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Bank Deals Weekly Summary for January 6, 2007


The New Year started off slow for bank rate changes. We lost two nice short-term CD specials at two credit unions with easy membership. Patelco Credit Union's 5.75% 8-month CD special ended last month and NASA FCU's 5.80% 7-month CD special also ended. However, both have started some new CD promotions. Although they're not as good as the previous ones, they'll still competitive. Patelco's new special is a 5.64% APY CD with terms from 12 to 23 months. The yield is 5.75% for the IRA. Note, Patelco is privately insured by ASI and is not insured by the NCUA (see post). NASA FCU is now offering a 5.25% 8-month CD and a 5.35% 14-month CD.

There was one credit union with easy membership that extended its CD special into January. Huron River Area Credit Union extended its 6.00% APY 4-month CD to January 29th. Like Patelco and NASA FCU, you can join Huron by joining an organization for a small fee. As with all credit unions, once you join the credit union, you don't have to maintain membership in the organization that made you eligible. For more info on Huron, please refer to this post.

For long-term CDs, Pentagon Federal Credit Union (Penfed) continues to be the best deal with their 6.25% APY CDs for terms of 3, 4, 5 and 7 years. These should be available at least till January 31st. This rate is way above what you can get at other nationally available banks or credit unions. The main question you'll have to ask is if you want to lock into a long-term CD. Refer to this post to help you decide if a long-term CD is right for you. For more info on Penfed and these 6.25% CDs, please refer to this post.

For local deals, RateEdge increased the rate on its no-minimum online savings account from 5.25% to 5.35% APY. Since it began in 2005, RateEdge has maintained top rates. Unfortunately, it's a division of Sunmark FCU with membership eligibility primarily limited to those who live in areas of New York State. I like to keep mentioning RateEdge to encourage everyone to push their own credit unions to offer similar high yield online savings accounts. Please refer to this post for more info on RateEdge.

Another good local deal is being offered by the Bank of Little Rock which has a new 6.01% checking account. This is one of those checking accounts that pays a very high yield up to a certain balance ($25K for this case) but requires direct deposit and certain usage of your debit card. This can be a good account for those who don't mind the requirements. Please see this post for more details. I also list several other banks that are offering similar checking accounts.

In addition to bank checking accounts, you might want to consider money market funds. Many of the brokerages like Vanguard and Fidelity have money market funds that currently pay over 5% and have unlimited check writing privileges. These often have minimum deposit requirements ($3K for Vanguard) and require checks be at least a certain amount ($250 for Vanguard). It's important to note that these are not FDIC insured. However, I would consider the risk very small for money market funds at the major brokerages. Please refer to my list of bank account alternatives below.

For more local deals, please refer to the local CD list. I've reviewed many of them and removed those no longer available. However, I can't go through all of them. Please check with the bank or credit union's website to confirm availability. If you find any that are out-of-date, a comment would be 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 Dec 30th, Dec 23rd (short version), Dec 16th, Dec 9th, Dec 2nd, Nov 25th, Nov 18th and Nov 11th.

As of January 6, 2007

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 / Large Balances - 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

Bank Account Alternatives