bank Deal Summary for December 2, 2006


Bank deals and rate changes picked up this week after the Thanksgiving weekend, but unfortunately, CD rates and even some savings account rates dropped this week at several banks and credit unions. CD rates dropped at E-LOAN, GMAC Bank, AmTrustDirect, Transportation Alliance Bank and at World Savings. GMAC Bank dropped its money market account rate from 5.30% to 5.25% APY. FirstFedDirect also dropped its savings account rate from 5.25% to 5.16% APY. The yield curve continues to become more and more inverted with most of the rate drops affecting the long-term CD's. It's clear that once we get a drop in the Fed funds rate, we'll likely see all of the savings account rates quickly fall along with it.

But one thing that should help the rates on the online savings account is the added competition. Another new online savings account was launched this week by Flushing Savings Bank. It's called iGobanking, and the APY is 5.30% with no fees or minimums. This is now the highest rate for a no-minimum savings account (see post).

Close behind iGobanking is Apple Bank for Savings' Grand Yield Direct with a 5.27% APY no-minimum savings account. Apple Bank started promoting a $25 sign-up bonus this week in ads at Bankrate (see post).

Also close behind iGoBanking is Amboy Direct's 5.25% APY Premium Savings Account with no fees or minimums. Amboy started a rate tier this week for this account. Those with balances over $20K will now earn 5.35% APY (see post). Rate tiers seem to be gaining ground with online banks.

ING Direct finally launched its new checking account this week (see post). It's only available now to targeted customers. It's planned to be available nationally in February 2007. The one thing that wasn't expected about this checking account was a tiered rate structure (more tiers). The yield for balances over $100K is 5.30% APY. Balances over $50K earn 5.05% APY, and balances under $50K earn 3.00% APY. Perhaps this is ING Direct's way of trying to keep some large-balance customers. Even with ING's latest rate bump on its savings account this week (4.40% to 4.50% APY), you can still get 100 basis points higher rate at E-LOAN's savings account.

The 6% CD is becoming an endangered species. Digital Credit Union ended its 6% 16-month CD on Friday. This 6% special had lasted since July. DCU's new CD special is only a 5.50% APY 13-month CD (see post). Also, Agriculture FCU's 6% 5-year CD only lasted about a week. It ended on Wednesday and was replaced with a 5.50% APY 5-year CD. So now the only 6% deals left that are widely available are Everbank's 6.01% 3-month checking promo (see post) and Navy FCU's 6.00% 7-year CD. Navy FCU does have membership restrictions, but if you have any connection to the Navy and are interested in their CD's, you should call them and see if you're eligible (see post).

There are still several local credit unions and banks in which you can get 6-percent-plus CD's. If you're lucky, you'll find one in which you are eligible to join. For a complete list of these recent local CD deals, refer to my local CD list below. Remember that many of these deals don't last long. Please check if the rate is still active at the bank or credit union's website. If you see that a deal has ended, a comment is much appreciated.

Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't post on all of your suggestions.

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available for Nov 25th, Nov 18th, Nov 11th, Nov 4th, Oct 28th and Oct 21th.

As of December 2, 2006

Savings Accounts/Money Market Accounts:

3-Month Certificates of Deposit:

6-Month Certificates of Deposit:

9-Month Certificates of Deposit:

12-Month Certificates of Deposit:

18-Month Certificates of Deposit:

36-Month Certificate of Deposit:

48-Month Certificate of Deposit:

60-Month Certificate of Deposit:

84-Month Certificate of Deposit:

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

CD Specials at Local Credit Unions/Banks Over the Last Two Months

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives
Adam   |     |   Comment #1
6% 3 month CD http://www.meriwest.com/hotrate/
John   |     |   Comment #2
That's massive amount of info to keep track of it. How do you keep track of it all?
Banking Guy
Banking Guy   |     |   Comment #3
Adam, thanks for the info. It's included under the local CD deals for terms under 12 months. Here's the post.

John, Yes, it's turning out to be a lot of data. Over the last year, it has grown quite a bit since there are so many new online banks. I also try to keep banks and credit unions on the list even after they no longer have top rates so you can see their history. However, I have been dropping some of them off.