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Bank Deals Weekly Summary for February 17, 2007


The best savings account deal this week continues to be HSBC Direct's 6% new money promo (see post). However, if you're more concerned with having the highest savings account rates for the long term, you may want to consider other options such as AmTrustDirect. It increased the rate on its e-Money Market Account from 5.30% to 5.36% APY this week (see post). AmTrustDirect's rate had been at 5.30% since last September. All during this time until the recent promo, HSBC Direct's rate held at 5.05% APY.

I posted on a new online savings account this week at FNBO Direct. This is another no-minimum online savings account with a competitive 5.25% APY yield (see post). Earlier this month I had posted on another new online bank at Direct Huntington which is offering 5.30% (see post). Both of these are from brick-and-mortar banks which are trying to enter the new online savings account market. These B&M banks are quietly entering this market. They don't want to see a mass movement of their deposits go from the low-interest B&M accounts into these high yield accounts. Neither one has any links on their main banking sites pointing to these new online savings account sites.

CD rates seem to be slowly trending up. E-LOAN increased rates on several of its CD terms this week. The highest rate is now 5.38% APY on its 18-month CD. Merrill Lynch Bank has a new special 5.50% APY 6-month CD for deposits over $25K (see post). Netbank continues to increase its CD rates (see post). You can now get a 5.50% APY 1-year CD at Netbank, and if you're a new customer, you can get a $100 bonus. Mutual Bank started some new long-term CD specials with a 5.47% APY 24-month and 36-month CD (see post).

Several credit unions (some with easy membership) continue to offer special CDs with rates around 6%. These include Navy FCU with a 6% 15-month CD (see post), Huron River Area Credit Union with a 6% 12-month CD (see post), MACO Educators FCU with a 5.96% 12-month CD (see post) and Patelco Credit Union with a 5.75% 14-month CD (see post). In addition to CDs, Lockheed FCU has a 6% money market account for balances up to $10K. Lockheed FCU is another credit union with easy membership (see post).

There's a good local CD deal for those who live near Jacksonville, Florida. Southeastern Bank is offering a 6.18% APY 60-month CD (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 10th, Feb 3rd, Jan 27th, Jan 20th, Jan 13th, Jan 6th, Dec 30th and Dec 23rd (short version).

As of February 17, 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