I wanted to wish everyone a Happy Thanksgiving. Thanks for all of your support this year.
Even though this has been a difficult year for savers, it hasn't been all bad news. There have been some good bank deals this year that we can be thankful for. To help remind us of these, I looked back on the year. Here are a few of this year's bank deals that we can be thankful for:
- The special 2.83% APY 5-year CD at Velocity Credit Union was a nice surprise this November. This is one of the latest nationally available deals, and thankfully, it was extended to November 30th. I have more details in my Velocity Credit Union CD review.
- You can still get over 4% on a liquid account with the rate guaranteed until mid 2012. It's a free reward checking account at Consumers Credit Union that pays 4.09% APY on balances up to $10K if monthly requirements are met, and the credit union is guaranteeing this until June 30, 2012. There's also an easy way to get a $50 bonus for opening this account.
- Series I Savings Bonds became a good deal this year compared to bank CDs thanks to higher inflation. For those who purchased I Bonds between May and October, you can make it to be like a 1-year CD with a yield of around 3.30% (see my I Bonds review). If you hold it longer, we don't know what the future returns will be, but at least it will follow inflation as measured by the CPI-U. If you didn't get a chance to buy I Bonds before November, you can still get a good short-term deal that's better than any 1-year CD rates. Don't forget that you will no longer be able to buy paper I Bonds at banks starting next year.
- 3.33% APY 5-year CD did not last long at U.S. Senate Federal Credit Union, but several readers reported opening this CD before the rate was cut. Thanks to the reader who found out a way for anyone to qualify for membership. The credit union continues to offer some competitive CD and IRA CD rates (see my last review).
- Many of the best deals were local deals, and probably the best of the local deals this year was the new branch special offered by Visions Federal Credit Union in Rochester, New York. During May and June the credit union offered Rochester residents a 5% 5-month CD and a 3.50% 35-month CD. These were relationship rates that required some work, but they were good deals for those who were eligible.
- Many PenFed members were able to qualify for the Watch It Grow CD promotion which took effect in January. It offered members CD rates that we may not see again for a long time. These included a 5% APY 10-year CD, a 4.25% APY 7-year CD and a 3.50% APY 5-year CD.