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Bank Deals Weekly Summary for February 10, 2007


A few banks seem to be trying to counter HSBC's 6% savings account promo (see post) with their own promotions. Citibank has been heavily advertising a $25 sign-up bonus for its e-Savings Account (Note, you may be able to get up to $200 in bonuses. See post), and ETrade Bank just started a $25 signup bonus for its Complete Savings Account (see post). ETrade seems intent to gain market share in online banking. They must have spent some major dollars for their Super Bowl commercials last Sunday (see commercial).

In terms of rates, this was a slow week with little change. UFB Direct increased its long-term CD rates including a 5 percentage point increase on its 12-month CD to 5.35% APY. Imperial Capital Bank dropped its short-term CD rates, but raised its long-term CD rates up to 20 percentage points.

As expected, Navy FCU came out with their 6% APY 15-month CD promotion (see post). If you have any connection to the Navy, you may be eligible to join. However, several readers have commented that their Navy connections were not good enough.

If you are unable to join Navy FCU, you may want to try Huron River Area Credit Union which came out with a 6% APY 12-month CD (see post). You can be eligible to join this credit union by joining an association open to all. Another credit union with easy membership rules is offering a 12-month CD with a yield close to 6%. MACO Educators FCU is offering a 5.96% APY 12-month CD (see post). Both of these credit unions are much smaller than Navy FCU and don't have the extensive customer service support system and easy online account opening process. Nevertheless, both are NCUA insured.

Even though Patelco Credit Union isn't NCUA insured, its size is more in the league of Navy FCU. Patelco came out with another CD promotion that offers a 5.75% APY for a 14-month term. The 5.64% APY 12-to-23 month CDs and the 5.75% 12-to-23 month IRA CDs are still available (see post).

For those in Southern California, Wescom Credit Union has a nice CD special promoting its new Sunday hours. For the next four Sundays, Wescom is offering a 7% APY 7-month CD with a maximum allowed deposit of $7K. It's almost like a checking account bonus since it requires that you open its Premium Interest Checking Account (see post).

There's another good local deal this week for those in Northern Nevada. Clearstar Financial Credit Union is offering a 6.10% APY checking account good for balances up to $25K. It's another one of these reward checking accounts which requires monthly debit card usage and direct deposit. If these requirements are not too much hassle for you, this can be a good deal (see post).

For more local deals, please refer to the local CD list. Many of these deals don't last long. 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 Feb 3rd, Jan 27th, Jan 20th, Jan 13th, Jan 6th, Dec 30th, Dec 23rd (short version) and Dec 16th.

As of February 10, 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:

14/15-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