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Bank Deals Summary for Dec 23, 2006 (Short Version)


I'm going to have to keep my weekly update short today due to the holidays. I wish everyone happy holidays. Pentagon Federal Credit Union may be giving us a nice Christmas gift next week. Thanks to the investigations of several readers, we learned that Penfed may be coming out with a 6.25% APY CD with terms of 3 years to 7 years. Several readers have confirmed this with Penfed customer service reps, however, the rates won't become official and listed on Penfed's website until next Thursday. Penfed is open to all. For details about joining Penfed and opening a Penfed CD, please refer to my post in which I describe my experiences.

There weren't many rate changes this week. The few changes that did take place were rate drops. Corus Bank lowered its 6 and 12 month CDs from 5.40% to 5.35% APY. AmTrustDirect lowered its 9 month CD from 5.51% to 5.41% APY.

For local deals, Chartway FCU still has its 777 promotion (7% APY 7-month CD with a cap of $7K). The cap can be increased to $21K with referrals (see post). The Arizona Holsum Credit Union is still offering its 8.30% APY 8-month CD. A reader mentioned in this post that many outside of Arizona may be eligible if you call. However, it should be noted that it's a small credit union, and they may not be able to handle too many new members.

For a full list of rates, please refer to my last week's weekly summary. I'll try to be back to my normal weekly update next week.
Mike Guzzo
Mike Guzzo   |     |   Comment #1
Happy Holidays to you too!
leehsm   |     |   Comment #2
Grandson want to buy Penfed CD. Can a 14 year old purchase and have a CD in his name. Thanks, Lee
shrazzy   |     |   Comment #3
I doubt it. You need to buy 18+ years old to be legally able to sign a contract. Just do a joint acct :D
Anonymous   |     |   Comment #4
Hope you have a great holiday and thanks for your work here. I am so excited about Penfed!
informedbanker   |     |   Comment #5
I wonder if you can get approved for Penfed if you are already a USAA member. I'll have to check that out.
Banking Guy
Banking Guy   |     |   Comment #6
As shrazzy mentioned, I think you have to be 18-year to purchase a CD. You may be able to open a joint account with him. I would recommend contacting Penfed.

About Penfed membership, it's open to anyone who pays $20 membership fee into NMFA (see post. I'm not sure how to avoid this $20 fee if you don't have affiliation with the military.