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How to Balance a CheckbookHappy Thanksgiving!
I wanted to wish everyone a Happy Thanksgiving. Thanks for all of your support this year.
DA member 51hh said it well last Thanksgiving, "Even though the economy and the overall savings domain were not that satisfactory for the recent months/years, we should all give some thanks for our health, family, and blessings."
I thought it would be useful and interesting to look back at some of the bank deals this year that we can be thankful for. The bank deals may not compare to the good old days when it was easy to get 5% on savings accounts, but we should remember that things this year could have been worse. Here are a few of this year's bank deals that we can be thankful for:
- A few all-access credit unions offered CD and IRA CD rates in January and February that were much higher than what was available at internet banks. Two examples included a 2.68% APY 5-year CD at Melrose Credit Union and a 2.76% APY 7-year CD at Pentagon Federal Credit Union
- The Treasury Direct doubled the annual purchase limit for online savings bonds in January. This was intended to make up for the loss of the ability to buy new paper bonds so it doesn't come close in matching the old pre-2008 limits. Nevertheless, it makes it easier to buy I Bonds which are still pretty good deals for $10K deposits compared to bank CDs.
- In February TIAA Direct was launched with an internet savings and money market accounts that paid 1.25% APY. Even though the bank stopped accepting new customers in July, existing customers are still earning 1.25% APY.
- In addition to TIAA Direct, other internet banks were launched this year. That competition has provided a little boost to internet savings and money market account rates. Some of the new internet banks that are still taking applications and are still offering competitive rates include Barclays, CIT Bank and ableBanking.
- The new competition probably encouraged FNBO Direct to offer a savings account promotion to its existing customers guaranteeing 1.35% APY on new money until the end of this year.
I know some of these deals had issues, but let's focus on the positives today.
What deposit account deals were you thankful for this year?