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Finding the Best Bank Rates and Deals #10


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Please post comments to this new post

This post is intended to be a place where readers can share info on the best bank deals or other useful banking news. Your help is much appreciated. Also, I'm including websites that list the best CD and money market rates. This is intended to be a place where you can start your search for the best bank deals.

New! I'm now including feeds of the latest comments in this post. This is intended to make it easy to review the latest comments and deals. The very top comments are links to the latest 5 comments from this post. The bottom section includes links to the latest comments from all of the Bank Deals posts. I also include links to the latest 25 Bank Deals Posts. The top left column provides links to all of these sections. No referral requests in this post. Since those comments would ruin the usefulness of the recent comments, please do not post referral requests in this post.

This is the tenth finding-the-best-deals post. The last one was getting too long. Also, when there are more than 200 comments, blogger now requires you to click to the next comment page to see the new comments. So to make it easier to post and review comments, I'll be sure to create a new post once the number of comments exceed 200.

In your comment, please include the link to the deal. If the deal is not on the bank's website, please include the source of the deal (i.e. a New York Times newspaper ad, a sign at a local bank, etc.)

I'll try my best to post on the deals, and I'll be sure to give you credit. If you want to remain anonymous, simply comment as an anonymous user or email me at bankdeals at gmail dot com.

One tip to see if the deal has already been posted is to use the search box at the top of this page or do a search of my archive page or the monthly archives which are located on the right sidebar.

Bank Deals at this Blog and Elsewhere

With new deals from banks and credit unions constantly popping up, no site has a complete list of all the best deals. Some think Bankrate.com has a complete list, but it fails to list many high rate CDs especially those with odd terms like an 11-month term. Also, it does a poor job at credit union certificates.

Below are lists of the best resources for different categories. I've included mine on top of each category (noted by Bank Deals:). If you find another good source of bank deals, please let me know.

Best Certificate of Deposit Rates

Best Money Market / Savings / Checking Account Rates

Bank Bonuses

Latest Deals from Major Banks

Banking and Credit Union Resources

Top 20 Most Commented Bank Deals Posts for 2008

Latest 25 Posts at Bank Deals

Latest Comments From All of Bank Deals

Credit to Beautiful Beta for the script that allows showing the rss feeds.

Related Posts

link to SchoolsFirst FCU
link to SchoolsFirst FCU   |     |   Comment #1
3.65 5mo CD with add-on feature at SchoolsFirst FCU (used to be OCTFCU)
link to HAPO rate table
link to HAPO rate table   |     |   Comment #2
3.70 1yr CD, 3.60 6mo CD in HAPO Com CU, anyone in WA State qualifies

Anonymous   |     |   Comment #3
Citibank is offering a special 9-month CD at 3.00% apy for those who like citibank. Offer not on website; advertised in NY/NJ newspapers; not sure if requires checking account.
Anonymous   |     |   Comment #4
Just did a round of checking. Here are some better CD rates:

Ascencia Bank, www.ascenciabank.com, 3.95 apy 12 months, 3.66 apy 6 months.

Fremont Investment and Loan, Calif. 800-373-6668, 3.8 apy for 12 months; 6.6 apy 6 months; 3.55 liquid CD (can withdraw once a week).

Luther Burbank Savings, Calif. 888-849-3601, 3.8 apy money market account.

Fireside Bank, Calif. 877-326-4167, 3.76 apy 12 months.
Anonymous   |     |   Comment #5
Regarding the immediately prior post, that was a typo for Fremont Investment and Loan 6 month. Actually, the six month CD is getting 3.6% apy, not 6.6% apy
Anonymous   |     |   Comment #6
Navy Federal @ 4.88 for 7 years
6month early withdrawl penalty.
larkin   |     |   Comment #7
Looks like Capital One Direct is dropping the rate of its Online Savings from 3.75% to 3.5%...
Anonymous   |     |   Comment #8
AmTrust e-Saving dropped to 2.50%.
larkin   |     |   Comment #9
Capital One Direct's website still lists On Line Savings at 3.75%. Bankrate is usually pretty accurate; I wonder what happened?
Anonymous   |     |   Comment #10
Capital One does list the rate as 3.50% here: http://directbanking.capitalone.com/osa1/index.html?itc=CAPITALONE81111PINTMKTGDF&external_id=WWW_44_ZZ_DB-EXT-CPM_04_ZZ_ZZ_G_DB08
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #11
AARP Savings Jumbo MMA rate dropped to 4.31% (4.40% APY) on my account today (my account was opened May 14th).

Looks like AARP is not waiting 30 days to drop the existing accounts' rate.
Esther   |     |   Comment #12
Also, AARP High-Yield Savings APY dropped today from 4.50% to 4.15% on my account opened prior to May 24 (the date when new accounts dropped to 4.05%).
Anonymous   |     |   Comment #13
3.5 6 months, 3.7 12 months and 18 months CD at Bank of St. Petersburg in Florida. Branches in St. Petersburg and Tampa. http://www.bankofstpetersburg.com/default.asp
Cyclone   |     |   Comment #14
Wachovia in Florida has begun offering a 5% 5-year CD to replace their 4.75% 5-year. They took away the 9-month 3.15% but put in a 13-month 3.30%. So now they have the following in my area:

13-mo 3.30% APY
18-mo 3.30% APY
24-mo 3.50% APY
36-mo 3.75% APY
48-mo 4.50% APY
60-mo 5.00% APY
Anonymous   |     |   Comment #15
Alliant CU share certificates down:

Regular Certificate
(min. deposit $1,000) 3.75% APY
(as high as)
Jumbo Certificate
(min. deposit $25,000) 3.90% APY
(as high as)
Anonymous   |     |   Comment #16
HSBC Direct has increased their savings account rate to 3.50% until 8/15.
Ram   |     |   Comment #17
VerityCU upped their 6.01% to 6.75% for this month only...

WA state
40K limit

O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #18
Important to note about Verity CU: The rate will adjust to 5.05% APY as of July 1, 2008.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #19
NASA Federal Credit Union* offers up to $300 in bonuses for opening various accounts. Ironically, one of these is $25 for signing up for eStatements - and I learned of it from an email I got because I'm signed up for eStatements already.

They also offer cash rewards for using their VISA check card: 5 cents for signature-based purchases and 2 cents for PIN-based purchases.

*Anyone can join by joining certain associations. There will be a hard pull, so if you want their credit card, get it when you join.
Anonymous   |     |   Comment #20
NWFCU: 3.50APY 1yr ADD ON and 4%APY 2yr ADD ON Cds. Min $500.

(sorry, could not get the URL to work for me...on preview the url did not show up.)
Anonymous   |     |   Comment #21
NASA FCU bonus is old news - and there apparently will be a separate hard pull for applying for a credit card.
tuphat   |     |   Comment #22
Article in today's WSJ: "Backstage at a Bank Funeral." Lede: It isn't easy for 75 federal officials and contractors to slip into a small town undetected and liquidate an 89-year-old bank without anyone knowing. But that's what just happened in this old railroad town, population 3,200. It's a scene that's likely to repeat itself across the country as banks struggle through a painful credit cycle, overwhelmed by troubled mortgages and soured construction loans.

Full article: http://online.wsj.com/wsjgate?subURI=%2Farticle%2FSB121262738508347067-email.html&nonsubURI=%2Farticle_email%2FSB121262738508347067-lMyQjAxMDI4MTAyNTYwMjU3Wj.html
Anonymous   |     |   Comment #23
CW SavingsLink down to 3.75%. Who's next??
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #24
AARP Savings will be next.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #25
This isn't exactly a bank deal, but on the chase website they have a banner for some new perks for people with checking accounts. One of them is that your Chase Freedom card gets 3% back on the top 5 categories, instead of the top 3.

The last thing I need is another checking account, but it might be worth it...
Anonymous   |     |   Comment #26
P.S. Here is the link for the chase thing:

Anonymous   |     |   Comment #27
Sorry, the link above isn't complete. Here is a better one.
Anonymous   |     |   Comment #28
these high yield cking accounts springing up all over Erie pa. area now has 3 .latest one :
Anonymous   |     |   Comment #29
Well it may be a small amount but Premier America CU has increased interest on first $500 in its savings account to 5%.
You can open more than one account.
Michael   |     |   Comment #30
AARP Savings dropped the Jumbo MMA rate for all acounts now to 3.975%, with an APY of 4.05%.

marc   |     |   Comment #31
Imperial Capital Bank just launched a new savings account that's pretty good, assuming the 3.75% doesn't go down too much after the rate guarantee is over August 10. Branch visit required.

marc   |     |   Comment #32
just noticed the Imp Cap Account has lower rate at all branches besides Baltimore and Vegas. sort of misleading based on the highlighted 3.75%. 3.70% all other places, still not bad.
marc   |     |   Comment #33
Nothing really new here, but just interesting to see what's being put out in the mainstream press and maybe some interesting links to explore.

Anonymous   |     |   Comment #34
Vineyard Bank is offering 4.05% APY for 7 month and 12 month CD's of $1,000 or more. This is on their website--and also was advertised in the 6/8/08 LA Times.

This is limited to California residents.

This bank is weaker than most.
Anonymous   |     |   Comment #35
Compass Bank had an ad in Ariz. Sunday paper for their preferred money market acct. APY is 3.10% for $10+G, must be new MMA money. On their web site, the MMA by the same name shows lower APYs. If it's true that there are two sets of rates, one for new money and one for old, for same acct., it makes me think this is a promotional rate for a limited time only. Doesn't appear a checking acct. is req., but not certain. The MMA appears to allow the usual 3/checks per mo. Can't find other disclosure info on web site, such as early termination fee, method of computing interest, frequency of compounding and crediting of interest, etc. Web URL: www.compassbank.com. Phone: 1-800-266-7277. Cust. serv. hrs: 7-7 Central on weekdays.
Anonymous   |     |   Comment #36
Notice in today's newspaper.
The Golden1 Credit Union Celebrating 75 years of service.
5% 100-day Term-Savings Certificate. $1000. Minimum.
goldenl.com or 1-877-GOLDEN 1
ShraZZy   |     |   Comment #37
Have you heard about Money Aisle? https://www.moneyaisle.com/
It seems interesting as little banks bid for the rate.

"MoneyAisle is the next-generation online auction marketplace where consumers find great rates on bank CDs and High-Yield Savings accounts, absolutely free. Our methodology is simple: by having banks actively bid against each other in live auctions for each individual consumer request, the customer wins. "
Anonymous   |     |   Comment #38
from the premier.org website (premier america credit union)

Your savings account just became smarter! With eStatements, you'll automatically earn 5.00% APY on the first $500 in your account and 1% APY thereafter. If you don't have eStatements, log in to Home Banking to enroll.
scott   |     |   Comment #39
Boston Globe had a good article on MoneyAisle Yesterday. I tried it today and bid for $100k 6 Month, Got an offer for 3.70% from newdominionDIRECT.com, Checked their site and saw their normal rate for that CD was 3.40% So a decent premium over regular rate

Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #40
Countrywide SavingsLink down to 3.75% APY.
cjdtech   |     |   Comment #41
Another nationally available reward checking account (5% APY): Lake Michigan CU. Eligible to join through donation to the West Michigan Chapter of the ALS Association. Requirements:
* Direct deposit into your LMCU account
* Minimum of 10 debit card purchases
* Minimum of 4 logins to home banking
* Sign up to receive eStatements/eNotices
Anonymous   |     |   Comment #42
AmTrust Direct CD's up today.
Anonymous   |     |   Comment #43
An FYI for those who have the 6.01%WOO-HOO checking account in MN. I received a letter from them stating that I was not "using" their checking account as intended. I talked to the branch manager and he said that b/c it appeared I was using my account to receive the high interest rather than using it as a "normal" checking account, they could terminate my account. I have NEVER heard of this before. Also he said that he has talked to numerous other people, which I suspect some are on here and told them the same story. This sounds like a bunch of crap to me. Basically they're trying to bully the customer into using their debit card for "larger" transactions, which I think is bullcrap. Now that they've got a bunch of new customers, they feel they have some pull in deciding who's using their account "correctly" or not. Is this is even legal? I've never been told by a bank that I need to use my debit card for "larger" purchases. I've been meeting all of their requirements, but apparently not enough to satisfy them b/c I'm not using my debit card "normally". What kind of crap is that?
Bozo   |     |   Comment #44
To: Anonymous
Re: Some WOO-HOO deal or whatever (see above)

I am not familiar with your "deal" in MN (I assume that's Minnesota). Is the rate guaranteed? Is your account status guaranteed?

I can understand why a bank might be miffed if you understand the system and game it, but those are the breaks (for them, at least).

Banks make money on these "loss leaders". Many folks are sucked into "direct deposit" without realizing that the pittance they make on their "bonus checking" or "bonus CD rate" gets wiped out by the float. Folks, they are professionals. They are not in the business to lose money.

If you are a card counter in Vegas, you get tossed out. It's not illegal, but it's their house.

Same with banks. Unless you are sure you have a right to game their system, I guess they can toss you out.



PS: This is why I always get "no gimmicks" CDs.
Anonymous   |     |   Comment #45
Looks like IndyMac just raised the rate on their 10-month CD from 4.05% to 4.10%.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #46
Woo Hoo Checking is at:


6.01% for balances up to $25,000.

Banks will take a huge loss on accounts paying 6% interest unless the account holder uses their debit card. The bank makes a percentage based on the debit card amount.

Of course some banks will pressure customers who try to pull the small-charges thing on Reward Accounts.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #47

I just came to the end of my one-year CD with Amtrust Direct. No special issues until then, but at closing a MAJOR one.

Although I gave instructions two weeks in advance in writing to close my CD on the maturity date and put the proceeds into my checking account that day, they insisted it would not necessarily be closed on the maturity date despite my instruction. They said it would be closed some time during the 7-day grace period, at a time of their discretion, maybe not until the last day! They wouldn't even so much as let me know which day so I could plan around it!

I called a few times and talked with a few people about this -- and they all insisted the same and would not relent. I e-mailed in and over two or three responses was repeatedly told that was the case.

I had to go legal and fought them -- bitterly. I had to point out that the grace period was MY time to decide what to do, not their time to dilly dally. I had to point out the language in the account agreement and other paperwork did nothing to give them any flexibility to play with the grace period as THEY chose, that it was only MY choice. I had to quote it to them from various places in the account agreement and other paperwork.

Only after some serious legal fighting with them in multiple e-mails did they finally relent, saying they would close the account on the maturity date.

In fact, on that maturity date -- after one last go-around via e-mail because in a followup call they again said it would not close on the maturity date -- they did close it on the maturity date, for my account but I doubt for other account holders.

So, beware of Amtrust Direct. I have NEVER had a bank try that one before. That is as dishonest and fraudulent as it gets -- and for some people in dire need of the money right away (fortunately not my situation), could cause tragic consequences.
Anonymous   |     |   Comment #48
Re: Withdrawal access limited at Indymac's High interest money market account

I was surprised to learn that cumulative ACH withdrawals are limited to $25,000 for any 30 days. So any deposits greater than $25,000 (including maturing Indymac cd's that you might want deposited to the money market account for easy access) can only be withdrawn $25,000 per month, unless you pay $30 for a bank wire. Otherwise you have to lose interest and wait for Indymac to mail you a check (plus wait another week or two for those funds to become available if deposited at another bank),
Banking Guy
Banking Guy   |     |   Comment #49
Thanks for the info on Indymac. Is that $25,000 limit on ACH withdrawals for ACH transfers initiated from Indymac? Does that include ACH withdrawals initiated from an outside bank?
Anonymous   |     |   Comment #50
AARP rate now posted as 3.5% APY/
Anonymous   |     |   Comment #51
Mutual Bank has some 4% cds.
virgquest   |     |   Comment #52
Commonwealth Credit Union (KY) is advertising a Happy Birthday special CD for minors. You can deposit up to $1000 in the CD under the name of a minor. The account pays 10% APY and the maturity date is that child's 18th birthday. It's a great deal, whether your kid is 7 or 17. Limited membership, limited time offer. I saw it in the local paper yesterday, not sure how long it will last. Details here:

Anonymous   |     |   Comment #53
Does anyone know how the rates & probablities are determined?

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.
Anonymous   |     |   Comment #54
A+ Federal Credit Union is offering a 12 month 5% APY StartUP Share Certificate (min $10 max $1000). Money can be added at any time. This rate can be increased to as much as 5.5% with 5,000 PlusPoints. Membership is available to anyone who joins the A+ Education Foundation.

For those seeking some international exposure, anyone can purchase Singapore Government Bonds from Fundsupermart.
tuphat   |     |   Comment #55
Full-page ad in today's WSJ from the FDIC. Ad copy:

For 75 years, the FDIC has been protecting people's money.

Protecting and insuring people's bank deposits. It's a simple idea that became the foundation of our modern banking system, by creating and promoting public trust and confidence. And it works. Since the start of the FDIC insurance program, not a single depositor has lost a single penny of insured deposits from a bank failure.

Our mission to insure and protect is as vital and relevant today as ever. We insure up to $100,000 per depositor per insured institution. Certain retirement deposits, such as IRAs, are insured up to $250,000. FDIC-insured accounts include savings and checking accounts, CDs, and money market deposit accounts.

To learn more, go to www.fdic.gov and click on Deposit Insurance, or call 1-877-ASK-FDIC.

Anonymous   |     |   Comment #56
Zions Bank has a 6-month Online CD with rate of 3.57%, APY of 3.60%; and a 1-year CD with rate of 3.75%, APY of 3.80%.
Anonymous   |     |   Comment #57
Great Western Bank has a 7-27 mo. CD with APY of 3.63%.
Anonymous   |     |   Comment #58
APY on Discover Bank's MMA has edged up to 3.25% for $50+G tier, 3.30% for AAA members.
Anonymous   |     |   Comment #59
Hillcrest Bank has 4.0% 24 month CDs ($10k min). You can apply online: http://hillcrestbank.com/PersonalBanking/CDs/Index.htm
Sree   |     |   Comment #60
WaMu got 4% online CD for 6-60 months
Banking Guy
Banking Guy   |     |   Comment #61
It appears WaMu's 4% CDs are only for 48 and 60mo terms. That WaMu page does make it seem like all terms from 6 to 60 months would qualify for 4%, but it just says up to 4%. If you click the "learn more" page, the rate table will provide rates for all of the CD terms.
Anonymous   |     |   Comment #62
US Bank is offering a 59 month CD with 5.25% APY, 43 month CD with 4.75% APY.
Roger   |     |   Comment #63
I just noticed that USAA Bank has a 2 year 3.56% CD (3.61% jumbo). Not great, but pretty competitive. I know you've reported on them before - not open to everyone, but for those who are eligible, it's a good company to do business with.
Anonymous   |     |   Comment #64
Countrywide rates dropped. CD's & SavingsLink. Not one internet CD rate at 4%. BofA influence?
Bill   |     |   Comment #65
Received an email this morning from WT Direct (Wilmington Trust) announcing that they are raising their APY on MMAs by 10 bp. Now paying 3.26% APY on MM accounts over $10K.
Anonymous   |     |   Comment #66
Wachovia CD 7 Month 4.00% APY
Anonymous   |     |   Comment #67
I just looked at Wachovia's site and found a 7Mo CD paying 4.00% APY. I called my local bank in Houston and said thats true and they are so offering a 12Mo CD at 4.25%, 18Mo CD at 4.40%, 24Mo CD at 4.50% APY, 36Mo at 5.00% APY, 48Mo at 5.15% APY and 60Mo at 5.25% APY. THESE ARE SOME BIG RATES! I'm going to open a couple of CDs today.
Anonymous   |     |   Comment #68
I just got this reply back from AARP:

Throughout the past several months we have maintained higher rates even though the economy was undergoing drastic downward changes. We have had to respond to the continuing weak economic conditions by lowering the rates at this time; however, the rate you are now receiving is still much higher than the national average and is still extremely competitive. We value you as a customer and will continue in our endeavor to provide you and other AARP members with high quality banking services.

The interest rate for accounts funded after 6/14/08, changed to 3.44% with an APY of 3.50%. Although accounts funded previous to 6/14/08 were grandfathered, the interest rate of the accounts is subject to change. The current interest rate for the grandfathered accounts is 3.97% with an APY of 4.05%.

If there is anything else we can do for you, please contact us. Thank you.

Customer Service
Bozo   |     |   Comment #69
To: All
Re: AARP's teaser rates

I suspected we'd see AARP's teaser rates melt like ice cream in June.

Alliant at 4% on their savings account is better.


O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #71
RE: The above post:

Not FDIC insured!

~O-Qua Tangin Wann
Anonymous   |     |   Comment #72
Wachovia Bank CD specials require a free checking account.

They also ask about how you found out about the specials. Give them the name of a referring friend, and you BOTH get a reward of $25 (each) - but it must be done at account opening.

I'm doing the 5% 36 month CD's. I expect that rates may be higher within 2 years, but this is a good averaged rate for now.
Anonymous   |     |   Comment #73
Wachovia CD Specials

An AZ branch did NOT require a checking account today.
cjdtech   |     |   Comment #74
West Central Georgia Bank has a reward checking account called ePlus Checking (4% APY/1% over 25k). Other than the standard requirements, the big drawback to this account is that it does not refund ATM fees.

Anonymous   |     |   Comment #75
Found on chartway.com credit union site.

"What Could You Do with 5.00% APY on Your Everyday Checking Account?
What about 2.25% APY on your everyday Savings Account? You’ll find out in July 2008! Stay tuned for details on Chartway’s new accounts—built to earn you money!

APY = Annual Percentage Yield. APY in effect as of 07/01/08. No minimum deposit required. Penalty may be imposed for early withdrawal. This credit union is federally insured by the National Credit Union Administration."
Bozo   |     |   Comment #78
To: All
Re: A Blog like this for mortgages?

Our daughter and son-in-law are shopping for a first house and a mortgage. Anyone out there familiar with a worthy blog for mortgages like this one for the best bank deals?

They are currently using a web service that, to be candid, raises my eyebrows.

Any help would be greatly appreciated. Thanks in advance.


mrthnman   |     |   Comment #79
4.75% 3 month cd , 100k minimum at park avenue bank in new york , website : www.parkavenuebank.com
Anonymous   |     |   Comment #80
Countrywide has quietly lowered the rates on its SavingsLink account to 3% for <$10,000 and 3.65% for $10,000-$49,999. and="" 3.65%="" for="">
Anonymous   |     |   Comment #81

Have you tried, http://www.bogleheads.org/?

While neither similar in format to this blog nor focused specifically on mortgages, it's a great forum for exchanging financial information. The name of the site is a reference to Jack Bogle, founder of Vanguard Funds. Typical posters are those with DIY sensibilities.

If answer to your question is not apparent from perusing site, you might want to start a new topic with a very explicit title such as "First time home buyers in _____ (geographic area) welcome mortgage insights and advice."

Good Luck!

Anonymous   |     |   Comment #82
I think the Etrade Max-Rate Checking should replace the Etrade Complete Savings in your weekly rollup list of best rates. The checking account pays more, online statements are optional, and there are no transaction limits.

Etrade has been offering this Max-Rate Checking for many months, which currently pays 3.25 APY on balances over 5k. The rate hasn't changed in a few months. This is a "non-rewards" style account so no special requirements need to be met.

It's a basic checking account, does not require online statements, or debt card transactions to qualify.

Did not require a credit pull to open (I've got my credit files frozen so I know for sure if when credit pulls happen).

High level details about all accounts and rates can be found here:

Complete Savings pays only 3.15 APY (has been lower than max-rate checking for months), requires online statements, and has a limit of 6 withdrawals per month.
Bozo   |     |   Comment #83
To: Sylvia
Re: Bogleheads

I'm a Diehard (inside joke).

I was just curious if there was a site like Banking Guy's for mortgage-shoppers.

I've snooped the Diehards for tips.

Thanks for your reply.


Anonymous   |     |   Comment #84
gmacbank.com is now charging a monthly fee for balances under the usual $500.00. Be aware of that.
Anonymous   |     |   Comment #85
Check out the new CD rates at www.centurybankdirect.com. They were raised and the terms and yields may interest you.
Anonymous   |     |   Comment #86
State Farm Bank has a promotional term 9-mo. CD with APY of 3.55%.
Anonymous   |     |   Comment #87
Alpha Bank & Trust
4.25% APY on 9-month
4.40% APY on 15-month

These rates are the same as Wachovia but the term is 3 months shorter.

Georgia residents only.
mister.virgo   |     |   Comment #88
Alliant Credit Union's savings rate is dropping to 3.75% starting July 1, 2008. I've confirmed this with two customer service reps.
Michael   |     |   Comment #89
Thank you, Mister.Virgo.

I also called Alliant and was told the very disappointing news that the rate will be dropping 1/4 of of 1%.
procol   |     |   Comment #90
Has the FDIC implications of the Countrywide takeover by Bank of A, been discussed?
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #91
If Countrywide keeps its own charter, money deposited under the Countrywide charter will be separately insured.

If the Countrywide charter is dissolved, obviously your money would come under the B of A charter, and then you'd be under standard FDIC limitations, etc.

Some banks have more than one charter. World Savings had two. Wachovia has two now, after they bought out World Savings.

I used to have a solo account at World Savings/Wachovia, with $100K under one of their charters, and $100K under another. Both were insured separately.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #92
Northwest Federal Credit Union
APY for $100K
2-year 4.50% APY
3-year or 4-year 5.12% APY
5-year 5.25% APY
APY for $25K are about 0.10% less
APY for $2500 are about 0.15% less
Bankrate **** 12/31/2007
Bauer ***** 3/31/2008
Vickifool   |     |   Comment #93
Cardinal Bank offering 14-mo 3.54% APY and 37-mo 4.37% APY
Bozo   |     |   Comment #94
To: All
Re: Alliant

It's no surprise Alliant is getting a bit more stingy. I assume they received a ton of "hot money".

The good news is that the number of banks offering 5% on 5 years (CDs) continues to increase. Latest is First Republic. While still below Wachovia and KeyDirect, not too shabby.

I can live with 5%. Anything over 5% is a gift, as I always said.

The more the mainstream banks offer 5% on 5 year CDs, the better, I say.


procol   |     |   Comment #95
Bozo, think again, that 5% doesn't cover 1 weeks inflation.

I'm afraid you have been given the choice of death by hanging or death by injection.

Sorry to have to say it.
Bozo   |     |   Comment #96
To: Procol
Re: Inflation

Yup, it sucks. But, then, in Zimbabwe, it's worse. Well, a lot of things are worse in Zimbabwe, unless you're in the business that prints Zimbabwean dollars.


Anonymous   |     |   Comment #97
Members Choice Reward Checking rate is down to 3.01% (was 4.26%)
MG   |     |   Comment #98
Etrade updated savings rate to 3.3%
virgquest   |     |   Comment #99
Looks like IndyMac is up another .05%. Their 1 year CD is up to 4.35% APY. Very tempting, under $100,000 that is... :)

gary   |     |   Comment #100
Telhio (Columbus and central Ohio--www.telhio.org) has a great deal for people who have existing CDs at older, more favorable rates. You can "add on" up to $10K to any existing CD. Telhio had rates of almost 6% a while back (with various promotions). I have a 36 mo CD at 5.73, with 2 years to go. I can put $10K into this at that same rate for 2 years. Not bad.
Anonymous   |     |   Comment #101
Century Bank Direct seems to have some good yields on CDs:

5 Month CD: 3.76% APY
10 Month CD: 4.02% APY
15 Month CD: 4.11% APY
20 Month CD: 4.20% APY

I'm going to open a 5-month CD right now...

I also have a savings account with them, and so far it has been smooth sailing.
Anonymous   |     |   Comment #103
CW SavingsLink < 10k="" now="">

OnBank CD rate increase.
Credit Card Australia
Credit Card Australia   |     |   Comment #104
Why not compare credit cards with Australia’s leading financial institution, credit world.
They might have options to what you are looking for.
scott   |     |   Comment #105
Just found a decent Money Market


Bankmutualdirect, 3.75% on $25k+
Bankrate gives them 4 stars
cjdtech   |     |   Comment #106
First Iowa State Bank has 5.01% reward checking. This may be available nationwide.

Anonymous   |     |   Comment #107
Indymac Bank has a 2 year 4.65apy online CD. Very easy to start and link with a checking account. Be sure to stay below 100k FDIC limit. I love the customer service from Pasadena. I have posted here many times.

Sindecuse   |     |   Comment #108
United Federal Credit Union has a 6.01% APY for up to $25,000 on their interest plus checking account

Anonymous   |     |   Comment #109
Community Bank has an LA Times ad today for CD's of $25,000+ as follows:

4.18% APY for 18 months

4.08% APY for 12 months

3.87% APY for 6 months

Interest on deposit amounts of $100 K and above is not compounded.
Anonymous   |     |   Comment #110
Omni National Bank is offering a 1 year 4.25% APY )min $5,000) certificate of deposit.
Anonymous   |     |   Comment #111
Indymac press release:
mk   |     |   Comment #112
Indimac's letter to stakeholders

In light of the current environment and related deterioration of our financial position since last quarter, we have been working closely with our federal banking regulators with respect to the actions that they and we must take to meet our mutual goal of keeping Indymac safe and sound through this crisis period. In that respect, based on information we have provided to our regulators, they have advised us that we are no longer “well capitalized”, which we stated on May 12 was a possible scenario. Our regulators have also asked us to submit to them a new business plan for their review and approval, something on which we have been working with them for some time. We have agreed on the basic elements of the plan, and the regulators have directed us to begin executing on it. An important element of our plan is to improve our capital ratios. Without an external capital raise, the traditional way to improve safety and soundness is to sell assets and shrink the balance sheet, which in normal times generally has the effect of improving capital ratios and bolstering liquidity. Yet in this environment, where either there are no bids for most of IMB’s mortgage loans and securities or the bid/ask spreads are abnormally wide, “fire-selling” assets would actually deplete capital further. As a result, the most realistic and cost-effective way to shrink both our balance sheet and our servicing rights asset (which, as discussed in previous communications, is up against the regulatory cap limit), is to curtail most new loan production.
J   |     |   Comment #113
By any chance, does anyone know when HSBC stopped offering their free checking accounts? It's gone from their website, and their basic banking is $3 per month.
Anonymous   |     |   Comment #114
5.25 APY rewards checking at Addison Avenue Credit Union:

Anonymous   |     |   Comment #115
IndyMac has substantially cut its money market and CD rates. For instance:

e-Money Market at the $50,000 level has now dropped from 3.95 APY to 3.65 APY.

12 month CD has dropped form 4.45 APY to 4.15 APY.

6 month CD is not at 4.1 APY.

Others lower too.
Anonymous   |     |   Comment #116
WaMu is advertising a 12-month Rate Bonus for their Money Market Savings account, bringing the APY to 3.60%. The ad is in the front section of the LA Times of 7/11/08.

Although the minimum to open the account is $10,000, the 0.74% bonus doesn't kick in until you have at least $25,ooo in the account. The bonus applies for each day during the 12-month bonus period that the ending balance is at least $25K. However, the underlying rate can change at any time.

The deal requires a checking account and new money. Although they say there is more information at branches, by calling 1-866-808-1396 or at wamu.com, the bonus deal did not show up this AM on their web site for "California - South."
Anonymous   |     |   Comment #117
Countrywide SavingsLink dropped this morning to 3.55% APY (3.48% APR) for balances $10K and above. Below 10K the APY is 2.65% (2.61% APR).

A respnse to IndyMac lowering its rates? Or just the BankAmerica effect?
larkin   |     |   Comment #118
Wachovia is offering a 3.5% rate on their High Performance Money Market Account. Minimum balance is 10k. I just spoke to a CSR who told me it is 3-month promotional rate. That bit of info doesn't seem to be on their website.

It would be a good deal if it were more than just a promo...
Anonymous   |     |   Comment #119
Hey banking guy; What happened to the July 7th post about the $100 bonus at PNC bank for opening a new checking account? It seems to have dissapeared...
larkin   |     |   Comment #120
re: Wachovia

Apparently that promo rate is not available everywhere. It's seems to be zip code dependant. Worked with my CA zip but not with my NJ zip.

YMMV big time
Jeff   |     |   Comment #121
re: Wachovia

Good in Arizona.
Anonymous   |     |   Comment #122
Wachovia rates good in Northern Virginia.
Anonymous   |     |   Comment #123
We have 3 cds with Indymac, 1 joint and 2 IRA's all under FDIC limits. Can someone tell me what will happen to these CD's now? Do I cash them in? penalty? do they send us our funds back? Can't seem to find any info on cd's. Thanks anyone.
Anonymous   |     |   Comment #124
Downey Savings 9-month CD special 4.0% APY $1,000 minimum, new money.

Good throughtout CA, don't know about AZ. Ad in Sunday LA Times.
Anonymous   |     |   Comment #125
Key Bank in Washington state at least is offering 5.3 on 48 month CD and if it is tied to a checking account with conditions they are offering two different rewards, an I-pod and New Balance shoes. Check it out.
Anonymous   |     |   Comment #126
Naugatuck Valley Savings and Loan is advertising a 5.15% 3, 4, or 5 year CD (see Danbury News Times, Sunday 7/13 page B9). See website for details.
calwatch   |     |   Comment #127
Universal Bank has had some good rates recently: one year CD 4.10% for $25,000+ (was 4.10% for all balances above $1,000, which is reflected in their rate chart) and a 3.80% "CD Builder" that allows withdrawals of interest and unlimited deposits (above $100,000 though, which may be good for a joint account). It is a four star bank on BankRate, so it is surprising that they are offering this. I found this in yesterday's World Journal, a Chinese newspaper.
Anonymous   |     |   Comment #128
Indymac is still offering nice rates ... website indicates rates effective 7/14, so I guess it's trying to attract deposits even with the FDIC takeover.

For example, 4.15% APY for 1 year online rate. Not the 4.45% APY available before the FDIC takeover, but still quite good.
Anonymous   |     |   Comment #129
IndyMac rates posted today are pretty similar to what they were on Friday before the takeover. The Web page is still using the "IndyMac Bank" logo, but at the bottom of the page it makes it clear is the FDIC-run operation by listing the name "IndyMac Federal Bank." Of course, at the start of Friday, the rates were down notably from the day before. But so far, no need to rush out of that bank.

online rates:
6 month = 3.65 APY
9 month = 4.05 APY
1 year = 4.15 APY
e-money market = @25,000 = 3.65;
@50,000 and up = 3.7

branch rates:
7 month CD = 4.05 APY (much higher than the 6-month online rate)

For those still holding a First Rate Money Market (no new accounts):
1000 = 1.5 APY
25,000 = 3.0 APY
50,000 = 3.25
75,000 = 4.0
Anonymous   |     |   Comment #130
SunTrust is offering a 3.10% yield on new savings accounts with only $100 minimum to open and no monthly maintenance fees.
Anonymous   |     |   Comment #131

OneUnited rate had dropped from 3.6% to 3.26% as of Monday 07/14/08 morning
Banking Guy
Banking Guy   |     |   Comment #132
About SunTrust's online account, it may be only for targeted customers. I called to get more info, and this is what I was told.
Anonymous   |     |   Comment #133
Fidelity --no longer offers $100 bonus which was available in 2006 and 2007. deal dead.
Anonymous   |     |   Comment #134
I posted earlier concerning Key Direct and their high rate CD's.

Upon doing some research, I am finding a host of negative comments concerning the bank. One in particular - that ONLY an amount of $2,000 per day (at a time) can be transferred into an account. For those of us seeking
1, or multiple $100K CD's, that would be a nightmare.

Any light you can shed on this banking guy?

many thanx,

Anonymous   |     |   Comment #135
I saw this link on the Austin Statesman's website for a Capital One Money Market account that yields 3.20% APY on balances of $5000 or more ... don't seem to see it mentioned anywhere here:

Anonymous   |     |   Comment #136
One United Bank just dropped its
Savings account rate (from 3.60) to
3.26 APY.
jeff   |     |   Comment #137
UMB is offering a premium savings account at 4.0% guaranteed until Jan 1, 2009. Only available July 16-19.

Here's a (lengthy) url to the ad:
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #138
Banking Guy, I would urge you to make the following info abundantly clear to everyone, after we now know more of what is happening post Indy Mac Bank failure and insured accounts over $100K.

FDIC clearly states on their site that only the first $100,000 is immediately available after a bank failure.

All monies over that $100,000, even if clearly insured due to legitimate beneficiaries and title, must be investigated by the FDIC. (Obviously, they must make sure the beneficiaries listed do indeed qualify, etc.)

This will always cause a delay. And that delay could be long depending on several factors, such as the size of the bank and number of depositors, etc.

So, while one will ultimately get their over $100K insured money, there will be a delay and worry and stress, and there will be no access to your money and perhaps no interest paid on that money during the investigation process.

So...as a poster on this topic has stated, one must now make that extra consideration when deciding to go over the $100K limit.

If the FDIC paid immediately on the excess of $100K, there would be no issue.

But...who wants to wait perhaps a month? Who wants to go through the extra stress and worry?

Comments welcome now about whether you will transfer your over $100K balances now that we know there would be a delay if a failure occurs.

On a personal note: I have over $100K at Alliant CU. I have qualifying beneficiaries listed. But now that I know there might be a delay to get my money over $100K back should a failure occur, I have to decide if I should transfer money out. (Yes, I know Alliant seems to be OK.)
Anonymous   |     |   Comment #139
Both the banker at my local branch (San Francisco) and a CSR on the phone confirm that Wachovia has two separately insured banks: Wachovia FSB (TX), and Wachovia Delaware. By opening accounts at both banks, which can apparently be done at any single branch, an individual can double the his FDIC insurance to $200000.
Trevor Plantagenet
Trevor Plantagenet   |     |   Comment #140
Be very careful at Downey Savings, Wachovia, and WaMu.

It is doubtful that Wachovia and WaMu will ultimately fail, but there is a higher chance than with most banks, except for Downey Savings, which will certainly either fail or be taken over.
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #141
I am confirming that my Jumbo MMA at AARP was just lowered to 3.4%. This means that now all account holders now share the same rate.

The higher rate was good while it lasted.

I urge everyone (and I mean everyone) who transferred their money in May to AARP Savings to now transfer their money out. Stick it to them!

Where to go?

Alliant CU.

Capital One (Costco).

A 4%+ CD.
Anonymous   |     |   Comment #142
ufbdirect dropped to 2.96%
Anonymous   |     |   Comment #143
Imperial Capital bank has a 9 mo. CD for APY of 4% (Rate 3.93%)
Anonymous   |     |   Comment #144
Valley CU (based in San Jose, CA) has a free ipod nano/shuffle for opening a new checking a/c with direct deposit: https://www.valleycu.org/valleycucheckingrocks/
It seems current members could qualify by opening a new checking a/c; perhaps a type they dont already have (they have 4 different types of checking a/c).
Anonymous   |     |   Comment #145
My experiance with Indymac bank
Lets start with beggining. Friday as soon as read on http://bankdeals.blogspot.com/ at 5.00 pm I called 800 tel no. and was told to make appointment with claims agent on Sat. morn. 8.00am I started with 3 diff fon lines and about at 8.15 am got through and got appoit. for wed at 10.00 am.I had substancial amt. at the bank.And have joint acc. with my wife. Have 5 qualified benf. and 1 non quaLIFIED BENF. I kept call FDIC toll free no at 1877askfdic and said my acc is covered upto 1.2m also i went to their web site and calculated coverage came to 1.2m. I called several different time to confirm nad got the same ans. I called several times on 866-806-5919 but was told that the acc. is only insured upto 200K. ( What a stupid CRS) But Then on wed I didn't call from the agent until 10.30 am so I called 866-806-5919 no again and was told that appnt was at 12.00 ( Actally initialy appont was for 10.00am only somehpw they changed only.). So finally I recd.a call from agent at 11.45 am. And what a pleasant surprise! The agent was very nice and informative.Asked me about my acc. Nos (before calling he had all the info. about me),relationship with joint acc holder, with benf. and he said let me call u back in 3 min. after doing some calcu.and exactly after 3 min I recd. a call saying all my money was coveredbcas of imme relative and he said on 1 non qualified ben FDIC does not cover,which was quit opposit to what i was told from FDIC too free no.He asked me if i have excess to internet which I said yes and he guided me to a form to fill it out, Gave me a case number to be written on the form and gave me a fax no to fax and said all money would be available in 4 to 5 days.
Porter   |     |   Comment #146
Please explain in more detail about the "non-qualified beneficiary"?

What was the relationship to you?

Is this beneficiary deceased?

Why was this beneficiary deemed non-qualified?

Thank you
Anonymous   |     |   Comment #147
Hyde Park Savings Bank (www.hydeparkbank.com) has a new savings account deal; 3.50& APY guaranteed until 12/31/08. Saw this in a local newspaper today. Shows the rate on the website but not a lot of info; however the ad said in small print below that the rate was good until 12/31!!
Anonymous   |     |   Comment #148
Wachovia- having a long history of CD's at more than 75 banks in 15 years, I can honestly say that Wachovia is one ofthe worst run banks I've ever seen. I open a jount CD of around 50K last week in June, I still have no paperwork despite many promises (they had no trouble cashing the check though) and despite have complete copies of the online application and sihgnature cards, they now tell me it's not a joint account and refuse to accept copies of their own paperwork of app. ref number which clearly show this....about 50% of the reps give out totally false info...and you must keep calling until you finally reach a rep with any clue as to what a bank does! Frankly, Wachovia is a large bank that seems as if it's run as a 3rd rate Candy shop...At this point, I'm still waiting to see how they fix this mistake...but know there will be more aggravation ahead. I was last told it takes the reps 3 business days to get someone from the CD dept "on their phone"....!! YIKES
tuphat   |     |   Comment #149
FDIC Issues New Deposit Rules for Banks

From WSJ (link to full article below) --

The Federal Deposit Insurance Corp., led by Chairman Sheila Bair, on Thursday issued new rules requiring around 160 of the largest banks -- those with at least $2 billion in domestic deposits and either $20 billion in assets or 250,000 deposits accounts -- to adopt new procedures allowing banking regulators to settle existing accounts in the event of a bank failure. ...

The new rules for large banks will require them to standardize the information they provide to the FDIC on deposit accounts, and to put in systems to automatically post possible holds on very large deposit accounts.

Separately, the FDIC also proposed new rules for how it determines the value and nature of claims against a failed bank. The agency said it will consider whether to make automated sweep transactions at banks of all sizes ineligible for deposit insurance. These refer to transactions that move money back and forth among different accounts to capture higher yields.

Anonymous   |     |   Comment #150
New Countrywide special: 7 month 4.10% APY. It's been awhile since they've had a nice short-term deal.
DollarBill   |     |   Comment #151
Looks like Corus Bank has bumped their one year CD rate up to 4.07%apy as of July 17.
Anonymous   |     |   Comment #152
FYI: Awhile back I opened a money market account under the AARP program that promised a $20 bonus for just opening the account. When after 2 months I had not received the bonus I emailed the bank. They immediately credited the account and apologized -- but I doubt I would have ever received the credit had I not followed up.
infirm   |     |   Comment #153
Millennium Bank -- a sort of shady Caribbean subsidiary of United Trust of Switzerland (whatever that is) has some high rates (4.75% - 5.25% for a 1 year "traditional" CD, 5.75% - 6.75% for a "premium" CD, with no right of redemption prior to maturity).

Too good to be true? Not sure, but too good to be FDIC-insured, I'll tell you that. Approach with caution, I'd say.

O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #154
Don't even think of considering Millennium Bank.

If you think you are worried now with your FDIC funds, just try putting your money in a bank that is not FDIC insured.

Don't do it.

It is not worth the extra money...and it is not that much more money.

~O-Qua Tangin Wann
ShraZZy   |     |   Comment #155
Amtrust e-savings at 3.50%
Anonymous   |     |   Comment #156
Recd. a call today from B of A
advising me by phone that they
have the 4.11 rate available @
local branch.
Atlanta Wolf
Atlanta Wolf   |     |   Comment #157
First Security National Bank of Georgia, $50 bonus to open a checking account, but their accounts appear to have a $1,000 minimum balance to avoid fees and only pay .50% (but they call that "competitive").


*Open a new checking account and get $50*
Account openings subject to bank approval.
Offer good for new checking account customers only and may be withdrawn at any time without notice.
Account must be active with online banking and bill pay and/or direct deposit for 90 days to receive a $50 credit into account.
Limit one per household.
Anonymous   |     |   Comment #158
Hudson City Savings Bank is offering a 4% four month CD.

Hudson City is in NJ, NJ & CT.

Anonymous   |     |   Comment #159
Freedom Bank of Virginia (in Northern Virginia) is offering 4.35% 14 month CDs. The interest can be credited to an external account on a monthly basis. When I was in the branch opening up my CD, I overheard a bank rep saying to someone on the phone that a branch visit is required.
Anonymous   |     |   Comment #160
It seems Etrade keeps playing hide and seek. For a while Maxrate will have better APY than complete savings and then switch the rates. Since I have both accounts I just transfer my balance to whichever rate is higher but you have to keep watching
Anonymous   |     |   Comment #161
BankProvidentOnline is also part of a Massachusetts savings bank and is covered by DIF, with unlimited insurance. It's online bank offers a personal savings account, available in all states, with a guaranteed rate of 3.30% APY through year end.
Anonymous   |     |   Comment #162
It was mentioned in this column last week that Amtrust increased it's savings rate to 3.50%. When I spoke to a customer service rep this morning, this promotion is only good for "new money," in a new account, called, "Gold Savings." This rate is not good on existing e money market, or e savings account.
Banking Guy
Banking Guy   |     |   Comment #163
Thanks. AmTrustDirect is getting a little deceptive. I see this new-account requirement for the 3.50% only in the small print of their e-Savings page. I've updated the weekly summary with this.
Anonymous   |     |   Comment #164
6% cd for 6 yrs at monroe county bank in forsyth ga.
Anonymous   |     |   Comment #165
First Republic has a 10mon 3.75% liquid CD (any withdrawl every 7 days so long as 10K maintined)


However, when I went to open the CD today in SF the rate had just been increased to 3.95%. Not yet refected on their website yet.
Anonymous   |     |   Comment #166
Washington Mutual offering unpublished 13 month CDs at 4.25% in the branch, it's a manager's special that they are using as a counter-offer. Just ask for it. You can also get 4.25% with an Online CD from them but I prefer going to the branch.
Andy   |     |   Comment #167
WaMu CD doesnt not show a msg when it's matured, and there is no option to transfer it to online savings online. Had to call and it takes 1~2 business days.
gary   |     |   Comment #168
Guernsey bank in central ohio (www.guernseybank.com) has some reasonable CDs, ranging from 4.00% for 12 mo to 5.0% for 5 yrs.
japton@metis1.com   |     |   Comment #169
This site has been sooo valuable to me in the past 2 years, and I am excited to give something back.
One positive thing about the IndyMac failure is that they allow a CD from before the "crash" to be liquidated before its maturity date with no penalty.
This money can be sent or wired out, or rolled over into new IndyMac CDs. In my case, the CD is at a rate that is about .25% above what I was getting.
To do this, speak to a retail banker and not the customer service rep, who may not know the best way the new account can be funded.

Anonymous   |     |   Comment #170
Re WaMu CDs. I just spoke with Customer Service. They tell me you cannot close it online upon maturity or transfer it online. You must call customer service to do so. But they assure me the transfer or closure would be done same day.

MORE IMPORTANTLY, you CANNOT signup for beneficiaries, or power of attorney, online! They tell me if you want beneficiaries, you will have to go into a branch (and wait in the 1-hour-or-longer line) and add them on -- after you open it.

If so, note the posting a few weeks back about FDIC rules about beneficiaries and titling of accounts --if you want your FDIC insurance for more than $100,000. I guess when you open online, you better title it right by naming your beneficiaries in the title in order to get the extra coverage, even though you won't be able to add the beneficiaries on at that time despite the title.
Anonymous   |     |   Comment #171
Re Bank United's 12-month CD at 4.35% APY for balances over $5,000:

I just talked with a bank representative. I learned that when the CD matures, if you want to close it, you must either go into a branch (Florida) or you would have to send in a NOTARIZED letter instructing them what to do. You cannot close it any other way, I was told.

Different states are different about notarization, but in my state it will cost you $10 per signature for notarization, no less no more. You no longer get free notarization here with your bank accounts. So besides the trouble of having to get the notarization when the Bank United CD matures, there also is the cost to consider.

Why do so many banks come up with odd and irritating rules like this?!
Anonymous   |     |   Comment #172
Re my immediately preceding comment on closing a Bank United CD: I was told that notarized letter is required even if you are merely closing it into another account with them, such as a checking account.
Anonymous   |     |   Comment #173
Anonymous   |     |   Comment #174

I had over $100K in a revocable trust at IndyMac that was insured however, as you all know, monies above $100K were placed on hold and
my call appointment was scheduled for Aug 1st.

Decided I would attempt to speed up the process and on Saturday I faxed a copy of my trust along with the Declaration of Trust to the number FDIC had listed on their site (thanks for keeping us updated on what you learn pertaining to FDIC).
In addition, I overnited a hard copy of all on Monday morning to FDIC in Texas.

This morning (7-23) I received a call from FDIC advising me my funds were released and would be available in 3-5 days. I don't know which did it, the fax or overnite mail. Being proactive made a difference and sped up the process.

No more over $100K deposits (revocable trust like) for me.
Anonymous   |     |   Comment #175
6% cd for 6 years in forsyth ga (478) 994-1000
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #176
Hey, Anonymous at 1:32:

Make it easier for Banking Guy to do the research and then the post. List the name of the bank.

I'll do it for you:

Monroe County Bank

No details listed on the site. They request that one call for more details on their 6% 6-year CD special.

To Anonymous at 12:43:

Thanks for the update. I feel your frustration. But regarding others avoiding revocable trust accounts over $100K due to the FDIC delay to pay:

In a world where every bank is paying a similar rate, of course people should deal with multiple banks and avoid going over $100K.

But, when there is a bank that is paying a much higher rate than every other bank, as was the case a few months ago, I think it is OK for one to take the gamble and deposit more than the $100K. It's not really a gamble if one does the titling and POD thing correctly. It would just be a matter of the delay should the bank fail.

Again, if the bank is paying a much higher rate than all the others (not happening anymore right now), and if the bank seems fairly solid, and if your follow all the FDIC rules, it is worth the extra interest income.

~O-Qua Tangin Wann
Dan The Man
Dan The Man   |     |   Comment #177
AmTrustDirect raised their rate on a 1 year CD to 4.30%. May be the highest rate for a 1 year now
Anonymous   |     |   Comment #178
Vineyard Bank, Diamond Bar, CA
CD rates: 12 mo. 4.35%, 6 mo 4.50%
Anonymous   |     |   Comment #179
National City Bank has a new promotional 48mo CD @ 5.25% ($10K min)and a MM Savings @ 4.00% ($5K min). See details @:

Anonymous   |     |   Comment #180
CapitalSource Bank is advertising a 6-month CD at 3.6% APY with a $10,000 minimum. "Come in during our grand opening week starting July 28th..." makes it sound like this is a new institution, but it has 22 branches in Southern and Central California. "Your source for security... Over $6 billion in assets... FDIC insured."
phone 888.433.4272 www.capitalsourcebank.com
Anonymous   |     |   Comment #181
OOps. Ad for CapitalSource Bank is in 7/25/08 LA Times Business section - quarter page inside plus full page on last page of section.

CapitalSource Bank is indeed new. From their web site: On July 25, 2008, we successfully completed the formation of CapitalSource Bank which is a wholly-owned subsidiary of CapitalSource Inc., a NYSE-listed company with more than $20 billion in assets. http://www.capitalsourcebank.com/companyinfo/recentnews.aspx
Dana   |     |   Comment #182
Update to 6.01% Reward Checking Account at a Minnesota Bank (First National Bank of Henning)(review 11-27-07)--now only 5.01% apy
Atlanta Wolf
Atlanta Wolf   |     |   Comment #183
Rate increase:
Flagstar Money Market 3.66% (was 3.50%)

Anonymous   |     |   Comment #184
CapitolSourceBank is the new name for Fremont Bank in Southern California. Interesting they did not mention that in their ad. The name change is effective the week of 7-28. They apparently took over the bank which was in financial problems.
Anonymous   |     |   Comment #185
In Dayton Daily News on 7/25/08 National City had ad for 60 months CD at 6.0% APY. Also saw it on bank sign on drive to work this morning.....does NOT seem to be on www.nationalcity.com website yet.
Anonymous   |     |   Comment #186
Not a deal but info. about two more bank closures on Jul. 25:

First National Bank of Nevada, Reno, NV
First Heritage Bank, N.A., Newport Beach, CA

Both were acquired by Mutual of Omaha Bank, Omaha, NB.

Details at www.fdic.gov
Anonymous   |     |   Comment #187
Re: Anonymous 7/25 8:52AM CapitolSourceBank Item

New name for former branches of Fremont Investment & Loan (Not Fremont Bank as stated in posting). Just wanted to keep things straight. Thanks.

Anonymous   |     |   Comment #188
FDIC takes over 2 more banks, closing 28 branches
Saturday July 26, 6:42 am ET
By Brendan Riley, Associated Press Writer
FDIC takes over all 28 branches of 1st National Bank of Nevada and First Heritage Bank
Anonymous   |     |   Comment #189
Called National City's 800 number today. CSR told me NC is offerring 5 Yr 6% APY CD in Dayton test market, may expand offerring to St. Louis market, after that could expand offerring country wide.
Anonymous   |     |   Comment #190
List of "United States' Largest Banks
(in millions of U.S. dollars)"

Anonymous   |     |   Comment #191
Capital One now has a 4% 12-month CD. $1000 minimum. Can't find it on their website yet (it's a better rate than their online CD). Dallas newspaper ad here:
Anonymous   |     |   Comment #192

Chartway Federal Credit Union

Win a FREE MacBook® Air With Our New eProduct!

Must open a new eChecking/eSavings bundle to qualify. No minimum balance required. 5.00% APY applicable on eChecking balances between $5,000 and $19,999. 2.25% APY applicable on eSavings balances of $100,000 or more.

Direct Deposit or ACH of $500 or more per month**
8 Visa Check Card transactions per month (minimum)**
ATM surcharge fee rebate up to $8 per month
Free online banking and Bill Pay*
Free Visa Check Card
Free Chartway and CO-OP Network ATM transactions at over 25,000 locations, including 7-Eleven and Publix Stores
Free initial box of checks
Must have an eSavings account**
Active eStatement service**

* Requires eStatements enrollment and payment of at least three (3) bills a month. Otherwise, the $4.95 monthly fee will be assessed. Fee is waived with Premier or Elite 50 Plus Checking.
demku   |     |   Comment #193

3% over $15,000 for checking account and increase 0.05% for every 10 debit card trans per month. Not worth it in my opinion but thought I should post it if anybody is interested.

Frost Bank Texas
Anonymous   |     |   Comment #194
Regarding opening a CD at IndyMac Federal Bank. Well, my CD there matured today. I called in and asked about their rates (I already knew). I then said I could get better, that Vineyard Bank (which is about to go under) was offering a 6-month CD at 4.50 APY. IndyMac negotiated and matched that rate.

So, I rolled my CD over to a 6-month one at 4.50 APY.

And I note, this was NOT new money and it was significantly less than $100,000.

I had figured they were desperate to keep whatever money they had - so they would actually have a bank to sell, not just leftover real estate of the branch buildings.

And re what happens if and when they are sold, the CSR, of course, gave you wrong info. They said the same to me -- and I corrected them. In fact, when the FDIC sells a bank, the new bank can dissolve your account.

However, it is very unlikely the new bank would dissolve your account since doing so pretty well guarantees the account holder will pull their money out -- and that is NOT what the buying bank paid for, an empty bank account. But even if they did dissolve your account, we are now looking to the pressure being for higher interest rates, so if they sold the bank in three months and the new bank dissolves your account, you will probably be able to get the same elsewhere or get more!
Anonymous   |     |   Comment #195
Alpha Bank & Trust
9-months 4.40% APY
Georgia residents only
Atlanta Wolf
Atlanta Wolf   |     |   Comment #196
5% Savings account, up to $10k, checking account with direct deposit or billpay required (appears free checking qualifies).


Also, 4.25% 7month CD ($5k min)
Anonymous   |     |   Comment #197
Arizona residents only:

Silver State Bank
6 or 12 month CD
10K minimum
4.25% APY
Anonymous   |     |   Comment #198
Regarding Wachovia - for those of us with revocable trusts and not wanting to deposit above the insured FDIC 100K (even though it is insured) I confirmed yesterday that their office in Delaware is insured through an additional FDIC number. Therefore, if you are in CA as I am, you can have 100K through the CA branch and 100K through the Delaware branch.In the old World Savings days, it was done with their Texas bank.

When I asked the CSR in Wachovia (Fullerton) about this on Monday, I was told the Delaware bank was not offering the 4.25 promo rate.

I have since confirmed on the Wachovia website as well as contacting the CSR number on their website that the promo rate is offered nationally.
Anonymous   |     |   Comment #199
Regarding Wachovia - for those of us with revocable trusts and not wanting to deposit above the insured FDIC 100K (even though it is insured) I confirmed yesterday that their office in Delaware is insured through an additional FDIC number. Therefore, if you are in CA as I am, you can have 100K through the CA branch and 100K through the Delaware branch.In the old World Savings days, it was done with their Texas bank.

When I asked the CSR in Wachovia (Fullerton) about this on Monday, I was told the Delaware bank was not offering the 4.25 promo rate.

I have since confirmed on the Wachovia website as well as contacting the CSR number on their website that the promo rate is offered nationally.
Anonymous   |     |   Comment #200
Might use TheStreet.com as rating scanner for banks and thrifts.

A is excellent, B is good, C is fair, D is weak and E is very weak.

Poornachandran Kandhalu
Poornachandran Kandhalu   |     |   Comment #201
Wachovia way2save promotion is a bogus - Beware of it

Recently wachovia announced way2Save program in which they give 5% bonus for the balance in the way2save account, 5% interest plus 16% interest for 3 months.
(You can refer the link http://www.wachovia.com/misc2/0,,1900,00.html for more details).

I believed them, opened Way2Save account and did multiple payments and online purchases to move a good amount of money to way2Save account. But once they found that I have good balance in my way2save account (for which they need to give the interest rates and bonus mentioned above), they just closed my way2save account. The reason they give is that I made multiple payments. Nowhere in their terms and conditions they have mentioned that we should not make multiple payments.

It seems quite obvious that they closed my account is only to avoid giving the 16% interest and the 5% bonus on first year for the Way2Save account. This is an unfair act of not honoring the promotional offers which they have already advised to lure the customers. I have never seen any bank which has been unfair like this. They behaved so cheap.

Hence please be aware with Wachovia before believing wachovia's promotional offers as they will deceive the customer at any time like this.

Anonymous   |     |   Comment #202
Two River Community Bank (Monmouth County, New Jersey) is offering 4.0% on its liquid Prestige Savings Account (FDIC Insured). Interest rate is guaranteed to 12/31/2008, min balance of $50K to earn rate, and no max deposit. I opened a linked checking account to facilitate deposits / withdrawals. I understand you can do ACH transfers to/from the Savings acct, but they must be initiated by the other financial institution. This bank does not post rates on their website, so you can call to confirm.

Check out Two River Community Bank at http://www.tworiverbank.com or call 877.706.9009
Anonymous   |     |   Comment #203
IndyMac Bank branches are matching Vineyard Bank CD rates 4.50, 6 mo and 4.35, 12 mo. Don't know what will happen to the CD rates when the bank is purchased. We don't know how soon that will be and for now, that is a really good 6 mo rate.
Anonymous   |     |   Comment #204
WaMu wants your money!

WaMu online savings 3.75% APY effective 07/31/2008
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #205
Dear Banking Guy,

Since the postings are over 200 now, please start a new page. Thanks.

AARP Savings is down to 3.2%. Wow! Can you imagine they pulled us all in with 4.75% and now they are down to 3.2%?

All of my money, except for $200, is out of AARP Savings.

I am going back to WaMu online Savings at 3.75%. Yes, if WaMu is up to 3.75% today they are truly desperate and perhaps in big trouble. I urge everyone to watch their FDIC coverage with WaMu.

I kept my WaMu online savings account open with just $10 left in it. (I had big money there when they were much higher with their rate. Then they dropped to 3.3% and I was gone.)

~O-Qua Tangin Wann
A.K.   |     |   Comment #206
Downey Savings is offering its CD accounts at 4.15%APY for 6 months, 4.30% for 12 months and 4.60% for 18 months.
Anonymous   |     |   Comment #207

According to the NY Times

IndyMac Bancorp, the third-largest banking failure in United States history, said Friday that it would file for Chapter 7 bankruptcy protection, an indication that it will liquidate its assets and shut down.
Anonymous   |     |   Comment #208
Re the NYT story on IndyMac bankruptcy -- that bankruptcy applies ONLY to IndyMac Bankcorp, NOT to IndyMac Federal Bank, which continues operation under the FDIC. That is what the story says:

"The filing was widely expected. It does not include IndyMac Federal Bank, which is now run by the Federal Deposit Insurance Corp and is the successor to IndyMac’s former banking unit. Most deposits in IndyMac Federal are insured up to $100,000."
Anonymous   |     |   Comment #209
BofA lowered CD rates.

scott   |     |   Comment #210
Another Failure, First Priority bank
ShraZZy   |     |   Comment #211
emigrant direct is now 3%
Anonymous   |     |   Comment #212
Anonymous   |     |   Comment #213
Since it's a much followed subject of the site (many thanks to Banking Guy), here's an interesting perspective on deposit insurance limits, "Should Limits on Deposit Insurance be Abolished?" http://www.chicagotribune.com/business/yourmoney/chi-ym-fdic-0803aug03,0,964851.story.

An excerpt: "Now, some banking industry experts worry that the law of unintended consequences is kicking in. Sticking by the rules, the FDIC could make things harder on itself and the battered financial system."

As mentioned in the story, for a number of years, Japan had in place unlimited insurance coverage.
Anonymous   |     |   Comment #214
I believe FDIC LIMITS SHOULD BE INCREASED. I'm a "middle income" retiree who saved regularly during my working life because I knew I would need 3 sources to fund retirement: Social Security, pension/401(k) and savings. I have CDs (both IRA and non-IRA) at several banks to stay under insurance limits. Today's workers will have to amass even more personal savings to survive in the future. I think FDIC insurance on non-IRA accounts should increase to recognize this, just as the limit on IRAs was increased to $250,000.
A.K.   |     |   Comment #215
Capitalone Online Savings of 3.75% APY is for Costco members only. Otherwise it is 3.50%.
Anonymous   |     |   Comment #216
I saw an ad in this weekend's L.A. Times for 4.15% 3-month and 4.5% 6-month CDs at Vineyard Bank - open to California residents only. Here is a link:


FWIW: I note also at its website that the bank also just agreed to the issuance of some kind of consent order by the Comptroller of the Currency. All the more reason to keep your deposit within the limits of FDIC insurance.
Anonymous   |     |   Comment #217
Pinnacle Bank with offices in Orange City and Longwood FL advertised the following in Sunday's Orlando Sentinel:

4.10% APY 7 mo CD
4.35% APY 12 mo CD
4.50% APY 24 mo CD

Minimum deposit 1,000.
Anonymous   |     |   Comment #218
Just called Wachovia. They have stopped the High Yield MMA. Now rate for 10K is 1.25% as listed on their web site.
Anonymous   |     |   Comment #219
"DCU" aka Digital Federal Credit Union has a 20 month "Special" for 4.50% APY.
Florentine   |     |   Comment #220
I live in California.

I called Wachovia's 800 contact number (not a local branch).

Rep told me 3.75% promo rate is no longer available for the HYMMA.

If reps are giving wrong info, Wachovia might lose some deposits.
Anonymous   |     |   Comment #221
United Western Bank has ad in August 5th Denver Post (p. 7A) offering 4.25% APY 12 month CD, minimum $5,000, maximum $500,000, expires Sept. 30, 2008.
Anonymous   |     |   Comment #222
FDIC web site to check on enforcement actions:

Might want to check on Security Pacific Bank (Los Angeles, CA) in 2008.

Anonymous   |     |   Comment #223
Called FNBO Direct yesterday to inquire if they offer POD Beneficiary accts yet and the CSR said yes they do now. She said it can't be done in the online app but the info can be emailed in and they will add it within 2-3 business days.

Can anyone else confirm if this is true before I pull the trigger and open an acct there?
Anonymous   |     |   Comment #224
I am considering several large CD's with KEY BAK (actually, Key bank Direct, a subsidiary of Key Bank who does out of state CD's)

There interest rates are 4.75% for a 23 month CD; and they will negotiate a high rate (so far up to .75&) for CD's @ or arounf 100K.

Other than a disgruntled employee, I haven't found concrete reviews on the bank. They have many offices spread over the Ohio, NY, PENN and midwest areas.

One article from the Ohio Beacon (June 18-08) stated they needed to raise capital (about 1.5 billion) with an indication from the powers to be mentioning the "sub-prime" mess.

They are chartered and there FDIC#
is 17534; so they seem to be good.

Do you have any information on this bank that would allow me to make a more sound decision as to whether to to business with them?

Any help would be greatly appreciated.

Banking Guy
Banking Guy   |     |   Comment #225
KeyDirect info is available at this post. All of my recent KeyDirect posts are available at this page.
Anonymous   |     |   Comment #226
Hello everyone:

Thanks to the Banking Guy's always reporting the best deals, in October 2007 I considered myself lucky to have opened three accounts with Pentagon Federal Credit Union... at 6%!!!

But soon - very soon - I discovered that they made "errors" that caused me serious financial consequences to say nothing of the time consuming in checking things and writing the supervisor and the president... PLUS the terrible aggravation. Errors that are inexplicable and not even admitted by them to mitigate my anger.

If anyonne wishes to know the details I'll send them to them on request (to their emails?). Just thought I'd alert you to my experience which, true, it may not be the same as with others. :o)
Anonymous   |     |   Comment #227
Dear Anonymous:

Please email the PFCU detail to ddawson@charter.net.
Anonymous   |     |   Comment #228
To Anonymous 11:05 AM, August 06, 2008

Please post your experience with Pentagon FCU for all to see on this blog. We have no way to contact you. Thanks.
Anonymous   |     |   Comment #229
I would like to suggest that there be a separate section on this blog, organized according to bank or credit union, where readers could post their experiences and evaluations of the customer service at each institution.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #230
Wachovia opened up a brand new branch in Corona Del Mar, California. They are heavily promoting their 3.75% High Yield Money Market Account. They will waive the additional checking account requirement, and they will guarantee the 3.75% rate for 90 days. You can use an existing HYMMA Wachovia account if you have one or create a new one from scratch. You need to deposit $10,000 minimum (not from funds already in a Wachovia account), but once your account is up, you can remove that $10,000 at any time. But if your balance falls below the $10,000, you won't get the 3.75%.

Wachovia will allow as many beneficiaries as you want, and they will include the POD in the account title.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #231
I just talked to keydirect representative. They have a new Key Advantage Checking Account from today.
It allows o.25% increase in certificate rates, so their 23 moths certificate will be 5% APY, not 4.75% APY.
Anonymous   |     |   Comment #232
Re: Vineyard Bank and my post of August 4, above.

The L.A. Times Business Section today has a front page story about the problems the bank is experiencing (i.e, loan losses on Southern California development projects). So, again, if you are going to take advantage of their currently high 3 & 6-month CD rates (4.15 and 4.5%), make sure that you keep within FDIC limits. In fact, the story talks about how the bank is working with its depositors to make sure that they are maximizing insurance coverage.
Anonymous   |     |   Comment #233
A call was left on my answering machine last night saying that "Your credit card with Commonwealth Credit Union has benn suspended. To reactivate please call ---- "

Esp. since I do not have an account with them and being aware of Idenity Theft, I called the phone book number to report this. They said that they have already received over 100 calls from employees, people who did not have accounts with them, etc. It is a sham. Beware!!!
Anonymous   |     |   Comment #234
Re Anonymous, at 11:05 AM, August 06, 2008

Please email the PFCU detail to
Thank you!
Anonymous   |     |   Comment #235
Metropolitan Bank has an offer for $200 when you sign up for a free checking account with direct deposit.

Anonymous   |     |   Comment #236
SharePlus Federal Bank CD promo in Dallas -- 5% APY, 5 months, $1,000 min, $5,000 max. Limit 1 per customer. Expires August 15. IMO it's a super rate for such a short term, though the max limit is a bit low.

Anonymous   |     |   Comment #237
Roma Bank (NJ) is offering a 20 or 30 month CD at 4.10% with only a $1,000 minimum deposit. It's limited to residents of NJ and Bucks County, PA; and must be done in-person or via mail. A mail application form can be downloaded at www.romabank.com. I did so, and their response was very quick. They actually sent me a pretty, embossed CD in a plastic folder!

A Happy Customer
Burlington County, NJ
Anonymous   |     |   Comment #238
Farmers & Merchants--you might want to read the "pop up" on their site in respect to this promotion
since it is through an outside the
bank promo.
Anonymous   |     |   Comment #239
Key Direct has raised the rate on its 23 month CD to 4.75%, with a $5,000 minimum deposit.
Heather   |     |   Comment #240
Arizona Bank & Trust (previous post on 6.0% reward checking account) is celebrating their 5 year anniversary with a 4.50%APY 5-month CD. This offer is only available for five days: from August 18-August 22, 2008.

I got a flier in the mail with this info -- It says qualifications for this offer include the opening of a new checking account with automatic deposit or payment. I'm not sure if current checking account holders have to open a new account?
Anonymous   |     |   Comment #241
In New Jersey

PNC Bank is offering 4.05% 11 month CD (Must open $1,000 min checking account)

Valley National Bank is offering a 9 month or 12 month CD. Both are 4.05%
Anonymous   |     |   Comment #242
Some current rates at E-LOAN:

5 Year CD Rates

$100,000 or Greater 5.12%-5.25%
$50,000 to $99,999.99 4.89%-5.01%
$10,000 to $49,999.99 4.89%-5.01%

For details on these,and other maturity rates, enter:

Anonymous   |     |   Comment #243
National Penn Bank (PA) has a 4.10% 13 month CD with a $500 minimum.
Anonymous   |     |   Comment #244
Marine Bank, part of Home Bancshares (NASDAQ:HOMB), offers an 11-15 month "bump-up" CD at 4.25% APY. Call 1-800-955-0615 and ask for the "Welcome Back" special.
cjdtech   |     |   Comment #245
Touchmark National Bank (Norcross, GA) has a 4.01% reward checking account. Requirements: 10 debit card purchases, 1 Automatic Payment or Direct Deposit transfer, Receive your monthly account statement electronically, Sign in to your online banking account at least once. Found this on CheckingFinder. A good choice for anyone in the Atlanta area.
Anonymous   |     |   Comment #246
Read WSJ article about the largest credit unions.

Anonymous   |     |   Comment #248
Found this $75 Bonus when you open and use a new First Federal checking account. I currently have their Moolah Checking - with current rate of 4.26% - and it qualifies for the bonus. For some reason they are hiding this promo and not offering it to everyone. I spotted this link from a Google search. Available in NC, SC, GA, FL online only at http://www.firstfederal.com/webff/personal/checking/checking.asp?promo=JUL08ICGOO
Bozo   |     |   Comment #249
To: All
Re: The Advantage of a CD ladder

It's nice to see long rates (4 years plus) nudging back over 5%. My State Farm Bank IRA comes due in a couple of weeks, and the four year IRA CD at KeyDirect (5.25%) fills a spot on my ladder. Now, this is the way CDs are supposed to work, might I add. You get a 10 or 12 year ladder, get the benefit of the higher rates, and harvest the maturing CDs as you need them. The inverted yield curve was driving me nuts there for awhile.

Just gotta have patience.


Anonymous   |     |   Comment #250
Re: Vineyard Bank and my posts of August 4 and 7, above:

Another story today in the Business Section of the L.A. Times about the bank's problems. The story begins:

"Vineyard National Bancorp said Monday that housing-related losses and depositors' withdrawals have cast doubt on its future and it must raise substantial amounts of new capital to continue operations through this year."

The bank is offering great rates on 3-month (4.15%) and 6-month (4.5%) CDs, but be careful!
Anonymous   |     |   Comment #251
Vineyard Bank on the ropes.

Shares fell 40% today (currently trading at $1.17) ... they are experiencing significant customer deposit withdrawls.

Vineyard is seeking a waiver from the FDIC to let them raise new funds via brokered deposits. I don't like their chances.

Vineyard said the withdrawls have affected their liquidity and their ability to meet obligations as they come due.

Ha. See you Friday, these guys look like the next one to go.
Anonymous   |     |   Comment #252
Goldwater Savings 4% APY
Saw it on Bankrate.com over the weekend. Goldwater was posting lower rate on its web site over the weekend. Today I noticed they have posted 4% APY.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #253
AdvantagePlus Credit Union Money Market Savings rate for balances of $150,001 and up is up to 4.35% APY.

This CU is NCUA insured, so as long as your account is set up properly, you can feel comfortable putting that much money in this account, assuming you are lucky enough to have that much money in the first place, of course.


~O-Qua Tangin Wann
scott   |     |   Comment #254
Saw Metro City bank in GA has some nice rates.
12 month 4.30% 15 month 4.40%
Looks like it might require a branch visit. But I found them on moneyaisle.com where they bid 4.35%for a 12 month CD, So if they are there I would think CD could be opened by out of state
Poornachandran Kandhalu
Poornachandran Kandhalu   |     |   Comment #255
Recently wachovia announced way2Save program in which they give 5% bonus for the balance in the way2save account, 5% interest plus 16% interest for 3 months.
(You can refer the link http://www.wachovia.com/misc2/0,,1900,00.html for more details).

I believed them, opened Way2Save account and did multiple payments and online purchases to move a good amount of money to way2Save account. But once they found that I have good balance in my way2save account (for which they need to give the interest rates and bonus mentioned above), they just closed my way2save account. The reason they give is that I made multiple payments. Nowhere in their terms and conditions they have mentioned that we should not make multiple payments.

It seems quite obvious that they closed my account is only to avoid giving the 16% interest and the 5% bonus on first year for the Way2Save account. This is an unfair act of not honoring the promotional offers which they have already advised to lure the customers. I have never seen any bank which has been unfair like this. They behaved so cheap.

Hence please be aware with Wachovia before believing wachovia's promotional offers as they will deceive the customer at any time like this.

Anonymous   |     |   Comment #256
Millenium Bank is offering a 9 month CD with an APY of 4.30% for depositors in MD, VA, and DC. $5,000 minimum deposit, must be new money.

Anonymous   |     |   Comment #257
Amtrust e-savings is back up to 4.0%
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #258
AARP Savings rate continues to plummet.

Down to 3.05% APY.

~O-Qua Tangin Wann
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #259
Regarding Amtrust Direct E-Savings:

e-Savings Annual Percentage Yields (APYs) are as follows: $1 - $99,999.99 - 4.00% for the first 90 days. After the first 90 days, 4.00% APY reverts to standard tiered rate for balance on deposit after that time. Balances of $100,000 or more: 2.50%. This is a tiered account and the rate for each tier will be applied to the balance within that tier. Standard e-Savings tiered rates are as follows: $1 - $99,999.99 - 2.50% APY; $100,000 or more - 2.50%APY.
Anonymous   |     |   Comment #260
Ufb Direct down to 2.85%
Bozo   |     |   Comment #261
To: All
Re: Random Musings regarding Wachovia and KeyDirect

OK, I have an IRA CD coming due the end of this month at State Farm Bank and want to ladder out four or five years. Wachovia has the five year 5.25%, so I thought I'd give it a shot, since I still have a modest amount there from my days with World Savings. To make a long story short, I'm out of town, in Leawood, Kansas, so I go to the Wachovia branch at 103d St. and State Line. I spend 45 minutes with the "investment counselor" and get nowhere. He doesn't have a clue how to do a custodian-to-custodian transfer or even open an IRA, for that matter. He finally shoos me out.

When I get back to California, I find out (from this blog), that KeyDirect (where I already have an IRA CD) is offering 5.25% four years with a .25% "bump" for a checking account. I call this morning, and after a minute or so on hold, get a very knowledgeable CSR (Ed Blake was his name, very nice guy) who confirmed the rate, and the bump, and took all the information. The rate bump is a "no-brainer". You open a checking account for $50, no fees, no gimmicks, you get the bump.

To say my experience with Wachovia and KeyDirect were poles apart is an understatement.

Somebody at Wachovia really ought to train the staff on what an IRA is, how to open it, and how to do a custodian-to-custodian transfer. Hint: you need to have an account open when the transfer occurs so that you have an account number for the check. Also agonizing was the fact that the Leawood "counselor" had to call the home office to figure out what I was talking about, got two different people on two different calls, and got inconsistent advice. Before he shooed me out he gave me the general "800" number for the IRA department (so I could get my own inconsistent advice?).



Anonymous   |     |   Comment #262
Countrywide Bank lowers its SavingsLink account to 3.5% APY with minimum of $10,000.
Anonymous   |     |   Comment #263
Dollar Savings Direct, a division of Emigrant Direct, is offering 3.75% APY on its savings account, with a minimum of $1,000.
Anonymous   |     |   Comment #264
Quiet Friday?

INDYMAC files for Bankruptcy.......
Plus Checking and Credit Card
Plus Checking and Credit Card   |     |   Comment #265
HSBC has a new offer for a bonus of up to $100. The bonus is a $75 or $100 HSBC MasterCard GiftCard. Expires 09/12/08.

Open new Plus Checking and deposit $4,000 new money in any HSBC account (except HSBC Direct accounts), and get $75 gift card:

To qualify for the $75 HSBC MasterCard® GiftCard you must open a Plus Checking Account with an initial deposit of $4,000 in new money into any HSBC Deposit Account (excluding OSA and OPA accounts). New money means funds not previously held by any member of the HSBC Group. The $75 GiftCard is considered interest income and will be reported on IRS Form 1099-INT. HSBC reserves the right to charge an amount equal to the bonus if your Plus Checking Account does not remain active and open for 180 days. If you qualify for the offer the GiftCard will be sent to you within 90 days after the requirements have been met. Limit one (1) offer per household. This offer can not be combined with any other offers or promotions, is nontransferable, and expires on September 12, 2008. Promotion may be modified or withdrawn at anytime without notice and without affecting existing customers who have this product.

Additional $25 gift card if you meet the previous requirements and get approved for an HSBC Cash or Fly MasterCard and make a purchase by 9/30/08:

To qualify for the additional $25 GiftCard you must meet the above requirements and also open an HSBC Cash or Fly MasterCard® at the same time as opening the Plus Checking Account and make a retail purchase by September 30, 2008.

There's a 0% APR for 6 months offer on the Cash or Fly MasterCard.

Plus Checking has a $15 monthly fee unless you "maintain $15,000 in total combined balances including personal deposit, investment and qualifying credit balances".
scott   |     |   Comment #266
Kerdirect has raised rates on 12 month CDs
$5k+ 4.30% +.25% w/checking 4.55%
$50k+ 4.32% +.25% w/checking 4.57%
Bozo   |     |   Comment #267
To: Scott
Re: KeyDirect

All things considered, it appears the four year CD (you can actually get four years and a month, two months, three months, etc.) at KeyDirect with the 25 basis point bump for the checking account is about the best around these days.

Just my $.02.


Bozo   |     |   Comment #268
To: All
Re: KeyDirect

Oops, forgot to state the rate. The 4 year CD (or 4 years and a month, two months, whatever), is 5.25% plus an additional .25% for opening the checking account, which is $50, which you don't need to use.
Anonymous   |     |   Comment #269
±5.25% on a 3-month CD through a broker in WPB Fla. Clipped out of the PB Post last week and can't find the clip. I spoke to the broker and he said it was an out-of-state 2-1/2 to 3 star FDIC institution. I believe the penalty was 45 days. Did anyone else see this or do I need to go to the library and search a week's worth of papers? Can't find it on any of the usual sites. Maybe the offer's expired?
olderwiser at zowiemail dot com
Anonymous   |     |   Comment #270
RE: Above post
Ad re-run today. 5.29% APY Principal First Trust $20k minimum, FDIC 561.622.0347
Anonymous   |     |   Comment #271
Does this mean there are better CD rates soon ahead across the board?

U.S. Banks: Higher Borrowing Costs

From the Financial Times: US banks scramble to refinance maturing debt

Battered US financial groups will have to refinance billions of dollars in maturing debt over the coming months, a move likely to push banks’ funding costs higher ...

Mohamed El-Erian, co-chief executive of Pimco, the asset management group, said: “If banks keep borrowing at these levels, you will get a repricing of credit for the whole economy.”
Adding together 10 of the biggest bank borrowers, Dealogic said that maturing bonds total $27bn in August, $52bn in September, $23bn in October, $20bn in November and $86bn in December. The extent of the scramble for funds became clear last week when banks tapped central lending facilities ... US commercial banks borrowed a record daily average of $17.7bn from the Fed last week.

Higher borrowing costs for banks probably means higher lending costs for customers, negatively impacting the economy.
Hustler   |     |   Comment #272
New Chase Bonus until Oct. 15th

Anonymous   |     |   Comment #273
Wachovia lowered is 12 month CD to 4.10%
and 7 month CD to 3.30%

This is in New Jersey
Anonymous   |     |   Comment #274
The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief economist has warned.

Read about it here:

Anonymous   |     |   Comment #275
The global financial crisis is set to get worse, with a large US bank likely to collapse in the next few months, a former IMF chief economist has warned.

Read about it here:

Bozo   |     |   Comment #276
To: All
Re: Stuff Does Revert to the Mean

To all of you who get reprimanded by associates for investing in CDs, here's some ammunition.

Back in February of 2004, I split my Vanguard funds 50% into a balanced fund and 50% in cash. In late August, 2006, I moved that cash to a CD ladder at quite nice rates (thanks to this blog, might I add).

Now, four and 1/2 years later, my cash has returned more than the "balanced" stock and bond fund.

As I noted on the Boglehead forum, yes, Virginia, stuff does revert to the mean.


Anonymous   |     |   Comment #277
Golden1 is merging with the 1st United Federal Credit Union, but from reading between the lines on the FAQ page it sounds like 1st United was having problems and the NCUA had Golden1 take them over.

I've never seen Golden1 cite the assistance of NCUA for a merge, nor cite an effect on financial instutions for the reason for a merger.

Golden1 recently merged with Church/co-op, and the media coverage surrounding it cites how lots of CUs want to merge with golden1 but golden1 is picky. This merger has a very different feel and spin.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #278
AARP Savings down to 3% APY.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #279
Provident Direct High Yield Online Savings Account up to 3.75% APY from 3.50% today.
scott   |     |   Comment #280
Eloan has increased rates on 12 month to 4.35%. They also have 18 month 4.36%. If you open the 18 month with $50k you get an extra .34% bump. They also have a 5 year at 5.15% that gets an extra .20 if opened with $50k+

Anonymous   |     |   Comment #281
WAMU is offering a one week special: 13 month CD at 5% APY. This is supposed to begin tomorrow in their CA branches according to branch manager. Not sure if this is available nationwide. Let the rate wars begin!
Anonymous   |     |   Comment #282
Alpha Bank & Trust
9-months 4.50% APY (up from 4.40%)
Georgia residents only
Anonymous   |     |   Comment #283

The The Columbian Bank and Trust Company in Topeka, KS has failed
Anonymous   |     |   Comment #284
Wamu has a 5% 12 and 13 month online cd!! No checking required.
Atlanta Wolf
Atlanta Wolf   |     |   Comment #285
Stolen from SD:


$100-$250 bonus after 60 days.
Anonymous   |     |   Comment #286
doesn't the eloan 18 month cd at 100k amount to 4.87% when the bonus is added in?
100k x 4.36 +(250x2)= $4860 or 4.87%?
DollarBill   |     |   Comment #287
Indymac Federal is matching WaMu's 5% for CD's that were opened before the FDIC takeover. I just converted a 4.10% CD which wasn't due to mature until April 2009. New CD is 5% for 12 months. There was no penalty or loss of interest on the old CD per the Indymac CSR. This was accomplished with a phone call.
john   |     |   Comment #288
WaMu will NOT open an account over the phone for their 13 month -5% cd. I tried two branch offices in Los Osos, Ca. and Morro Bay, Ca. and I currently have accounts with wamu.
john   |     |   Comment #289
I just tried to get INDYMAC to match wamu's 5% cd and the highest I could get was 4.50%. I told them I would be cashing out. Any body special I need to speak with to get the match rate ? Hopefully someone I can understand. ????
DollarBill   |     |   Comment #290
John, it may have to do with the amount. After they bumped up my $80k CD up to 5.0%, I called back to bump up a $7k CD, the best they would offer was 4.5%. When I asked why the difference in rates, the CSR told me it was because of the relatively small amount of the second CD.
Anonymous   |     |   Comment #291
On aug 11, Indymac matched the 90 day 4.75 APY CP from Park Ave Bank. I went to the Post Office and mailed my check, with the account number written on it, and also attached a letter with all the details, and sent it by first class mail to the Indymanc PO Box address in Pasadena, CA. I had until today to fund the account or I would not get the rate. Indymac claimed they did not receive my check. I cancelled my check yesterday and wired funds into Indymac to start the CD. This is the first time in 40 years that a check I have mailed to a financial institution has been reported as not arrived in a reasonable time by the financial institution.
Anonymous   |     |   Comment #292
I opened a new 13 month CD at WaMu on Sat Aug 23 rd at 5% APY . It runs until Friday Aug 29 th. I am hearing that Whacovia well run a matching CD starting Aug 26 . This is a walk in CD rate. I opened it in California but I believe it is in many states. Humm looks like wamu needs funds.
Anonymous   |     |   Comment #293
Both AIG Bank and Lockheed Federal Credit Union are offering HELOC rates as low as Prime-1.01% (3.99%). Meanwhile, Lakeland Bank of New Jersey is offering a $100 bonus for their free checking account.
DollarBill   |     |   Comment #294
I called IndyMac again this morning and got them to bump up the puny $7k CD to 5.0% apy (see my post above). I was offered either a 12 or 13 month term. CSR confirmed there was no penalty and that interest earned through yesterday would roll to new 5% CD.

When calling, tell them you understand there is no penalty or lost interest for busting a CD opened before the FDIC takeover, and that you want to bust your CD accordingly because you can get 5% at WaMu. CSR will then offer to match rate and may put you on hold while verifying rate on WaMu website. CSR then tells you new maturity date and the amount being rolled over (including accrued interest). CD account # remains the same. This strategy has worked twice now for me.
Bozo   |     |   Comment #295
To: All
Re: I chickened out, call me a wimp

With all the talk about banks failing, and a 2 year IRA CD coming due this month at State Farm Bank ($134,000 and change), I was shopping at Wachovia, KeyDirect, and WaMu. Then I read the horror stories of IndyMac depositors, and I chickened out. It seems like the odds of a bank failing recently are directly related to abnormally high CD rates (read: Wachovia, WaMu and Key Bank).

I understand that I am well under the FDIC limits, but do I really want that aggravation?

In addition, the CSR at State Farm Bank assured me that I could take a partial distribution in January, 2009, with no penalty (since I'm over 59 1/2). Not just the Feds (which I knew), but also no interest forfeiture from State Farm Bank. The balance of the CD keeps clicking along for the remainder of the two years.

OK, they're not the highest rate these days, but they're not the lowest, either.

I'm not happy about the fact that we all have to consider bank failures these days.


Anonymous   |     |   Comment #296
Banco Popular (California): I saw an ad in today's L.A. Times for a 4% money market account. It requires a checking account and other restrctions apply.
Anonymous   |     |   Comment #297
Regarding Vineyard Bank in Southern California. Had 12 month CD at low rate and called to see what the charge would be to close considering WAMU was offering 5%. Penalty to close only 30 days interest plus they matched WAMU 5%. I don't know if they will match with new money however. Remember this is a weak bank - stay within FDIC limits....
michael   |     |   Comment #298
In DC, the PNC branches have signs saying something along the lines of no ATM Fees. I didn't walk in, but just by happenstance I came across the PNC Virtual Wallet, which I haven't seen before. Seems like an interesting concept and has ATM rebates for $2000+. The premise is 3 accounts called SPEND, RESERVE, and GROWTH, 2 checking and a savings, respectively. The GROWTH account has a fairly competitive 3% APY, which is really high compared to the other PNC savings accounts. Also, no minimums. Any reviews? Has anyone tried converting the Free Checking to the Virtual Wallet after receiving the DD Sign-up Bonus?

Anonymous   |     |   Comment #300
I'd like to comment on First Bank. You ran the advertisment a couple days ago.

4% Money Market Account for 5 Months The add ran in a newspaper in Illinois and Florida. I live in California and started a search to see If it would go in CA.
Rocklin, CA is having a Grand Opening and the branch is adverising the rate.
It was about an hours drive for me to find the Rocklin, CA FirstBank . They were very nice and opened the account for me and anyone else who would check out the branch.
This is a great Money Market yield and guaranteed for 5 Months.
Anonymous   |     |   Comment #301
Anonymous   |     |   Comment #303
I had a CD with IndyMac from before the Fed takeover. I called on Aug 27 '08 and asked if I could close w/o penalty,and was told I could. I asked for best deal if I moved to new acct and was given a 4.25% rate but told they would match any other bank. I said Wamu 5% 1Y and they were happy to give it to me.
Anonymous   |     |   Comment #304
I too have a Indymac pre FDIC CD about 25k---i told them i was going to move it to WAMU for the 5% rate----they immed offered to bump my $4.06% rate up to 5% apy --which I did.
then the rep I was dealing with said that he understood that the WAMU rate was only good for through this Saturday---and that he was able to offer me a 5% APY for a 12 month CD for new money---he said I would have 12 days to fund it. So I opened a second CD and plan to fund it early next week.
I also tried getting Eloan to match WAMU rate---but they refused
Anonymous   |     |   Comment #305
Capital One is offering a new "Rewards Checking" account for its branches in Texas and Louisiana (and McLean, VA).

The account gives Capital One Miles for using the debit card, writing checks, and using their bill pay.

Min. opening balance of $50. 1,000 mile bonus for opening account and using debit card; another 4,000 for making a direct deposit.

You can open an account online, but you must go into a Texas or Louisiana branch. In fact, I had to go into a branch to finish opening this account, even though I already had a Cap1 checking account (opened at the same branch where I opened this new account).
Anonymous   |     |   Comment #306
I opened CD at WaMu on Saturday August 23 for $100 K for 13 months at %5 APY humm was told by someone in banking that wachovia would start a matching promotion Aug 26 but I don't see it . I want more CDs and then I see this at "Patelco" ( a CU that PG&E used to be with ) where I have had CDs before at a very good rate and they would match the highest rates I could find in the San Francisco bay area . I see this on Patelcos site ! 5.12% Interest rate Health Savings Account Find out more at our new partner-site, HSAdirect.org and I start thinking ? well is no age req. and i have no health insurance or Medicare ? so can I have a "HSA " why not ?
well yes its sort of like a IRA but yet its not ? you can close your account anytime . you can claim a Tax benefits for medical from this HSA . you get a credit card and free checking also . But if you don't use the account for anything ? you still get your 5.12% interest rate. OK any experts out their ? why can't I use the HSA to make 5.12 % ? is their some reason ? well IRS jump on me if i don't spend the money on some heart repair or ? What are the rules ? anyone know ? >> lok for yourself ?
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #307
FDIC money will run out:


Great article at above link
Anonymous   |     |   Comment #308
Yes, Indymac is matching WaMu 5% for 'new money'. I just opened one; it could not have gone smoother and the CSR (Wendy) was great! I may even call again tomorrow & open another one!
Anonymous   |     |   Comment #309
Another successful IndyMac transferred over into a 12 mo 5% CD. Only one CD can be terminated without penalty (it is the transaction that constitutes account reclaim)
Anonymous   |     |   Comment #310
Here's a new one (at least for myself): Last week I opened 2 Wa-Mu CDs (4.50 APY 12 and 13 month)online. Today I attempted to open an additional CD online and was unsuccessful. According to the CSR you cannot open more than 2 online CD in a 7 day period!
Anonymous   |     |   Comment #311
I went to WAMU branch to open a CD and i successfully opend.Customer Rep told me that there is an upcoming promotion for money market savings a/c for 4%apy with 6 withdrawals per month.But dont know when it is going to start
Anonymous   |     |   Comment #312
I just gave a call to Indymac bank 1-800-750-8521 and asked to match WM 12 month 5% APY CD. They easily did it. Account was opened.
Anonymous   |     |   Comment #313
Just spoke with CSR at WAMU regarding 5% promo. They indicated they would know at the end of the banking day today if it would be extended. They are on Central time. Of course we won't know if it will go up or down...
Anonymous   |     |   Comment #314
Integrity Bank closed, deposits transferred to Regions Bank.

The Texas ratio seems to be a pretty good indicator of the likelihood of closure.
Anonymous   |     |   Comment #315
FDIC press release on Integrity bank failure says no loss to anyone, even if over FDIC limits. Whew! Second bank to fail on me (Indymac last month) in two months!
Anonymous   |     |   Comment #316
I have the AARP MMA. Have they closed their August cycle yet? I am concerned about this because my account always ended the cycle on the 27th or 28th, but this time it still has not closed and paid the accrued interest. Thanks.
infirm   |     |   Comment #317
Very dumb question -- I opened a CD at WaMu on Friday, but now I'm thinking I might want to keep the cash liquid for a different investment. Is there any front-end grace period on CDs such that I could cancel/break the CD? I assume there isn't.

Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #318
Infirm, the only dumb questions are the ones that are not asked.

Unfortunately, there is no grace period to cancel the CD without penalty at WaMu.

If you want out, you'll have to pay for it.
Laurel   |     |   Comment #319
The Savings Account Rate at Alliant Credit Union remained unchanged at 3.75% APY for September.

I am disappointed, as I was hoping Alliant Credit Union would raise their rate to 4%.
marc   |     |   Comment #320
Imperial Capital has once again extended their savings II rate lock, now through Jan. 20th and they bumped it up to 3.75% APY for all branches, not just Las Vegas like before.
Anonymous   |     |   Comment #321
Tropical Financial Credit Union

Good rates after a long period of almost avoiding attracting deposits.

Examples (for $50K):

11 months 4.50% APY
18 months 4.65% APY
24 months 4.75% APY
60 months 5.30% APY

Even with just $500, you can get 4.40% APY for 18 months.

Let's hope other credit unions bring CD rates back to attractive levels.
Anonymous   |     |   Comment #322
State Bank of India http://statebank.com/cd.asp APY 9-3-08 through 9-9-08 for any amount:
36 mos - 3.80%; 1Y - 4.58%; 2Y - 4.78%; 3Y - 5.09%; 5Y and above - 5.30%.
For both 1 mo. for 95K plus and 3 mos for 50K plus - 3.29%.
Anonymous   |     |   Comment #323
I have a 120K WAMU cd that matures tomorow. The CD is a joint account in my wife and my name.

Im planning to open another another WAMU cd at 4.25 for 8 months. Would i be better off opening 2 individual accounts for 60K each. One in my name and the other in my wife's?

I seem to remember there being some talk that when Indymac failed you only got the first 100K imediatley and that it took a little while for the FDIC to verify account ownership before getting access to anything over 100K even if it was a joint account.

Banking Guy
Banking Guy   |     |   Comment #324
I know there were some delays for POD accounts with over $100K. I'm not sure about Joint accounts. I looked back at the comments from the IndyMac posts, and I couldn't find examples of delays with joint accounts. Based on what the FDIC requires, joint accounts should be easier than POD accounts.
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #325
Jeremy, if you trust your wife, you absolutely should do separate accounts. One in her name and SS, and one in yours.

You will sleep better.

There will be no delays or questions whatsoever by the FDIC should a failure occur. You will receive your money for both accounts immediately, and without question.

Do it. I would.

Now, if there is any chance your wife might run off and take the money....
Bozo   |     |   Comment #326
To: All
Re: Alliant Credit Union

Well, all good things come to an end. I guess they were flooded (nay, inundated) with "hot money" and now don't have have a clue who to loan it to.

We keep shopping.

Stern   |     |   Comment #327
Bozo, what exactly do you mean about Alliant CU?

Are you referring to the fact that their CD rates are so low? Or are you upset that their Savings rate is still at 3.75% APY?

Thank you.
Anonymous   |     |   Comment #328
Anonymous   |     |   Comment #329
Valley CU based in San Jose, CA has been placed under NCUA conservatorship as of Sep 2 or 3. Here is a link to the press release http://www.ncua.gov/news/press_releases/2008/MR08-0903.htm

There is also a link on the CU webpage www.valleycu.org

I do have an account there but had no idea about this; got no intimation from them. I actually made a deposit this morning (still not knowing anything about this) at a different CU (CU shared branch). It was when I later logged into my Valley CU a/c, just to make sure the deposit posted that I noticed the link on the Valley CU main webpage. The link, although conpicuous, by itself does not indicate anythig about conservatorship, until you click and read contents. Indeed I did not bother to click the link til after I checked my balance and logged out and purely out of curiosity checked it on my way out!!
Anonymous   |     |   Comment #330
SECU Credit Union in Maryland has a 4.5% APY 13-month CD.
michael   |     |   Comment #331
Get $100 when you open a CITIBANK regular checking account

From this FatWallet Thread: http://www.fatwallet.com/forums/finance/858742

Anonymous   |     |   Comment #332
How about this ? CDs at 18% interest ! Government Insured
It looks like they get around the Tax laws by keeping accounts under $10,000 ? . You can only put in 250,000 PS that's about $5,350 us dollars interest is paid monthly and the CD is for 5 years then you get the principle back. so you dubble your money at this rate about .
mrthnman   |     |   Comment #333
Dime bank of williamsburgh 12 month 5% CD , it appears you can open online from any state

Anonymous   |     |   Comment #334
5% 5mo CD at First New England FCU.
Anonymous   |     |   Comment #335
Regarding the above posting on Dime Bank of Williamsburg offering a 12-month CD at 5%: I just checked the Web site, and there is not such listing at the Web site.

The Web site lists an APY of either 3.25% or 2.5% for the 12-month CD -- as far as I can find!
Banking Guy
Banking Guy   |     |   Comment #336
I just posted on Dime Savings' 5% CD. Refer to this post for details and click on the CD promotion link.
Anonymous   |     |   Comment #337
In New York City, Citibank is offering 3.75% APY on their Rate Accelerator Money Market Account. For CitiGOLD customers with $25,000 and more.
Anonymous   |     |   Comment #338
Silver State Bank has failed
Schvoogie   |     |   Comment #339
ANC News today reported that it is widely believed that the Fed will keep the Fed Funds Rate unchanged at 2% at least through the rest of the year.

Also, it was announced late this afternoon that the U.S. Government is taking over Fannie Mae & Freddie Mac.
Anonymous   |     |   Comment #340
Countrywide is now 3.4%, was 3.5%
DollarBill   |     |   Comment #341
WaMu is back with the 5% on-line CD for 12 or 13 months - at least in my zip code:

Terms (Months) Interest Rate2 Annual Percentage Yield (APY)3
6 1.98% 2.00%
8 4.17% 4.25%
12 4.89% 5.00%
13 4.89% 5.00%
18 3.93% 4.00%
24 3.93% 4.00%
36 3.93% 4.00%
48 4.07% 4.15%
60 4.41% 4.50%
Rates effective 09/06/2008
Featured CDs: Interest rates and APYs may show in bold text to highlight our featured CD rates and APYs.
1 Interest Rates and APYs may vary by bank location. Be sure the city shown above is correct for your bank location.
Anonymous   |     |   Comment #342
Silver State Bank closed by FDIC
Anonymous   |     |   Comment #343
In at least one zip code in Florida, the minimum opening deposit for the 4.30% apy 12mo Wachovia featured CD is $1000 (as opposed to $5000 for the 4.00% apy 9mo).
moondanc   |     |   Comment #344
Now that the Feds have taken over IndyMac is it totally safe for CDs? I notice Bank Rate gives it the lowest ratings.
Anonymous   |     |   Comment #345
Rivermark Community Credit Union (https://www.rivermarkcu.org/) in Portland, OR has a new member CD special of 6.0% APY for 12 months (max. deposit = $1,000)
moondanc   |     |   Comment #346
Citibank is running an ad in San Francisco Chronicle for a 4% 6 month CD.
Bozo   |     |   Comment #347
To: All
Re: State Farm Bank

Just renewed my 2 year CD at 4.2%.

Not the greatest rate, but seniors (59 1/2 years) can do periodic withdrawals with no penalty. I.e., no penalty for "breaking" the CD. Sort of like a checking account that pays 4.2%. In my view, that's not too shabby.

Anonymous   |     |   Comment #349
GMAC bank is introducing a new GMAC Bank Online Savings Account with APY of 3.55%. Deposit and transfer money electronically rather than with debit card or checks. Easy online access to funds whenever you need them. $500 min. balance to get the 3.55%. This offer was received by regular mail, and you must mail back a card to them, signed and dated to make this happen. This will convert your current Money Market account to an online savings account instead. For questions, or to open account, their number is 866-2GMBANK.

My only question is, are there any down sides to converting your money market account to this if you never use their debit or checks for regular money market account anyway?
Anonymous   |     |   Comment #350
Etrade has aew promotion. They will deposit $10 into your savings account if your balance on 11/15/08 is at least $5000 more on 9/2/08.
Perturbance   |     |   Comment #351
Re: GMAC Bank. I too would like to see Banking Guy's take on this new Online Savings account. I got the same letter in the mail from GMAC on Monday the 8th. I can't find any information online - be it at GMAC's site or elsewhere on the web - that has any information about this new account type. I don't use their debit card or checks, and therefore can't see any downside in switching for a 55 basis point rate bump.
CD Rates Florida
CD Rates Florida   |     |   Comment #352
I did a search and didn't see this listed on your website: Keys Federal Credit Union has 3-year CDs at 5.00% APY and 5-year CDs at 5.25% APY. I posted on it briefly here.
Anonymous   |     |   Comment #353
Corus Bank lowered rates today. Now, 3.85% on money market, 4.15% on 6 month CD and 4.60% on 12 month.
Anonymous   |     |   Comment #354
Comerica Bank has a 4% CD. 12 months, $2,500 minimum, needs a bank account. I believe this is available nationally (or at least it popped up on their website before I entered my ZIP code). It's not the best rate out there, but from what I can gather, it's also a pretty solid bank.

Anonymous   |     |   Comment #355
The blog was mentioned in a 'seeking alpha' post.

infirm   |     |   Comment #356
Any word on what HSBC will do with its online savings account (3.5% until 9/15)?
Dan The Man
Dan The Man   |     |   Comment #357
Anybody know if KeyDirect still has the 1/4 point rate increase when buying a CD and having a Key Advantage MM Checking Acct? Has anybody bought a CD from them? It was posted Aug.7 on bank deals
Anonymous   |     |   Comment #358
Giantbank is offering a 182 CD with rate 3.84, APY 3.91. The minimum is $2500


I saw this on http://bankcd.com/cdrates.html but I haven't seen any recent comments about this bank (owned by Landmark Bank in Ft. Lauderdale.

Haa anyone had any experience with giantbank?
Anonymous   |     |   Comment #359
NY Post thinks this is going to be a BAD weekend.

September 11, 2008
Anonymous   |     |   Comment #360
Banking Guy, thanks for a GREAT blog. You sometimes provide ratings from Bankrate and Bauer for the banks that you review. I'm wondering if you have ever looked into the huge disparity between their ratings. They have both updated their ratings to reflect 6/30/2008 data, but the rating differences are astounding. As an example, Bankrate rates Washington Mutual (the main charter in NV) as 1 star. Amazingly, Bauer is still giving them 3 stars! I find that hard to believe. Any thoughts? I suspect that their methodologies may be different, but it is difficult to understand how that could result in such a great disparity.
Anonymous   |     |   Comment #361
Looks like Ebank's ePremium Checking is back down to 3% APY
Anonymous   |     |   Comment #362
Hello, Anyone know of a place where I can see the best Roth IRA cd rates? Email me at edsnooper(AT)yahoo.com
Anonymous   |     |   Comment #363
Discover Bank rated 4star by Bauer Financial is offering 4.6% on a 3yr CD certificate.
Anonymous   |     |   Comment #364
WaMu as of today has dropped its 5% online CD for 12-month CDs (at least in Calif). No 5% rate for any CD now.

The 12-month CD is now only 4.0% APY. Their promotion is now for a 8-month CD, but at only 4.25% APY.
scott   |     |   Comment #365
Bankrate's Safe&Sound has changed it's format and now gives more info on a banks health. Also now showing reports as of June 30
Anonymous   |     |   Comment #366
Imperial Capital Bank is offering a 3.75% APY "Savings II" account (min $1,000) until Jan 20, 2009.
Anonymous   |     |   Comment #368
Here's a terrific deal for first-time customers at Everbank.

4.76% APY for 3 months on the first $50K on deposit.

Anonymous   |     |   Comment #369
Just got an email from Emigrant Savings Bank. They're offering 3.75% APR on their Dollar Savings Direct account.

This is actually for an account at DollarSavingsDirect.com and the account is not really connected to current Emigrant accounts. You cannot get to the account from an Emigrant session nor will the DollarSavingsDirect.com account accept Emigrant credentials.

It requires completing all the information required for a new account
Anonymous   |     |   Comment #370
Just opened a cd at Washington Mutual for 13 months at 5% in Palm Beach County Florida Today, Mon 9/15/08
michael   |     |   Comment #371
Schwab Checking rate changed to 3% from 2%
Anonymous   |     |   Comment #372
In L.A. Times this AM. Someone called "Guaranty Bank" is showing 5% 7-month CD. $1,000 to open.
Says call 800-444-5091.
Ronnie   |     |   Comment #373
Tuesday Morning: The Fed has indicated that it is seriously considering lowering the Fed Funds Interest Rate yet again at the next meeting.

That would suck if the Fed lowered the rate below 2%.
Anonymous   |     |   Comment #374
Re the Guaranty Bank offering. That is for Los Angeles County residents only, according to the fine print. And it must be opened at that 800- number, not at a branch or otherwise.
Anonymous   |     |   Comment #375
HC just lowered the rate on their Online Savings Account from 3.5% to 3.25%. They had been running a special rate of 3.5% for several months. Yesterday was the expiration date. I would have thought they would have retained the 3.5% rate considering all of the banks now offering 3.5% or more. Oh well, time to open another 3.75% account & transfer the $$$. We will see what happens if the Fed lowers interest rates AGAIN !!!
Anonymous   |     |   Comment #376
Tried to type HSBC (posting above).
Felipe   |     |   Comment #377
Fed Rate unchanged after meeting today.
Carol in California
Carol in California   |     |   Comment #378
Telesis Community Credit Union(www.telesiscu.com) in the LA area is offerng a 4.20% 10 month CD with$5,000 min that allows unlimited additions and 2 withdrawals(down to $5K). Even tho' not as aggressive as WaMu, this account could be a good strategic move in such volatile times. The Feds didn't lower rates today, but the future is more than uncertain right now. This account was offered a month ago at 4%, but was raised over the weekend. LA Times has run the ad for this account in the past several days editions.
Anonymous   |     |   Comment #379
Suntrust offering 4.3% 25 momnth CD
marc   |     |   Comment #380

reassurances from FDIC
lw   |     |   Comment #381
Apple Federal Credit Union in Chantilly VA has a 7% 7-month CD special. The maximum is $2K. This is available for the first 1,000 people opening a CD account at the new Chantilly VA branch. Call Apple Federal Credit Union before you go.

Anonymous   |     |   Comment #382
Per branch manager, WaMu 5% 13 month CD still available in Florida as of 9/16/08.
infirm   |     |   Comment #383
It seems that HSBC's online savings account rate was cut from 3.5% to 3.25%. Not the top of the market, but not bad.

Anonymous   |     |   Comment #384
The Golden 1 Credit Union has a 6% rate for 60 months. This is good for an IRA also. See this promotion on their website.
Anonymous   |     |   Comment #385
Emigrant bank 3.75 ??

Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #386
From Reuters concerning WaMu:

Washington Mutual's stock has lost almost 94 percent of its value from its 52-week high of $39.25 on September 19, 2007, to its close on Tuesday of $2.36, as investors worry about continued losses related to risky real-estate loans.

The company's woes has led to speculation that it is primed for a takeover.

On Wednesday the New York Post reported, citing sources, U.S. federal regulators recently called a number of banks asking if they would consider buying Washington Mutual should it eventually falter.

In recent days federal banking regulators contacted Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N), HSBC (HSBA.L) and several other financial institutions to gauge their interest in a possible acquisition of the largest U.S. savings and loan institution, the paper said.
Duck   |     |   Comment #387
WAMU just put itself up for auction reported 3:30pm CNBC
DollarBill   |     |   Comment #388
Wachovia may merge with Morgan Stanley per MarketWatch report.
Anonymous   |     |   Comment #389
I opened a 13 mo CD with a 5% APY on 9/17/09 in Tampa, FL.They were offering a 17 mo at same APY. They do not know how long it will last, but state their rates usually change on Friday.
Anonymous   |     |   Comment #390
Last post should have read, "9/17/08". I opened this CD at a branch.
Anonymous   |     |   Comment #391
Eloan is offering a new savings account called "Eloan Savings Plus". It has tiered rates and requires a reacurring deposit of atleast $100 a month. Top rate is 3.85% for >$100,000
Anonymous   |     |   Comment #392
HSBC lowers rate from 3.50 to 3.30%
Anonymous   |     |   Comment #393
My bad, HSBC lowers to 3.25%
infirm   |     |   Comment #394
WaMu & FDIC -- POD Titling

I started freaking out when I noticed that a WaMu 13-mo CD I recently took out did not have POD or ITF in the TITLE. The signature card says that it's POD, lists the qualified beneficiary, and has all the necessary language, but the actual TITLE is just my name, at least on the certificate they gave me. I was really about to break the CD and pay the penalty, but I called FDIC. I talked to three people who said they needed to kick it upstairs to someone more knowledgeable before I spoke to "Grace" (she wouldn't give me her last name) at the Virginia Square Call Center. She assured me that FDIC was aware that WaMu's software does not allow POD/ITF in the title, and that the signature card was controlling for the purposes of FDIC. What do you all think?
Anonymous   |     |   Comment #395
Valley CU in San Jose, CA is offering a 4.10% yield on a 7-month certificate with a $1,000 min. opening balance (no max).
Anonymous   |     |   Comment #396
Went to Cal Pacific Bank (Santa Barbara Bk and Tr) to open the advertised 2 yr 5% C/D.
Was able to negotiate the same 13mo
5% I got from WAMU instead.
I know this bank--great mgmnt and very secure.
Anonymous   |     |   Comment #397
Interesting story in today's Wall Street Journal on a much followed subject of this site, PODs and other ways of extending deposit insurance, http://online.wsj.com/article/SB122169783324750379.html.

A point that might be overlooked is the unintended consequences on estate plans.
Anonymous   |     |   Comment #398
E-Central CU is offering a 9 month 4.1% liquid CD and Kaiser bank is offering a 5 year 4.5% CD.
Anonymous   |     |   Comment #399
TriStone has reduced the yield on its MoneyMax high-yield checking account to 5.01% APY.
TUYEN NGUYENNGOC   |     |   Comment #400
Emigrant Direct has offered a 3.75% online saving at https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp

Will you offer $10 reference like you did with emigrantdirect.com
Anonymous   |     |   Comment #401
Opened a 5% cd at Washington Mutual in Delray Beach Fl last week. Took two hours to process--if they go down the tube it will be because of all the ridiculous unnecessary paperwork.

Tried to open another cd today at WashMutual; still 5%, but after 20 minutes two people ahead of me had not moved. And the branch was not busy. Went to BankUnited couple of blocks away, got 4.8% for 13 months and no checking account required.

Didn't see FDIC people at either bank.
Anonymous   |     |   Comment #402
3 yr. @ 4.75% no strings attached
at Discover Bank (rated 4 star at Bauer Financial)
Anonymous   |     |   Comment #403
I got this today from the assistant manager at my local WaMu branch. He said it's from an internal memo circulating at WaMu. What we really need is independent confirmation from FDIC.

The issue was with whether the language in the Master Account Agreement (MAA) for WaMu’s POD accounts clearly documented a pay-on-death arrangement as required by FDIC deposit insurance regulations. The FDIC confirmed that the MAA verbiage does indeed meet the requirements for deposit insurance purposes.
Anonymous   |     |   Comment #404
Just left my WaMu Branch in Houston. The 13 month/5.00% APY deal is still on in Texas (or at least in this area) because of Hurricane Ike. The CSR said they expected it to last till the end of this week (09/26/08).
jeff   |     |   Comment #405
In Arizona, WaMu on-line CD's(12 &13 mo) now 5% and Online savings is 4%.
ShraZZy   |     |   Comment #406
4% wamu savings now
5% CDs are back
Rusty   |     |   Comment #407
BEWARE WAMU CDS !!! I signed up for the 12 mo 5% apy cd at WAMU and printed the confirmation and they stuck me with 4% I immediatly requested my money back and they have refused unless I pay a penalty. I have now filed complaints with three federal agencies to get out of this bait and switch mess. Also the customer service is rude and abusive and they will not give you their operator #'s so you can't report them. I strongly urge you to stay away form WAMU this is the worst banking experience I have ever had.
Anonymous   |     |   Comment #408
Brightstar Credit Union

11-month CD 5.25% APY ($500 min)

You can get 5.50% APY if you're a Platinum member (requirements are at www.bscu.org/star)

Broward/Palm Beach County residents in south Florida

Bankrate ****
Bauer Financial *****

This is absolutely the best deal around.
Anonymous   |     |   Comment #409
Brightstar Credit Union has very limited membership. Here is what I found at the website:

Who Can Join?

Anyone* who lives, works or goes to school in Broward OR Palm Beach Counties, Florida.

Anyone* associated with any educational institution in Broward County.

Family members of anyone eligible by blood, marriage or adoption may join, even though such individuals do not reside in the same household.

We provide services to local Partner Organizations, which offer BrightStar CU as a benefit to their employees.
Anonymous   |     |   Comment #410

6 month cd 5,000 min. 4.25%
Anonymous   |     |   Comment #411
Amalgamated Bank (www.amalgamatedbank.com) is now offering a 4.3% 15 month CD. I saw a sign at their DC branch about it. The only catch is that you have to open a *new* checking account to get the rate. I already have a checking account (applied for the $125 promo last year) so they said I would only be offered a 3.6% rate on the 15 month CD. Hmmm.

The branch also said that you could apply for both checking and the CD through their web site. They do have a free checking account.
Anonymous   |     |   Comment #412
The Corus Bank online site is not working properly. Has anyone else had this problem?
Anonymous   |     |   Comment #413
China Trust Bank USA is offering a 7- month CD in NY, NJ. 4.08% APY for amount between $10,000 and $49,999; 4.18% APY between $50,000 and $99,999; and 4.28% APY beyond $100,000. it has a rating of 5 by Bankrate. The breakup penalty is one-month interest. No checking account needed.
Anonymous   |     |   Comment #414
Alliance Bank (in Calif) offering 4.5% APY for 12-month and 18-month terms. $25,000 min to open -- requires it be new funds.

From ad in Los Angeles Times today.

(888) 260-2488.
Mr. Ruffles
Mr. Ruffles   |     |   Comment #415
East River Bank (Philadelphia, PA)
3.65 Checking Account, $100 minimum
Duck   |     |   Comment #416
Regions bank(McDermott and Alma dr.) in Texas(original BG post Monday, August 04, 2008)is still availble they are offering
4.75% on 30m and 4.25% on 14m
$10k min on 30m and
$2,500 min on 14m
could not find out how long this will last past this weekend.
Also when I called this morning customer service told me I would have to open a checking account to get these rates. When at branch I inquired about opening Cd's was asked if I had existiing accounts told her no and opened the 30m without having to open any other accounts to recieve the rate.
Anonymous   |     |   Comment #417
Everbank just raised the 3-month CD to 4.02% and the 6-month CD to 4.23%
Anonymous   |     |   Comment #418
WAMU bought by Chase just announced
Anonymous   |     |   Comment #419
FDIC announcement about Chase purchase of WaMu: http://www.fdic.gov/news/news/press/2008/pr08085.html
Anonymous   |     |   Comment #420
Does this mean that my 5% CD will change to a 2% CD tomorrow? Can I withdraw my funds tomorrow? Would I go to WaMu or Chase? Thank you.
Xander   |     |   Comment #421
Below is a FDIC Press Release concerning POD accounts and beneficiaries. Can someone please translate this into a more understandable meaning. Thank you.

FDIC Simplifies Coverage Rules for Revocable Trust Accounts

September 26, 2008 Media Contact:
David Barr (202-898-6992)

The FDIC's Board of Directors today adopted changes to simplify the rules for determining the coverage available on revocable trust accounts – commonly called payable-on-death accounts or living trust accounts. The interim rules, which are effective immediately, eliminate the concept of qualifying beneficiaries, so that coverage is based on the naming of virtually any beneficiary.

Under the revised rules, coverage for the vast majority of account owners generally is based on the number of beneficiaries named in a depositor's revocable trust account(s). The insurance limit will still be based on $100,000 per named beneficiary. For revocable trust account owners with more than $500,000 in such accounts naming more than five beneficiaries, the coverage is the greater of either $500,000 or the sum of all the named beneficiaries' proportional interest in the trusts, limited to $100,000 per different beneficiary.

"We believe the interim rule will not only result in faster deposit insurance determinations after bank closings, but will help improve public confidence in the banking system," said FDIC Chairman Sheila C. Bair. "We strongly encourage owners of revocable trust accounts to make certain that the names of their beneficiaries are included in the bank's records."

The new rules are effective as of today and apply to all existing and future revocable trust accounts at FDIC-insured institutions.
Bozo   |     |   Comment #422
Wachovia just put itself up for sale. Wonder if there will be any bidders.

Anonymous   |     |   Comment #423
Tax-exempt money markets are paying 5% which is equivalent to 7.7% in the 35% bracket. I haven't seen this talked about.
Anonymous   |     |   Comment #424
Bank Guy: Regarding these revocable trusts and FDIC insurance, there seem to be two main types of these trusts: POD accounts and Totten Trust accounts.

While I don't think there is much difference between them, there is something. different, and that might make a difference in any particular circumstance. It would be helpful if you could put something together on the differences between the two, and some idea of which we might prefer.

Anonymous   |     |   Comment #425
BANK GUY: Re the new FDIC rules on beneficiaries and FDIC insurance coverage. These rules are not yet final and permanent.

Can you explain what will happen if we were to put more than $100,000 in the same bank, with non-decending or ascending order beneficiaries to cover all the funds over $100,000, as per the new rules, -- and then in the coming months, the FDIC changes or ends these new rules?

Will our funds in that bank still be covered by FDIC insurance for the duration of the CD term? Or would we find ourselves stuck in a CD term but no longer have FDIC coverage? Would we have to make our decisions based on blind trust that the FDIC would continue to cover accounts opened during this period anyway?
Anonymous   |     |   Comment #426
Patriots Federal Credit Union is offering a 4.24% APY Vacation Club account $25-$500 min deposit.
Anonymous   |     |   Comment #427
BANK GUY: Re the new FDIC rules on extended coverage for beneficiaries on accounts:

Since this is the FDIC, would I presume correctly that this rule does not apply to credit unions? As such, what are the rules for beneficiaries and covered with a credit union?
Anonymous   |     |   Comment #428
Check out www.moneyaisle.com where banks can bid for your CD business. Interesting concept.
Banking Guy
Banking Guy   |     |   Comment #429
About the new FDIC rules, yes, these don't apply to credit unions. However, NCUA often follows FDIC rules so it's likely that NCUA will follow sometime in the future.

About MoneyAisle, please refer to my MoneyAisle review post.
Anonymous   |     |   Comment #430
Ad in today's LA Times for residents of Los Angeles County only: 5% APY 7-month CD at Guaranty Bank, requires $1000 to open, available limited time and only by calling 800-444-5091 (it's not on http://www.guarantybank.com/). Hours m-f 6am-10pmPT, Sat. 7am-2pm PT.
Anonymous   |     |   Comment #431
Note: all the branches of Guaranty Bank in Southern California are in Riverside County (951 area code), not in Los Angeles County. Weird that the offer is only open to residents of a county where this bank has no presence.
Anonymous   |     |   Comment #432
Not weird. They are doing this in preparation to move into Los Angeles County. This is a certain testing of the market they are doing.

I asked them about it last week -- and this is what they told me.

But you can't get through on the phone to them today. I was just on hold with them for 1 1/2 hours waiting for someone to pick up.

Still, if you wanted to take your deposit to a branch in Riverside area, they will allow you to -- and to conduct any other of your business there (other than open the account on the phone).
DollarBill   |     |   Comment #433
1st Constitution Direct just extended the promotional 4:00 apy on my savings acount for another 90 days. My original 90 day promotion was to expire on Oct 2 and has now been extended until Jan 02. I received notification in an unsolicited email.
Anonymous   |     |   Comment #434
does anyone use salem fives edirect account? i have ING direct now and am thinking of ditching them an dputting it in the edirect account...

three reasons are:

higher interest
i live in MA so i could go to branch
and atm fee refunds up to $15 which is fine as i don't use more than that usually
marc   |     |   Comment #435
Imperial Capital Bank Savings II just rose to 4% guaranteed through 1/20. While I like that as I have an account, I'm scared this is the start of desperation time for them.
Anonymous   |     |   Comment #436
More about Guaranty Bank 7mo. 5% APY Cd-- just spoke (at 800-444-5091) to a CSR who said it's been a madhouse on their phones & best time to reach them is at night (phones answered weekdays till midnight PT). They've also extended the offer beyond LA County b/c they've discovered that LA Times readership is broader than they thought (I didn't ask where else).

You don't need to go into a Riverside branch: they take all your info on the phone (and basically open the account then), then send you a packet which you return with whatever documents & signatures are required, such as trust verification (since this CD's available to both individuals and trusts). Account can be funded by mail, debit, or wire transfer, and APY is apparently guaranteed assuming return of documents w/i 7 days.

Min $1000; maximum $500,000.
They are Austin, TX based and the CSR said their assets include $16 billion in deposits.

Their main cust. svc # is 800-288-8822.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #437
RE: Imperial Capital Bank 4% Savings:

As long as you make sure you stay within FDIC rules and limits, you have nothing to worry about. If Imperial folds, either the FDIC will give you your money or your account will be transferred to another bank.

Piece of cake.

~O-Qua Tangin Wann
Maeserve   |     |   Comment #438
Imperial Capital Bank might be a decent alternative to those who are in WaMu's online savings at 4% once Chase lowers the online savings rate.

Banking Guy, did you review the Imperial Savings II account? I could only find your review of their iChecking and CDs.

I couldn't find the Imperial Savings II 4% account listed in your weekly summary report.

Do you know if Imperial runs a hard credit pull?

Thank you.
George   |     |   Comment #439
Citi has raised their online ultimate saving and ultimate money accounts to 3.5 and 3.00 APY.
Anonymous   |     |   Comment #440
ING as of 9/30

Electric Orange - Earn up to 3.50% APY (100k+)
Orange CDs - 12-month CDs at 4.25%
Anonymous   |     |   Comment #441
Guaranty Bank's offer of a 7-month CD at 5.0% APY, which was supposed to end today, has been extended through Oct 4, so the CSR just told me on the phone. And the ad for it ran in the Los Angeles Times again today.

Again, this is open only to residents of Los Angeles County, CA, although there are reports that they have extended the area of eligibility after realizing the circulation of the Los Angeles Times is somewhat farther than that.

Opening an account by phone with them went very smoothly.

I also note, if you choose to fund via the ACH, they credit your account and interest starts accruing on the day they send the debit through the ACH, as opposed to the day they receive the funds from your bank, which could easily be two days later.
Anonymous   |     |   Comment #442
Kaiperm Federal Credit Union Liquidated; Members Now Served by Alliant Credit Union:

Anonymous   |     |   Comment #443
Pentagon FCU just posted Certificate rates effective 10/1/08
5% for 3,4,5,7 year maturities
Atlanta Wolf
Atlanta Wolf   |     |   Comment #444
Midwest Reward rate changed to 6.31%

Everyone knew 7% wasn't going to last.

Still a good deal though!
Anonymous   |     |   Comment #445

Regarding the 5.0% APY 7-month CD at Guaranty Bank for residents of Los Angeles County, you sound a bit less than confirmed on some of the info I previously gave you -- although what you wrote was correct. Re the ACH, you did not write that you could not use it, but you sounded uncertain. I did it yesterday, so they do allow via the ACH -- that can be done before you even receive the paperwork and signature card, which I have yet to receive. BTW, their cutoff time for ACH transactions is 3 p.m. Texas time -- after that, it will be done the following day.
mrthnman   |     |   Comment #446
park avenue bank in new york now has 6 month cd at 4.80% & 12 month cd at 5.10%
Mario's wife
Mario's wife   |     |   Comment #447
HSBC 6 month online CD 4.00% APY
Atlanta Wolf
Atlanta Wolf   |     |   Comment #448
BestBank in GA (aka Guaranty Bank in MI) is terminating their "savings payback". No more Bonuses after 9/30/2009. (Notified via paper mail)

Savings Payback is their promo to match the smallest automatic monthly transfer from checking to savings ($10 to $100) after a year.
larkin   |     |   Comment #449
B of A DOW Cash Maximizer up to 3.50% for balances over $5000.
Anonymous   |     |   Comment #450
Regarding the new insurance coverage stated in the bail out. Does this mean that if you have a pod account with that bank it will be insured for $250,000. per person on that account??
Anonymous   |     |   Comment #451
Alexandria, Va., October 3, 2008 – Today’s passage of the Emergency Economic Stabilization Act of 2008 will require NCUA to immediately increase share insurance protection to $250,000 on all types of accounts until December 31, 2009. This is from their website.
Anonymous   |     |   Comment #452
The Florida Capital Bank here in Daytona Beach has a Money Market A/C w/3.5% interest rate guaranteed thru 12-31-08 & another Capital checking A/C has 3%
interest rate -both have $2500 minimum.
Also CD rate 4.15 % Has great customer service & hometown feel. Only Florida branchesat this time.
Bank only started approximately 1& 1/2 years ago
Anonymous   |     |   Comment #453
Guaranty Bank has dropped its rate on its 7-month CD. It had been offering 5.0% APY to residents of Los Angeles County (and some others were accepted, apparently).

An ad in today"s Los Angeles Times has the rate now down to 4.5% APY. All else remains the same.
Anonymous   |     |   Comment #454

Regarding the new rules for extending extra FDIC coverage to accounts for ANY beneficiary on them, can you please explain the details of how it works.

For instance, if I have two maxed out individual accounts with one beneficiary each (different beneficiary on each account), I understand that that gets me full FDIC coverage on each account. But, let's say I has the same two accounts and have both beneficiaries on each account -- would I still get the full FDIC coverage on each account, or do I need to have the beneficiaries on different accounts to get that extra coverage?

And what of other combinations with beneficiaries?

I think you did a piece on this some time back -- perhaps a link to that is in order now.
Anonymous   |     |   Comment #455
Lisle savings bank in IL just posted special CD rates effective 10/1/08,
4.25% for 6,9,12,18 months.
Bozo   |     |   Comment #456
To: All
Re: USAA increases its long term CD rates to 5.32% APY

After months and months of lame interest rates on its long-term jumbo (>$175,000) CDs, USAA is again offering some serious rates for serious long-term savers. The 5 and 7 year CDs are at 5.32% APY.

Here's the link

Bozo   |     |   Comment #457
Re: link to USAA

It didn't post, but if you go to the USAA website, you'll find the rate page.

Anonymous   |     |   Comment #458
WaMu/Chase: 3.0% online savings, no more 5.0% CD.
Anonymous   |     |   Comment #459
Regions Bank offers 8 month 4%, 16 month 4.5%, 32 month 4.75%.
Anonymous   |     |   Comment #460
Capital One is offering Costco members a 7 Year CD
yielding 5.45% APY .

Check it out
Anonymous   |     |   Comment #461
Park Avenue Bank just raised it's 6-month CD to 5.1% today, the same as it's 12-month CD and it's Money Market to 4.1%.
Anonymous   |     |   Comment #462

I'd like to open a Coverdell Education Account for my son. Trying to figure which bank/Credit Union has the best rate for Coverdell cds. Any suggestions.

Banking Guy
Banking Guy   |     |   Comment #463
Alliant Credit Union offers good savings and CD rates on Coverdell accounts. I have a review of Alliant here.

Pentagon Federal Credit Union also offers Coverdell CDs and they are currently offering 5% APY for 3, 4, 5 and 7 year terms. I have a review of them here.
Anonymous   |     |   Comment #464
FYI: I just spoke with a CSR @ Fidelity; he said that Fidelity is going to guarantee (for a year) the $1.00 price per share on monies that have been in their Money Markets since before Sept. 19. (IE, they just signed the deal with the Treasury on this.)
Wow, that makes me feel sooo much better as I was going to get my IRA's out of there.
Sorry if I posted this in the wrong place, was just excited to be among the first to know!
Anonymous   |     |   Comment #465
On the Capital One 7-year CD referred to in a recent post, it's not just for Costco members. On Capital One's Direct Banking page, it shows a 5.50% APY for all. Odd that this just went up from 5.40% on same day that Fed cut interest rate by half-point, so probably this won't last long.
Anonymous   |     |   Comment #466
Does anyone know anything about Dollar Savings Direct by Emigrant? Why are they doing something other than EmigrantDirect and why is the yield higher? I know they did a spanish language targeted product a year ago, but this Dollar Savings Direct thing seems to be exactly the same as plain vanilla EmigrantDirect. So confused!!!
Anonymous   |     |   Comment #467
Harris Bank, based in Chicago, has a special 7-mo. CD with 4.35% APY with checking acct., 4.10% APY without. Also, a special longer term CD.
Anonymous   |     |   Comment #468
Re the insurance for one year by Treasury on money market funds.

My spouse moved IRA assets from Fidelity Cash Reserves to Fidelity U.S. Government Reserves shortly before September 19, 2008. I would like to see in writing some place that if the funds are placed back in Cash Reserves which is the core account that they will be insured (even though they were not in that fund on 9/19/08 but in another Fidelity money market fund on 9/19/08). Even though they might be insured, I want assurance in writing that they are insured rather than having something come up in 10 months and then find that they really weren't insured.
Michael   |     |   Comment #469
Imperial Capital Bank Savings II Account ($1,000 minimum deposit) is still at 4% APY, with the rate locked until Jan. 20th, 2009.

I transferred my money from WaMu Online Savings today.

I went into Costa Mesa, CA (Orange County) branch to do it.

All went very smoothly.

Standard 11-business-day hold on my deposit.

I also opened up a free checking account with $100 minimum opening deposit so I can easily transfer funds from savings to checking online.

$250K FDIC insurance, so I'm not worried should the bank fail.

Should the bank survive, I hold little hope the rate will still be 4% come January 20.
Anonymous   |     |   Comment #470
Mutual Bank just updated 1-year CD 4.1% with min. $2.5k
Anonymous   |     |   Comment #471
The Fed is likely to eventually lower its key rate from 1.5% to 0.5%, said Julian Jessop, chief international economist at Capital Economics, in a research note.

Capital Economics is a macroeconomic research consultancy.

We expect rates to remain at these emergency levels throughout 2009 and 2010," Jessop said.
Columbia Credit Union
Columbia Credit Union   |     |   Comment #472
4.50% APY Certificate Rate
Earn 4.50% APY when you open a 17-month Appreciation Certificate from Columbia Credit Union between Oct. 14 and Oct. 31. The minimum to open an account is only $1,000.
Anonymous   |     |   Comment #473
anyone else noticed CNBBankDirect no longer has "4% APY guaranteed for 6 months" in their intro flash? I swear it was there yesterday - small black fine print just under yellow "four easy steps" button.

offer is over?
Anonymous   |     |   Comment #474
Intervest National Bank 5.25% APY 5 yr CD/IRA -> not a bad rate for a large bank if you want to go long
Anonymous   |     |   Comment #475
Huntington National Bank has just cut its rate on its 36 month promotional CD from 5.00% APY to 4.50% APY.
Perturbance   |     |   Comment #476
BankRate.com is saying that GMAC's Online Savings account is paying 3.75%. Friday rate changes from GMAC seem to show up on BankRate's list a day or so beforehand, so I'll be curious to see if this actually happens tomorrow. If so, that'd be a 20 basis-point hike from where they are now.
larkin   |     |   Comment #477
B of A DOW up to 3.86% for 5k +
virgquest   |     |   Comment #478
Lee County Bank just dropped the APY on their reward checking account to 5.01% from 6.01%. Otherwise, same terms as before.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #479
Two more bank failures today:

Meridian Bank out of Illinois


Main Street Bank out of Michigan.

Both are small banks.

All customers' deposits assumed by larger banks, even if over FDIC limit, according to FDIC. So, no customer will lose any money.

~O-Qua Tangin Wann
djc314   |     |   Comment #480
Irwin Union Bank in St, Louis has 5.3--40 month, 5.05 25 month, 4.55 15 month CD's. Min deposit of 10K Not sure if you have to have face to face transaction or over phone/net. Website is www.irwinunion.com
Anonymous   |     |   Comment #481
Paulson   |     |   Comment #482
It's a holiday weekend.

Sunday Weekly Reviews postings are perfectly fine.
Anonymous   |     |   Comment #483
KeyDirect now has 5% APY for 29 months, so you can get 5.25% APY with a Key Advantage money market checking account and $10K relationship balance.

I guess this replaces the 23 month 4.75% APY (5.00% APY relationship) deal.

For an extra 6 months duration, it's actually a better deal, and it's a shorter duration than 36 months at National City for the same 5.25% APY.
Anonymous   |     |   Comment #484
First DuPage Bank, located in Westmont, IL, outside of Chicago, has a 5.0% APY callable CD. Term is 35 months with the rate guaranteed for the first six months. According to the ad which ran in the Chicago Tribune over the weekend, "It's a 35 month Certificate that pays you a guaranteed 5.00% APY for the first six months. At any time after that until it matures, you will either continue earning the full 5.00% APY or your deposit along with interest will be returned to you." Minimum deposit is $10K, max is $99K. Here's link, http://www.firstdupagebank.com/rates.html.
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #485
The U.S. Government is going to propose unlimited FDIC insurance on all bank accounts that do not pay any interest.

What good is that?

Isn't one of the main points of putting our cash in a bank so that we can earn interest?

What fool would keep more than $250,000 (the current FDIC limit, as you know) in a bank account that pays zero interest? Wouldn't that just be ****ing away money?

The government better stop acting stupid. Give us our $250,000 insurance, but make sure you don't reduce it after December 31, 2009.
Anonymous   |     |   Comment #486
6 month CD 4.10% apy

Anonymous   |     |   Comment #487

$ 500.00 MIN INVEST


Anonymous   |     |   Comment #488
Washington Federal Bank for Savings is offering a 6 month CD at 4.10apy

ShraZZy   |     |   Comment #489
AmTrust Direct Premium e-Money Market Account 3.75%
I wonder if they gonna convert the normal to this one cuz I hate that 1.5% APY.

No minimum balance fee
$500 minimum to open; interest earned on $1.00
Member FDIC Insured
Direct deposit available
Free online banking – view balance, transfer funds
Anonymous   |     |   Comment #490
Bank of East Asia advertised a 5-months CD @ 4.02% in a local asian newspaper. This is in San Francisco area.

Anonymous   |     |   Comment #491
Advertised in the San Jose Mercury Newspaper on Wednesday was 4.25% at Guaranty Bank in California for a 6 month cd.The minimum is 1,000 to open
Anonymous   |     |   Comment #492
The Guaranty Bank CD offer is a 4.25% 6-month CD in California; 4.25% 12-month in all other states. See their rate sheets. The minimum deposit is $1,000 for both offers.
Anonymous   |     |   Comment #493
GMAC Online Savings down from 3.75% to 3.60% as of today 10/17/08 http://www.gmacbank.com/todays-rates/os-rates.html

So the high rate lasted just one week.
Anonymous   |     |   Comment #494
GMAC Savings Rates down but still better than HSBC or ING.
interstate first financial
interstate first financial   |     |   Comment #495
Though not posted on their web page they have been offering 6% apy 6 month CDs for a couple weeks in the Columbus, OH area.

See Columbus Dispatch Oct 16 B4 (bottom right corner) for ad with FDIC insured claim to boot

The gotcha may be the "Seniors" targeted audience the ad leads with
interstate first financial
interstate first financial   |     |   Comment #496
Though not posted on their web page they have been offering 6% apy 6 month CDs for a couple weeks in the Columbus, OH area.

See Columbus Dispatch Oct 16 B4 (bottom right corner) for ad with FDIC insured claim to boot

The gotcha may be the "Seniors" targeted audience the ad leads with
Anonymous   |     |   Comment #497
Look, we're not in Columbus. We can't see what is on B4 of the paper from Thursday -- and the Web site does not have same ads or coordination as the print edition.

So, you simply are going to have to tell us what bank, maybe a Web site for it, a phone number -- some way to find out what you are talking about!

Of course, the rate alone makes it highly suspicious -- but let us check it out.
Banking Guy
Banking Guy   |     |   Comment #498
About high CD rates advertised in papers, financial service companies are often the ones doing the advertising. They make money by selling annuities. I have more details in this post.
Anonymous   |     |   Comment #499
Salem Five Direct rates are all down. www.salemfivedirect.com
Anonymous   |     |   Comment #500
It would be helpful if people could report on experience with Cedars CD.
Anonymous   |     |   Comment #501
I went to Harris Bank in Chicago on Saturday to open the advertised 4.25% 7-month CD. After filling out the paperwork and writing the check, I received a written account of what I had just signed up for: a 4.50% 7-month CD. They actually had increased the rate from the preceding day. I had to put $100 in a free checking account to get the deal. Best short-term deal in Chicago area, and one of the best anywhere.
Anonymous   |     |   Comment #502
6.31% checking at MidWest American Bank. I confirmed that membership eligibility includes both members of the Allen County SCPA (as discussed in previous posts) but also the public tv and radio stations PBS-39. The folks at this bank were very friendly in answering questions, even though it was evident that I did not live in the area.
Anonymous   |     |   Comment #503
Riverside Bank of the Gulf Coast in Cape Coral Florida and on Pine island FL is paying 4.8% for 19 months to 30 months.
interstatefirst.com   |     |   Comment #504
re Oct 17 post: Indeed that 6.00% apy 6-month Interstate First LLC FDIC insured CD seems to be one of those offerings by a financial serivce co. Their phone # is 877-435-8055. Spotted another ad today the 21st

Sorry the phone was left out of hte original post
Wind   |     |   Comment #505
Does anyone know what are the 3highest rates for 6 month noncallable CDs, where, and how much, and whether there are any fees to purchase and to redeem?

I have been researching for days now. But every link I got seems to go back to bankrate.com. They are all offers by banks. Although they are very helpful, I would like to see rates offered by brokers. But I have not encountered any similar rate comparisons for brokered CDs.

There has to be another independent source for this information in addition to bankrate.com

Please help. Much appreciated.
Anonymous   |     |   Comment #506
HSBC Direct savings down from 3.25% to 3% apy.
Anonymous   |     |   Comment #507
FNBA Direct savings down from 3.50% to 3.25% apy.
Anonymous   |     |   Comment #508
FNBO Direct savings down from 3.50% to 3.25% apy.
Anonymous   |     |   Comment #509
FNBO Direct advised via email that their online savings accout rate is now down to 3.25%.
their 6 or 9 month CD rate is 3.75% and their 12 or 18 month CD rate is 4%
Anonymous   |     |   Comment #510
RE: Wind, at 7:21 PM, October 21, 2008

I know a company that would be able to quote you some brokered CD rates for a 6 month term. Right now I believe rates are in the 3.75 - 3.60 range. There shouldn't be any fees to you to for those brokered rates.
you can get their contact info off their website: Here
Anonymous   |     |   Comment #511
UFB Direct is up from 3.80% to 4.00%
Perturbance   |     |   Comment #512
If BankRate.com is correct, the rate on GMAC Bank's Online Savings Account will rise to 3.75% APY (from 3.6% now) on Friday 10/24/08.
Anonymous   |     |   Comment #513
PNC Financial to Buy National City for $5.2 Billion
larkin   |     |   Comment #514
Bank Of America DOW Cash Maximizer down to 2.82% 5k+.
Anonymous   |     |   Comment #515
I was at WaMu yesterday and saw a 4% APY 8-month CD offer. I didn't have time to check it out. Does anyone have details?
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #516
Stearns Bank, National Association Acquires the Insured Deposits of Alpha Bank & Trust, Alpharetta, GA

Accounts over $250,000 will not automatically be covered by Stearns Bank. The FDIC is urging those with over $250K to contact the FDIC.

The bank failures just keep on coming.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #517
BankUnited.com has 7-12 Mo CDs @ 4.40% APY and 4-6 MO CDs @ 4.20% APY
Anonymous   |     |   Comment #518
Hey Banking Guy,

Looks like Key Bank is doing their $100 giftcard for checking promotion again. URL I saw was: https://www.key.com/gen/html/LP-switch-to-key-bank.html?ppc=1008_switch100cons_pd_yahoo__728x90_cont&ProspectID=826D7B158CB34708BBB6813CF80AB62D

Hope this helps. Keep up the great work.
Bozo   |     |   Comment #519
To: All
Re: IRAs for seniors 59 1/2+

I've mentioned this before, but the topic is even more relevant as the market tanks.

For those of us over 59 1/2 lucky (or prudent) enough to shift a large chunk of their IRAs to CDs back when the shifting was good (read, in 2006), you may not be aware of a special feature available to seniors at many (if not all) financial institutions which enables them (us) to take advantage of long-term CD rates while being able to tap those CDs periodically without penalty.

Usually, financial institutions impose penalties for early withdrawal from CDs. However, if the CD is in an IRA AND you are over 59 1/2, you can often make "normal distributions" or "automated periodic distributions" without penalty. This will both help with cash management, and also help to keep your accounts below the $250K FDIC/NCUA insurance limits. You can take advantage of the usually-higher rates on long-term CDs (7 and 10 years for example) while enjoying the flexibility of partial withdrawals, without losing the higher rate on what's left in your CD.

I'm doing this with State Farm Bank. No gimmicks, no hidden fees. It appears you can also do this with PenFed (as I verified with a CSR there) and even KeyDirect (if you use "automated periodic withdrawals"). So, getting yields of over 5% should not be much of a problem, even if you need to draw down on the CDs in retirement.

Anybody else doing this? Or am I the only old-fart in the room?

Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #520
The news media is heavily reporting that it is a guarantee that the Fed will lower the Fed Funds Rate again next week in an effort to jump start the economy.

Most banks will have to lower their interest rates paid on CDs and Savings Accounts in response. The question is if the Fed Funds Rate will eventually drop below 1%.
Anonymous   |     |   Comment #521
Countrywide Bank's home page used to have a link to Countrywide Platinum Visa through which one can get 2% back on purchases. That link no longer appears on the Contyrwide Bank home page. Do we need to be concerned that Countrwide may discontiue the 2% cash back in the near future?
Anonymous   |     |   Comment #522
Sovereign Bank has extended its $150 promotions until Nov. 7.
Jake   |     |   Comment #523
Chartway credit union (chartway.com) is running another 7 month CD deal again. This one is 5% with a $15000 minimum to $25000 max. Check the website for memership requirements.
Anonymous   |     |   Comment #525
First Federal is offering a 5 Month CD at 4.05% APY. It can be opened online or in a branch. Easy online application process. http://www.firstfederal.com/webff/personal/cd/5monthcd.asp

Word is that this won't last long.

I'm a current checking customer of their 4.01% Moolah Checking. Great bank for anyone located in NC, SC, GA, or FL.
Anonymous   |     |   Comment #526
Re: Transferring IRA Funds to other credit unions or banks to take advantage of higher interest rates on Certificates of Deposit. In this particular case, I am referring to Navy Federal Credit Union.

Navy is offering a 5.25% APY 60 - 84 month Jumbo CD. I would like my spouse to initiate a transfer of funds. The normal course would be to have Navy Federal go to Fidelity and get the funds without Fidelity deducting any federal income taxes. To my dismay, a supervisor at Navy Federal tells me it can take anywhere from 4 to 8 weeks to process the paperwork and the rate is not guaranteed to be the same when the transaction is completed.(Bye bye 5.25% APY!!!!) This is just plain unacceptable. If the rate cannot be guaranteed why would anyone make the transfer. It's dumb - plain and simple.

I would like a place on the blog to cover various situations that people have with IRAs.

Certainly Navy Federal must have a history of how long it takes to get Fidelity to process a transfer.

I am aware of the option of withdrawing the funds from Fidelity directly but that would require their withholding 20% Federal income tax and my spouse having to make up the difference plus up to a few days for Fidelity to process the transfer. In addition, the individual would be prohibited from doing any movement of funds from either the IRA where the funds came from or the IRA where the money was going to for one year.

At a time when people are trying to manage the best they can for their retirement and the Feds dropping interest rates drastically, poor Joe ordinary taxpayer can't seem to get a break.

The IRS rules re transfers need to be changed and work for the individual and not for the big corporations!!!!!!!!!!!! That would require Congress to do something proactive and I don't think that will ever happen.

Is there anyone out there who has some good ideas about how to effectuate IRA transfers better?

Sign me disgusted and frustrated!!!
Anonymous   |     |   Comment #527
haven trust bank dropped its 4.75% cd this am.
Anonymous   |     |   Comment #528
Just opened a nationalcity 2 year CD. Received a phone call from them offering me to open a 4% savings account guaranteed for 6 months.
Bozo   |     |   Comment #529
To: Disgusted and Frustrated
Re: IRA Transfer

Look into ordering a check from Fidelity reading "Navy Federal Credit Union FBO Disgusted and Frustrated, as trustee" or words to that effect. I think that qualifies. Check with your CPA, however. I've never heard of such a long processing time for a custodian-to-custodian transfer. You fill out the paperwork, all they do is open the IRA and send the paperwork to Fidelity.

Anyway, I think you can avoid the withholding if the withdrawal is clearly for a transfer, but this is just something I read somewhere long ago, so don't "DIY" without some professional input.

Good luck,

Anonymous   |     |   Comment #530
Re IRA-Fidelity-Navy FCU, you are saying they withhold about 20% if you withdraw directly.

Maybe rules have been changed, but when I read up on this two years ago, there was no withholding. Under the rules, you can withdraw and hold the funds for as long as 60 days, and as long as you redeposit into an IRA within 60 days, NO penalty or tax is due. In fact, if they withheld tax, you would not have it to redeposit within 60 days!

Maybe it is different if you are over age 65 or 70, I don't know.

Your real problem is with the major delay Fidelity is causing. I did such a transfer two years ago, and it only took a few days once I got all the paperwork in. I transferred between Mainstay funds and Vanguard.

You need to lien on Fidelity pretty hard. I, for one, would not deal with an organization that is taking such a delay.
Anonymous   |     |   Comment #531
Re Fidelity_navy FCU-IRA, actually, it appears Navy FCU is the one creating the big delay. You are putting in your paperwork with them, and then they are taking several weeks to process it -- meaning they are letting it sit on the side all that time because it doesn't take long to check your paperwork and authorize it.

Navy FCU is the one to lien on! Tell them they either expedite it and do it within a coupe days, or they lose your account! Talk to a manager there and get a formal commitment form them.

If Navy is going to wast YOUR time like that, then don't do business with them.
Anonymous   |     |   Comment #532
4.10 apy 7mo CD added to SunTrust web site (Personal Finance, Enter, Find a Product, CDs, Go); $10,000 minimum; SunTrust checking and New Money required
Anonymous   |     |   Comment #533
For those with the WTDirect bonus deal, CSR advised me this morning that the bonus will be paid 11/15, the deal originally had stated that the bonus would be paid during the first week of November.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #534
Fed just cut the Fed Funds Rate.

Down 1/2% to 1%.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #535
Elevations CU is offering a 7%-APY, 7-month CD.


Aside from the change to 7%/7mo., this seems identical to their old 9%/9mo. special: free checking for new members, dividend checking for old, min $1,000, max $2,000, etc.
Anonymous   |     |   Comment #536

For now, savers can lock in close to 5% for at least a year, but only if they buy I Bonds before Nov. 1. If they do, they can get the current rate of 4.84% from October through the end of March 2009, plus the new rate of at least 4.92% for the following six months after that.

Downside 3 month penalty if cash in before 5 years.

zero percent fixed rate.
Anonymous   |     |   Comment #537

For now, savers can lock in close to 5% for at least a year, but only if they buy I Bonds before Nov. 1. If they do, they can get the current rate of 4.84% from October through the end of March 2009, plus the new rate of at least 4.92% for the following six months after that.

Downside 3 month penalty if cash in before 5 years.

zero percent fixed rate.
Anonymous   |     |   Comment #538
The Washington Federal Bank for Savings located at 1410 W Taylor St 312-455-2940 is offering a Money Market account with a guaranteed 4.50%apy until 3/31/09 and it is only $1,000 to open.

Matthew   |     |   Comment #539
WAMU 3% APY -> 2.5% APY
Anonymous   |     |   Comment #540
The Washington Federal Bank for Savings located at 1410 W Taylor St 312-455-2940 is offering a Money Market account with a guaranteed 4.50%apy until 3/31/09 and it is only $1,000 to open. THIS IS FOR ILLINOIS RESIDENTS ONLY AND A BRANCH VISIT IS REQUIRED TO OPEN THE ACCOUNT.

Anonymous   |     |   Comment #542
SunTrust Bank is offering a special 4.10% APY 13-month CD. The minimum deposit is $2,000. The website doesn't allow for a direct link. To view the special, start at SunTrust's home page and click "Enter" under Personal Finance and select "CDs" under Find a Product on the right side. This should take you to the CD page which lists the 4.10% APY 13-month CD.
Anonymous   |     |   Comment #543

The trust company bank in NY NJ and FL is offering a 4.00% 6 month CD
Anonymous   |     |   Comment #545
I Bonds - .70 fixed rate, 4.94% inflation = 5.64% total

EE bonds - 1.30%
Anonymous   |     |   Comment #546
4% APY, 7-month share certificate with a minimum deposit of $1000, no maximum mentioned.

O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #547
My Wachovia High Yield Money Market Account promotional 90-day 3.75% rate expires tomorrow. So, I called Wachovia this morning.

They will offer me only 3.25% APY now if I bring in at least $10,000 of new money.

Bye Wachovia. (Of course, I am better off at Imperical Capital Bank [at least until Jan. 20, 2009 or the FDIC takeover...whichever comes first], or with Alliant CU, which is still at 3.75%).

~O-Qua Tangin Wann
Anonymous   |     |   Comment #548
countrywide drops savingslink to 3.25%
Anonymous   |     |   Comment #549
I know UFB Direct gets some attention for their Savings accounts but their CD rates aren't that bad - 3.65% for 3 Month CD.
Dan The Man
Dan The Man   |     |   Comment #550
WTDirect is offering an extra .50% on their savings acct. for 4 months if you applied for that promo account (WTF3SOB)2 months ago. That rate will be good for 4 months. The email came in my SPAM folder and I almost missed it because the web address was unknownsender@unknowndomain. I called and they confirmed it. Its only for account holders that get the email. Good luck
Anonymous   |     |   Comment #551
citibank Ultimate Savings Account now 3.15%
Anonymous   |     |   Comment #552
Century Bank Direct has some attractive online CD rates.
The best one I think is the 4.45% 10 month CD
Min $1000
Max $100,000

Online CD Rates:
5 Month CD: 4.01% APY
10 Month CD: 4.45% APY
15 Month CD: 4.16% APY
20 Month CD: 4.21% APY

Anonymous   |     |   Comment #553
Century Bank Direct has some attractive online CD rates.
The best one I think is the 4.45% 10 month CD
Min $1000
Max $100,000

Online CD Rates:
5 Month CD: 4.01% APY
10 Month CD: 4.45% APY
15 Month CD: 4.16% APY
20 Month CD: 4.21% APY

Anonymous   |     |   Comment #554
Century Bank Direct has some attractive online CD rates.
The best one I think is the 4.45% 10 month CD
Min $1000
Max $100,000

Online CD Rates:
5 Month CD: 4.01% APY
10 Month CD: 4.45% APY
15 Month CD: 4.16% APY
20 Month CD: 4.21% APY

Hustler   |     |   Comment #555
Chase $100 Business Bonus

Anonymous   |     |   Comment #556

New High Interest Rewards Checking Account: 5.05% APY Amazing Checking

AmazingChecking.com provided by
Libertad Bank
Austin, Texas

5.05% APY on balances up to $25,000
1.01% APY on balances over $25,000
unlimited ATM refunds nationwide (free atms)
free online billpay and free online banking
no monthly fee
no minimum balance
$100 to open

10 debit card transactions per month
E Statements
1 direct deposit or ACH payment per month
Anonymous   |     |   Comment #557

Oritani Bank in New Jersey has a 4.00% 5 month CD.

At two grand opening locations, the rate is 4.25%
Anonymous   |     |   Comment #559
Bank Closing Information for Franklin Bank, SSB, Houston, TX
November 7, 2008
All deposit accounts have been transferred to Prosperity Bank, Houston, TX and will be available immediately
Anonymous   |     |   Comment #560
Hanmi Bank offers a 3.56% APY online savings account and a checking account that features a debit card that pays 1% cash back on signature and pin purchases. Unfortunately, these are only open to California residents.
Anonymous   |     |   Comment #561
Central Pacific Bank (Hawaii) is offering a 4-month CD for 4% from 11/10-14, minimum deposit of $5K. Ad was in Sunday edition of the Honolulu Advertiser.
marc   |     |   Comment #562
First Republic (at least in San Francisco zip codes) has 13 Month CD special, $5k+, 4.25% APY. No catches, that I can see...
marc   |     |   Comment #563
imperial capital just took off their Savings II 4% rate guaranteed till Jan. 20 from their home page. I assume they will live up to their promise for existing holders, but no new ones. and Savings II isn't even listed as a product anymore...
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #564
Thanks, Marc, for posting the demise of Imperial Capital Bank's Savings II Account.

I have this account, and yes, ICB will pay the 4% locked-in rate until Jan. 20th. The rate after that is anyone's guess (assuming ICB is still in business by then, of course).

For people that want to put their money into ICB, there is still ICB's iMoneyMarket Checking Account paying 3.75% for balances over $100,000.
Anonymous   |     |   Comment #565
Nationwide Bank just lowered their MMA Interest rate from 3.52% to 3.27%APY
ShraZZy   |     |   Comment #566
AppleBank Grand Yield Direct up .25% to 3%
larkin   |     |   Comment #567
WT Direct down to 3.06% fo 10k.
Anonymous   |     |   Comment #568
5% APY for 60-120 month CD seen today in WaMu branch in Boca Raton, FL.

I don't know whether this is available in all WaMu/Chase branches. I can't find it online.
Anonymous   |     |   Comment #569
City Credit Union is offering a 5% APY IRA certificate. Langley Federal Credit Union is offering 3.99% APR auto loans. San Diego Metropolitan Credit Union is offering a 4.5% APY IRA certificate.
ShraZZy   |     |   Comment #570
5% 60-month CD at WAMU online CD
2.25% online savings
Anonymous   |     |   Comment #571
I guess BofA is working its magic on the Countrywide Savingslink account.

Rates down to 3% for balances over $50,000.
2.9% for $10,000 to $50,000
1.75% under $10,000.

It's a real shame. It was a nice account with great ACH transfers.
Anonymous   |     |   Comment #572
Interstate First Financial (www.InterstateFirst.com) advertised the following FDIC insured CD specials:
1) 6.5% APY 3 month CD
2) 6.0% APY 6 month CD
3) 5.0% APY 12 month CD
* $10000 mininum deposit; 1-866-822-2617
Stan the Man
Stan the Man   |     |   Comment #573
Posted many months ago, but even more attractive NOW!

A+FCU's StartUP 12-month certificate only takes an initial deposit of $10 with the ability to add deposits anytime up to $1,000. Great for those who don't have $1,000 to invest. Just click the "open an account" button at the top-right corner of the website!
Stan the Man
Stan the Man   |     |   Comment #574
Swipe and sign and earn 5 cents with every debit card purchase (no limit!) at A+FCU (Austin, TX).

Open your CA$H-BACK Checking account today ONLINE at

Just click the "Open An Account" button at the top-right corner of the page.
Anonymous   |     |   Comment #575
Bank Guy,
In Oct. I opened a MMA account at Provident Direct after reading as much as I could on the numerous bank choices. Well, as the story goes, I'm not so happy with my choice anymore. Provident holds your funds for 5 days on all ACH deposits (after the first 30 days). Thats not too bad, but it is much worse than BAC, USAA, B of Internet, and Cy Fair CU; all of which I have accounts at that make the funds available right away for any ACH deposit.
Then yesterday I received my new Provident statement and found I was charged $4 for 2 ATM account inquires!!! We have a joint account, so when I received the 2 atm cards, I wanted to 'test' them to make sure they worked properly. O Lord, yup, I was charged for making sure the cards were set up properly.
We have over 100 grand here (with Provident), and I can promise you I will be leaving just as soon as we can. I really hate banks that fee their customers to death. I'll probably move the funds to FNBO based on the favorable things you have said about them.
Keep up the good work BG.
Anonymous   |     |   Comment #576
Regarding the comment about the ATM charge by Provident Bank, as with opening any account with any bank, you have to read ALL terms and conditions. If you can't find them, MAKE the bank provide you this information. Provident Bank has a link the explains all fees on their website. I live close to a bank branch, so this is not an issue for me, but for those not living close to a branch, it behooves you to read the FINE PRINT before applying.
Non-Provident ATM transactions are defined as withdrawals, transfers or
balance inquiries at a machine not owned by Provident or operated on
Provident's behalf. There is no charge for non-Provident ATM
transactions made by Convenience and Platinum Checking customers.
There is no charge for the first 5 non-Provident ATM transactions per
monthly statement cycle made by College Student Checking and Bank at
Work customers.There is no charge for non-Provident ATM transactions
made at MoneyPass® ATMs.

Anonymous   |     |   Comment #577
FBNO Direct also charges a foreign ATM balance inquiry fee. Read it on their website.


Also, note the dormant account fees on the schedule of fees. I hate it when banks don't define when an account becomes dormant.
Anonymous   |     |   Comment #578
Correction, it should be FNBO Direct. Sorry for the typo.
Click here for Points FAQ
Click here for Points FAQ   |     |   Comment #579
I opened a National City checking account for the $150 bonus (subsequently opened 5 CD's of varying amounts and durations). I also enrolled in their points program not thinking that anything would ever come of it, but I just read at slickdeals about bonus points which can be easily earned & redeemed for gift cards.
Anonymous   |     |   Comment #580
Hawaii State FCU will be offering a 5 month CD for 5% only at their new Kaimuki branch. The offer is good from 11/17 - 11/22. Minimum deposit of $5K.
Anonymous   |     |   Comment #581
Regarding Hawaii State FCU 5 month CD, minimum deposit is $1K not $5K.
Daniel   |     |   Comment #582
Two very good missouri credit union deals in today's Post-Dispatch:

5% 14 month $10K min www.thebetterwaytobank.org 1st Financial.

4.25% 7,8,9,10 month $2.5 min www.neighborscu.org Neighbors Credit Union
Jim   |     |   Comment #583
I guess AIG is offering CDs with rates similar to GMAC and E-Loan.

Anonymous   |     |   Comment #584
Corus dropped their CD rates today. The 12 month is now 4.0% and the 6 month 3.75%. I asked the manager of my branch about matching competing rates. Without even inquiring about the amount and rate I had in mind, she firmly and unequivocally said it's not their practice to do so, adding that they monitor BankRate and know themselves to be more than competitive. I used to have multiple CDs with them at any one time but no more.
Anonymous   |     |   Comment #585
Banks do not match other bank's rates to get deposit money. Their rates are usually set to what the bank feels would get them new customers or retain existing customers. Also their overhead expenses have to be factored in as well. If they were to match rates like your retail stores, that would require extra accounting work for their staff since any account would differ from others in the same bank. Bank CD rates do not have "price match guarantees" like purchasing an appliance. Also, doing so would have many customers complaining about being offered less than other customers.
Anonymous   |     |   Comment #586
Viewpoint Bank in my opionion is the worst bank to deal with. They put you on hold for at least 10 minutes and communication leaves a lot to be desired. I opened a jumbo CD with them (I think???) on Nov. 3rd on line. Sent downloaded paperwork in with deposit on Nov.5th after getting approved. Still haven't gotten anything in paperwork from them saying they have my money and today is Nov.19th. Via phone they acknowledge my account but I have nothing but their word. If you deal with them you will be sorry. Also, it seems like one person doesn't know what the other person does. Be Careful!
Anonymous   |     |   Comment #587
"Banks do not match other bank's rates to get deposit money ..." It's actually a fairly common practice.
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #588
All over the news media today:

The Fed will lower the Fed Funds Interest rate below 1% at their next meeting on Dec. 16th.

Look for savings account rates to drop even lower.

michael   |     |   Comment #589
New Suze Orman Save Yourself Plan. Now auto transfer is $100 per month rather than $50, but the bonus is still $100


Matthew   |     |   Comment #590
CNBBankDirect.com is down to 3.75%
Anonymous   |     |   Comment #591
On the bright side, at least there are no Fed plans for an emergency cut before the next meeting. Seriously, why is the Fed still bothering when there's little to indicate the previous cuts have helped?
Anonymous   |     |   Comment #593
Hi, My local Wamu in Huntington, NY is advertising a 60 month 5% APY CD. I saw the sign when I went to do a deposit today.
Oren   |     |   Comment #594
Coastal Federal Credit Union in North Carolina has a 5.01% Go Green checking account 50K limit with a debit card requirement of 12 uses a month. They also still have very good short term CD's.
Anonymous   |     |   Comment #595
HSBC Direct dropped its online CD rates. Example: Its 6-month online CD dropped from 4% APY to 3.1% APY.
Kevin   |     |   Comment #596
GMAC Bank has raised their MMA rate to 3.25 APY today.
Matthew   |     |   Comment #597
Broadway Federal Bank in Los Angeles has an "anniversary savings account"
paying 5.13% APY. It is only available online and does not seem to have any local residency requirements. See http://www.broadwayfed.com/onlineaccount.htm
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #598
Bank of Essex, Tappahannock, Virginia, Acquires All the Deposits of the Community Bank, Loganville, GA.

Cost to FDIC: $200 to $240 million dollars.

~O-Qua Tangin Wann
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #599
U.S. Bank, National Association, Minneapolis, MN, acquired the banking operations, including all the deposits, of Downey Savings and Loan Association, F.A., Newport Beach, CA, and PFF Bank & Trust, Pomona, CA, in a transaction facilitated by the Federal Deposit Insurance Corporation.

The combined 213 branches of the two organizations will reopen as branches of U.S. Bank under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of U.S. Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of both banks should continue to use their existing branches until U.S. Bank can fully integrate the deposit records of the organizations. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards.

As of September 30, 2008, Downey Savings had total assets of $12.8 billion and total deposits of $9.7 billion. PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion. Besides assuming all the deposits from the two California banks, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition.

The FDIC and U.S. Bank entered into a loss share transaction. U.S. Bank will assume the first $1.6 billion of losses on the asset pools covered under the loss share agreement, equal to the net asset position at close. The FDIC will then share in any further losses. Under the agreement, U.S. Bank will implement a loan modification program similar to the one the FDIC announced in August stemming from the failure of IndyMac Bank, F.S.B., Pasadena, CA.

~O-Qua Tangin Wann
Matthew   |     |   Comment #600
Alliant CU is down to 3.5% APY (from 3.75%) for December.
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #601
Thanks, Matthew, for posting the sad news of the Alliant CU interest rate drop.

I called and they confirmed this to me too.

If Alliant is dropping, there is no hope left. There will be no more 3.75% rates for perhaps a long time.
scott   |     |   Comment #602
Just got the following email from AmTrust, Pretty strange and have never seen anything like this. I still have 4 months left of 4.35% so will not do

A special offer for our AmTrust Direct customers:
With the holiday season approaching, AmTrust Direct is offering a limited time opportunity to our customers. Until December 5, 2008, you can close your CD without an early withdrawal penalty. If you would like take advantage of this offer, please call us today at 1-888-228-8146 or you can send us a secure message from inside online banking by logging into your online banking account, clicking on the services tab, and then clicking on "Send Secured Message". We will send you the amount of your CD, via ACH or wire transfer at no charge to you. In your Secure Message please be sure to include the following:
* Account Number
* Current Term
* Amount of CD
* And, your instructions for closing the CD, whether you would like to receive your funds through Automated Clearing House (ACH) or wire transfer.

For either ACH or wire transfer we will need the bank name, address, routing number and account number Visit us today online at amtrustdirect.com Happy Holidays from AmTrust.
Anonymous   |     |   Comment #603
New CD rates from Alliant Credit Union....

Regular Certificate
(min. deposit $1,000) 4.35% APY
(as high as)
Jumbo Certificate
(min. deposit $25,000) 4.50% APY
(as high as)

NEW! Flexible Maturity lets you pick your maturity date, between 12 and 24 months
ShraZZy   |     |   Comment #604
lol Scott, it means mean AmtrustDirect wants to get rid of those high 4%+ yields they were offering. I got out of Amtrust recently, got tired of rate changes and new accounts for their savings/MMA
Anonymous   |     |   Comment #605
Just got word that the Pentagon CD Rates will change to 4.64% rate with an APY of 4.75% for terms of 3,4,5 and 7 yr on Dec 1, 2008. This is from their current 5% apy
DJS   |     |   Comment #606
GMAC Money Market Savings is up to 3.25% APY. Online Savings is still at 3.75% APY.
mrthnman   |     |   Comment #607
Flushing Bank in New York

4.15% for 9 months
4.30% for 15 months

details at http://www.flushingsavings.com/site/fsb-specials.html
Anonymous   |     |   Comment #608
(Partial article from Cleveland Plain Dealer 11/25/08)

AmTrust Cutting Jobs as it Deals with Regulators

AmTrust Bank said Tuesday it will cut an undisclosed number of jobs as it tries to cope with a regulatory order to improve its finances.

AmTrust, the Cleveland area's fourth-largest bank, also has been ordered to stop soliciting deposits by offering high interest rates.

Meanwhile, the bank also is trying to raise money through outside investors, spokeswoman Donna Winfield said in a written statement.

If AmTrust doesn't comply with the formal order from the Office of Thrift Supervision, regulators could take steps such as changing the management or seizing the 119-year-old bank.
Dan The Man
Dan The Man   |     |   Comment #609
Discover Bank/AAA just lowered their rate on the 5 year CD to 5.10%,it was 5.26%. I'm lucky since I just purchased one last week. The non AAA rate is lowered to 5.05%. The one thing I liked about Discover Bank/AAA was my interest stated the day I applied for the CD, even though The funds werent withdrawn from my bank 3 business days later. I applied on 11/20, money was withdrawn 11/24
Anonymous   |     |   Comment #610
You may not get the advertised rate from HSBC. I opened a 6-month CD at HSBC based on an excellent advertised interest rate. Before I funded it I double-checked the rate. They decided to lower the rate substantially while the funds were being electronically transmitted, and they locked in my CD at a 3.1% APY instead of the advertised 4%. I would never do business with an organization like this again.
Anonymous   |     |   Comment #611
Countrywide Savingslink slashed again - 2.75 APY for 50k+
Anonymous   |     |   Comment #612
As of today, Friday, the online savings account at Broadway Federal Bank that had been offering a 5.12% APY is now lowered to offering a 4.08 APY.

O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #613
For those who might still have money in an AARP Savings or Money Market Account, please know that Huntington National Bank is no longer the holder of the money.

All existing and new money will be deposited into Waterfield Bank (still FDIC Insured, of course).

New ATM Cards and PIN numbers will be issued.

If you have existing checks, those checks will still work.

No word yet if interest rates will change.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #614

$500 deposit get $500 bonus 6 months from now. Detail in link
Anonymous   |     |   Comment #615
Coulee Bank just announced that it is immediately dropping rates on its high-yield checking account. The following is from the email I just received:

"Dear Rewards Customer:

The interest rate on your Rewards Checking account at Coulee Bank will be changing effective December 1, 2008 to 4.90% (5.01% APY). Given the state of the economy, we are very proud that we were able to keep our rate at 5.85% (6.01% APY) for 18 months while other financial institutions began lowering their rates over a year ago."
Ipecac   |     |   Comment #616
5.13% APY YaZoo eChecking account. There appear to be no debit requirements or balance cap! Also, you get a $25 Amazon or iTunes gift card as a signup bonus. Unfortunately, even though it is an online account, it is only open to those in certain counties of OH. From their website: "At least one owner of the yaZoo account must have a full or part time residence in Fairfield County or any adjoining county" Also, there is a $10 monthly fee for the account.

larkin   |     |   Comment #617
Read over on Hustler Money Blog that WT Direct is again offering their $250 bonus. The required deposit amounts are double from their last offer (50k needed for the $250 bonus). Bonus will be based on average in account during first 60 days. New funds, new clients only. Deposit must be made by 12-22. Use code WTG3DNC.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #618
Alliant Credit Union lowered their savings account rate to 3.44% (3.5% APY), as you know.

Imperial Capital Bank is still offering their 3.93% (4% APY) Savings II Account, rate locked in till Jan. 20, 2009. Their Savings II Account is no longer listed on their Website, but the account is still available. I went into an ICB branch today and saw the Savings II Account still listed on their offered accounts sheets and rates. I also asked the branch manager and she confirmed the account is still available.

I transferred money from Alliant to ICB.

I don't know what rate I will be able to get from ICB on Jan. 20.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #619
I just went to the Coventry Credit Union Web site. There is NO MENTION of a 5-month CD for 4.75% APY. All they list is a 5-month CD for either 3.0% or 3.25%, depending on amount in the CD.

Banking Guy, where did you get this 4.75% APY? Is that available ONLY at the branches?
john   |     |   Comment #620
PENFED - any one else have problems with penfed not receiving IRA checks from a transfer from an outside bank ? This has happened to me twice. Both different banks on my end , so I am thinking the problem lies with penfed mail delivery system.
Anonymous   |     |   Comment #621
Capital One Bank is buying Chevy Chase bank.

Anonymous   |     |   Comment #622
Just received from Christian Financial CU w/nice Christmas tree ornament:
Before Jan. 1st, you may break the CD you opened earlier this year w/o penalty and lock in at 4.50% APY for 2 years. Call 586-498-3078.
ALL funds from existing CD rolls over into new CD. (including int.?)

Easy to join. Bankrate gives 2 stars. www.christianfinancialcu.com
Anonymous   |     |   Comment #623
I got that notice too. It also tells of what rate they will be offering in January.

I wonder if they are at all flexible with this. They are offering this to customers who started a one-year CD during their promotion last February-March. I wonder if they would extend it to new money for a new CD by those customers, since the FDIC insurance is now more than double what it was last spring.
Anonymous   |     |   Comment #624
CW SavingsLink slashed - 2.4%/2.5%
Anonymous   |     |   Comment #625
Rates will plummet now that the US government has decided that it will promote banking consolidation by lending banks and investment houses all this recovery money to by each other. Mark my words decreasing competition is bad for consumers
mk   |     |   Comment #626
Century Bank Direct's 5-month CD dropped to 3.61% APY today (it was 4.01% before).
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #627
First Georgia Community Bank, Jackson, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of First Georgia Community Bank.

The four branches of First Georgia Community Bank located in Jackson, Covington, Griffin and Locust Grove will reopen on Saturday as branches of United Bank. Depositors of the failed bank will automatically become depositors of United Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of the failed bank should continue to use their existing branches until further information is received from United Bank.

Over the weekend, depositors of First Georgia Community Bank access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of November 7, 2008, First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million. United Bank agreed to assume all the deposits for a .811 percent premium. In addition to assuming all of the failed bank's deposits, United Bank will purchase approximately $60.6 million of assets. The FDIC will retain the remaining assets for later disposition.
Anonymous   |     |   Comment #628
West Hartford Credit Union, Inc., in Farmington Connecticut was closed today. NCUA will be issuing checks to members up to insured limits. More info from NCUA
Anonymous   |     |   Comment #629
Banking Guy,

Can you tell us what this line at the Bank of INdia Web site means?:


How can you have beneficiaries on the account if it is not a POD or ITF account?

Also, would an account with beneficiaries on it in the manner that Bank of India describes be eligible for the extra FDIC insurance?

I took this quote from the Band of India Web site at:

Anonymous   |     |   Comment #630
Coventry Federal Credit Union now offering its 5-month CD at 4.75% APY online. Previously, it was reported in this blog that that rate was not listed online, was apparently only available at the branch. Well, it is now listed online, as of Dec. 4:


Unfortunately, I can't find anything at the Web site about requirements for membership.
mrthnman   |     |   Comment #631
Bay Ridge Federal Credit union


6 months 4.00%
1 yr 4.25%

7 months 4.25% advertised but not listed on website
Anonymous   |     |   Comment #632
Fat Wallet's CD reader reply blog mentioned someone getting FDIC insured 2 year 4.75% and 5 year 5.25% CD (both minimum $25,000) from Citi Smith Barney on Thursday . I have searched around and cannot find any advertised promotions like these. Perhaps BankDeals readers or the Banking Guy have some other info related to this.
Anonymous   |     |   Comment #633
Agriculture Federal Credit Union just came out with a 10 year risk free CD at 4.25%APY.

You can join and open up your CD on their website.

They also have a one week only Signature Loan Special of 7.25% (max of $2500 for a 1yr term) or 7.75% (max of $2500 for a 2yr term)

Field of membership in Agriculture Federal Credit Union is open to all through membership in CityDance Ensemble. Membership in City Dance Ensemble is $20 and you can apply at the time you complete your online membership application for the credit union.
Anonymous   |     |   Comment #634
4.25% 10yr risk free CD

Agriculture Federal Credit Union just came out with a 10 year risk free CD at 4.25%APY.


You can join and open up your CD on their website.

They also have a one week only Signature Loan Special of 7.25% (max of $2500 for a 1yr term) or 7.75% (max of $2500 for a 2yr term)

Field of membership in Agriculture Federal Credit Union is open to all through membership in CityDance Ensemble. Membership in City Dance Ensemble is $20 and you can apply at the time you complete your online membership application for the credit union.
Anonymous   |     |   Comment #635
Dime Savings also has an eight month CD paying 3.75 percent APY.
Anonymous   |     |   Comment #636
Re your posting on Century Bank's 10-month CD at 4.27% APY. That is outdated as of Dec. 1. They have dropped the rate to 3.75%.

Also, their customer service rep tells me they change their rates on the first of each month.

Also, your posting on OneUnited Bank in Los Angeles offering a 5-month CD for 4.25% APY (but that is in the branch, not off the Web site) is also now outdated. Today they tell me the branch rate has dropped to 3/75% APY for 5 months.
Anonymous   |     |   Comment #637
NCUA Inspector General report on Huron River Area Credit Union.


The CU was state-chartered. The report criticizes the state examiners for overlooking major issues for many years. See pages 23, 50, and 54-55.

The moral: Keep your deposits in any institution below the Federal insurance level!
tuphat   |     |   Comment #638
The news (WSJ link below) that the government will infuse low-cost capital into the credit union system probably isn't good for savers, in that it could depress rates and promos.

Anonymous   |     |   Comment #639
$100 bonus for opening a Wamu free checking account between 12/08/2008 and 02/08/2009 with $100 minimum opening deposit.

Received this in the mail today in Boca Raton, FL. I don't know if it's a nationwide promotion.

The promo code is 1928-ADBA-5645. It says you can either bring the ad into your local branch or open the account online.

I tried calling to find out whether current Wamu checking account customers are eligible, but hung up after waiting 10 minutes for an agent. There is no such restriction stated in the ad.
Anonymous   |     |   Comment #640
I got a flyer today from San Mateo Country Credit Union. The Westlake Branch is having a 5 month cd special with an APY of 5%. The minimum and maximum deposit is $2000 the flyer says the APY is current as of 12/15/08 and you must use new funds.
Anonymous   |     |   Comment #641
Wainright Bank is offering a $200 series EE savings bond for those who open a Value Checking account with Direct Deposit.
Anonymous   |     |   Comment #642
GMAC LLC, the auto and home lender seeking federal aid, hasn’t obtained enough capital to become a bank holding company and may abandon the effort, casting new doubt on the firm’s ability to survive
Anonymous   |     |   Comment #643
I just got an email from LA Financial (lafinancial.org) announcing a special 11-month CD at 4% -- after which the CD will automatically renew as a 12-month CD with the rate dependent on the amount of the CD.
MRTHNMAN   |     |   Comment #644
Park Ave Bank in NY 4.15% 1 yr CD
vkolessar   |     |   Comment #645
GCF Bank is offering 4.07% apy for a new online savings account. Details at www.gcfbank.com.
Anonymous   |     |   Comment #646
Delta Community Credit Union tells me that their offer of 4.50% on a 12-month CD is expected to end on Saturday.

Anyone can join it by joining the GettingAhead Assn. for a mere $5.

I just opened a CD. While the CU is in Georgia and I am in Los Angeles, I was able to fund it by going to a local credit union and making the deposit there -- under the shared branch bit many CUs use.
Rococo   |     |   Comment #647
The GCF 4.07% APY is their CyberSaver Gold Account. Min. balance is $200,000.

They are also offering a CyberSaver Promo rate of 4% APY for 90 days on their regular CyberSaver account. After the 90 days the rate will fall to their normal lower rates.
Anonymous   |     |   Comment #648
Wachovia appears to have opened several new branches in Northern California. I know of one in San Francisco (which I believe is on Kearney) and one in San Mateo (on 4th). They are offering a $75 bonus to sign up for a free checking account; you must do ten transactions, however. There is also the standard $25 for referrals.
Anonymous   |     |   Comment #649
Charter Bank's TurboChecking APR will fall from 6.01% to 5.01% effective 2/1/09 :-(

Anonymous   |     |   Comment #650
Received this offer from WaMu via email.

As a valued WaMu Credit Card customer, you may have heard that we've joined forces with Chase, one of America's largest banks. To celebrate our bright future, we're offering you $100 simply for opening a WaMu Free Checking™ account.¹

With a WaMu Free Checking account, you get:

FREE Access to over 14,000 WaMu & Chase ATMs nationwide
FREE Checks
FREE WaMu® Debit MasterCard® with $0 Liability Fraud Coverage
FREE Online Banking with Bill Pay
One overdraft or bounced check fee waived per year

All of this, plus a $100 bonus. And, it’s easy to open. Apply online at free.wamu.com - it takes less than 7 minutes.

P.S. Offer ends 1/24/09. Be sure to use promo code: 0061-AD**-****
Anonymous   |     |   Comment #651
State regulators close Duluth, Ga.-based Haven Trust Bank, marking the 24th bank failure of the year.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #652
25th Failure:

"Sanderson State Bank, Sanderson, Texas, was closed today by the Texas Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Pecos County State Bank, Fort Stockton, Texas, to assume all of Sanderson State Bank's deposits, including those that exceeded the deposit insurance limit."

~O-Qua Tangin Wann
Anonymous   |     |   Comment #653
Delta Community Credit Union has dropped its 4.5% APY for 12 months. As of today, the rate is only 3.5% APY.
andrewkasson   |     |   Comment #654
Bigger questions about banks - does anyone know good ways to determine the solvency of these banks? I have most of my savings with ING and B of A in various CD's, etc., but wonder the solvency of some of the smaller banks who offer higher rates and also the stability of bigger companies like ING, who took a bunch of money from Holland to shore up reserves.

B of A is pretty well protected by being the US' largest bank (no guarantees, but at least some peace of mind).

Is there any info out there that helps determine if a bigger or smaller bank is veering out of control?
bill   |     |   Comment #655
Etrade Checking down to 2.90
Savings remains at 3.39
Anonymous   |     |   Comment #656
Investors Bancorp yesterday said it will acquire American Bancorp of New Jersey for $140 million in stock, a premium of almost 43 percent to the Bloomfield savings bank's closing price on Friday
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #657
Fed cut Fed Funds Rate down to between zero and .25%.

They also said they intend to keep the rate down for a very long time and intend to do everything possible to keep interest rates down.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #658
GCF Bank Savings Rates Are Now:

CyberSaver* $0 - $24,999.99 2.35% 2.37% APY
CyberSaver* $25,000+ 3.01 3.04 APY
CyberSaver Supreme* $100,000 3.06 3.10 APY
CyberSaver Gold* $200,000 3.78 3.85 APY

Their 90-day CyberSaver Promotional Rate of 3.75% is still listed, but who knows for how long. And of course after the 90 days the rate will fall to their regular rate.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #659
It does not look good for the I bond reset on May 1st.

The CPI for Oct and Nov were -1.0% and -1.7% for a total of -2.7%.

I would guess that this would be the first six month period with a negative CPI.

Thus when the treasury adds the fix rate with the CPI part the result could be negative.

In that case, the yield for the bonds would be 0.0% for six months.
Anonymous   |     |   Comment #660
That is not good news. I just bought some I-bonds at the end of October. 0%? Better to just hide it under a mattress.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #661
Thanks, Banking Guy, for posting how GFC Bank dropped the CyberSaver Promo rate down to 3%.

This is now their CyberSaver rates as of 12/19/08:

CyberSaver Promo
1st 90 days* $100 min. 2.97 3.00APY
CyberSaver* $0 - $24,999.99 1.99 2.00APY
CyberSaver* $25,000+ 2.48 2.50APY
CyberSaver Supreme* $100,000 3.06 3.10APY
CyberSaver Gold* $200,000 3.59 3.65APY

~O-Qua Tangin Wann
Anonymous   |     |   Comment #662
Opened a 60 month Jumbo acct. at Navy FCU for 5.12-5.25%.
Took copy of Share Cert.to Capital Pacific Bank and they matched the terms.
Very easy to work with them....
Anonymous   |     |   Comment #663
SavingsLink Tiers Slashed!

1.3%(<10k) -> 1.9% -> 2.0%(50k+)
Anonymous   |     |   Comment #664
FNBO direct now added a Next Day Transfer option to their savings account.

The only issue is the $2000 daily limit and a $10.00 charge!!
scott   |     |   Comment #665
Saw an ad in the Boston Globe yesterday for Bank Gloucester in MA offering a new branch Grand Opening special CD,
6 month, $50k+ 4.32% under $50k 4.06%
Branch visit is required
Anonymous   |     |   Comment #666
FNBO DIRECT drops savings rate to
2.80% APY
Anonymous   |     |   Comment #667
Rewards checking at Raritan Bay Federal Credit Union in Middlesex County NJ: http://www.rbfcu.coop/rewards.php

Basis of Eligibility (family membership, live, work, worship, or attend school in Middlesex County) NJ

5.01% APY <=$25K, 1.01% APY >$25K with monthly: 8 debit card purchases, 1 direct deposit or ACH auto debit, e statements
Anonymous   |     |   Comment #668
I found this Bonus at Alpine Bank in Belviere/Rockford, IL:

Open an eAccount Online
Save a trip to one of our branches - open an account right now!

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Anonymous   |     |   Comment #669
Alliant Credit Union drops CD rate.

12-24m 3.44/3.5 (<25k)
3.59/3.65 (25k+)
24-35m 3.59/3.65 (<25k)
3.74/3.80 (25k+)
Anonymous   |     |   Comment #670
Something is wrong with the connection between "Latest 15 comments" and the "May 26, 2008
Finding the Best Bank Rates and Deals #10". Clicking on one of the comments takes one to March, 2007 comments.

Also wanted to thank you for all you work in keeping up with your blog. Merry Christmas and a Blessed New Year.
Finch   |     |   Comment #671
Thanks for posting about the Alliant C U CDs.

I have a very bad feeling about Alliant and their Savings Account rate as well. Alliant is in great shape financially and with total deposits. They don't need to pay high rates to get depositors. I think the Savings Account rate will drop to 3% and maybe eventually even lower.
Anonymous   |     |   Comment #672
Academy Bank 12-mo CD is down to 3.25% (you have it as 4.10%)

Also - Acacia Federal Savings Bank (http://www.afsb.com/site1/splash2.nsf/Navigators/Rates) has a 60 month CD @ 4.75% and only requires a $500 minimum deposit. Their other CD rates are not especially competitive.
Anonymous   |     |   Comment #673
Regarding the I bonds, even if inflation is negative, the return will not go below zero. See http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_ifaq.htm which states the following:

"Can I ever lose money in I Bonds?

No. They are U.S. Treasury securities backed by the U.S. Government. I Bonds even protect you from the effects of severe deflation—the earnings rate can't go below zero and the redemption value of your I Bonds can't decline."
Anonymous   |     |   Comment #674
Rewards checking rate decreases: Community Bank of Raymore and Community Bank of Pleasant Hill both fell to 5.01%. Citizens Bank (Fort Scott, Kansas) drops to 5.05% eff 1/1/09.
Anonymous   |     |   Comment #675
To the 7:32 PM poster.

My prediction is that I bonds will have an interest of zero percent for the next six months including the fixed rate.

And yes, you will lose money. The money tied up in the I bonds could be earning interest elsewhere.
Sofa King Frustrated
Sofa King Frustrated   |     |   Comment #676
I was told that Alliant Credit Union will be dropping their Savings Account interest rate to 3.25% APY.

(I agree with Finch above that Alliant is slowly lowering their rates, and doing so slowly to avoid a defection as much as possible. I would bet that come February their Savings Account rate will be down to 3%.)

I hope Banking Guy and everyone has a wonderful Christmas!
Anonymous   |     |   Comment #677
E-Trade complete savings account rate drops to 3.01% APY.

Merry Christmas.
Anonymous   |     |   Comment #678
Capital One cut the yield on its Costco online savings account from 3.37% to 3.05%. The yield on the Costco money market account plunged to 2.35%. The non-Costco online savings account showed a drop in yield to 3.00% and the high yield money market account is now yielding only 2.10%.
Anonymous   |     |   Comment #679
Chase & WAMU both have cut their 5% 5-Yr rates (at least in NE TX).






...have both dropped to 4% as of Dec. 24 I believe.
scott   |     |   Comment #680
Was talking to a rep at Pentagon and he told me as usual they will be doing a rate change at the end of the month.
3 year will be 3.94%
4 year 4.25%
5 and 7 year 4.50%
Anonymous   |     |   Comment #681
I would advise caution in dealing with Etrade Bank. In a recent CD transaction they managed to lose the Fedex containing the opening deposit, found it a week later, then misread the check and opened the account for 10% of the actual amount. When CD came due we got four separate conflicting instructions on how to get the money wired back to us. In one try we failed their security check because they had confused us with another depositor with a somewhat similar name. Wasted ten days before receiving the funds. Their back office must be a real shambles. Definitely not worth the trouble.
Anonymous   |     |   Comment #682
If you meet their membership requirements, the Credit Union of NJ has some good CD deals. I bought two 5-year CDs yesterday. Don't know how much longer the rates will last.
Anonymous   |     |   Comment #683
Get $215 to open a checking account

Sign up for Direct Deposit—earn $75
Use your Visa® Check Card—earn $75
Pay your bills online—earn $30
Sign up for e-statements—earn $10
Check and Check Card $25
Anonymous   |     |   Comment #684
Corus Bank dropped MM rate to 3.55% APY for $10k min balance.
Anonymous   |     |   Comment #685
Question --- Now that banks and credit unions are paying such paltry interest rates, who is making the money and how much --- is it the banks and credit unions themselves getting a wider spread between what they get their funds for (from consumers like us) and what interest rate they lend the money out at (to borrowers)? Does anyone have any idea how much in terms of %ages based on APY they are making?

I am curious--somebody must be raking in the dough!!!!!
Anonymous   |     |   Comment #687
Park State Bank of Duluth, Minnesota has a 4.91% "Rainy Day" CD that appears to be available to local residents.
O-Qua Tangin Wann
O-Qua Tangin Wann   |     |   Comment #688

Alliant Credit Union Savings Rate:

3.20% with an APY of 3.25%

Many I spoke with fear that Alliant will drop the rate to 3% APY Feb. 1st.

~O-Qua Tangin Wann
djc314   |     |   Comment #690
GMACBANK 1 year cd dropped to 3.75 from 4
Anonymous   |     |   Comment #691
Acacia Federal Savings:


Their 36, 48 and 60 months CDs are now in the top 5 or 6 rates in the nation, and they require only a $500 minimum deposit. They are available nationally!
Anonymous   |     |   Comment #692
Bank of Internet is now advertising a "high-yield savings account"
with an effective yield of 3.51%. There are no checks, no minimum
balance, and no debit card.
Anonymous   |     |   Comment #693
Goldwater Bank (Scottsdale, AZ) has extended their 4% savings rate (ended rate as of 12/31/08; promotion ended this fall for those already having accounts with them)to April 5, 2009.

Nice to have a few more months!
Anonymous   |     |   Comment #694
Just received a snail mail from Alliant Credit Union regarding changes to checking account...

Quoted from the mailer:


Beginning in January 2009, Alliant will no longer pay .25% APY on Free Basic Checking on balances of $1,000 or more. Instead our new Free High Rate Checking will pay a dividend of 3.00% APY on any balance.

With Free High Rate Checking, you'll enjoy all the features of your current Alliant free checking account, including no check writing fees or monthly service fees. Plus, you'll have the opportunity to earn a significantly more robust dividend rate with no minimum balance requirement to earn it!

It's easy to get the high rate. All you need to do is:
1. Opt out of paper statements via mail and receive them through Alliant's secure online banking
2. Have at least one recurring monthly electronic deposit to your Alliant checking account, such as direct deposit, payroll deposit, ATM deposit, eDeposit, eDepositPlus or transfer funds from another financial institution

Already meet these requirements? Then, you need take no further action - you'll be automatically upgraded to our Free High Rate Checking. Any, you'll begin to enjoy our new high dividend - with no minimum balance requirements.
Anonymous   |     |   Comment #695
Apple Federal Credit Union is offering 4.5% 14-mo IRA CD. Minimum balance is $500, maximum is $500,000. Offer ends 2/15/2009.