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Bank Deals Weekly Summary for June 14, 2008


Quick Link for Rates, Recap of this week's posts

There were several indications this week that the Fed may soon start increasing the Fed Funds rate. With Bernanke's latest remarks and yesterday's CPI numbers, the odds of a rate hike are increasing. Options on federal funds futures are indicating a probability of about 25% of the Fed increasing the funds rate to 2.25% at the June FOMC meeting and a probability of close to 60% for a rate increase in the August FOMC meeting.

FNBO Rises to 3.50%, AARP Drops to 3.50%

With the increasing odds of rate hikes, savings accounts become more attractive. FNBO Direct was another online savings account to increase the savings account rates to 3.50% APY (see post). After HSBC Direct's promo was launched at the start of June, the 3.50% APY is quickly becoming a popular yield. Unfortunately, AARP Financial Savings Center dropped to this 3.50% APY today. Both the savings account and Jumbo MMA yields fell from 4.05% to 3.50% APY (see post).

Only Three 4% Savings Accounts Left

There are still some 4% savings accounts. EverBank and 1st Constitution Direct both offer a 3-month 4% APY promo. Alliant Credit Union continues its 4% APY on its savings account.

4% Short-Term CDs Still Rare

CD rates have increased more than savings account rates as banks see increased odds of higher rates in the future. Most of the rate hikes continue to be in terms of one year and longer. Yields of 4% and over become more common for these terms. Yields of 4% are rare for terms under 1 year. Indymac Bank increased the yield on its 10-month CD special to 4.10% APY. Another CD available nationwide is a 4% APY 7-month CD special at Christian Community Credit Union (only ASI insured and not NCUA).

More 4% CDs on Terms of One Year and Up

For 12-month terms, AmTrustDirect is now offering 4% APY. This is on top of my 12-month CD list (see post).

I have 5 banks offering 4% APY for 18-month terms. Indymac Bank had been offering a 4.15% APY 18-month CD special, but it has replaced this with a 4.20% APY 24-month CD. But the best deal for a 2-year CD is at KeyDirect which is now offering 4.50% APY for a 23-month CD.

More 5% Long-Term CDs with Terms a Little Shorter

A 5% APY is starting to drop into shorter terms. KeyDirect is offering 5% APY on 48-month terms. Previously, this was only available for 5-year and longer terms. The best 5-year CD rate this week is at US Bank which is offering a 5.25% APY on a 59-month CD. Note, this may not be available in all states. Also important to note is that US Bank has a very severe early withdrawal penalty which is another reason, in addition to the expected rate hikes, to avoid this long term CD (see post).

More Nationwide Reward Checking Accounts

I added 3 more banks and credit unions on my list of nationally available reward checking accounts. All three offer yields of around 5%. The 5 new reward checking accounts that I reported on this week all have yields around 5%. We're seeing fewer 6% reward checking accounts, but considering the best savings accounts have yields of only 4%, a 5% yield may still make the extra requirements of reward checking worthwhile. For my full list of reward checking accounts, please refer to my High Yield Checking website.

Recap for the Week - Links to This Week's Posts

Banking News

Savings and Money Market Deals - National

CD Deals - National

Checking/Savings Account Bonuses

Reward Checking Accounts

CD and Money Market Deals - Local

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 Jun 7th, May 31st, May 24th, May 17th, May 10th, May 3rd, Apr 26th, Apr 19th and Apr 12th.

Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Reward Checking, Local checking/savings, Bank alternatives CD Rates: 3 Mo CDs, 6 Mo CDs, 9 Mo CDs, 12 Mo CDs, 18 Mo CDs, 24 Mo CDs, 36 Mo CDs, 48 Mo CDs, 60 Mo CDs, 84 Mo CDs, CDs by state Comments: read and discuss

As of June 14, 2008

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:

18-Month Certificates of Deposit:

24-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 Yield Reward Checking Accounts - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

CD Specials at Local Credit Unions/Banks Over the Last Month

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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

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)