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Bank Deals Weekly Summary for March 24, 2007


For the sixth consecutive meeting the Fed held the target for the fed funds rate at 5.25% this week. The big news this time was the change in the Fed's statement. There was no mention of "additional firming" would be needed to address the risk of inflation. As this CNN article describes, the significance of this omission is not clear. But it does seem to suggest there are worries that the housing problems could lead to a slowdown in the economy.

The increased chance of rate cuts for later this year seems to be putting downward pressure on CD and savings account rates. This week drops in savings account rates occurred at Direct Huntington and Corus Bank. CD rate cuts occurred at Presidential Bank, GMAC, Corus and Netbank. Most cuts were in the longer terms so the inverted yield curve seems to be growing once more.

EmigrantDirect reduced the rate on its My Way CDs from 5.20% to 5.10% APY. This is the same rate for all terms (6 months to 10 years).

World Savings reduced the rate on its internet special CDs by 5 basis points. The new rates are 5.51% APY for the 10-month CD and 5.40% APY for the 5-month CD.

One good CD deal this week with easy availability is at Northrop Grumman FCU. Early this month the 6-month certificate rate had a big jump. The yield is currently 5.71% APY for a minimum $40K deposit. A minimum deposit of $2.5K earns 5.45% APY. The 12-month CD is also very competitive with a 5.51% APY for the $40K minimum deposit. Note, rate changes are made every Tuesday, so it's hard to say if these will last. These have held for the last couple of weeks (see post).

A good money market deal this week is Capital One's Money Market account for Costco customers. Cap One increased the bonus for new accounts from $25 to $50. It doesn't have the best rate at 5.20% APY, but it has always remained competitive. Plus, it has some other perks that many of the savings accounts lack such as check writing with free checks (see post).

HSBC's 6% new money promo still has about 5 weeks left (see post). If you don't already have an HSBC account, you may be better off with other savings accounts that'll more likely give you a higher rate for the long term. See my discussion on this in last week's weekly summary.

For the list of local deals, refer to the local CD deal section below.

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 Mar 17th, Mar 10th, Mar 3rd, Feb 24th, Feb 17th, Feb 10th, Feb 3rd and Jan 27th.

As of March 24, 2007

Checking/Savings/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:

24-Month Certificate 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

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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
Anonymous   |     |   Comment #1
Is there a reason IndyMac Bank Internet Money Market Savings is not listed in your first listings? Current rate is 4.88% on $1k or more.
Banking Guy
Banking Guy   |     |   Comment #2
Seems like they didn't use to have a competitive savings account. But as you noted, their 5% APY Internet Money Market Savings account is now competitive. So I'll be sure to include it in my next weekly update. Thanks.