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About This Post: Use this post as the hub for the Bank Deals blog. If you find a good deal, please leave a comment or send me an email at bankdeals at gmail dot com. The top right-side has links to recent comments of this post.

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Anonymous   |     |   Comment #1
New internet bank at CBdirect.com with a 4% reward checking account and an online savings account
Anonymous   |     |   Comment #2
Omni National Bank CD rates are down but still very competitive
Anonymous   |     |   Comment #3
I have noticed that my bank, which list 5.01% is actually paying only 4.25% and has done so for a few month! This seams like false advertising to me? I know they state that the rate can change at any point of there choosing, and I'm fine with that, but it seam that they should be upfront with there advertising! Anyone else seeing this with there bank?
Anonymous   |     |   Comment #4
8:05 AM,

I have never calculated the interests on my own. Do you mind sharing the name of this bank?
Anonymous   |     |   Comment #5
HSBC just announced today (1/5/09) that, effective today, their online savings account rate will drop to 2.60% APY from 3.00%.
Anonymous   |     |   Comment #6
Got an annoucement letter from Alliant CU; Free High Rate Checking which will pay 3%. How to get: opt out of paper statements, and have at least one monthly recurring electronic deposit (direct, payroll, ATM, eDeposit[plus], or a transfer from another source). No info on the website that I could find.
kingabraham3 (anonymous)   |     |   Comment #7
did the amount of money in your account fluctuate?....average daily balance...?
Anonymous   |     |   Comment #8
Ocean Bank in Florida has a 3.74% rate on a 13 month cd and I believe a 3.54% on a 7 month cd.
Anonymous   |     |   Comment #9
The bank is, Asheville Savings bank! They do list the "Last statement APY earned" in there online account access section but you have to look hard for it. It is just odd they sill list on all there adds 5.01%. My dad has an account with another bank, Bank of Asheville,that clams to have 5.20% but we dug around in his account only paid 5.08% last month. Make me wander how many of these interest checking rates are correct!
Anonymous   |     |   Comment #10
Can you believe that AARP Savings rates are down to 1.98% (2% APY)?
Srikks (anonymous)   |     |   Comment #11
Baxter credit union in Southern California has power checking account that yields 4.00% APY for balances upto $25000 and 1.00 % for the remainder of balance over $25000. This is one of the few credit unions in SoCal that offers high yield checking account.
srikks (anonymous)   |     |   Comment #12
No,I came to know that Baxer Credit Union has a branch in California, but it is primarily based in Illinois. Sorry!
Anonymous   |     |   Comment #13
Yes, I can believe the rate drop for the AARP Savings. Seniors tend to stay put with their deposit money and don't jump around like other people. Also, I am sure that with the AARP affiliation, they will feel that they are benefiting the organization (and themselves) by patronizing AARP connected businesses. It is the same concept as those affinity credit card programs.
Anonymous   |     |   Comment #14
Before yesterday, bankrate.com was listing the APY for the Capital One "money market account" as 3.00%. I think it was actually referring to the online savings account. Yesterday, however, it listed the yield for the above account as 2.64%. The Capital One web site still showed 3.00% for online savings. I spoke to a CSR but learned nothing. This morning the web site still says 3.00%. I spoke to another CSR who indicated the rate would change after 5 PM ET today but didn't know how or in which direction. She thought the yield for the account posted on bankrate.com was probably in error. Maybe it was, but I have found that some banks occasionally leak rate changes to bankrate.com a day ahead of time, so I'm not so sure. I'm on pins and needles here, so if anyone knows anything, please post.
Anonymous   |     |   Comment #15
Re: above note. Shortly after my call to the CSR, the Capitol One online savings account APY was changed on the Capital One web site to 3.64%. The yield on the Costco version is now 3.75%. The yield on the money market accounts remain unchanged.
Anonymous   |     |   Comment #16
Valley CU is offering a 4.25% 60-month CD. https://www.valleycu.org/rates.aspx#sharecert
Anonymous   |     |   Comment #17
Family Horizons Credit Union in Indianapolis, IN is currently offering a 4.75% 9 month certificate. A minimum of $2500 is required.

You need to either live or work in the Indianapolis area to become a member.

The website is a little plain, but their rates are always pretty good.
Bozo (anonymous)   |     |   Comment #18
To: All Retirees
Re: IRA Cash Management

For those over 59 1/2, it bears repeating that some (not all) financial institutions offer folks over 59 1/2 the option of withdrawing partial distributions from their IRAs without penalty for early withdrawal and without affecting the underlying CD interest rate. I am currently using this wonderful option with State Farm Bank, and I understand PenFed offers it as well.

Here's the beauty. So, you are 59 1/2 plus. You have an IRA maturing, but think you might need some of the money in a year or so. Rather than try to play with a ladder, just plop it all into a 4.5% PenFed 5 year CD. When you need some of the money, you just request a "normal distribution" of whatever you need. The balance keeps earning 4.5% to term. The same concept applies to State Farm's CDs.

Folks, it's like you have a totally flexible CD ladder earning the maximum rate for the longest term in the ladder. And it's totally liquid.

This is a little-known perk for seniors (and is limited to IRAs) available at some (certainly not all) financial institutions.

You'll generally find out whether this option is available in the fine-print of the disclosure statement. Some CSRs might be aware, some might not. It does not come up often, as I was told by the State Farm CSR.

If you want more info, leave a message here, and I'll be happy to elaborate.

Anonymous   |     |   Comment #19
TCF is giving 3.75 APY on their premier savings account and a $50 bonus
Anonymous   |     |   Comment #20
Charter Bank in New Mexico dropped their MAX Reward Checking Acct. to 5.01% from 6.01%

Anonymous   |     |   Comment #21
Another reward checking account:
Not sure if it is Nationally available or restricted, but I don't see it on either list.
Anonymous   |     |   Comment #22

5.05% up to $25,000

2.5% on balances above $25,000

10 Debit Card Transactions
Direct Deposit
Anonymous   |     |   Comment #23
Sorry. 5.51% up to $25,000.

Direct Desposit or Automatic ACH Debit
Anonymous   |     |   Comment #24
6.01% reward checking at Bank Oskaloosa (a division of Bank Iowa, same as Bank Altoona, above): http://www.bankoskaloosa.com/rewardhecking.html
Anonymous   |     |   Comment #25
Alliance Bank is offering 6 month 4% APY and 13 month 4.15% APY CD's $500 min.
Anonymous   |     |   Comment #26
Alliance Bank no longer offers that rate - but it remains unchanged on the website.
Angelo_Frank (anonymous)   |     |   Comment #27
GMAC Bank CD rates are now down to 3.75% for a 5 year term.
Anonymous   |     |   Comment #28
First New England Federal Credit Union : http://www.firstnewengland.org/fnefcu/SavingsRates.asp

9 month CD $10,000 minimum at 3.78%APY
Avinash Agrawal
Avinash Agrawal (anonymous)   |     |   Comment #29
Bank Deals ; I think you forgot hanmi bank money market in


Bank Deals ; Can you please add http://www.google.com/friendconnect
to your website, so folks can connect more effectively at bankdeals ?
I did this for my blogger blog, its great
Angelo_Frank (anonymous)   |     |   Comment #30
For those with share certificates set to mature at Pentagon Federal Credit Union, they will pay an additional .25% APY over the prevailing APY at your current share certificate's maturity, when the maturity option selected is "rollover". This applies to 3,4,5 and 7-year certificates only. Currently their 5-year share certificate yields 4.50%, so it will be bumped to 4.75% if it has been set to "rollover" at maturity.
Anonymous   |     |   Comment #31
Hanmi Bank accounts are only open to California residents. They have some nice 4.08% APY CD's (3, 6, 9 months) and a 4.2% APY "flexible CD" (6 months).

Don't forget Redneck Bank also has a 3.1% APY online savings account.
Anonymous   |     |   Comment #32

Anonymous   |     |   Comment #33
Mountain America Credit Union
still has a 5 Year Certificate earning 4.75% APY

Become a member by joining their Travel Club ($10)

Check it out at www.macu.com

Hope it helps.
Anonymous   |     |   Comment #34
Mountain America Credit Union
still has a 5 Year Certificate of Deposit earning 4.75% APY
Become a member by joining the Travel Club ($10)

Check it out at:
Banking Guy
Banking Guy (anonymous)   |     |   Comment #35
3.78% 9mo CD at easy-to-join First New England FCU is still available (4.04% for Advantage accounts). Refer to previous post for details. Refer to hot nationwide deals in this post for more of these deals.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #36
4.75% 5yr CD at easy-to-join MACU is still available. Refer to previous post for details. Refer to hot nationwide deals in this post for more of these deals
Anonymous   |     |   Comment #37
Bozo posted on Jan 7th, 12:22pm
very informative information that seniors should be aware of.

The ability to use long term rates that exceed the ongoing rates and remove the funds without penalties before the maturity date. This is only good on IRA's.

Two more institutions who adhere to this policy are Wachovia and Kaiser Federal Bank.

With rates so low this is very useful at this time.
jafjr-Sometimes wrong but never in doubt
jafjr-Sometimes wrong but never in doubt (anonymous)   |     |   Comment #38
Las Vegas review journal newspaper advertised Midcountry bank with a 4% 12 month Cd for Clark County residents only. 1-866-918-9359. Bauer rates them with 2 stars and bankrate has a 1 star rating.

Also is a 4.25% 12 month Cd from Navy Federal credit union. 1-888-842-6328
Anonymous   |     |   Comment #39
BOA in Maryland is offering $75 to open an account with the NEA debit card. NEA is for the National Education Association. No proof of membership is required, all you gotta do is tell em you are with the NEA!
mushyzanca (anonymous)   |     |   Comment #40
membership required but great savings rates.
Thanks for this great website, I use it regularly!
Steven (anonymous)   |     |   Comment #41
Can anyone suggest a bank in New York City with free checking (plain vanilla, no interest,no fees)
Anonymous   |     |   Comment #42
Open an Ameritrade account and get $100

Banking Guy
Banking Guy (anonymous)   |     |   Comment #43
That $100 Ameritrade promo has been extended since I last posted on it in November. Thanks.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #44
For NY City free checking, note that most reward checking accounts are also free checking accounts. However, there aren't many reward checking accounts in New York. Two small NYC institutions appear to have completely free checking: Montauk CU.
msk (anonymous)   |     |   Comment #45
@Steven @ 9:50pm:

Sovereign Bank (www.sovereignbank.com) has free checking if you mean no min. balance and no monthly fee. Checks and non-Sovereign ATMs aren't free, but Sovereign has decent coverage in NYC, and even better they have ATMs in all CVS pharmacies.
Anonymous   |     |   Comment #46
Open an account in dollar savings direct is a nightmare the costumer service is to slow that took me two to three business days to veryfique if I am allow to open an account
msk (anonymous)   |     |   Comment #47
@Bozo re: IRA for retirees,

Thanks, can you elaborate please? I'd like to understand better so I can pass the info onto someone who is now 69 1/2 (1 yr. away from having to make required distributions).
Anonymous   |     |   Comment #48
First New England Credit Union is offering a reward check account with no debit card transactions at 4.01% APY, $40K minimum balance, $500 monthly direct deposit.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #49
That 4% $40K-min account is a good deal. I posted on this account on Dec 30th. Thanks.
Matthew (anonymous)   |     |   Comment #50
Century Bank Direct down
Checking: 3.05% APY (was 3.35%)
Savings: 3.31% (was 3.41%)
Money Market: 3.32% (was 3.57%)
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #51
Imperial Capital Bank slightly lowered their iMoney Market Checking:

Minimum Balance APY1
$2,500 - $24,999 3.00%
$25,000 - $49,999 3.10%
$50,000 - $99,999 3.25%
$100,000 and higher 3.70%

Their iSavings Account Rates:

Tiered Interest Rates
Balance APY1
$50 - $9,999 1.20%
$10,000 - $49,999 3.20%
$50,000 or Higher 3.40%

~O-Qua Tangin Wann
Anonymous   |     |   Comment #52
Rate Edge drops to 2.80%.
Anonymous   |     |   Comment #53
Advantis Credit Union just RAISED their Rewards Checking from 4.12% to 4.2%, after dropping to 4.12% only recently! I wonder if we are seeing a bottoming of rates of sorts.
Anonymous   |     |   Comment #54
I don't know where to metion this, but I think it's important. I got an e-mail from the FDIC regarding a "fradulant fedwire phising scheme". I hope this is okay that I put it here.
It's under SA-20-2009.

Anonymous   |     |   Comment #55
My Money Blog recently came out with this post:

"$200 Savings Bond Bonus for Checking Account at Wainwright Bank"

Here's the link:
Banking Guy
Banking Guy (anonymous)   |     |   Comment #56
About $200 checking bonus, it's actually only $100. I described this promotion in this December post.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #57
For anyone that locked in on Imperial Capital Bank's 4% Promotional Rate for their Savings Account, with the rate guaranteed until January 20th:

The Savings Account rate will drop to 3.5% on January 21st. On January 26th the rate will drop to 3.25%

(I expect the rate will drop even further sometime after that, of course, as most savings account rates are under 3% now.)

Imperial Capital Bank's iMoney Market Checking Account rate is also going to drop towards the end of this month.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #58

I love your website.

I want to add the following site to your radar screen. Firstcommandbank.com.

My brother-in-law, former Air Force, alerted me to this.

3.75% 6-month CDs
4.00 12-month CDs.

keep up the good work,

Anonymous   |     |   Comment #59
Apple Federal Credit Union has a 14 month 4.5% CD rate.
Anonymous   |     |   Comment #61
Bank Closing Information for National Bank of Commerce, Berkeley, IL
January 16, 2009
All deposit accounts and all loans have been transferred to Republic Bank of Chicago, Oak Brook, IL and will be available immediately.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #62
Second bank closure of 2009:

Umpqua Bank Acquires the Insured Deposits of Bank of Clark County, Vancouver, WA

~O-Qua Tangin Wann
Anonymous   |     |   Comment #63
Alliant Credit Union reduced the CDs rate on 1/15/09:

12-23m 3.203/3.25; 3.348/3.40 jumbo
24-35m 3.348/3.40; 3.494/3.55 jumbo
36-47m 3.784/3.85; 3.928/4.00 jumbo
48-60m 4.025/4.10; 4.169/4.25 jumbo

On the 13th, the CSR told me over the phone that they usually changed rate at the end of the month. 2 days later, they reduced the rate. WOW...
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #64
Alliant Credit Union is going downhill fast, as far as offering attractive rates is concerned. Alliant is one of the strongest credit unions in the nation, with lots and lots of deposits. They are not hungry for deposits, and they know that people won't be able to get anything much higher anywhere else, so of course they are lowering their rates.

The Savings Account rate will drop to 3% shortly and then most likely even lower than that.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #65
Imperial Capital Bank has lowered their iMoney Market Account rates:

Minimum Balance APY
$2,500 - $24,999 2.90%
$25,000 - $49,999 2.95%
$50,000 - $99,999 3.15%
$100,000 and higher 3.40%

I was told that the rates will continue to drop at Imperial Capital Bank.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #66

I enjoy your site and it has uncovered some very good deals for me over the years. HOWEVER, i think you are wasting your time posting CREDIT UNION rates and informations. If you polled your readers, then you would discover that most of us have no interest in credit unions. THANK YOU>
Banking Guy
Banking Guy (anonymous)   |     |   Comment #67
Wasting time with credit unions? Thanks for your comments, but what issues do you have with credit unions? My Pentagon FCU posts and Alliant CU posts have been very popular.
Anonymous   |     |   Comment #68
Banking Guy...don't listen to folks who don't know what they are talking about. I for one am interested in ALL your posts including those concerning credit unions. Thanks for all you do.
Anonymous   |     |   Comment #69
Beware: WAMU/Chase

I wanted to inform you and others who have used or use Wamu. I opened an online savings account checking, and the 5% CD at Wamu in August based on reviews about the account. Everything was fine until recently. I moved my money out of the savings as their rates fell flat and had about a $120 combined to keep the accounts active. Mind you, when I signed up it said, no min balance required. They started charging me a $4 for not maintaining $400 in the savings. All of a sudden my accounts were not linked anymore. They will not refund the fees, and claim I won't be charge in the future as they did me a favor and "linked" the accounts now... They clearly are trying to nickle and dime people now. It happened to my mother as well and she ended up closing her accounts, I guess I will do the same. Just an FYI for others to check if they have been charged...
Michael (anonymous)   |     |   Comment #70
Dear Banking Guy,

Please don't stop with the Credit Union postings.

We need all the information we can get. We need all the possible banks and credit unions we can get.

As you know, most every bank and CU has lowered their Savings rates below 3%. Alliant CU is still above 3% as of today. Because you report on Alliant, many savers have the opportunity to continue receiving a 3%+ rate at a strong institution with great customer service.

While people have the right to express their opinion, I hope you won't let the opinion of one poster influence you, when clearly the majority of your readers want all information, no matter what.

Thank you.
john (anonymous)   |     |   Comment #71
GMAC sux. I've trying to give them money for almost a month. They have had my check for over two weeks and still can't seem to open an account for me. I have opened cd's in 4 -5 other banks in the last year without any problems. These idiots at gmac are so ****ed up with their credit checks. It seems I would have had to have lived in one single place my entire life with the same single mailing and physical address - EVER.
UNBELIEVABLE. I have been convinced NEVER to deal with ANY part of g.m. I'll be buying my cars form elsewhere.
Joseph (anonymous)   |     |   Comment #72
I had a similar experience with Hunington National Bank back in June 2008. My parents came in through AARP and the bank first said there weren't members of AARP ( and they were) and after we cleared that up they still held the money for another week stating their credit ratings were too low.
Anonymous   |     |   Comment #73
First Command has drop their rates already. I think the lack of rate lock is going to end up biting me.
Anonymous   |     |   Comment #74
Amcore Bank in Illinois has 78 locations and they are offering a 10 month CD for 3.47% and 39 month is 4%. Should be $10,000. or more.
Anonymous   |     |   Comment #75
Definitely keep credit union information coming. The best deals are there, not with the large megabanks rolling in bailout dough.
Angelo_Frank (anonymous)   |     |   Comment #76
"I enjoy your site and it has uncovered some very good deals for me over the years. HOWEVER, i think you are wasting your time posting CREDIT UNION rates and informations. If you polled your readers, then you would discover that most of us have no interest in credit unions. THANK YOU>"

This individual must work for a banking lobby going after credit unions. The truth is that credit unions are the last bastion now for savers in this deteriorating rate environment. We must continue to publish information on those institutions that pay savers the highest rates whether banks or credit unions. That's not what one could call "wasting your time" at all.
Anonymous   |     |   Comment #77
INGDirect Orange Savings has dropped to 2.4% APY as of today, 1/20/09.
Anonymous   |     |   Comment #78
keep the credit union info---just skip it if you're not interested bozo
mark (anonymous)   |     |   Comment #79
Thanks to info on this blog about credit unions, I'm sitting on a 24-mo. CD @ 5.39% (opened last year at Signal Financial FCU). Anybody who says to ignore CUs should himself be ignored.
Duck (anonymous)   |     |   Comment #80
Banking Guy its been a while **** CD rate have fallin off a cliff my last Cd came du last week was going to do that First Command yesterday morning couldnt get over there saturday in time looked here while loading thier site to grab phone# find out gone. I wound up just sticking it in CENTURY7 bank 3.00% checking account no funny crap just 500min no max free stuff ie checks,online only stipulation over 50. So this is for 50plus people. It is call Infinity Checking has maintained the rate since opening 6 months ago
Duck (anonymous)   |     |   Comment #81
" Angelo_Frank said...
For those with share certificates set to mature at Pentagon Federal Credit Union, they will pay an additional .25% APY over the prevailing APY at your current share certificate's maturity, when the maturity option selected is "rollover". This applies to 3,4,5 and 7-year certificates only. Currently their 5-year share certificate yields 4.50%, so it will be bumped to 4.75% if it has been set to "rollover" at maturity.

8:36 PM, January 11, 2009"

Does anyone have confirmation of this or is it written out anywhere on their site? I couldnt find it have one next month coming due Thanks
Angelo_Frank (anonymous)   |     |   Comment #82
The information came as an ad attached to the notification of maturity that was received from PenFed. This offer was as of December 1, 2008 and as usual "subject to change without notice" but I have seen nothing to rescind it as of yet. I am expecting it to apply to my share certificate that matures on 2/11/2009 since they sent the offer to me regarding that maturing certificate. Make sure your certificate is set to "rollover" upon maturity to receive the
.25% APY increase. To insure this applies to you, call PenFed at 1-800-247-5626.
Duck (anonymous)   |     |   Comment #83
Thanks Angelo_Frank
Matthew (anonymous)   |     |   Comment #84
Century Bank Direct down again
Money Market: 3.09% APY (was 3.32%)
Savings: 3.26% (was 3.31%)
Checking - no change
marc (anonymous)   |     |   Comment #85
D-Day has arrived for Imperial Capital's Savings II that had the rate lock of 4% through Jan. 20. I am not sure if the account is offered any longer to new customers. The drop wasn't too bad, actually. Branch tells me it's 3.50% yield now, though I expect it to drop slowly. I actually brought mine below $1000 for cash needs so my page shows blank for interest rate, but I called them up.
Anonymous   |     |   Comment #86
I understand where the previous comment about leaving out Credit Unions from this website is coming from since membership is limited to people who are eligible and is open to the general public. If you want to be strictly technical about it, the name of this website includes the name "bank deal", so a credit union is not a bank. However, given the fact that a credit union operates very similarly to a bank, then its inclusion on this website is not really off base. A credit union could actually be more closely related to a money market mutual fund since your deposited money is referred to as shares in both cases. You "own" the credit union and money market fund and you don't "own" the bank. Anyhow, since both banks and credit unions offer somewhat similar accounts, I don't think excluding credit unions would be the right thing to do here. Maybe this website could be changed to "insured financial institutions" instead?

I have noticed the Imperial Capital rate drops and was thinking about moving some money to an account there, but if they keep dropping their rates then maybe I should hold off. I don't want to get the "cyber" rug pulled out from under me.
Anonymous   |     |   Comment #87
Corrected post:
I understand where the previous comment about leaving out Credit Unions from this website is coming from since membership is limited to ONLY people who are eligible and is NOT open to the general public. If you want to be strictly technical about it, the name of this website includes the name "bank deal", so a credit union is not a bank. However, given the fact that a credit union operates very similarly to a bank, then its inclusion on this website is not really off base. A credit union could actually be more closely related to a money market mutual fund since your deposited money is referred to as shares in both cases. You "own" the credit union and money market fund and you don't "own" the bank. Anyhow, since both banks and credit unions offer somewhat similar accounts, I don't think excluding credit unions would be the right thing to do here. Maybe this website could be changed to "insured financial institutions" instead?

I have noticed the Imperial Capital rate drops and was thinking about moving some money to an account there, but if they keep dropping their rates then maybe I should hold off. I don't want to get the "cyber" rug pulled out from under me.
Anonymous   |     |   Comment #88
I received letter from Countrywide announcing plans to close their financial centers in my area (Chicago) next month. The letter goes on to advise that once Countrywide accounts convert to B of A "later this year," face to face service will resume at B of A branches. In the interim, my service options are limited to phone, online or mail. Presumably, other Countrywide account holders have or will soon be receiving similar notice. Personally, upon CD maturity, I plan to close out Countrywide accounts. Since acquisition by B of A, the money market rates have dropped off a cliff.
Anonymous   |     |   Comment #89
Save your time and effort applying for a CD with FirstCommand Bank. I got the following:

Thank you for your application for a deposit account with First Command Bank. After careful consideration, we regret to inform you that we are not able to approve your request at this time.

We are currently accepting applications only from existing First Command clients and individuals who apply in person. We invite you to apply for a deposit account at our branch location or visit a First Command Financial Advisor to apply (see www.firstcommand.com for locations near you).

We apologize that our online deposit account application did not make this clear, and we welcome the opportunity to serve you. If you have any questions, please contact us at 888-763-7600 or fcbcustcare@firstcommandbank.com.


First Command Bank
Anonymous   |     |   Comment #90
Same your time and effort in applying for a CD with FirstCommand Bank. I received the following after applying online:

Thank you for your application for a deposit account with First Command Bank. After careful consideration, we regret to inform you that we are not able to approve your request at this time.

We are currently accepting applications only from existing First Command clients and individuals who apply in person. We invite you to apply for a deposit account at our branch location or visit a First Command Financial Advisor to apply (see www.firstcommand.com for locations near you).

We apologize that our online deposit account application did not make this clear, and we welcome the opportunity to serve you. If you have any questions, please contact us at 888-763-7600 or fcbcustcare@firstcommandbank.com.


First Command Bank
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #91
To Marc, regarding Imperial Capital Bank's Savings II interest rate:

The rate will drop to 3.25% APY on January 26th.

I expect the rate to continue dropping after that. (It seems quite apparent that eventually, sometime in 2009, there will be no Savings Accounts that pay over 3%.)

~O-Qua Tangin Wann
Anonymous   |     |   Comment #92
Re inclusion of credit union information --- this reader uses the information on both banks and credit unions to get the best deal. I think that is what most of your readers want -- the best deal. Sometimes it means joining an association for a few dollars but in the end it is well worth it -- at least to this reader.

Keep on posting credit union deals - please!!!!!!!!!!!
Anonymous   |     |   Comment #93
Bank of Internet High Interest Checking rate has dropped to 2.60% as of today (1/21/09)
Anonymous   |     |   Comment #94
I found the following with a 5.51% reward checking account.

Anonymous   |     |   Comment #95
DollarSavingsDirect down to 3.5% APY.
Matthew (anonymous)   |     |   Comment #96
WAMU down to 1.00%
Anonymous   |     |   Comment #97
This is for Louisiana residents only.

"I found the following with a 5.51% reward checking account.


By Anonymous, at 6:48 AM, January 22, 2009"
Bozo (anonymous)   |     |   Comment #98
To: All
Re: Higher yields

I think I mentioned this before, but there are several ways to get higher yields. First, for high-deposit savers. go for the USAA Jumbos. The 7 years term sounds onerous, but you can flop the interest into a short-term CD, thus creating a ladder should interest rates turn higher.

Second, for senior-savers, go with something like PenFed's long term rate CD for their IRAs at 4.5% or whatever. You can get the higher rate while maintaining the ability to withdraw "normal distributions" without breaking the rate and/or term of the CD. These "normal distributions" are, in essence, partial withdrawals.

It's hard to get higher yields these days, but, with a little creativity, it can be done.

Anonymous   |     |   Comment #99
GMAC Bank lowers interest rate on balances under $500.
Savings 2.40%
MMA 2.40%
Anonymous   |     |   Comment #100
I'm very grateful that bank guy includes credit union rates along with bank rates. Recently I was able to get a higher rate for a one-year CD at a local credit union that doesn't advertise than I could get anywhere else. The only way I learned about the CD rate was by reading this web site.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #101
Bank Failure:

First California Bank, Westlake Village, CA, Acquires the Insured Deposits of 1st Centennial Bank, Redlands, CA?

~O-Qua Tangin Wann
Anonymous   |     |   Comment #102
Navy Federal cu has a new special for Ira/Esa's --4.6 APY for 30 months. It just started today 1/23/09. And keep those credit union deals coming. Credit Unions pay better interest rates than banks.
Anonymous   |     |   Comment #103
Oops on the Navy CU IRA special; it requires a $15,000 minimum deposit! Sorry
J (anonymous)   |     |   Comment #104
BECU just dropped the rate on the first $500 for the checking and savings from 7.25% to 6.0%
Matthew (anonymous)   |     |   Comment #105
Everbank promo is 3.76 rather than the 3.83 you have listed.
Anonymous   |     |   Comment #106
Wrong regarding the Everbank promo. The money market list in the weekly recap gives the APY, not the rate.
DataIsGold (anonymous)   |     |   Comment #107
Hanmi Bank appears to be getting ready to lower rates. The Freedom CD in the Flash Ad still shows 4.2% 6months. But the link shows 3.43%
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #108
Economists are predicting the Fed Funds Rate will stay at the 0% to 0.25% level throughout all of 2009.

From the AP today:

"With the country stuck in a painful recession, the Federal Reserve is widely expected to keep its key interest rate at an all-time low this week and examine other unconventional ways to lift the economy.

"Fed Chairman Ben Bernanke and his colleagues are battling a three-headed economic monster: crises in the housing, credit and financial markets that — taken together — haven't been seen since the 1930s.

"While Bernanke has pledged to do all he can to provide relief, President Barack Obama and Congress are racing ahead to enact an $825 billion package of increased government spending and tax cuts to revive the economy.

"Against that backdrop, the Fed is all but certain to hold rates near zero and may offer greater insights into what other steps might be taken to ease the problems. The Federal Open Market Committee — the central bank's main policymaking group — opens a two-day meeting Tuesday to assess economic and financial conditions, review the effectiveness of programs already in place to deal with the trio of crises and examine new relief options going forward."

~O-Qua Tangin Wann

At its previous meeting in December, the Fed took the unprecedented action of slashing its key rate from 1 percent to a new, targeted range of between zero and 0.25 percent. Economists predict the Fed will leave rates at that record-low range on Wednesday and probably through the rest of this year in a bid to help brace the economy.
Anonymous   |     |   Comment #109
Re you listing on Hanmi Bank in California lowering is 6-month Freedom CD rate from 4.20% to 3.43%: It is still listed as being 4.20% on the bank's Web site home page, in the changing window toward the top!

O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #110
Confirming rate drop today:

Imperial Capital Bank iMoney Market Checking Account rate for balances over $100,000 has dropped to 3.25% APY.

Imperial Capital Bank iSavings Account rate for balances over $50,000 has dropped to 3.25% APY.

It is anyone's guess how low Imperial Capital's rates will go.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #111
CitiBank is touting their Citi CashReturn(SM) Card. Cash back for about every kind of transaction.
Take a look:

Anonymous   |     |   Comment #112
This Citibank credit card program is still not as good as the one that I already am enrolled in. I get 2% at gas stations, grocery stores, and drug stores and 1% everywhere else. And I can get extra bonuses through the Citi bonus Cash Center. The potential of earning up to 5% at the bonus Cash Center doesn't help me at all. Most of these participating merchants sell discretionary consumer products which don't amount to much on my overall spending budget. The guaranteed 2% rate is better than the bonus Cash Center for me.

I did notice the Imperial Capital rate drop down to 3.25% for their top tier Savings and Money Market accounts so it matches the Savings II rate available only at a branch office. I will see how the trend goes for the bank. I have a six figure sum of money that is earning a paltry rate below 1% right now and is looking for a new home.
Anonymous   |     |   Comment #113
Hanmi Bank in California this morning dropped its CD rates. NOw are:

6 month Freedom CD = 3.43 APY

3 months = 3.55 APY
6 month CD = 3.52 APY
9 month CD = 3.53 APY
12 month CD = 3.52 APY

Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #114
Fed just announced at their meeting today that they will keep the Fed Funds rate at zero for quite some time.

No increase for a long time.

No one in Washington cares that savers who just want to keep their money in federally insured banks cannot make decent interest on their money.
mark (anonymous)   |     |   Comment #115
Rate Edge just dropped again, this time down to 2.60%.
Anonymous   |     |   Comment #116
Gulf Bank account is not for La residents only.
andrew (anonymous)   |     |   Comment #117
Rates fell at Century Bank Direct. Checking now 2.59%, MMA at 2.82% and savings now at 3.04%. Oh well...
Eastwood (anonymous)   |     |   Comment #118
Andrew, most every bank and CU in the country have MMA and Savings rates under 3%.

The tiny few that are 3% and above will fall below 3% when either their promotional periods are over or just with every passing week.

No bank or CU can afford to pay over 3% for a MMA or Savings Account when the Fed Funds Rate is at 0%.

For those of us who made a sweet amount of interest on our Savings or MMA in 2007 and 2008, we will now have to suffer a huge income drop for all of 2009 (and maybe beyond).
andrew (anonymous)   |     |   Comment #119
The argument that a bank cannot afford to pay 3% because the Fed Funds target is 0 - 0.25% is incorrect. Banks make money on the spread between their yield on deposits and cost of loans - if a bank is lending at rates higher than 3%, it can certainly afford to pay depositors 3%. Now, for many reasons, few banks will pay 3%in this environment.
Trevor Plantagenent
Trevor Plantagenent (anonymous)   |     |   Comment #120
Andrew, you are absolutely incorrect.

If you take into account what a bank earns on its loan rates and then add its overhead, you would see that a bank absolutely cannot make a profit if they pay 3% or more right now.

Plus keep in mind that banks do not take 100% of deposits and then loan out that money at the higher rate. Some banks loan each other money with your money, and the rate they get is fairly close to that Fed Funds Rate.

You are wrong. A bank cannot make a profit if they are paying out more than 3% for savings/MMA in today's environment, and that is why 99% of all banks now are paying 3% or less.
Anonymous   |     |   Comment #121
RE: YOUR POST that GMAC Sav, MMA rate is 2.40% (was 3%, 2.5%)

This is INCORRECT -- according to GMAC's website, the rate for GMAC Savings is 3%, MMA 2.5%:

larkin (anonymous)   |     |   Comment #122
The GMAC rates were changed back sometime yesterday...very strange.
Anonymous   |     |   Comment #123
Apple FCU is offering a 7% CD for a 6 month term on deposits of $500-$2000 if you open the account at their Kingstowne branch in northern Virginia.
Thiseye (anonymous)   |     |   Comment #124
CoreFirst Bank & Trust has a 3.3% APY (up to $25k) rewards checking account. 5 free ATM refunds per month. .2% for balances over $25k or if you don't meet the requirements.

Requirements: 1 monthly direct deposit, 10 signed check card transactions, 2 internet bill pay transactions.

They also had an advertisement at my local Denver bank for a 3.5% 6 month CD, but can't find any reference to that on their website. http://www.corefirstbank.com/
Angelo_Frank (anonymous)   |     |   Comment #125
ProvidentDirect just dropped their savings rate APY to 2.82% from 3.00%. It was only a matter of time.
Angelo_Frank (anonymous)   |     |   Comment #126
Note: ProvidentDirect was offering %3.25 APY on their savings before dropping it to %2.82. (Sorry for the error in my previous post)
Anonymous   |     |   Comment #127
From another website:

Just opened a Clear Sky Account today, Friday, Jan. 30th, to lock in the 3.75 and was advised via phone contact with a Chesapeake Bank rep handling Clear Sky that effective Monday, Feb. 2nd, the Clear Sky online rate will drop to 3.15. So you have through Sunday, Feb.1st, to open up and lock in the 3.75 until end of March when it will reset to ?, the new 3.15?
DataIsGold (anonymous)   |     |   Comment #128
Just got another WaMu Flyer. This time get $100 for opening a Free checking account with Direct Deposit.
$100 minimum to open.
Says Direct Deposit must be payroll, Social security or other Government paycheck.
Anonymous   |     |   Comment #129
Tri-Co Federal Credit Union in New Jersey has some very attractive CD rates. They lowered their CD rates yesterday, however, the rates are still attractive. Joining the credit union costs $25.00 and it's refunded when you leave the credit union. You need to meet their requirements to join and for NJ residents, they try to help you meet the requirements. Their website is:
RonConCoMo (anonymous)   |     |   Comment #130
AARP Savings down to 1.5%.
Langford (anonymous)   |     |   Comment #131
Alliant Credit Union rep confirmed to me that their Savings rate will drop to 3% APY on February 1.

I wish I could say that the bottom will be 3%, but I fear that the rate will continue to drop.

Now we have to seriously consider transferring money from Alliant CU to Broadway Federal, which is still 4.08%.
Bill C.
Bill C. (anonymous)   |     |   Comment #133
MidWest America FCU has dropped its rate to 5.11%.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #134
Confirming Rate Drops:

Alliant Credit Union Savings is now 2.96% with a 3% Yield.

Imperial Capital Bank dropped both its iMoney Market Checking and iSavings to 3.10% APY for its highest balance tiers.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #135
Corus Bank is on the ropes.

The company said $1.5 billion, or more than one-third, of its loans were nonaccrual.

Corus also said Treasury had issued a preliminary response indicating that they intend to reject the bank's Nov. 14 application for funds under the $700 billion TARP.

Based on recent discussions with the Bank's regulators, management believes it is likely that the Bank will be held to higher capital standards in the near future and, as such, may no longer be considered well-capitalized and may be required to identify additional sources of capital.

The stock was trading at noon at around 64 cents a share.
AtHome Da
AtHome Da (anonymous)   |     |   Comment #136
Mexican bank: Capital Bank, Tijuana, Mexico.

Do you or does any of your readers have knowledge and experience with foreign bank accounts, such as Capital Bank? It was advertised on this blog, and I know advertisement does not come with any kind of endorsement, but any knowledge or experience that can be shared would be greatly appreciated.

The CD rates are very high return, lack insurance, plus the political risks associated with directly investing a high dollar amount in a foreign bank. However, the bank provided presentation of stability looks impressive.

I'm looking for some objective resource input to help me make a decision about considering this high reward/high risk investment.

At-Home Dad
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #137
Dear At Home Dad,

Don't do Mexico!

You need to be able to sleep at night without worrying.

Some think the Mexico government will eventually collapse.

We are not making any decent interest rate on our savings here in the USA, but at least we can sleep at night knowing our money is insured.
DataIsGold (anonymous)   |     |   Comment #138

You may want to consider a Currency ETF instead. If you are interested in the Mexican Peso then:

Symbol: FXM
CurrencyShares Mexican Peso Trust

Might be of interest. They have a website www.currencyshares.com

Its not FDIC covered. However, if something terrible happens in Mexico you can at least sell what you have and not worry as much as a Bank Disappearing into the night.

Just my two cents. And the above is not an endorsement of said product.
Anonymous   |     |   Comment #139
Mountain America CU, easy to open, 5 year cd is now 4.5%(last week 4 3/4%), 90 day early withdrawal penalty (no mention of needing consent of CU for withdrawal).
Angelo_Frank (anonymous)   |     |   Comment #140
EverBank is now down to 2.73% APY on their Yield Pledge Money Market Account for the first year, for accounts of $50K or less. After the first year, the APY drops to 2.46% for all account balances.
Anonymous   |     |   Comment #141
Banker's Trust Phoenix Az has 3.50APY
Pick your term 8-18 months good thru 3/9/09. FDIC insured.
(602) 224-2020
Anonymous   |     |   Comment #142
ING is down to 2.2%.
Anonymous   |     |   Comment #143
And Etrade is down to 2.5% from 3.01%.
Anonymous   |     |   Comment #144
1st mariner bank 10 month hybrid cd is 3.75%. Good rate for a short term cd. See past write up at http://bankdeals.blogspot.com/2008/07/425-10-month-online-hybrid-cd-at-1st.html
Anonymous   |     |   Comment #145
Provident Bank is offering a $123 checking bonus with direct deposit. Promo page at https://www.provbank.com/personal/checking/promotions/123-checking-promotion.php
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #146
Manager at Pacific Resource Credit Union in California confirmed that their Regular Savings Account interest rate for balances of $100,000 and up dropped from 3.25% APY to 2.75% APY. (The drop has not been posted on their Website as of this minute, but the manager verified the rate just dropped this morning.)

~O-Qua Tangin Wann
Anonymous   |     |   Comment #147
Corus bank used to have among the highest savings rates for a long time. That will probably not be seen again soon. Rates are now approaching levels that were last seen back in 2003. Maybe I should open the Providenet checking account and get the $123 bonus? Or should I just put the money into the Imperial Capital savings that is currently 3.1%?
Banking Guy
Banking Guy (anonymous)   |     |   Comment #148
@ Banker's Trust Phoenix AZ's 3.50APY - Thanks for the info. I just called. Unfortunately, they are ending it early. I was told it will end at 5:00pm today (2/3/09).
Anonymous   |     |   Comment #149
As the spread between banks start to shrink as rates drop, expect the 1 star rated banks to offer rates comparable to the 5 star rated banks. In that scenario, it doesn't pay to stay at the weaker banks.
Eve (anonymous)   |     |   Comment #150
It doesn't matter what bank your money is at (weaker or stronger banks), as long as you are federally insured. Sometimes the weaker banks are better at customer service, etc., so you are wrong.
Westwood (anonymous)   |     |   Comment #151
Don't go to Imperial Capital Bank, as their rate will fall below 3% APY very soon.

They have been slowly dropping their rates every week now.

I am with ICB, but I got in during their 4% Savings II promotion. Today it dropped to 3.1%, but I was told the rate will continue to drop. They are doing it slowly to try and avoid a big exodus.
Anonymous   |     |   Comment #152
Bank of Internet High Yield Savings down to 3.10% and Checking down to 1.60%.
Anonymous   |     |   Comment #153
First New England FCU promo:

CD Rates - Special

9 month CD, $10,000 minimum, 3.27% APY

9 month CD, $10,000 minimum - Advantage accounts 3.52% APY

18 month CD, $10,000 minimum, 3.01% APY

18 month CD, $10,000 minimum - Advantage accounts, 3.27% APY
Anonymous   |     |   Comment #154
Liberty Savings FCU in Jersey City, NJ still has CDs at and above 4.00% APY for terms of 54 to 72 months. Membership is open to people who live, work, worship or go to school in Hudson county, NJ. Membership requires the opening of a primary savings account (minimum of $25, but $100 required to avoid $2 per month fee). Liberty Savings is NCUA insured and rated 2 stars by bankrate.com.
Erik (anonymous)   |     |   Comment #155
Check out the best rates on short term deposits at big banks versus those at select community banks from CheckingFinder.com. Community banks continue to offer higher yields on short term deposits to serve as economic engines.


Florida Central Credit Union 6.01 FL
First Robinson Savings Bank 6.01 IL
Union State Bank/Bank of Atchison 6.01 KS
Communications Federal Credit Union 5.25 OK
Connexus Credit Union 5.15 WI
Keystone Bank 5.15 AL
First New England Federal Credit Union 5.15 CT
Three Rivers FCU 5.01 IN
Legence Bank 5.01 IL
Community Bank of Pleasant Hill 5.01 MO
Community Bank of Raymore 5.01 MO
United Heritage Credit Union 5.01 TX


• ING decreased their highest rate offered by 25 basis points, from a 2.50% APY on a 1 year CD to a 2.25% APY on a 4 year CD.
• Schwab decreased their 18 month CD rate by 15 basis points, from a 2.65% to 2.50% APY.
• E*Trade decreased their 5 year CD rate by 30 basis points, from a 1.70% to 1.40% APY.
• E-Loan increased their 6 year CD rate by 50 basis points, from a 3.50% to 3.70% APY
• Washington Mutual decreased their 5 year CD rate by 50 basis points, from a 3.00% to 2.50% APY.
• AARP Financial Savings Center decreased their savings rate by 50 basis points, from a 2.00% to 1.50% APY.
• Wachovia increased their 17 month CD rate by 15 basis points, from a 1.85% to 2.00% APY.
• E-Loan currently has the highest rate at 3.70% APY on a 6 year CD.
• E*Trade currently has the highest savings rate at 3.01% APY.

Courtesy of BancVue.
Anonymous   |     |   Comment #156
I have two cds with VINEYARD BANK since 1/2008.They are paying 4.75 APY for 24 months with unlimited additions. I have been making regular deposits since they were opened with no problem. Yesterday I tried to make a deposit and they said they were no longer allowing deposits to this type of CDs. My disclosure states that I have the right to make unlimited deposits. Has anyone else experienced this? I seems unethical.
srikks (anonymous)   |     |   Comment #157
Hanmi Bank has decreased the Bonus checking account rate to 3.04 % APY for balances under $25000
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #158
Hanmi Bank Internet Savings Account (Special Online Only Rate) is paying 3.04% APY. (I am wondering why Banking Guy doesn't list this account in the weekly summary?)

Internet Savings Disclosure:

"Minimum balance to open is $100. If you close your account before interest is credited, you will not receive the accrued interest. A monthly maintenance charge of $3 will be imposed every statement cycle if the balance in the account falls below $500 any day of the statement cycle. If you close your account within 90 days after opening, $20.00 will be charged."

~O-Qua Tangin Wann
Anonymous   |     |   Comment #159
To Eve at 6:22 PM, February 03, 2009

You may be right about customer service issues for the weaker banks, but liquidity and solvency are more important issues, in my opinion.
Anonymous   |     |   Comment #160
To Westwood at 6:24 PM, February 03, 2009

Thanks for the update. I guess I will take a wait and see attitude on this. Just have to play a guessing game as to who can sustain the high rates longer.
Anonymous   |     |   Comment #161
Vineyard Bank is taking the position that they can change any term of their CD's at any time--as in, for example, your interest rate is now 0% and your early withdrawal penalty is 100% of any interest previously paid. They didn't give that exact example, but that was the gist of it.

They are also taking the position that they, in effect, will notify you of this, basically, when they feel like it.
Anonymous   |     |   Comment #162
Regarding Vineyard Bank--they must follow the CD disclosures. File a complaint with OCC here: http://www.occ.treas.gov/customer.htm#Filing%20a%20Formal%20Complaint

They are in serious financial trouble. If another bank takes them over, then the rates/disclosures can be changed, but not until that happens.
Anonymous   |     |   Comment #163

DataIsGold 10:25 AM, January 31, 2009 + text
DataIsGold (anonymous)   |     |   Comment #164
And Gmac is down to 2.75% for Savings all tiers.
2.25% for MMA all tiers.
Anonymous   |     |   Comment #165
According to the FDIC FirstBank Financial Services of Georgia has been closed and the branches will reopen as Regions Bank. It looks like all deposits are safe.
Anonymous   |     |   Comment #166

First Constitution Direct is offering 3.50% for 3 months.

After three months, the standard rate applies which is currently 3.25%
Anonymous   |     |   Comment #167
My money is spread out in accounts between banks with rates of 2.2, 2.25, 2.3, 2.64, 2.82 3.0, and 3.25%. It sure is starting to feel crowded at the bottom!!!!!
Anonymous   |     |   Comment #168
You mentioned 7 different rates, which means 7 different banks.

Since the minimum insurance one can get at a bank is $250,000, you must have a helluva lot of money.

Lucky you.
Anonymous   |     |   Comment #169
To Anonymous at 10:11 PM, February 06, 2009

The $250,000 limit is the maximum, not minimum, amount of insurance for insured deposits. Actually, I have not reached that amount in any individual bank account among the seven rates listed. My funds are somewhat unevenly distributed between the seven banks. The higher percentages of the funds are in those with the higher rates. So I have many accounts (besides these seven) where I have a small balance. It does make for a record keeping nightmare of sorts. I guess I could also lump all of the money together into one account, but nobody at this point is offering an interest rate difference that would make that worthwhile. So I just allow many of my accounts to remain open. I do follow the principle of not having all of my eggs in one basket, even if I am not close to the insurance limit. All you need is for one bank to become insolvent and frozen and if you placed the bulk of your funds there, you are SOL. I think a lot of people are either lazy or don't want to have to track too many accounts. I believe in spreading the wealth, so to speak. But, I am sure that there are some bank customers who keep track of their balances and when it comes close to the insurance limit, they then open another account at another bank or a different registered account type. Personally, I wish I did have the maximum insured amount in all seven banks though. I haven't checked my net worth lately, so my 401(k) and bonds amounts might boost my bottom line.
Anonymous   |     |   Comment #170
I came up with a way to boost my yields. Open multiple reward checking accounts to the maximum before it hits the tier rate drop. That would nearly double my yield. Only problem is that I have to open over 20 of these accounts and have to execute about 200 debit card transactions per month. That would be a debit card nightmare. I would have to ask my utility company to split my payments into $1 each. Or maybe I could buy a 200 packs of gum each month at the store?
Anonymous   |     |   Comment #171
Hi, I'm hoping someone can look into what Chase is doing to it's existing customers. I have been with Chase for 10 years, have a great fixed, life of loan interest rate, and pay on time. I'm sure this fixed, life of loan rate is the reason I have just received notice that now, the minimum payment percentage has gone from 2% to 5%, and, they are charging a $10.00 monthly fee. The increase in minimum percentage more than doubles my monthly payment. The monthly fee that they did not have before, basically takes the old annual fee of $20.00 or $25.00, which used to be a card you would try to avoid, and propels is to $120.00 annually just to have the card. I am sure they realize that they are now losing a guaranteed monthly amount, small as it may be. I intended on paying off the balance and letting them just maintain the account, but they are still going to charge the $10.00 per month. So now I have to close the account. Now the issue is that this will affect my fico score. Once closed, this account will no longer be considered part of my 'good' credit history, correct? Some part of me says that there should be something illegal about them being able to affect that part of my personal worth. There has to be someone or someplace that can do something about this. I apologize if this is the wrong place to vent and question, but after browsing through all the great info you have on this site, I thought this would be something everyone should be up in arms about. Thanks for all your info and insights.
J (anonymous)   |     |   Comment #172
Attractive 1yr Jumbo CD here:

Claude_&_Gay (anonymous)   |     |   Comment #173
Opportunity Bank N.A, Richardson, Texas, has Money Market <25k = 2.25%; <75K = 2.50%; <200K = 2.75% and > 200K = 3%. Prety good for todays rates.
Anonymous   |     |   Comment #174
To Anonymous at 9:30 AM, February 07, 2009

I am not sure if is the correct venue regarding what I believe is the Chase amendment to your credit card account terms. Banks, unfortunately, reserve the right to change ANY terms of your account (whether it is a credit card, checking account, savings accounts, loans, or any product that they offer). All they have to do is provide you advance notice. They can jack your rate sky high. Tell you that your checking account will be charged a $100 monthly fee if your balance is below 1 million dollars per month starting next month if they wanted to. They have a lot of leeway in modifying their product terms and conditions. Even if you banked with them your entire life from childhood to retirement, it does not make any difference. The only thing that matters is their banking operations bottom line. Just like state governments that are cutting their budget spending and trying to find ways to get more money from the residents, the banks which have bled a lot the past year are also probably doing the same. Not to go off into way off base on this, the massive federal spending and budget deficits is going to eventually be a major problem in the future.

This is the intro for this website by the way.

"I started this BankDeals site as a hobby to help people find the best deals at banks and credit unions."

I couldn't find any information on this site specific to loans, credit cards, and lines of credit topics. But I am sure there are many websites geared to those topics.
Anonymous   |     |   Comment #175
To Anonymous response to February 7 post - Thank you. I didn't realize until after I posted, that the blog section was for deals only (although I've been checking the site everyday for those same great deals)!
I know the CC Co's can change their own terms, but when that forces the procedures of the credit bureaus to have faulty, incorrect results . . . as you implied, the future is not pretty.
I really appreciate that you took the time to respond. Thank you very much.
Anonymous   |     |   Comment #176
I just noticed while checking Navy Federal Credit Union webpage.
Special Easy Start Certificate, 4.00% 1 yr CD. Minimum deposit $100. Sounds good, I will be checking this one out 2/9.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #177
Bank of America referral bonuses


We pay the incentive to an existing Customer (Referrer) by check after we verify that the new customer they referred opened a qualifying new checking account and also meets the other terms of this offer.

The new customer will receive $25 for opening a personal checking account, plus the following bonuses if the additional account is opened at the same time as checking: $10 for opening a Regular Savings account or $25 for opening a Regular Savings account with at least $1,000, for a total of incentive of up to $50.

(note long list of requirements, including $25 minimum balance in checking for 30 days).
Anonymous   |     |   Comment #178
To Anonymous who posted on 8:39 AM, February 08, 2009

There are many things about banks that I don't agree with. For example, the loan amortization schedule that lists the first payment as 99% interest and 1% principal and the very last payment as 99% principal and 1% interest. So, if you failed to make that very last payment, the bank technically can foreclose or repossess your property.

Also, your concern about the credit file history being affected by closing accounts. The FICO score is based on your overall credit history of active accounts. When you close those accounts, you end up like someone who never took out a loan before in his life. That then forces you to open accounts elsewhere to make up the difference, but then the longevity factor is gone. To be honest, I have never heard of a FICO score until just recently. I think it is some kind of trumped up numeric figure that some accountant came up with (the company that created this term is called Fair Issac Corporation. Who or what is that?).

"Most lenders use credit scores, and in particular the FICO scores created by Fair Isaac Corp."

"This key credit number can determine your house payment, your insurance rates, even your next job, yet you have to pay to see it. That's wrong."

Anonymous   |     |   Comment #179
It should be noted that if on breaks a cd at Melrose Credit union then half of the interest is forfeited.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #180
Imperial Capital Bank interest rates plummeted today.

iMoney Market Account's highest rate is 2.35%.

iSavings Account's highest rate is 1.85%.

~O-Qua Tangin Wann
Angelo_Frank (anonymous)   |     |   Comment #181
In reference to the new "Special" Navy Federal Credit Union "EasyStart" certificate:

Limit one Special EasyStart per member. A $10,000 maximum balance. Special EasyStart requires Navy Federal checking account and Direct Deposit of Net Pay ($500 min) within 90 days of purchase.

Too many restrictions and the maximum balance is too low to go for the higher yield.
Anonymous   |     |   Comment #182
Thanks for the news about Imperial Capital rate drops. I did NOT bite and move any new money into that bank. The checking account rate also dipped from 3 to 2% as well. So I won't be moving any funds to that account either.

By the way, I heard on the radio about the earlier post on the Chase credit card $10 monthly fee. It seems that they are targeting those customers who got in on a promotional rate offer earlier and thought they were going to be paying a low rate indefinitely. So this is a new way to generate revenue for the bank for those people who can't pay off their balance. I wonder if this will be trend like the airlines which is now charging fees for just about anything on the plane? How about monthly fees on credit cards, ALL types of bank accounts, loans, etc. etc. $$$ Do you hear all those cash registers ringing inside the banker's heads?
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #183
Thanks for saying thanks about Imperial Capital Bank.

I gave them a lot of money when they created their special Savings II Account, offering 4% for a guaranteed period.

The Savings II Account went down to 2.5% APY today and will continue to drop, most likely to equal their iSavings Account rate, which is 1.85%, as I reported earlier.

I wrote a check to remove all my money from Imperial Capital Bank today. (I imagine many who signed up for the Savings II Account will do the same thing.)

Unfortunately, every bank will probably be paying under 3% APY eventually.

~O-Qua Tangin Wann
HustlerMoneyBlog (anonymous)   |     |   Comment #184
Check out Capital One $100 Bonus

mark (anonymous)   |     |   Comment #185
More rate drops, this time from ClearSky:

Savings rate drops from 3.15% to 3.05%

CD rates also down (19-mo term drops from 3.40% to 3.15%)
Anonymous   |     |   Comment #186
I agree.

In 3 months or less, there will be no savings account that pays over 3%.

Anyone thinking they will all go lower than 2%?

How low will it go?
Anonymous   |     |   Comment #187
Astoria Federal has a 1 Yr. CD at 3.05% branches in NY city mostly.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #188
Banking Guy, have you posted anything on this:


DoralBank.com Money Market paying 4.07% on balances over $100,000

Paying 3.75% for balances $75,000 to $99,999.

~O-Qua Tangin Wann
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #189
More info regarding Doral Bank:

Doral Bank is in Puerto Rico

Only one star rated at both Bauer Financial and BankRate.

The bank is FDIC insured.

The interest rate is phenomenal, but I do not know if a branch visit is required to open their high interest money market account.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #190
The FAQ webpage for this bank stated the following regarding opening accounts.
"Where can I open an account?
You can visit any Doral Bank branches through the island. For your convenience, some of our branches are opened Saturdays and Sundays."

I am guessing that the "DIRECT" portion of the bank is for anyone to invest and that this account is for only people in Puerto Rico.
Anonymous   |     |   Comment #191
That is something that you have to be aware of regarding any bank that has a website. Just because they advertise on the Internet doesn't mean that they allow you to open accounts online. And not all banks have ACH transfer capability. Some banks will only allow you to do banking the way that brick and mortar banks are usually set up. Many do not have the desire nor the electronic backbone to handle internet banking transactions. Some do invest in this infrastructure (especially if they want to find customers nationwide), while others don't have to.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #192
It's not quite 4.07%, but it's close. The internet unit of Doral Bank, Doral Bank Direct, is currently having a savings account promo (3.50% APY for 3mo) and a 3.50% 11mo CD. Here's the link to my review. The link is also at the top of the page.
Anonymous   |     |   Comment #193
To Anonymous, at 5:20 PM, February 08, 2009 in response to 8:39 AM, February 08, 2009 - Thanks for the money central link. It had some interesting info.
Anonymous   |     |   Comment #194
Astoria Federal CD's dropped. Most NY banks change their rates on Tuesdays - from what I've seen. Another NY Bank, Community National Bank on Long Island, http://www.cnbny.com/code/rates.aspstill has some decent long term rates:
2 Yr - 3.100/3.150; 3 Yr - 3.340/ 3.400; 4 Yr - 3.490/3.550; 5 Yr - 3.590/3.650. The penalty for an early withdrawal from your CD will be an amount equal to 90 days interest on the amount withdrawn.
Unfortunately, you have to go into the branch to open the CD. They have seven branches. If you live on Long Island, check it out.
Anonymous   |     |   Comment #195
What a difference a day makes (Astoria one yr. CD), I locked it on Monday and as you said, they lowered it today. Its good to know that they change rates on tuesdays.
Anonymous   |     |   Comment #196
US Bank who took over Downey Savings in Ca has a 4% rate for 59 months and a 2.25% rate for 13 month term.

$500 minimum and at least $500 of new money to open.

Can only be opened at a branch location.

The ad was in the San Jose Mercury News last Sunday.
Anonymous   |     |   Comment #197
Tech CU has a Lucky 7 certificate account for new members. It is for 12 months and the rate is 7% if you open a checking and direct deposit account with $600. The rate is 6.50% without these accounts.

The minimum and maximum is $1,000.

Not great with such a low amount but thought some might be interested.
Anonymous   |     |   Comment #198
One thing I'd like to point out, given all the mediocre 1 year yields, is that I-bonds held for 12-months are effectively at a ~2.96% APY (assuming 5ish% state tax), and that yield will be available until april. There's a limit of $10000 per SS#, but that's $20000 for a married couple, and even more if you can get the help of some relatives.

This could be a great backup plan if yields fall even more in the next months.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #199
Southland Credit Union (in Southern California) has a good Reward Checking Account, called Super Checking, paying 4% APY for balances up to $50,000. (The rate is close to zero % for balances over $50,000.)

~O-Qua Tangin Wann
Duck (anonymous)   |     |   Comment #200
LoneStar CU
Regular and IRA CD Terms and Rates
12 month CD 2.78% $500
24 month CD 3.60% $500
36 month CD 3.75% $500
48 month CD 3.85% $500
60 month CD 4.27% $500
24 month Bump Up CD 3.34% $500
36 month Bump Up CD 3.49% $500
48 month Bump Up CD 3.60% $500
60 month Bump Up CD 4.01% $500
12 month Jumbo CD 2.88% $90,000
24 month Jumbo CD 3.70% $90,000
36 month Jumbo CD 3.85% $90,000
48 month Jumbo CD 3.96% $90,000
60 month Jumbo CD 4.37% $90,000
24 month Jumbo Bump CD 3.44% $90,000
36 month Jumbo Bump Up CD 3.60% $90,000
48 month Jumbo Bump Up CD 3.70% $90,000
60 month Jumbo Bump Up CD 4.11% $90,000
you have to have a relationship status otherwise .25% lower

You are the Banking Guy I noticed that you have even been calling the various banks/Cu to confirm rate/eligibility I think I speak for all here =We thankyou Verymuch for supplying a place to come and discuss-find-compare various products to make some $$$$
Anonymous   |     |   Comment #201
To Anonymous who posted on 8:06 AM, February 11, 2009

If deflation takes hold, the I-bond rate could nosedive for 2009.

Duck (anonymous)   |     |   Comment #202
I have another cd coming due next week just wondering do I buy some MLP's paying 8%or better(risk)take Westerns 3.00%10m or Capital One 4.00% 4year I have CD's coming due every other month I just hate locking up for less than 5.00% what are your guys thoughts I would rather not mail money out of state at this time with all the failings Or maybe even take a bond for like 121 toll road or one of the schools they are paying about 6% ( plus tax free)???? so many choices just no easy way to make money Iam disabled and need this income to pay my meds and doctors Thanks to Banking Guy and everyone that responds
Anonymous   |     |   Comment #203
Very hard to find long term CD rates at 5% now. The best that I have found so far is the 4.39% APY 5 year CD at Pentagon Federal Credit Union. Municipal bonds are offering very attractive yields especially with the tax exempt status of the interest. If you do go that route, make sure that you can either hold it to maturity or sell it without a loss in the future.

Anonymous   |     |   Comment #204
Update to my previous post. This website already listed a 5 year CD at 4.98% APY yield so it tops the Pentagon Federal rate.

Anonymous   |     |   Comment #205
To Anonymous at 2:19PM Feb 11:

Oh, certainly--I'm assuming the next composite will be 0%. If you treat the I-bond as a 12-month CD, though, you forfeit the last three months interest anyway (of the 0% in this case). Thus, you'd get 5.64%APY for the first 6 months, and 0% for the last six. That comes to an effictive 2.93% (not 2.96) if state tax is 5%.
Anonymous   |     |   Comment #206
Dollar Savings Direct is dropping like a rock...down to 3.05% today.
Anonymous   |     |   Comment #207
To Anonymous who posted on 4:34 AM, February 12, 2009

2.93% interest for 1 year would not make me want to open the I-bond in the first place. Unfortunately, I bought some Savings Bonds before the November 2008 rate adjustment and those have the 0% base calculation amount. So if inflation is 0% for the next several years, I would get nothing for several years.
Anonymous   |     |   Comment #208
Dollar Savings Direct is going to remove the "America's Highest Rate" logo on their webpage. It will be getting very crowded at the bottom soon.
Anonymous   |     |   Comment #209
Edit to my post:

Dollar Savings Direct is going have to remove the "America's Highest Rate" logo on their webpage. It will be getting very crowded at the bottom soon.
Anonymous   |     |   Comment #210
Bank of Internet Savings rate is down to 3.00% (from 3.10%).
ShraZZy (anonymous)   |     |   Comment #211
Applebank Grand Yield Direct down to 2.50 from 2.75%
the Ramen Noodle
the Ramen Noodle (anonymous)   |     |   Comment #212
Chesapeake Bank is forbidding deposits on all ClearSky accounts!

Important information from Clear Sky Accounts - Please Read:

When Chesapeake Bank opened our online-only banking arm – Clear Sky Accounts – last November, we saw an opportunity to provide the same level of high-quality service and banking products online that has been the hallmark of our bank for more than 100 years. While we expected that our savings and checking rates would be well-received by the banking public, we could not have predicted the tremendous response we have received to our offerings, in particular, the 3.75% annual percentage yield savings rate that we made available earlier this year and guaranteed through March 31, 2009.

To be frank, we have been overwhelmed by deposits, and while banks are in the business of accepting deposits from customers, our capacity for any more deposits has been reached. Regrettably, that means that not only will we not be opening any new accounts, but that existing depositors will not be able to make any additional deposits into their existing Clear Sky accounts.

We recognize that this decision will raise more than a few eyebrows, particularly at a time when financial institutions are under a great deal of scrutiny. But for more than a century, we have operated through sound banking principles (we did not solicit nor did we receive any of the federal TARP funds, for example). However, given the many millions of dollars that have been deposited over the past few weeks in Clear Sky, we are at capacity for online deposits. We regret that we had to take this action.

You no doubt have a number of questions, which we stand at the ready to answer (1-877-257-7594). Meanwhile, we want to assure you of the following:

* Your deposits are safe and are available to you at any time
* You are guaranteed the 3.75% annual percentage yield rate of return until March 31, 2009

We anticipate this to be a short-term situation. We look forward to earning your trust and continuing to serve your online banking needs.

Jeff Szyperski
President and CEO
Chesapeake Bank

Clear Sky Accounts
from Chesapeake Bank
PO Box 1654
Williamsburg, VA 23187-1654

Member FDIC
Anonymous   |     |   Comment #213
New Frontier Bank in CO
E-Power Reward Checking account
Slashes rate from 4.62% to 1.25%
Anonymous   |     |   Comment #214
Credit Union 1 in Illinois (headquartered in Rantoul with locations in Chicago and other cities), http://www.creditunion1.org/, has some nice short-term rates, http://www.creditunion1.org/savings_rates.html. Available terms range from 6 to 60 months. They offer both regular and IRA certificates. For regular certificates in amounts of at least $1K but less than $10K, APYs range from 3.35% to 4.30%. Rates are higher for $10K and up, and for IRA certificates. For example, a 6 month $10K IRA certificate has a 3.55% APY.

Prepayment penalties are 90 days for 6 to 12 months; more for longer terms. I’m told Wednesday is their normal day for changing rates. Field of membership does not appear well defined, http://www.creditunion1.org/membership.html. They are part of the shared network; I learned of them when I had to make a deposit in Chicago for an out-of-state credit union.

Insurance carrier might be different from standard. I'll let others with more expertise comment on this.
Anonymous   |     |   Comment #215
Not too shocking since it's Friday...


Would be shocking if they didn't add a couple more for today...
Anonymous   |     |   Comment #216
Riverside Bank of the Gulf Coast, Cape Coral, FL failed today
Banking Guy
Banking Guy (anonymous)   |     |   Comment #217
Thanks for the info on Credit Union 1 in Illinois. Please note they are not federally insured. They only have private insurance via ASI.

Looks like it's no longer a question of if there's going to be a bank failure on a Friday, but how many. Two bank have already failed for today. I'm going to wait to see if there are any additional failures and do one post on all of the failures later tonight.
Trevor Plantagenent
Trevor Plantagenent (anonymous)   |     |   Comment #218
Banking Guy, you are smart to wait.

It is now 3 bank failures today, as I'm sure you will report tonight.

And to that poster who demanded that we all stop blogging and do something about it: What would he or she suggest we do? We are powerless to do anything about this except ride it out.
Anonymous   |     |   Comment #219
Stop blogging and do something about this crisis? This situation was built up over several years due to things done by the Fed, banks, investors, and consumers both here and abroad. I personally have had to deal with a family member who suffered a catastrophic auto injury since 2003, so all of what happened since that time is sort of a blur to me. The only thing that I do recall earlier before the term "subprime" came up was that I did notice that housing prices rose to over double from when I purchased my home in 1994. I kept saying to myself, who is jacking up these prices? The homes in my area are not worth that amount, even though living in an expensive neighborhood would be nice.
Anonymous   |     |   Comment #220
15-month CD, 3.5% APY at Amalgamated Bank

Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #221
Although Redneck Bank is now famous on FW for their Reward Checking, they also offer Mega Money Market at 3.10%, which is a competitive online savings account these days. No branch visit, no minimum, and includes debit card. Typical limit of 6 withdrawals.

where bankin's funner
Anonymous   |     |   Comment #222
When I applied for either Doral's 3.5% 11 mo CD or 3.5% introductory rate, I popup states these are limited to the tre-state area: NY, VT, NJ
calwatch (anonymous)   |     |   Comment #223
Mirae Bank advertised a 3.60% 6 month CD in the Chinese newspaper today. Minimum deposit is $10,000. Their web site, www.miraebank.com, hasn't been updated since December. Phone number to call is 626-435-0800 or 626-435-0803.
Matthew (anonymous)   |     |   Comment #224
1stconstitutiondirect promo is now 3.25%. The bold red letters still say 3.5%, but the fine print says 3.25% in multiple locations.
Valentine (anonymous)   |     |   Comment #225
Matthew, as of 1:20 p.m. today, you are absolutely wrong with your posting about 1st Constitution Direct.

The Website has always been that way, since they introduced their 3.5% special for their Super Savings.

If you sign up as of this minute, you would get 3.5% for 3 months and then 3.25% after, if you have the minimum balance required.

Now of course, come 90 days, that 3.25% most likely will have dropped.

But that Red 3.5% listing you referenced shows the special is still on as of this minute (subject to change at any time, of course...with that 3.5% being removed and/or changed when the change occurs).
scott (anonymous)   |     |   Comment #226
Danvers Bank in MA has some nice online rates and was told available to all
3% APY online savings account $1 Min to open
and 3.30% 4 month CD $500 Min to open

Anonymous   |     |   Comment #227
The Danvers online Savings rate of 3% has been in effect since September 22, 2008 which is a long time not to have changed. Quite a few banks had been offering rates that were unchanged for several months and have now proceeded to reduce their rates recently.
Anonymous   |     |   Comment #228
When we look rates at the small banks, we can see a trend developing.
The moment they reach their goal of funds, they start chasing the customers away by lowering the rates or putting restrictions on the amounts or some other stops.
The banks have so much money now, that our deposits are meaningless to them. So, don't expect great rates for a year or two, this is my prediction.
Anonymous   |     |   Comment #229
Chasing rates for pitiful one tenth of one percent is pathetic.
How low have we stooped. Opening and closing accounts just to make few extra bucks is meaningless waist of time. Reading or posting such rates is depressing. We cheer when we find a bank that offers one hundred of one percent better rate then the others, what is the point of that?
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #230
Imperial Capital Bank slightly lowered their rates yet again this morning. It truly looks like they will continue to drop their rates until they hit rock bottom.

Their highest tier for iSavings: 1.75% APY

Their highest tier for iMoney Market: 2.25% APY

~O-Qua Tangin Wann
Anonymous   |     |   Comment #231
northwest fed. c.u., 62 yr and over, apy for 100k 5yr cd, 5.25% rates will change tomorrow
Brock (anonymous)   |     |   Comment #232
To Anonymous at 7:57 a.m.:

What is pitiful is that you'd think there are people who rate chase for just one tenth of one percent.

No one does that.

We rate chase for a lot more than one tenth of one percent.

Two big banks offer savings accounts at 1% and below: WaMu/Chase and Wachovia/Wells Fargo. (I am using this as one example.)

There are a few banks left that are paying 3% or higher.

This is an example of rate chasing for a lot more money per year, which can add up if one has a substantial amount of cash to deposit.

Your thinking is so wrong here, based on your posting.
Anonymous   |     |   Comment #233
Stanford International Bank and high rate CDs
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #234
1st Constitution Direct has lowered their Super Savings rate today:

The 3-month special lock-in rate is down to 3% APY from 3.5%, as you know.

The regular rate is down to 2.95% APY, down from 3.25% APY.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #235
A lot of these so-called investment gurus who keep promising great returns every year will be a never ending scab on society. How do they get all of this money? From word of mouth from a friend who is a friend of a friend of a relative. All they have to do is put up a $$$ sign to get noticed. Psssst...I know someone who can get you 10% every year with no risk. Yeah right.
Anonymous   |     |   Comment #236
Taken from a 2/13/09 article.

"It is expected that, during these times of heightened market anxiety, the press would focus on covering what could be a potential scandal," Stanford wrote in his letter. "I want to assure you that if [regulators] find any areas in which we need to improve or modify our operations, we will take immediate action to correct them."

I guess they gave you five days to fix your problem and apparently it wasn't enough.
Anonymous   |     |   Comment #237
ING down to 1.85%. That is brutal.
Anonymous   |     |   Comment #238
1.85%....lol. See ya ING Direct!
Anonymous   |     |   Comment #239
NWFCU share CD rates have fallen since yesterday. Rates for add-on share CDs, though, have held steady.
Anonymous   |     |   Comment #240
Bank of Internet savings rate down to 2.80% (from 3.00%) and checking rate down to 1.40% (from 1.60%)
Anonymous   |     |   Comment #241
Flagstar money market is now 2.75% (not 3.00%)
Anonymous   |     |   Comment #242
"All of us are paying a price for this home mortgage crisis, and all of us will pay an even steeper price if we allow this crisis to continue to deepen,"

"Nationally, Moody's Economy.com says that of the nearly 52 million U.S. homeowners with mortgages, about 13.8 million, or nearly 27 percent, owe more than their homes are worth after many months of declining prices."

I paid off my mortgage last June. Boy, what perfect timing.
Anonymous   |     |   Comment #243
Well, I got 5 accounts with rates now at 1.85%, 2.2%, 2.25%, 2.5%, 2.82%, and 3.25%. I just deposited quite a bit of money into the 3.25% one, but wonder if it will stay at that rate.
Anonymous   |     |   Comment #244
The 3.25% rate just nosedived to 1.75% today. Time to move the money again.
Angelo_Frank (anonymous)   |     |   Comment #245
The best thing is to find an institution that keeps their rates pretty steady rather than moving them downward weekly and causing one to move their money again. If you can find a savings/money market rate in the 2.50% to 3.00% interest rate range that keeps it there for a while you are doing well. I've been pretty happy with Provident-direct lately as they tend to keep their rates for a while and they are competitive at 2.82% APY. Now that I've posted that, I have probably jinxed myself and they will drop tomorrow.
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #246
To Anonymous at 4:19 p.m.: Keep us updated on where you put your 3.25% (dropped to 1.75%) money, and let us know how it goes. Just realize that they will all be dropping soon. (Plus, you should have specified which institution dropped you from 3.25 to 1.75% today.)

And to the poster above: Great advice, but unfortunately ALL the banks are dropping their rates, some little by little.
Anonymous   |     |   Comment #247
Check Patelco credit union. Great "under 21" (age) rate of 8% for first $1K and new member $1K CD of 7% for 12 mos.
Anonymous   |     |   Comment #248
LCEF.org has "emergency fund" at around 3%. At least $25 to open, at least $25 monthly deposit required. 12 checks/year at least $250 each. Rate adjusts monthly. Can close account anytime.
Anonymous   |     |   Comment #249
To Soft King Frustrated,

I forgot to mention the bank with the rate drop, but it was posted on the account review update on the bank rate list - it is H & R Block Bank. It was 3.25% yesterday and I then I sent a deposit today and it goes down immediately to 1.75%. They must not need any deposits now or got some of the TARP money. Funny, the same thing happened when I went to deposit some money to a Provident Direct account and the rate dropped the next day from 3.75 to 3.25%. I might better to just go to the local Wal-Mart and open a 1.5 or 2 year CD and get around 4% APY. But given my past luck, when I show up, they'll say "the rate changed and is now lower".
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #250
Thanks, Anonymous, at 11:31 p.m. (I cannot believe H & R Block had such a massive drop so soon.)

Now, it looks like only one bank, Broadway Federal, will be listed at over 3% in the next weekly summary (not including any special promotion rates).

Your idea of a 4% CD sounds great right now, if you can still get it.

Good luck!
Anonymous   |     |   Comment #251
wal-mart? 4% APY CD? more info, please.
Anonymous   |     |   Comment #252
Let me show you just how bad it has gotten.

ING Direct, once paying such high rates, is offering people 0.50% for their Electric Orange Account for balances between zero and $49,999.

I have closed my ING Direct Electric Orange Account. (I have also closed AARP Savings, Wachovia Money Market, WaMu Online Savings, Imperial Capital Bank accounts.)
Anonymous   |     |   Comment #253
schwab is beginning a new savings account at 2 % on Feb 26
Anonymous   |     |   Comment #254
Alliant has posted new (and lowered) CD rates today. Highest rate is now 4.00% APY for the 48-60 month jumbo. One year jumbo declined from 3.40% APY to 3.15%. Savings rate, which usually does not change until month end, remains at 3.00%.
TJ Jackson
TJ Jackson (anonymous)   |     |   Comment #255
hey - can we add a new specifically tracked category to this blog, please - addon cds?

In this market of falling rates, I want to capture a decent rate but as a saver I want to keep adding money

so what i want to know now but I don't have a way to research is - what are the highest rate paying add-on CDs out there?
Anonymous   |     |   Comment #256
To Anonymous who posted on 11:53 PM, February 18, 2009

Don't get your hopes up too high. The account are only open to Florida and Washington DC area residents. Also, the rate just dropped today to 3.5% for the 2 year CD. So it looks like I am making my money moves just as the bank drops its rates.
Anonymous   |     |   Comment #257
Here is the CD link if anyone is interested.

Anonymous   |     |   Comment #258
Dudes & Dudettes.I opened a CD today 2/19 at Urban Trust 1yr@3.75%
While I was there they were on the phone getting new HIGHER rates on the longer term ones. Check the web site 2/20 for those.
They will only take branch visit sign ups but since we are on vacation in Florida it was a no brainer. Easy sign up and friendly!
See if a branch is near you north or south! ..... Woodenlisten
Anonymous   |     |   Comment #259
I have to update my own post earlier on 3:42 PM, February 19, 2009

The 1.5 year CD rate is 3.9% and the 2 year CD rate is 4.25%. I got the earlier message wrong. I was looking at the jumbo rate. I guess I shouldn't have put the other funds into H & R Block.
Anonymous   |     |   Comment #260
Perhaps I am thinking too hard about this and missing the simple answer...

What is the appeal of putting $$ into a CD at a credit union that you have to pay to join? I realize the rate is slightly higher, but you would have to invest a large sum to make that $$ back. Additionally, you will be taxed on the interest, thereby adding to the initial fee even harder to earn back.

Ex. I pay $15 to join a CU in order to gain access to their CDs. The rate of return has to be great enough to earn $15 more than I could earn on a CD at a non-CU on the same amount. On top of that, I am taxed on that additional $15, thereby meaning I really have not yet recouped my inital $15 "investment." If I am in the 25% tax bracket I would really need to earn $18.75 more before I could recognize any additional benefit.

If this is true, on a 12mo, $1,000 CD, I would need to earn an additional 1.875% to break even. Even with a $5 fee, the rate would need to be 0.625% higher to break even.

Am I correct? If I am, I can't see the benefits unless you can join for free or are planning a large deposit.

Note: I do realize that investing a larger amount will make that breakeven point easier to reach ($10,000 needs only a 0.1875% higher rate).
Anonymous   |     |   Comment #261
Bank of American Fork (www.bankaf.com/savesmart), a little unknown bank that has been around nearly 100 years is offering an online savings rate of 2.40% APY for most deposits and 2.60% APY for big money $250,000 or greater. I know there are some higher, but these guys are consistently high without the teaser rates. I have been impressed.
Anonymous   |     |   Comment #262
http://redneckbank.com/ has 5.25% APY rewards checking account.
fife (anonymous)   |     |   Comment #263
Like many others, Emigrant Direct also dropped from 2.4% to 2.05% APY on 2/19. This had held since 1/23.

Emigrant Direct continues to have one star on Bankrate.com and two starts on BauerFinancial.com

Interestingly, the brick and mortar Emigrant locations have 2-3 stars at both Bankrate and BauerFinancial.
DataIsGold (anonymous)   |     |   Comment #264
Chase sent me another coupon to open a WaMu account. This time it is $125 with direct deposit.
Anonymous   |     |   Comment #265
To Anonymous who posted on 7:38 AM, February 20, 2009

As with any type of account, you have to factor in the cost and interest rate differential of opening an account at that instituation versus another one. In many cases, you need to deposit a large sum of money in order to make up for the fees that you pay to get the account. This same kind of thinking would also apply to promotions being offered by a bank. For example, Provident Bank is offering $123 to open a checking account. Their interest rates on these accounts are well below 1%. If I deposited a large amount of money into this account, I would be missing out on earning much more in a rewards checking account at another bank.

To Anonymous who posted on 7:44 AM, February 20, 2009

Tbis bank requires a branch office visit which are located south of Salt Lake City. I have visited Salt Lake City several years ago, but I wouldn't go that far just to open an account for 2.4 or 2.6%

Anonymous   |     |   Comment #267
I knew that was going to happen. Just as I am ready to pounce, they pull the rug out from under me. Had that done to me twice already. Guess it time to starting buying gold as it approaches $1000 an ounce? Not.
Anonymous   |     |   Comment #268
By MarketWatch
Last update: 9:35 p.m. EST Feb. 20, 2009

SAN FRANCISCO (MarketWatch) -- Silver Falls Bank, of Silverton, Ore., was closed Friday by state regulators and the Federal Deposit Insurance Corporation.
Anonymous   |     |   Comment #269
The Feb 8th posting about the Alliance Bank failure,


has the FDIC saying CD deposits can be withdrawn without penalty, but what interest since the failure is included? Does "accrue and pay interest" mean until the day of withdrawal? Or after the next interest is credited in order to not lose interest? Or maybe only those who "renew the CD" get the interest since the failure. An email and a call to the FDIC were handled courteously but didn't result in an answer. Does anyone have further information?
Anonymous   |     |   Comment #270
DollarSavingsDirect savings account down to 2.65% apy from 3.05%
Anonymous   |     |   Comment #271
Dollar Savings just dropped it's savings rate to 2.65%. 16 mo CD remains at 3.0%
Duck (anonymous)   |     |   Comment #272
Not to great but for those interested
DallasMorningNews has ad for BofA at 2.50% for 10k or better in a Promotional money market savings guaranteed till June 30,09 where it will convert to a Growth money market savings Not sure if specific markets only or national here is link to ad
Anonymous   |     |   Comment #273
These rate drops at Dollar Savings Direct just go to show how much savings have increased overall. More people are savings so the rates go down. I'm about to take a risk and become a Christian.

Does anyone know if Christian Community CU does a soft or hard credit pull?
Dan The Man
Dan The Man (anonymous)   |     |   Comment #274
www.triboro-fcu.org has acouple share certificate specials. They started 2/1/09.Don't know how long they will last. It seems credit unions are the place to be.
11 Month Share Certificate 3.15%APY
17 Month Share Certificate
21 Month Share Certificate
I'm still holding a 21 month Cert. that I bought from them in Oct.'07 that has a yield of 5.60%
Anonymous   |     |   Comment #275
To Anonymous, at 3:34 PM, February 20, 2009,

Did you read the posts? Interest rate differential...mentioned. Size of the contribution...mentioned. Do us a favor and read before you pontificate. Your reply had no value other than to stroke your own oversized ego.
Oscar (anonymous)   |     |   Comment #276

Savings Account paying 3.30% APY of $100K and over. Only 4 withdrawals allowed per month.
Oscar (anonymous)   |     |   Comment #277
The end of the address above got cut off:

Let me try it without the http://www.


Savings account paying 3.30% APY for their top tier, over $100K.
Anonymous   |     |   Comment #278
Thank you for posting about Centennial Bank, Oscar. When I read their online disclosure for the Variable Rate Tiered Savings Account and go to the section titled "Determination of Interest Rate," however, the blanks for the "margin" that determines the rate for each tier are left blank. I wonder why that is.

Another interesting item in the disclosure is that the "original" of the "Savings Account" must be presented to the bank to withdraw your funds (unless it chooses to waive the requirement). Sounds like the old days with passbooks and the like.
Oscar (anonymous)   |     |   Comment #279
You're welcome.

What you are reading, concerning Centennial Bank, is a generic PDF file that was written a while ago, with the lines you referenced intentionally left blank because the rates vary and are subject to change. So the blank lines imply that you would fill in those lines with the correct figures based on what rates the bank is paying at that moment.

I have no doubt that since this bank is offering a good rate Banking Guy will contact them and then post detailed information.
Anonymous   |     |   Comment #280
I know the rate on Centennial Savings Account can change, Oscar, but my reading of the disclosure indicates that the rate is derived from the sum of the Index (where the Index is the greater of 3.00% or last month's 13-week T-bill auction rate) and the "margin," which differs for each tier. Now if they can change the margin for each tier at will by any amount they choose, then what is the point of saying that the rate is based on the Index? Am I missing something here?

A good example of an indexed rate was the old MBNA money market account for AAA members -- the rate was adjusted weekly and was 0.50% above the average 7-day yield of all general money market mutual funds, which was published weekly. You knew exactly what you'd get each coming week for as long as that account was in existence.
Roger (anonymous)   |     |   Comment #281
Bellco Credit Union in Colorado currently has a 4.05% 60 month CD. (https://www.bellco.org/Rates_CD.asp) This CU has occasionally had some good specials and innovative products. They currently still have their "Smart Move" CD which allows one addition and one withdrawal during the term of the CD, but those rates are not as good as they have been in the past.
Anonymous   |     |   Comment #282
US Bank has a 10 month CD at 2.50%
No other account required.
N Calif
Anonymous   |     |   Comment #283
To Anonymous who posted on 1:17 PM, February 22, 2009

In my response, I was agreeing with what you had posted earlier. I was just stating that you had to do the math in order to figure out if opening a particular account was worthwhile or not. The answer could be yes or no depending on the computations.
Anonymous   |     |   Comment #284
To Anonymous at 6:21 AM, 2/22/09:
I think that CCCU does a soft pull. In any case, why not call them? The number is 888-347-CCCU.
Anonymous   |     |   Comment #285
Just wanted to say thanks to banking guy for all your great posts and info. Your appreciated in these tough times.
Anonymous   |     |   Comment #286
dollarsavings has dropped
their 16 month rate.
colonial bank in clermont
florida has special cd
rates on offer.thanks to
all especially the bank guy.
Anonymous   |     |   Comment #287
Bank of Internest Savings down to 2.50% (from 2.80%) and Checking down to 1.30% (from 1.40%).
Anonymous   |     |   Comment #288
Northrop Grumman Federal Credit Union has a promo 15 month CD with attractive rates: 4.1157% APY for bonus ($40K min.), 3.8565% for regular ($2500 min). Yes, there's actually a 4% CD available for a reasonably short term!! I just opened it at one of their branches.

The deal is also good on IRAs as well. http://www.norgrumfcu.org/dep/dep_00.html#rates. Rate changes usually occur on Tuesdays; promo should be good for at least another week.

Penalty for early withdrawal would probably be 6 months. According to paperwork I received in the mail from an earlier CD: "If the term of the account is more than twelve (12) months, the penalty will be one hundred and eighty (180) days of dividends on the amount withdrawn... if the remaining balance is less than the required account minimum balance, after the withdrawal, the penalty will be on the entire account balance, and the remainder of the balance will be transferred to your regular share account."
Anonymous   |     |   Comment #289
Christian Community Credit Union just dropped rates on its Kingdom Builder CDs. Rates are now 3.50% APY for terms 7 to 18 months, 4.50%
APY for terms 48 to 60 months. No mention of 24 or 36 month CDs.
Anonymous   |     |   Comment #290
FNBO down to 2.40%.
DUCK (anonymous)   |     |   Comment #291
Colonial Bank has new dropped rates on CD's the specials are
5 month 2.6%
11 month 2.75%
17 month 2.8%
Just called and gotem was'nt too sure how long they will be around
They have branches in TX,GA,FL,AL&NV (Mine is off I30atRIDGE Rd.Rockwall)
Anonymous   |     |   Comment #292
Clear Sky Savings at Chesapeake Bank rate dropped to 2.85% APY (from 3.05%).
Anonymous   |     |   Comment #293
Principal Bank has some competitive savings and money market account rates, although it appears they have a $50 fee for accounts closed within six months.
Anonymous   |     |   Comment #294
FYI-Clear sky bank dropped their savings rate to 2.85% from 3.05%
DataIsGold (anonymous)   |     |   Comment #295
Schwab Bank High Yield Investor Savings. Is active as of today. You have to mail in the application or take it to your nearest Schwab Bank.

I tried to open the account over the phone as I already have the Brokerage+checking account. They said as it is the first day, they don't actually have the online application setup yet. The emailed me an application which is the same as the one on their website, except it isn't interactive. (Website one is interactive)
Angelo_Frank (anonymous)   |     |   Comment #296
Sheila Bair, FDIC chairman, suggested more bank failures were likely in spite of government support for the banking industry. She warned that, given the pace of industry deterioration, proposed increases to the premiums banks pay for receiving deposit insurance may fall short of the insurance fund’s needs. “The outlook for bank failures has increased since we initially proposed making these changes last fall,” said Ms Bair.

Things could get dicey folks. For sure, do not exceed FDIC insurance limits in any institution. Hopefully we are still safe with FDIC insurance, but given Sheila Bair's comments, it makes one anxious none the less.
Anonymous   |     |   Comment #297
ADB Bank Money Market Account is 3%:

www bankadb.com/mmIndividual.aspx
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #298
It is official: There are no more savings/money market accounts at 4% or above. Broadway Fed lowered their savings account rate to 3.5% with a 3.56% APY.

How long until there are no more at 3% or higher?

One report I read predicted the bottom will be 2% (and that will be a small percentage of institutions).
Anonymous   |     |   Comment #299
I am going to try go to the local Wal-Mart and open the 3.5% Money Market account there soon. The smaller community banks have been slower to lower their rates, so hopefully, they won't drop theirs soon like they did with the CD rates earlier. Bank rates used to be affected by the Fed Prime rate and current T-bill rates, but those are very low now. Now rates are determined more by how much deposits and loans are at the bank.
Anonymous   |     |   Comment #300
To further Angelo_Frank's note, don't forget that the $250,000 FDIC/NCUA insurance ceiling is due to expire on 12.31.09. Keep that in mind when contemplating opening a cd that matures after that date.
Anonymous   |     |   Comment #301
GMAC Bank: 12-mo. CD rate increase to 2.95% (was 2.90%), money market down to 2.15% APY (from 2.25%). Savings account remains unchanged.
Twyla (anonymous)   |     |   Comment #302
To Anonymous at 10:52 p.m. Feb 26:

There is no 3.5% Money Market Account at Wal-Mart. None. Zero. Nada.

But, if you are going to Wal-Mart anyway, pick me up a shotgun so I can shoot my computer screen so I won't have to look at all the never-ending plunging interest rates.
Anonymous   |     |   Comment #303
To Twyla,
I just checked the website and it still shows 3.5%. Did you contact the bank directly?
Anonymous   |     |   Comment #304
To Twyla,

Not all Wal-Mart offer the accounts. Only FL and MD have branch offices inside the stores.
Twyla (anonymous)   |     |   Comment #305
Thanks for adding that the Wal-Mart 3.5% offer is only in two states. I appreciate it.

Of course I am not in one of those states.

Anonymous   |     |   Comment #306
optionsXpress increases FDIC limits:

"Dear optionsXpress Customer

We are excited to tell you that beginning March 2, 2009, we will be increasing the Federal Deposit Insurance Corporation's ("FDIC") insurance coverage to our optionsXpress FDIC Sweep customers. Total FDIC insurance coverage will increase to $2.5 million ($5 million for joint accounts). You do not need to do anything to receive the increased coverage and its absolutely free.

We will be increasing the amount of funds we place in each Bank on the Priority List from $98,500 to $246,500 ($493,000 for joint accounts) through December 31, 2009. On March 2, 2009 we will re-allocate your funds among the Banks on the Priority List to reflect the new deposit limit. We will notify you if the temporary increase in FDIC insurance is not extended. In that case, beginning on January 1, 2010, we will re-allocate your funds to the Banks on the Priority List to reflect the return to the $100,000 coverage limit for most insurable capacities."
Angelo_Frank (anonymous)   |     |   Comment #307
"Declaring the decline in its insurance fund to be an emergency, the Federal Deposit Insurance Corporation board imposed an historic one-time $15 billion increase in insurance fees that will be collected from the nation’s banks."

The increase in rates the banks have to pay for FDIC insurance will naturally come out of the yields that they pay to depositers. Look for rates to come down even further based on this news.

I looked back at my records in early 2003. I was only receiving 1.46% interest on a bank MMA at that time. If this situation runs it's course, we may be strapped to find rates better than 1% on savings and MMA products.
DataIsGold (anonymous)   |     |   Comment #308
Wal-Mart bank?
Are you referring to banks with branches in WalMart?

I found one that lists 3.5%


Banco Popular is another one I know that has branches in WalMart, but I don't see 3.5% on their website.
Angelo_Frank (anonymous)   |     |   Comment #309
Our local Wal-Mart has a First Convenience Bank in it's store. The money market yield if one deposits $50k+ is 1.10%. Wow.
Anonymous   |     |   Comment #310
UPDATE 2/27/9 on iGO...

iGObanking - is now 2.00%

(formerly 2.50% (was 2.81%)
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #311
Yet another rewards checking:


5.05% to 25k, 1.01% above. typical 10 debit, one direct deposit/auto debit & estatements. ATM refunds, etc.
Anonymous   |     |   Comment #312
Great interest checking rates are available at First Citizens Bank of Georgia - 4% APY for balances over $50K. Pretty incredible in this environment. I've been told the rate will not change until at least 4/1/09. 2 locations: Cumming and Dawsonville.
Anonymous   |     |   Comment #313
The 4% rate you referenced above at the Georgia bank is for a NOW account.

Does anyone know exactly what a NOW account is?
Anonymous   |     |   Comment #314
Digging back to the early 1980's, I believe that a NOW account is referred to as Negotiable Order of Withdrawal account. I sort of vaguely remember them as accounts with check writing capability, but they are not true checking accounts. I think that they were offered by Federal Savings Banks (not the regular banks) to have accounts that offered a checkbook. Before the 1980's, Federal Savings Banks did not have accounts where you can write checks.
Anonymous   |     |   Comment #315
Banco Popular appears to have branch offices located in Walmart stores in California. I thought Banco Popular is related to Emigrant Savings Bank (and Dollar Savings Direct)? If so, then I would think that rates would be comparable to those other banks, but, of course, some banks offer different rates in different markets.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #316
You are correct about NOW accounts. I think now you can just refer to them as another name for a insured Money Market Account where you can do 6 withdrawals per month, 3 of them by check.

So, the big question now is if First Citizens Bank of Georgia will allow accounts to be set up from out of state. Bankrate gives First Citizens Bank of Georgia 3 stars.

The 3.5% Urban Bank with branches at Wal-Mart mentioned above states that branch visits are required to open an account and that maybe someday they will allow opening an account via mail or Internet.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #317
Regarding the Banco Popular branches in Walmart stores--These are former branches of Quaker City Bank (Whittier, CA). Banco Popular purchased the Quaker City Bank and got these branches a few years ago. These Banco Popular branches are NOT related to Emigrant Bank at all. Banco Popular is headquartered out of Puerto Rico. Emigrant Bank is headquartered out of New York.

OC Steve
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #318
I looked up First Citizens Bank of Georgia at Bauer Financial and Bauer Financial doesn't give it any stars. It says "Start Up" where the stars should be.

Interesting that BankRate gives it 3 stars and Bauer gives it "Start Up." With Georgia having so many troubled banks, perhaps even if this bank allowed out-of-state customers, which it probably does not, people should think twice before opening up an account.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #319
"The 3.5% Urban Bank with branches at Wal-Mart mentioned above states that branch visits are required to open an account and that maybe someday they will allow opening an account via mail or Internet."

Hopefully, that won't be soon because if that happens, then a flood of deposit money will force them to lower rates.
DataIsGold (anonymous)   |     |   Comment #320
Alliant Credit Union High rate checking is now @ 2.75% was 3%.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #321
Banking Guy, you don't need to call or email First Citizens Bank of Georgia to ask if their 4% APY Checking Account is available nationwide.

I emailed them and received a reply. The account is for local residents only.

On a different note: There has been a lot of media coverage this weekend on the FDIC announcing it is very low on funds and that the FDIC will be asking banks to pay more money into the fund. Opponents of the plan are warning that this could cause even more banks to fail since they will have to dish out more money.

I know Banking Guy has discussed this. I just thought I'd let everyone know that it is getting a lot of media coverage out West.

Banks cannot make big money off our deposits and will now have to pay more to the FDIC. No one cares that savers cannot make a decent interest rate anymore for Federally insured savings accounts. We all need to write our politicians.

~O-Qua Tangin Wann
infirm (anonymous)   |     |   Comment #322
First Entertainment Credit Union, which I discovered through this blog back when they had 6% CDs (oh, the good ol' days), has decent money market savings account rates, especially for $100k +. I find them nice to deal with, though a little inconvenient now that they've closed their only NY office.


$2,500 min 1.45%
$25,000 min 2.50%
$100,000 min 3.00%
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #323
First, Infirm, of course I hope you are not infirm.

Second, thanks for reminding us about:

Both First Entertainment CU and Alliant CU are great credit unions for people who live in the greater Los Angeles area. Right now, regarding the Savings Account, Alliant CU is better because they don't have the $100,000 balance requirement to get the 3% APY. But it is expected that Alliant CU will lower their Savings Account APY to 2.75% on April 1st. We don't know if First Entertainment will do the same.
Angelo_Frank (anonymous)   |     |   Comment #324
Pentagon Federal Credit Union Share Certificate rates are now:

Term APY

6-Month 1.75%

1-Year 2.00%

2-Year 2.25%

3-Year 3.50%

4-Year 3.75%

5-Year 4.00%

7-Year 4.00%
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #325
I wonder if the debit card is green!

3.01% on first 100k, 0.76% above.

Requires typical 10 debit, 1 dd/ach debit, and estatements.

They "prefer" you to come in branch to sign up (North Georgia area).
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #326
Everyone goes green.

Gwinnett Community Bank. http://www.EmeraldRewardsChecking.com
4.01% APY up to 25k, 1.01% over.

10 debit, 1 dd/auto ach, estatements.

No limit on number of accounts, but requirements must be met for each.
Apply online OR come in to a branch.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #327
Wow these things are everywhere but that's fine, it's the only way to make a buck these days.


5.01% APY up to 25k, 1.01% over.

10 debit, 1 dd/auto ach, estatements.

Georgia/South Carolina area.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #328
Southland Credit Union lowered their Super Checking rate from 4% to 3% APY.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #329
Banking Guy, I'd love to see your comments about these developments, they sound kind of disturbing:

The National Credit Union Administration, which regulates U.S. credit unions, injected $1 billion into lenders in January to offset losses tied to asset-backed securities. The agency hired Pimco to determine whether more capital is required, Larry Fazio, the NCUA’s deputy executive director, said in a Jan. 29 interview.

On Feb. 27, a trade group of credit unions filed a Freedom of Information Act request seeking details from the NCUA on the Pimco contract. The group asked for specifics of Pimco’s analysis and how much it’s being paid, the Arlington, Virginia-based National Association of Federal Credit Unions said in a statement.
Anonymous   |     |   Comment #330
Graystone Bank in PA has a decent money market rate right now. Through May 31, I believe, it is 3.01%. You can open accounts online. Not sure of the fine print. www.graystonebank.com
Anonymous   |     |   Comment #331
Bank of America has been taking out big ads in the Chicago Tribune on CDs. The latest is on a 12 month CD featuring 2.75% APY. According to the tiny footnote, it's available in FL, IL, MI, IN, MA and NH. Requirements include $10K minimum balance and a checking account or Premier or Private Bank relationship.

By standards of the readers here, the rate is not spectacular. However, the fact that B of A is trying to be competitive on CDs is of interest. Park National Bank, which reportedly has 30 Chicago area branches, has long been advertising a 2.75% APY 12 month CD ($1K minimum), http://www.parknatl.com/rates/. Another local, Midwest Bank, is promoting an 11 month CD at 2.75% APY ($10K minimum), http://www.midwestbank.com/assets/pdf/CookieCDAd.pdf.
marc (anonymous)   |     |   Comment #332
i see bofa has a 2.3% APY "Promotional MMS" rate in the LA times today. a5. 10k min, rate guarantee till 6/30. requires prima checking account or premier or higher relationship. appears to state for California only. not bad as it's better than a 3 month CD, but the prima / premier requirement may make it a pain.
mark (anonymous)   |     |   Comment #333
Another one bites the dust: NWFCU's formerly sweet add-on CDs drop to 2.72% (2 yrs) and 2.44% (1 yr).
Anonymous   |     |   Comment #334
ING Direct Orange Savings down to 1.65% APY (from 1.85%).
Anonymous   |     |   Comment #335
DollarSavingsDirect also dropped to 2.5% from 2.65% today.

It's unfortunate that instead of finding deals, we're reporting on decreasing deals. But, that's the phase of the economy right now.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #336
Another reward account:

Bank of Perry (central Georgia)


3.51% APY on 25k, 1.01% over

12 debit, 1 dd/ach debit, estatements.
Anonymous   |     |   Comment #337

Can withdraw anytime without penalty.
2.25% + 0.25% BONUS if you open with $10,000 or more in funds not currently on deposit at Bank of America
Anonymous   |     |   Comment #338
Anyone know about Danversbank?
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #339
Spivey State Bank (Swainsboro Georgia):"Free Reward Checking"


Per CSR email, current rate is 3.01% up to 25k.
12 debit, 1 dd/auto ach, estatements.
Anonymous   |     |   Comment #340
Danvers Bank appears to have a 4 star rating on Bankrate.com
Their online savings account is currently offering a 3% rate.

Anonymous   |     |   Comment #341
Christian Community Credit Union dropped rates again on its Kingdom Builder CDs, now 3.00% APY for 7 to 18 months and 4.00% APY for 48 to 60 months. Money market rates also dropped to 1.50% (1.90% for 25K+).
HustlerMoneyBlog (anonymous)   |     |   Comment #342
New Chase $125 bonus

Anonymous   |     |   Comment #343
Bank of Internet Savings rate down to 2.00% (from 2.50%).
Anonymous   |     |   Comment #344
Hanmi Bank (california) is no longer offering the "Freedon CD Plus".
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #345
Another rewards checking in Atlanta, Georgia


4.51% to 50k, 1.25% over.
10 debit, 1 ach/autodebit, estatements.
Anonymous   |     |   Comment #346
Hanmi Financial Corp. Responds to Erroneous Media Report
Thursday March 5, 6:04 pm ET

LOS ANGELES--(BUSINESS WIRE)--Hanmi Financial Corporation (Nasdaq: HAFC - News), the holding company of Hanmi Bank, announced that an article in the March 2, 2009 edition of the Los Angeles Business Journal incorrectly stated that Hanmi Financial Corp. had in recent months received a cease-and-desist order.

The Los Angeles Business Journal's report is completely and unequivocally false. "Our customers and shareholders, whose support we value, should know that we have received no such order from regulators," said Jay S. Yoo, Hanmi's president and CEO.

"To be sure," added Mr. Yoo, "the slowing economy presents a variety of challenges that are affecting the operations of virtually all financial institutions. However, they are challenges that Hanmi is, we believe, well prepared to meet."
Anonymous   |     |   Comment #347
banking guy,
i posted the hanmi artice.
can you explain what a cease and desist letter to a bank means? i know they denied the papers reporting but their stock is now about 77cents and I have a CD with them. Thank you.
Anonymous   |     |   Comment #348
A small community bank in my area got a cease and desist order late last year. It got eventually bought out by another bank. I believe that One United Bank also got a cease and desist order from Federal regulators a few months ago because of the toxic loans that were on their books and their capital reserves had dropped to an unacceptable level. Of course, no mention of this is noted on the bank's website.
Anonymous   |     |   Comment #349
I would be wary of banks headquartered in California, Arizona, Nevada, and Florida which are epicenter regions of the subprime fallout.
Anonymous   |     |   Comment #350
GMAC Online Savings down to 2.65% (from 2.75%).
Angelo_Frank (anonymous)   |     |   Comment #351
ProvidentDirect lowered their savings rate to 2.10% APY from 2.82% APY.
Anonymous   |     |   Comment #352
Justice Federal Credit Union has been offering 5.5% APY on a CD, called their "Grow With Me Account" promotion. The CD must be opened in the name of a minor, and the amount must be between $500 and $10,000. After the first year, the APY goes down to the Federal Funds Target rate plus 1%. The CD matures when the minor turns 18 and converts into a checking account; interest is forfeited if withdrawn early. This promotion works best for someone who has a 16 or 17 year old family member.
Anonymous   |     |   Comment #353
Re Regal Bank's 4.0% 12-month CD special that is to expire on March 15: the CSR tells me that as of this past Monday, March 2, the special is being restricted to only people living in Washington state. No more out of staters will be given this rate.

Anonymous   |     |   Comment #354
HSBC Direct Savings down to 1.85.
Their online payment account is still at 1.75%. I guess that'll be dropping soon.
Angelo_Frank (anonymous)   |     |   Comment #355
Effective May 2009, pending regulatory approval, Provident Bank will become part of M&T Bank.
Anonymous   |     |   Comment #356
Freedom Bank of Georgia (in Commerce GA, just 56 miles from Alpharetta) bit the dust today.
Angelo_Frank (anonymous)   |     |   Comment #357
Redneck Bank still posting 3.10% APY for their money market account on the web site.
Anonymous   |     |   Comment #358
You wonder if Provident Bank will become a subsidiary of M & T Bank or be actually absorbed by it? The current rate for the M & T e-Money Market account is 1.01% and the online division of M & T Bank, NA (Onbank) rate is 1.3%. Both of those two banks are chartered separately, so the FDIC coverage does not overlap. If Provident Bank retains its separate charter, then I guess their rates will not be the same as the other two bank divisions.
Anonymous   |     |   Comment #359
With the downward trend in rates, the rate differential between banks is shrinking rapidly. Of the 8 banks that I have accounts with, the rates are 1.65, 1.75, 1.75, 2.1, 2.15, 2.2, 2.25, and 2.27%. So doing the funds shifting strategy is becoming less worthwhile now.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #360
Savings Rates have dropped at First Entertainment Credit Union:

First Entertainment Credit Union Money Market Account Rates
Effective: March 7, 2009
Minimum Opening Balance APY

Money Market Savings $2,500 1.20%

Premier Money Market Savings $25,000 2.25%

Titanium Money Market Savings $100,000 2.70%

~O-Qua Tangin Wann
Mike (anonymous)   |     |   Comment #361
4.75% interest rate for 1 year, then will adjust. If over 62 you can take the money and run or move to another high interest rate choice. Email me at "mryanfla@gmail.com" to receive our weekly note and we'll let you know when we have our new site up...
Anonymous   |     |   Comment #362
Mike, with guys like Madoof and the guy behind Sterling Bank, one might think your comment above is an invitation to a Ponzi Scheme.

I am not saying your spam comment above is a Ponzi Scheme, as I don't know you.
Patty (anonymous)   |     |   Comment #363
Christian Financial CU http://www.christianfinancialcu.com/asp/rates.asp

Save To Win Certificate ($100K Grand Prize)
(Additional deposits can be made throughout the term of the certificate. Maximum number of Save Two Win certificates is limited to ONE per Social Security Number. See disclosures for specific Save To Win CD details.)
$25.00 min. 1.490%/1.500%

12 month Super Saver Share Certificates (Additional deposits during term limited to $50,000.00. Maximum number of Super Saver Certificates is limited to TWO per Social Security Number.) $500.00 min. 1.8840%/1.900%
Anonymous   |     |   Comment #364
On Friday, March 6bankdeals.blogspot.com was noted in no less than the "The Wall Street Journal" in an article by Aaron Zweig entitled "Tempest-Tossed? Take Some Control."

The article was posted on-line at http://finance.yahoo.com and this blog is mentioned near the end of the article.
Anonymous   |     |   Comment #365
4.75% for one year? That's great. I locked in on a 2 year CD at 4.51% back in January. GMAC Demand Notes are offering 4% right now. So your underwriting institution must be in more desperate need of money than GM?
Anonymous   |     |   Comment #366
Citibank is promoting a 12-month CD at 2.70% APY in IL. That rate is higher than what they've got available on the web but is on par with advertised rates regionally. Citibank has ad in today's Chicago Tribune. I've also seen window card at local branch. Here are particulars: $500 min. bal., checking account required, effective as of 3/3/09.
Anonymous   |     |   Comment #367
Paragon FCU 6% 9mo CD. $2000 max.
Haven't tried this CD but have used the FCU and had no problems.
Karl (anonymous)   |     |   Comment #368
Paragon FCU 6% 9mo CD. $2000 max.
Haven't tried this CD but have used the FCU and had no problems.
Anonymous   |     |   Comment #369
Valley Credit Union has a 3.10% 24-month CD until 3/24. They also have 3.20% on balances of $100K+.
DataIsGold (anonymous)   |     |   Comment #370
Schwab Investor Savings. I opened the account, I see it in my list. I can't transfer funds to it from either my checking nor my brokerage. I can't even click on the account to see more information. It has a notice that says Savings Account Servicing. It's been like that all last week, so I called them today and the CSR said you cannot interact with the savings account online till May. You can only see the balance, and you have to mail in deposits.
They should have probably waited to launch their savings account.
Anonymous   |     |   Comment #371
Hey Banking Guy,

Great site, thanks for all the great info! Upon your recommendation I bought an IBond last April, and I'm curious as to whether it is worth keeping it longer, and for how long. The new inflation numbers come out next month, right? Would we still receive 6 months past April at today's high rates since we bought in April, or will it revert to the small expected deflationary amounts that are expected?
Anonymous   |     |   Comment #372
I bought some I-bonds in late October with the guaranteed 0% base interest rate. So, these bonds will only receive the inflation adjusted rate every 6 months whatever that happens to be. It is set to readjust in May, so it will be interesting to see what the specified inflation rate will be at that time. Of course, if it is determined to be a deflationary cycle, I might get nothing for the next 6 months (just like next to nothing amounts that the 3 month Treasury bill purchasers are getting now).
tuphat (anonymous)   |     |   Comment #373
From an American Bankers Assoc. (ABA) member email --

ABA learned yesterday that USA Today has dropped plans to publish a list of 50 problem banks based on the so-called Texas Ratio. ABA Chief Economist Jim Chessen and senior economist Keith Leggett last month had cautioned the reporter working on the story about the statistical pitfalls involved, and the correct way to use and calculate bank data. ABA President and CEO Ed Yingling also sent a letter on Feb. 13, urging the paper’s executive editor to drop the story because it could be dangerous and misleading.

Meanwhile, ABA also learned that MSNBC.com plans to run a Texas Ratio list on all 8,300 U.S. banks, with an accompanying story, Thursday or Friday. ABA emphasized to MSNBC.com that such a list lacks context and perspective, and Chessen and Leggett yesterday explained to the reporter that one indicator is not sufficient to determine an institution’s health. ABA will continue to work to discourage the story, and has developed talking points to help bankers field any inquiries on the Texas Ratio that it may spur.
infirm (anonymous)   |     |   Comment #374
I just renewed a CD with Bank of America. I called yesterday, and they quoted an APY of 2.22% for both their 9-month "risk-free" or 12-month ("risky"?) CDs. As it happened, I had called after the CD department had closed for the day. When I called back today, the APY was 2.50% for both. I'm not sure if that had to do with the .25% bump you get from being over $10k, or if the rates changed overnight.
Anonymous   |     |   Comment #375
FNBO Online Savings down to 2.15%
Anonymous   |     |   Comment #376
FYI...FNBO just dropped its rate from 2.40% to 2.15%
Anonymous   |     |   Comment #377
NWFCU Add-On CD rates dropped again (rates are updated on Tuesdays). These were posted on their website today, 3/10/09:

Youth Add-On Certificate
Term: 1 Year
Rate: 2.04% (was 2.42% on 3/3/09)
APY: 2.06% (was 2.44% on 3/3/09)

1 Year Add-On Certificate
Term: 1 Year
Rate: 2.04% (was 2.42% on 3/3/09)
APY: 2.06% (was 2.44% on 3/3/09)

2 Year Add-On Certificate
Term: 1 Year
Rate: 2.36 (was 2.69% on 3/3/09)
APY: 2.38% (was 2.72% on 3/3/09)
Anonymous   |     |   Comment #378
Broadway Federal Bank just dropped its Online Anniversary Savings account rate from 3.56 APY to 3.05 APY.

Anonymous   |     |   Comment #379
The CD rates currently offered by banks and credit unions are very low and I fault our government for giving away money to the banks. They say the spreads between what they have to pay for money to lend and what they are charging those they are lending to are great and haven't been this way for quite a while. --- Who is paying the price for this? The savers, particularly retired or those nearing retirement, are paying dearly for those who lived beyond their means and for financial institutions that gambled away their capital.

I refuse to go into any CD long term. I would like to see bloggers report more deals like when a new bank is opening and offering a higher than normal rate on a CD -- also it may be time to learn how to use one of those reward checking accounts. After all, even 4.00% with your money readily available beats out less than 3% for a 1 year CD--and who knows perhaps some better deals will come along. In my opinion, these low rates discourage people from investing in any long-term CD, at least for myself, this is true.
Anonymous   |     |   Comment #380
just noticed this morning that Hanmi Bank Internet Savings AND Internet CD rates have dropped to 1.76%. FYI ...
Anonymous   |     |   Comment #381
With Broadway lowering their rate to 3.05%, it's just a matter of time before all rates are in the two's and one's (or lower) when it come to interest rates.

We are all ****ed, and will be for quite some time.

We should all just get mentally prepared to make hardly any interest for a long while.
Angelo_Frank (anonymous)   |     |   Comment #382
I received an e-mail from
E-LOAN this morning which is quite interesting:

Recently, many customers have been asking to close their existing E-LOAN Certificates of Deposit (CDs) early. Our customers note they need access to these funds due to financial hardship or for paying off debt.
We’ve listened to our customers and come up with a unique offer.

For the entire month of March 2009, E-LOAN will waive its Early Withdrawal Penalty if you close your CD early. For many of our customers this could mean substantial savings in penalties normally associated with early account closure.

If you would like to continue maintaining your CD with us, please rest assured your funds are safe and will earn the regularly scheduled interest for the existing term. However, if you would like to access your money early, please adhere to the following two guidelines:
(1) In order to close your CD with no penalty you must log in to your account and send us a secure message asking us to close your account without penalty. Requests received by Wednesday each week will be processed by the following Friday. Funds will be received in your externally linked account the following week.
(2) Your account will be closed and funds returned to your externally linked account, which must still be open, valid and verified in order for the funds to be returned.

Is this a means of getting rid of CD depositors that are getting a high rate of return or are they really sympathetic to some people's plight?

I have an E-LOAN CD with a 5.50% APY that matures in mid 2012. I'm sure not going to close that account.
mark (anonymous)   |     |   Comment #383
even 4.00% with your money readily available beats out less than 3% for a 1 year CD

That's great right up to the moment when your bank readjusts the reward checking rate downward.
Anonymous   |     |   Comment #384
regarding Melrose Credit Union- If you are lucky enough to get an email address for Antony Arturo then he will email you when your cd has been opened if you ask him to do so.
Anonymous   |     |   Comment #385
"I have an E-LOAN CD with a 5.50% APY that matures in mid 2012. I'm sure not going to close that account."

For most people, it would obviously not be financially advantageous to cash out when interest rates are dropping now. However, when the sheriff is at the door ready to evict you, or the repo man is ready to impound your vehicle, or when the utility companies threaten to cut off your water, gas, electricity, and phone service, or if you were one of the lucky ones getting a recent pink slip, then this option will definitely be worth considering in your situation.
Anonymous   |     |   Comment #386

Redneck Bank has just changed their Mega Money Market Account:

The 3.10% APY is now only good up to $35,000. If you have more than $35,000 you will only get 1.65%.

Oh...the humanity!

Can you believe this bull****?

We are so ****ed.
OkieOso (anonymous)   |     |   Comment #387
All America Bank in Oklahoma has lowered the maximum balance to get 5.25% on their Ultimate Rewards Checking. The new maximum is now $10,000. Effective April 15, 2009.
HustlerMoneyBlog (anonymous)   |     |   Comment #388
New Chase Business $200 Bonus

Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #389
"Free Rewards Checking" at Farmers Bank, Forsyth Georgia

Pays 4.01%/25k, 1.01% over

Requires 12 debit, 1 dd/ach debit, estatements.

Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #390
"Performance Plus Checking" at eHeritage Bank (central GA, north FL)

Pays 3.50% up to 25k, .51% over. Free first order of checks

Requires 12 debit, 1 dd/auto debit, estatemetns

Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #391
"Reward Checking" (eh, not the most creative) at First Effingham Bank (Coastal Georgia)

Pays 3.51%/50k, 1.00% over.

Requires 10 debit, 1 dd/auto ach, estatements.

Anonymous   |     |   Comment #392
All of a sudden that horse in Redneck Bank doesn't look so funny anymore....
Anonymous   |     |   Comment #393
GMAC Bank online savings account down to 2.50%
Anonymous   |     |   Comment #394
At HSBC Direct, we are committed to letting you know when your Online Payment Account rate changes. Recognizing the current interest rate environment, your Online Payment Account rate has been adjusted to 1.00% APY** as of March 12, 2009.
Anonymous   |     |   Comment #395
Beggers can't choosers of course, but it would be nice to be able to get RSS feeds for individual "tags". Most importantly state tags, so I can get an immediate alert when there is a local deal in my state. If you don't have time to set up a lot of them, just look at which state tags get the most hits and start with those :) Just a suggestion :)
Angelo_Frank (anonymous)   |     |   Comment #396
"GMAC Bank online savings account down to 2.50%"
By Anonymous, at 5:24 AM, March 13, 2009

Their Money Market Savings account is down to 2.00% APY also.

It's now called the "slow drip to zero" effect. It will be just a matter of time when you will receive zilch for depositing your cash in an institution. With the run-up in the stock market there will be a number of people that will be buying equities now hoping for a decent return regardless of the risk.

It's a shame, Mom and Pop Saver will probably buy some front-loaded mutual funds, that pay a yield higher than their savings account pays, then find out their principal tumbles later. It's the same old story and it's going to occur again and again.

Meanwhile, back to finding some decent CD yields to lock-in before it's too late.
Matthew (anonymous)   |     |   Comment #397
First Trade Union High & Mighty Savings rate down to 3.04% ($2.5k+)
Anonymous   |     |   Comment #398
Clark County Credit Union is offering a 60 month 4.074% CD (min %75,000, 3.557% otherwise). Anyone who joins the local public radio station (min $40 contribution) is eligible to join this credit union.
Anonymous   |     |   Comment #399
3 mo CD, 3.0% APY, FDIC, min $25k, max $250k

Anonymous   |     |   Comment #400
Christian FCU easy join. http://www.christianfinancialcu.com/asp/rates.asp
Has 2 low paying add-on certificates.
Also has good rates on 3Y - 2.5%, 4Y - 3.1% and 5Y - 3.5%
Anonymous   |     |   Comment #401
ETrade Savings rate down to 1.70%.
Anonymous   |     |   Comment #402
Be careful about the fees at Christian FCU. They charge you not only a fee to open but also a setup fee, plus another $5 deposit for the minimum in the share savings. THEY ALSO CHARGE YOUR A FEE TO CLOSE your membership!

And if you close a CD during the grace period, you will get no interest on it during that period - although I specifically asked about that before opening and they told me that I would get interest during the grace period even if I closed it.
Anonymous   |     |   Comment #403
citibank is advertising a 2.60% 12 month CD in the NY area. Must have or open a checking account.
djc314 (anonymous)   |     |   Comment #404
Triad Bank 12 month cd @3.05% St Louis 314-993-4333. min $10K. not sure if available natl or not
Duke (anonymous)   |     |   Comment #405
Citizens Bank has a decent Select Money Market for large balances, 2.5% for > 50K, http://www.citizensbank.com/pf/savings/select_mm.aspx
Anonymous   |     |   Comment #406
The wrong rate is listed for One United Savings. The rate is 2.25%. 2.75% is for the CD only. Please see https://www.oneunited.com/ConsumerBanking/TodaysRates.asp
Angelo_Frank (anonymous)   |     |   Comment #407
Credit unions are having a rough time along with banks:

DataIsGold (anonymous)   |     |   Comment #408
I pass six WaMu's on my way to work. Just noticed two of them have renamed themselves to Chase. Just wondering if you think they'll all rename to Chase?
Anonymous   |     |   Comment #409
Dear DataIsGold,

The "WaMu" name is poison, since it represents the biggest bank failure of all time.

Chase intends to rename every single WaMu branch it decides to keep open. Chase intends to fully eliminate the WaMu name.

In certain areas where there are overlapping Chase & WaMu branches, some of those branches may be closed.
Anonymous   |     |   Comment #410
Citi is also doing the 2.6% 12 month CD here in the DC area (MD/VA/DC) market, in branch only. They've been running ads in the local newspapers. Requires checking account.
Anonymous   |     |   Comment #411
The Sky is falling! Not literally, but the rate on Chesapeake Bank's Clear Sky Savings account dropped yet again, to 2.5% (from 2.85%).
Angelo_Frank (anonymous)   |     |   Comment #412
Regarding the soundness of Charter Bank, my mortgage was sold to them by my local bank soon after I took it out. Have no fear, I won't default, so Charter should be safe. A little humor wouldn't hurt as we watch deposit rates deteriorate daily down to the mattress level.
Anonymous   |     |   Comment #413
Applied for Bank2 reward checking account last Wednesday. How long did the approval process take for those who've already opened one? Thanks
Anonymous   |     |   Comment #414
A Wall St. Journal article on advantages of credit unions over banks, http://online.wsj.com/article/SB123708535764231521.html ("Safe Havens: Credit Unions Earn Some Interest").
Anonymous   |     |   Comment #415
Connexus CU is great! Just wanted to say 'Thank you' Banking Guy for mentioning them. I just opened the 11 month CD spedial @ 3.00%. It was easy to do. The phone Customer Support people were great. It was a pleasure. Their checking interest rates are good too, but they involve a certain number of transactions and transfers per month which I'm not interested in doing. But if someone doesn't mind that, it seems to be worth it. Thanks again.
Anonymous   |     |   Comment #416
Deposit capacity at America's Credit Union has changed effective 3/3/09 on their Flex and Super Bump Flex CD's. Their Truth in Savings disclosure now reads like this:

1. Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. For all share certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce the Annual Percentage Yield.
a. Flex Certificates. You may make deposits of at least $100 at any time during the term of your Flex Certificate provided the principal balance does not exceed twice your Original Principal Balance or $100,000 whichever amount is less.
(i). Bump-Rate Feature. With a Flex Certificate, you have the option of changing the interest rate once, at any time during your initial and subsequent renewal terms, to the Credit Union's then-current dividend rate with a like term. Once you use this bump-rate option, the then-current dividend rate will be the rate on your account until maturity. Your Annual Percentage Yield will change accordingly if you exercise this option.
b. Super Bump Flex Certificates. Same great benefits as a Flex Certificate, but offers unlimited "bumps." This means that you can contact the Credit Union and have your rate increased to the current published rate for a like term as market rates rise during initial and subsequent renewal terms. You may make deposits of at least $100 at any time during the term of your Flex Certificate provided the principal balance does not exceed twice your Original Principal Balance or $100,000 whichever amount is less.

So, the bottom line is this, if you opened your promotional CD's in September or October for 13 or 24 months with the $500.00 minimum and wanted to grow your money at YOUR convenience, you are simply out of luck. Now you can only add an additional $1000.00 which is twice the initial investment.

I spoke to a manager at ACU and they are not making exceptions at this time to this rule.

Thought you should know.
Anonymous   |     |   Comment #417
Dollar Savings down again to 2.05% apy. Seems like every 4-5 days they are lowering their rates. Might be time to exist.
Angelo_Frank (anonymous)   |     |   Comment #418
Capital One's online banking site has been down most of the day and they have no estimated time when coming back up. One would encounter that infrequently with smaller institutions, but Capital One? So much for their IT department.
Anonymous   |     |   Comment #419
falcon bank(texas) has
reduced high yield checking
to 3% and requires 15 debit
card transactions.
John T.
John T. (anonymous)   |     |   Comment #420
Dollar Savings Directs APY is now 2.05%. I think its time to drop the "America's highest Rate" slogan.

I'm thinking Smarty Pig with their 3.25% APY is one of the only truly high yielding savings accounts.
Anonymous   |     |   Comment #421
Anon @ 9:49A 3/17/2009:

Where are you getting this information about America's FCU's Add-on CDs? I have not received a notification with a change of terms. Have you?
Anonymous   |     |   Comment #422
Corus Bank warns of possible failure,
http://www.suntimes.com/business/1482628,CST-FIN-corus18.article (“Corus bank warns of $317 million loss, possible failure”).
Anonymous   |     |   Comment #423
Christian Community Credit Union's Kingdom Builders CDs rate drop: now 2.50% for terms of 7 to 18 months and 3.50% for 48 month term only.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #424
1st Constitution Bank Direct rate special has been lowered slightly to 2.95% with the three-month guarantee, with the regular rate being lowered to 2.5%.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #425
New Century Bank is advertising a 2.80% APY 10 month CD. According to the Chicago Tribune ad, the rate is effective 3/10/09. Minimum to open is $25K, maximum allowed is $99,999. The bank has three locations: 2 in Chicago, 1 in Lincolnwood. Here's web site, http://www.newcenturybk.com/index.html, though I could find no mention of promo in it.
Anonymous   |     |   Comment #426
Corus Bank appears to have $1.38 billion in loans for South Florida condos. That is one of those areas in the US that got really big on the real estate bubble. It's sort of odd that a bank in the Chicago area would be lending out so much to an area so far away. But money $$$ talks and nobody walks.

Anonymous   |     |   Comment #427
I found this online article on Corus Bank from 2007 that indicated a possible serious problem with their South Florida loans.

Anonymous   |     |   Comment #428
Corus Bank has been focused on development loans. They do no residential stuff but have exposure in areas where there has been alot of condo development -- including CA, FL, NV, etc. -- not limited to IL.
Anonymous   |     |   Comment #429
united heritage federal
credit union in austin
tx will again be offering
reward checking beginning
april 1.the new rate
will be 4% with 10 debit
card transactions.$25000
maximum at 4% but members
can open up to 3 accounts.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #430
FDIC announced the sale of IndyMac Bank today. 33 branches of IndyMac will open as OneWest Bank tomorrow. OneWest is a new bank just created by IMB Holdco LLC.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #431
Does anyone know whether OneWest Bank will honor the rate on IndyMac Federal Savings Bank's issued CDs through maturity?
Anonymous   |     |   Comment #432
ADB Bank (Allegiance Direct) Money Market rate down to 2.50% (from 3.00%)
Anonymous   |     |   Comment #433
Umbrella Bank Money Market rate down to 2.12%-2.50% (from 2.15% -2.60%)
Anonymous   |     |   Comment #434
Big rate drop at Onbank. Down to .75%.
Thomas (anonymous)   |     |   Comment #435
Capital One Savings - $50 Bonus

Hey Peeps! I didn't see this bonus opportunity posted yet - but Capital One appears to be offering a 2.01% APY with a $50 bonus for first time customers who deposit $10,000.

You must open the account by April 15, 2009 and deposit at least $10,000 by 05/08/2009. Must use OFFER50 when opening account to qualify for bonus.


Thanks for all you do! I check this site at least weekly for my updates.
Anonymous   |     |   Comment #436
BG: "There are no branches in..."

text + text - text = text
Anonymous   |     |   Comment #437
Bad News! NCUA placed US Central and Wescorp in conservatorship today.
Anonymous   |     |   Comment #438
Fed Gov't seizes 2 largest Corporate Credit Unions in U>S> Fri PM
Anonymous   |     |   Comment #439
Teambank, Colorado National Bank and FirstCity Bank have been closed by FDIC today.
Sofa King Frustrated
Sofa King Frustrated (anonymous)   |     |   Comment #440
3 more banks failed today, including one where the FDIC will be mailing checks out to depositors on Monday.

I am not elaborating more since Banking Guy will be posting all the details shortly.

One note regarding the bank where the FDIC will just be mailing out money: They will only be mailing out the $250K insured money on Monday. If the account is over $250K, the FDIC is asking people to call them to discuss the accounts. So you see, if one goes over $250K there will always be a delay while the account has to be checked out.
Angelo_Frank (anonymous)   |     |   Comment #441
Re: Credit Unions siezed.

Credit union officials say there is no reason for members to fear for their deposits. Individual accounts are insured by the government for up to $250,000. Military credit unions contacted said they don’t even expect the bailout tax to force them to lower member interest rates paid on savings accounts or to raise interest charges for loans or mortgages.

However, other customer services could be affected. That might include, said one official, a smaller workforce to run customer call centers or delays in opening new branches or renovating old ones. Some credit union officers clearly were upset at the NCUA board for deciding on a bailout plan for U.S. Central before discussing alternatives with them.
djc314 (anonymous)   |     |   Comment #442
1st Financial Federal Credit Union, a full service financial institution located in St. Louis, St. Charles, Hazelwood, and Wentzville, Missouri has a
Free High Yield Rewards Checking that includes:

5.01% APY on balances up to $25,000
Free ATM Fee Refunds Nationwide**
No minimum balance requirements
No monthly service charges
No per-check fees
Free VISA Check Card
Free Internet Banking with netbr@nch
Unlimited check writing
Free E-statements
Free ATM transactions at any CO-OP ATM nationwide
Automatic overdraft protection from your savings account or line of credit

To earn the reward rate of 5.01% APY on balances up to $25,000 and 1.00% APY on average daily balances above $25,000 the following criteria must be met per cycle†:

Enroll and receive electronic statements
One direct deposit or one ACH (electronic) credit/debit to account
Twelve check card transactions (ATM transactions not included)
Access your account with netbr@nch (online banking)
*5.01% APY (Annual Percentage Yield) paid on average daily balances between one penny and $25,000, and 1.00% APY paid on all amounts above $25,000 each cycle the minimum requirements are met. If you do not meet the minimum requirements during the monthly qualification cycle your account will still function as a FREE checking account earning .25% APY; however, you will not receive ATM refunds for that time period. Rates as of December 1, 2008. No minimum balance required. Available on personal accounts only. No monthly service charge.

**ATM fees refunded up to $25 per cycle when account requirements are met.

†Qualification cycle refers to the last day of one month through the second to last business day of the following month.

1Automatic overdraft protection - Funds are taken from your savings account if available. You may also apply for a line of credit to protect you from those times when you may need additional funds for your checking account needs. There is a $2.00 fee each time funds are automatically transferred from your savings account to checking account to cover overdrafts.

High Yield Rewards Checking subject to change without notice
Anonymous   |     |   Comment #443
Imperial Capital Bank still has ok rate on their "Savings II" account. 2.4% APY, 1k min, all benefits like their normal savings account, but a higher rate. not posted on site, but i went in to close my CD and move to my existing SII account and discovered the rate is listed on their rate sheet in-branch, at least in San Francisco.
Anonymous   |     |   Comment #444
Dollar Savings Direct held my deposit ($5000) for an extra 5 business days beyond the 2-3 days it takes for an ACH deposit. I've had this account since last Oct. making large deposits. This is the first time they've held a deposit.

When I called to inquire why they were holding my deposit they said they were legally allowed to and it stated so in the disclosure agreement.

See you later DDS!! You don't get my business anymore.
Anonymous   |     |   Comment #445
To Anonymous at 12:52 p.m. regarding Imperial Capital Bank:

I assure you 100% that their Savings II rate will drop very soon. Their regular iSavings rate is 1.65% and their Money Market Checking is 2.15%. This bank has been lowering their Savings II rate slowly but regularly. I assure you the Savings II rate will continue to drop.
jafjr-Sometimes wrong but never in doubt
jafjr-Sometimes wrong but never in doubt (anonymous)   |     |   Comment #446
Community Bank of Nevada is offering 180 day @ 2.4%, 365 day @ 3.15%. 24 month @ 3.4% and 36 month @ 3.5%
Anonymous   |     |   Comment #447
Anon @ 2pm 3/23:

I've been banking with DSD for the past several months. I'm slowly withdrawing my funds as needed since I can find a more competitive APY elsewhere. But your experience is another reason to keep my deposits elsewhere.

I didn't take out $5k at once (more like $3k) but am a little surprised by DSD's actions.

As you were told, they do have fine print in their account disclosure:

Refusal to Permit Withdrawal
The Bank may refuse to permit withdrawals in cases such as, but not limited to, the following:

1. The Bank chooses to exercise its legal rights to require up to 60 days advance written notice of any intended withdrawal from this Account and the 60 days have not passed since we received the required notice from you;

A annoying/questionable business practice, but at least they only head it for a few days. Of course, even a few days can mess up your bill payments.
Anonymous   |     |   Comment #448
Does anyone know about "Redneck Bank" in OK. Money market and checking accounts both appear to be good.
Anonymous   |     |   Comment #449
To Anonymous at 4:39 PM: There have been plenty of posts on Redneck Bank, and its two sister banks (America Net Bank and Evantage Bank) here. It is a legitimate, FDIC insured bank with decent bankrate ratings. It has been resisting the trend of lowering rates, one wonders how much longer they can hold out. Their recent move to limit the 3.10% APY to balances up to $35K might have been so that they can keep the rate above other banks. Application process is entirely online, but ACH funding the new account is a little slow. Read the website FAQs carefully, as there some peculiar rules about bank to bank transfers.
Anonymous   |     |   Comment #450
Dollar Savings is the biggest ripoff bank out there. Yes, they can refuse to send you your money for up to 60 days. It is in the disclosure. Simply refuse to do business with them. There are plenty of other banks and with better paying interest to deal with.
Anonymous   |     |   Comment #451
is it possible to use the
installment savings accounts
as a cd?that is, making an
initial large deposit and
small monthly deposits.thanks
for your input.
Anonymous   |     |   Comment #452
First Trade Union Bank! Horrible! I just got off the phone with them, verifying that they did not open my account, as I am reading the posting here about their rates. They also have a great interest rate on a high money savings account, but . . .

They sent me the paperwork to open the account. It took 3 days from my phone call to receipt. I completed all and sent back with my check, and waited. I am in NY, they are in MA. I called every few days to check that my account was opened, to find out each time that hey had not received my check yet. It took 10 days for them to receive it! The reasoning was that they have been having problems with the post office who doesn't seem to deliver their mail on time, but they are working on the problem. Are you kidding me? And the dog ate my homework.

Anyway, they finally had my check, they were going to open my account, it's Monday. As of Wednesday afternoon, a phone rep confirms that there is no account open in my name. I request to speak with the Deposit Operations person I had been originally dealing with. She also confirmed that the account had NOT been opened and she would check with her manager. My check and paperwork were just sitting on the manager's desk, unprocessed! At this point, since I believe in omens and portents, I advised her to void my check, do not open the account and please send everything back.

It is now Thursday afternoon. I call to check where my e-mail is, confirming my request to not open the account, with a copy of my voided check, and that everything has been sent back. My deposit operations person looks into it. Her manager STILL has my paperwork just sitting on her desk! I stay on the phone to receive an e-mail acknowledging my instructions, with an assurance that it will be taken care of by end of day. We'll see.

Obviously, this cannot be a true representation of how FTUB does business, so opening an account at a branch may be an easy thing. If you plan on doing it by mail, as they do not do ACH transfers, I would definately think twice.

A lesson learned that cost me almost 14 days of interest, while I scurried to reap the benefits of moving my money to a higher rate than I currently had. I totally agreed with you, Banking Guy, about moving money to force the banks to stay competative, but after this experience, it just isn't worth it. :-)
Anonymous   |     |   Comment #453
@Anonymous, 9:39 AM
I hear you - don't get discouraged. Banks are counting on you giving up 4 higher rates. But there are others good apples out there.
Anonymous   |     |   Comment #454
To Anonymous, at 9:39 AM, March 26, 2009:

Lesson learned is that there's a cost to poor customer service. You did the right thing in withdrawing your account application. Of course, had you known about the poor service beforehand, you probably would never have submitted that ap, but that's the risk we all take in dealing with an unknown entity, from afar.
Anonymous   |     |   Comment #455
Clear Sky Savings down again, to 2.15% APY (from 2.5%). I think after the rate lock is over on March 31 it may be time to move money to a bank that hasn't been cutting rate as frequently.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #456
Gwinnett Community Bank in Georgia


Reward checking 4.01% up to 25k, 1.01% over

10 debit, 1 dd/ach debit, and estatements.
Anonymous   |     |   Comment #457
Received flyer in mail from US Bank that if you stop by your nearest branch or visit usbank.com/checking and open any checking account with direct deposit of $100 by May 31, 2009,you will reeive $100 cash bonus.
1-800-720-BANK. A minimum of $50 is required to open a US Bank Checking account.
Anonymous   |     |   Comment #458
GMAC Bank rates down today: Online Savings at 2.25% (from 2.5%), MMA at 1.9% (from 2%). CDs down too!
Thomas (anonymous)   |     |   Comment #459
Smartypig to 3.05% APY

I'm back. Not a deal this time, but an update.

As of April - SmartyPig has announced they will be dropping the APY from 3.25% to 3.05%.

Except from the website:

SmartyPig Update:
Mar 26 at 4:04 AM

Effective April 1, 2009, the APY (annual percentage yield) on SmartyPig accounts will be 3.05%. This is an APR (annual percentage rate) of 3.02%. While interest rates have been trending lower, we believe this is still an extremely competitive yield for an account insured by the FDIC. Thank you for being a SmartyPig customer. We appreciate your business!

Thanks everyone!
Anonymous   |     |   Comment #460
First Trade Union Bank Conclusion -
I called to speak with the person who I had been dealing with, and as of this afternoon, the assistant manager STILL had my paperwork sitting on her desk. I found out today that it is the 'assistant' manager, not the manager, who chose not to do any of her job duties over the past week. I was going to speak with her 'manager' because this whole situation truly confounds me, but the manager had people in her office and at this point I just want it over with. So I chose to forgo my e-mail copy of the voided check and have now received an e-mail from my person stating that she has taken all my paperwork and the check, put it in an envelope, and is sending it to me today. Thankfully my saga with FTUB is over.

I would like to say 'Thanks' to the two responses of support, as they have inspired me to continue on and I am now looking at the Acacia Bank savings account offer, which I think I'm going to try.

To everyone who reads these blogs:
Have a great weekend.

You too, Banking Guy, and thanks again for having this site.
Anonymous   |     |   Comment #461
Omni National Bank closed by FDIC. SunTrust assumes insured deposits and appears to be only keeping the Georgia and Florida branches.
Anonymous   |     |   Comment #462
AIG dropped its top rate from 2.51% down to 2.41%.
Anonymous   |     |   Comment #463
In light of the Millennium Bank Ponzi scheme, readers should also be aware of what may be behind high rate CD ads in newspapers.

Here's a nice example from the Florida Office of Financial Regulation.

The OFR alleged that the Florida based defendants advertised high rate FDIC insured CDs in the newspapers to attract investors, usually elderly investors looking for a safe investment. But when the investors responded to these advertisements they were sold either bonded life viatical settlement investments, or collateral secured debt obligations from the Texas based AmeriFirst companies. Investors were told that the secured debt obligations were insured and guaranteed by a commercial bank, when in fact they were not.

Unsuspecting Florida seniors were lured in by compelling newspaper advertisements offering high paying FDIC insured CDs. Instead, they were sold high risk, unsecured debt obligations and other unregistered securities.
Anonymous   |     |   Comment #464
FDIC Orders Six California Banks to Raise More Capital

LA Times today reports:


Among the banks is Imperial Capital Bank, often mentioned in this blog, and five others. Imperial Capital was also ordered to get a new chief executive who actually has experience.

The story notes that more than a third of the 300 banks in California are losing money.
Anonymous   |     |   Comment #465
Thanks for posting the link to the L.A. Times article.

Too bad Imperial Bank won't raise their interest rates to raise capital.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #466
Yes, thanks for the link. I've added the link in the bank news section near the top of the post. Don't forget to click on the bank news link at the top of this post for my latest news links. Likewise for the rate changes.
Anonymous   |     |   Comment #467
Saehan Bank is offering a 3.29% APY 6 month unlimited deposit CD. You can make an unlimited number of deposits during the term and up to 5 fee free withdrawals. Min $10,000 max $90,000.
Anonymous   |     |   Comment #468
Midwest America Federal Credit Union got notice that their Rewards Checking is going down to 3.5% effective April 1, 2009.
Anonymous   |     |   Comment #469
To Anonymous who posted on 5:53 AM, March 28, 2009

What this means is that you have to verify the background of the financial institution that you are dealing with. For many people, they don't know where to look for that information regarding insurance coverage, auditors, investing members, custodian, etc. So they rely on what is printed on the offering material. A lot of these schemes target areas of high population or distribution of wealth. That is why Florida and California are usually ground zero for these schemes. You have to be wary of online financial institutions as well where they can operate without the benefit of an actual physical office location.
Anonymous   |     |   Comment #470
To Anonymous who posted on 9:16 AM, March 28, 2009

Interesting article. I am not too surprised about the number of CA banks losing money. Much of the subprime meltdown involved real estate in CA. I also read in the newspaper that the OTS (Office of Thrift Supervision) acting chief was asked to take a leave of absence regarding how Indymac bank was allowed to operate with little supervision by the federal regulation office for Federal Savings Banks. I guess the call to replace the CEO of Imperial Capital Bank is obviously due to the current financial status of that bank. I have a checking account with that bank. Maybe time to reassess that account. Banks that raise interest rates (or who seem to offer higher rates than anyone else), is often a "red flag" that there are money problems with that bank. Sort of the same thinking on why junk bonds (with suspect credit) have to offer higher rates in order to entice capital from investors. The thing with banks if they are having issues and try to attract capital by offering very high rates, the Fed will usually step in and force them to stop the promotions because doing so probably adds more problems to their accounting bottom line.
Anonymous   |     |   Comment #471
To Anonymous at 6:52 p.m.:

I, too, still have a free checking account at Imperial Capital Bank. (I took advantage of their Savings II 4% rate for 90 days when I also opened up the free checking to make it easy to transfer funds, etc.)

There is no need to take a second look at your checking account, as you wrote. If Imperial Capital fails, our free checking account is completely insured. Our checking account will either be absorbed by another bank, with no loss to the funds access, or the FDIC will mail us a check very fast. Either way we lose no interest since the checking pays no interest, and we have nothing to worry about.

I closed my Savings II account since the rate is down to 3.37% and still dropping.
Anonymous   |     |   Comment #472
Oops, type: 2.27%. Sorry.

Oh, and more than likely another bank would love to have Imperial Capital's bank accounts if the FDIC covered the money.
Anonymous   |     |   Comment #473
To Anonymous who posted on 8:53 PM, March 29, 2009

I agree with your point about not worrying about the FDIC coverage should the bank be taken over or shuts down. Actually, my reassessment has more to do with the rate drops more than the financial condition of the bank. If the rate offered is the same or lower than other bank accounts, then why stick with a bank that might fail?
DataIsGold (anonymous)   |     |   Comment #474
The purpose of this email is to inform you that your Clear Sky Savings Account, currently at 3.75% annual percentage yield, will convert to 2.15%* annual percentage yield beginning April 1, 2009. While we are still not accepting new applications, you may resume normal deposit activity to your account. Clear Sky Accounts' goal is to offer a competitive rate along with exceptional customer service to make banking easy and profitable for you as a saver.
Clear Sky Accounts at Chesapeake Bank would like to take this opportunity to thank you for your business. We realize that some of you will be taking your money to a higher rate account come April 1st, and some of you have enjoyed our customer service and ease of use and a small rate difference will not sway you.

To those that need to move on, thank you for your business and may your savings achievements continue to be prosperous. To those that choose to stay - thank you! We will continue to provide exceptional service and make banking easy. Please, let us know if there is anything we can change or do better.

Please, don't hesitate to contact us if you have any questions. Send us an email at info@clearskyaccounts.com or call us at 877-257-7594.

*Savings rate is variable and may change without notice.

Kristie Smith
Assistant Vice President
Clear Sky Accounts
brought to you by Chesapeake Bank

Clear Sky Accounts
from Chesapeake Bank
PO Box 1654
Williamsburg, VA 23187-1654

Member FDIC
Anonymous   |     |   Comment #475
Nara Bank now has a "Mega CD" promotion. Account Details:
Term - 12 months
APY - 3.10%
Minimum Deposit - $10,000
Add-on feature - unlimited deposits
Withdrawals - 3 penalty-free withdrawals until maturity
Don't know if it's nationally available, ot just CA, NY, NJ.
Anonymous   |     |   Comment #477
To DataIsGold,

The email from Clear Sky got some chuckles from me. They know about the rate chasers and expect some to "fly the coop" with the rate reductions. They should go back to the old fixed rate system (such as the passbook rate) where rates were fixed and did not vary between financial institutions. That would put an end to all of this money moving around banks.
Anonymous   |     |   Comment #478
To Anonymous who posted on 1:09 PM, March 30, 2009

According to this message post, the Mega Promo CD is only available at CA, NY, and NJ.

Anonymous   |     |   Comment #479
Urban Trust increased their CD rates on Friday. The 1 year CD rate went up from 2.5% to 3%. They might have taken a look at their savings rates and saw that the 1 year CD rate was the same as the current checking and money market account rates.

Anonymous   |     |   Comment #480
Citizens Bank in PA is advertising a Select Money Market with the following rates:

$10,000(minimum) - 2%
$50,000 - 2.50%

Here's the link.

Anonymous   |     |   Comment #481
In today's Los Angeles Times

Center Bank advertising 3.40APY --12 Month C/D with 2 Withdrawls allowed...also 3.30% APY for 6 months.
Anonymous   |     |   Comment #482
Re: Center Bank CD

DataIsGold (anonymous)   |     |   Comment #483
Just looking at the CenterBank Ads
Caught my eye. Open a checking account get a 2gig USB drive (blah!) or 20lbs bag of Rice! (Win!)
Anonymous   |     |   Comment #484
It was inevitable, and not surprising, Alliant Credit Union adjusted their rates. Some are back-dated to earlier in March. The savings rates are down to 2.75 APY and the high-checking to 2.5 APY (from 3 and 2.75 respectively).
Anonymous   |     |   Comment #485
FNBO is dropping its rate from 2.15% to 1.9% on 4/2/09.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #486
1st Constitution Direct lowered their 90-day special rate to 2.75% APY (from 2.95%).

~O-Qua Tangin Wann
Angelo_Frank (anonymous)   |     |   Comment #487
EverBank Money Market APY on current accounts has dropped to 1.65%. New accounts for the first year is now 1.87% APY after a 2.51% APY bonus rate for the first 3-month period.
Anonymous   |     |   Comment #488
Webster Bank is advertising 2.75% 7 month CD on balances of $5000 and above. Must be opened by 4/30/09.

Anonymous   |     |   Comment #489
Community Bank of Pleasant Hill lowered their reward checking rate from 5.01 to 3.01% according to their home page this morning. I have not yet been notified by them regarding my account. The statement cycle closed 4/3/09 so I guess they changed it effective today 4/4.
Anonymous   |     |   Comment #490
Park National Bank in Chicago has a 2.75% 12 month CD special
djc314 (anonymous)   |     |   Comment #491
If you are interested in the high yield checking accounts I found a neat website that helps you narrow choices:


With mm and cd rates so low I am looking more and more closely at these...just end up buying a lot of 1 dollar gallons of gas all over town to reach the goal of 10-13 debits per month. I just hope after spending time to open these accounts that the banks don't just lower the rate...which they can do at any time they want...
yay money
yay money (anonymous)   |     |   Comment #492
i've noticed the provident bank in new jersey on its "smart free checking" (5.01%apy)has been making tiny, daily cuts in the APR. you have to log into the account to see it... but these are the cuts...
april 1: 4.889%
april 2: 4.8318%
april 3: 4.8167%
april 4: 4.8152%
Anonymous   |     |   Comment #493
Money Aisle - I tried the site as mentioned in one of Banking Guys write-ups (sorry, don't remember which one) and it's great. It's fun too! They found a bank with the highest savings rate I had seen in a while, 2.50 for over $25k, at Williamstown Savings Bank in MA. Accepted the bid. Results are guaranteed for two weeks. Received an e-mail from the bank. It was easy.

After reading all the info from the Banking Guy, I'd like to give kudos to the following:

Money Aisle: If you haven't tried it yet - do it now! And their feedback response is amazingly quick.

Williamstown Savings Bank: Although I didn't open the account, the customer service rep for the Money Aisle auction accounts was great and opening the account would have been easy.

Webster Bank: This is the one I chose insteasd because the rate was a little higher, required minimum was lower, and it's guaranteed to 6/30/09. Written up by Banking Guy as referred by a reader. Great find.

1st Cosntitution Bank: Already opened this great account. It was extremely easy and the customer service rep was great. The promo reference by Banking Guy from a reader was for the internet offer. I don't like doing things over the internet and still opened an account with them. It's 2.25 (internet offer is 2.50 - was 2.75), no minimum and guaranteed till 9/30/09.

And of course, The Banking Guy.
Grand Kudos to you for doing this site. I haven't had this much fun dealing with my finances or received so much valuable information, in a long time. Thanks!
Anonymous   |     |   Comment #494
To Anonymous at 11:29 a.m.:

According to the 1st Constitution Website, their 90-day savings special rate is still listed at 2.75%. What you typed is incorrect, unless they just have not updated their site as of this minute.

Also, I hope you know that MoneyAisle is not a live bidding site. Banks are really not bidding live for your money. The whole thing is a little bit of bull****.
Anonymous   |     |   Comment #495
To Anonymous at 11:49:
As to 1st Constitution, you are correct. The original internet offer was for 2.95, which was lowered to 2.75. Thanks for the correction.

Also, I must apologize for a more serious mis-information statement:
The 2.25 till 9/30/09 comment made for 1st Constitution was actually for Acacia Federal Savings (also referenced by Banking Guy), which is the account I opened.

As I did state, the great 1st Constitution rates were for internet only accounts. The non-internet account, although still at a nice rate, did not have a guaranteed promo length. So, I opened the Acacia account instead.

Thankfully, my actual account actions were what I thought they were. My apologies to all when transferring my thoughts to the blog.

As to Money Aisle, no, it's not a live auction, but it does present offers that may not normally be found on a participating banks website. Williamstown Bank being an example of that. Sorry, you didn't have fun with it.
Anonymous   |     |   Comment #496
Does anyone know if there are "issues" with leaving bank accounts open with zero balance (i.e., FNBO, Amboy, Dollar Savings Direct).

I know the banks don't mind and they don't have any fees for zero balance but does it effect credit in any way or look bad when opening another account?
Anonymous   |     |   Comment #497
To Anonymous at 11:41 a.m.:

You absolutely better check with your specific bank on their zero-balance policy.

Some banks will automatically close a zero-balance account after a set period of time. (I know Wachovia does this.)

Yes, most banks claim they will not charge any fees if your balance is zero, but I have heard reports of some banks that do (maybe even by accident?).

As far as if a zero-balance account will negatively affect one: This is absolutely not the case. Your balance in a bank account is not reported to anyone. (Only credit card balances are reported each month.)
Anonymous   |     |   Comment #498
The Treasury plans to lend as much as $2 trillion to private investors to help them buy toxic assets from the banks. As part of that plan, the FDIC plans to add more risk to the plan by insuring 95 per cent of the debt. This, however, seems to be in conflict with the provision that the FDIC can take on obligations only up to $30 billion.
What effect will all this have on those of us who have CDs which are insured by the FDIC???
DataIsGold (anonymous)   |     |   Comment #499
RedNeck Bank is not taking new accounts

Anonymous   |     |   Comment #500
I opened an account with Redneck bank two weeks ago. At this time they have deducted my initial deposit from my home bank but have not credited the amount to the Redneck account. Currently they have denied access to viewing my account, the account is locked. The behavior and my conversations with Redneck bank have become more suspicious all the time. I am interested in any other experiences from the readers.
Anonymous   |     |   Comment #501
Patriots Federal Credit Union is offering up to a $100 bonus for opening a new checking account. $25 for setting up direct deposit, $10 for bill pay, $5 for online statements, $5 for using the check card, $30 for getting an auto loan, $10 for opening any club savings account (vacation club is paying 3.25% APY) and $15 for opening any IRA account. Almost anyone in Southern California can join.
Anonymous   |     |   Comment #502
Pacific Crest Bank has a 10 month 3.1% APY promotional CD that requires a checking account with direct deposit.
Anonymous   |     |   Comment #503
Texas Security Bank is offering a 3.25% APY 12 month CD. Minimum deposit is $1,000.
Anonymous   |     |   Comment #504
The Texas Security Bank offer is better than the regular CD rates shown on the bank website.


I couldn't find a reference link to the CD special webpage on the main webpage. Maybe the special rate is only for a target audience?
Anonymous   |     |   Comment #505
Just renewed a CD at IndyMac. They were willing to match a higher rate for 12 months which I found on the web.
Dennis (anonymous)   |     |   Comment #506
3.00% APR/APY 11 Month CD at Connexus Credit Union www.connexuscu.org extended thru end of April. Membership open to all for $5.00 fee to join Connexus Association (a charity). Everything handled exceptionally well online. Very responsive by Email and phone compared to most. Entire application, membership & CD process completed same morning I applied. Highly efficient.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #507
Thanks for the info on Connexus. I have the link to the post on that 3% 11mo CD at the top of this post. It remains the top deal of the day.
Anonymous   |     |   Comment #508
Anonymous   |     |   Comment #509
Provident Bank -- which will become part of M & T bank in May...

is dropping its High Yield Online Savings Account APY from 2.10% to 1.25% effective April 17, 2009.

As M & T's online bank OnBank currently has the lowest APY around @ 0.75% -- it is likely that Provident's rate will continue to drop until it reaches the identical rate as OnBank.
Anonymous   |     |   Comment #510
Provident dropping from 2.10% to 1.25% on 4/17/09.
Anonymous   |     |   Comment #511
First Trade Union Bank
High and Mighty Savings rate drop:
APY from 3.04% to 2.75%
marc (anonymous)   |     |   Comment #512
I love it: Cape Fear Bank. I was "afraid" they were going to go down...
Squinky (anonymous)   |     |   Comment #513
igobanking.com just rose their interest rate! Could this start a new trend?
Anonymous   |     |   Comment #514
Darby Direct Online Savings Account: 3% APY.

Bank is one of those Georgia banks not doing so well, which probably explains the high rate. (Keep your balance under the FDIC limit, of course.)

Anonymous   |     |   Comment #515
I opened one of those add-on cds at Nara Bank. The people in the branch were nice but the person helping me had trouble explaining the terms because she could not speak English well. The branch manager did better but I am still not sure whether I understand the how the interest works. As best I can tell, the interest in not credited until maturity. That would mean to me that if one made a withdrawal as is allowed, one would lose the interest on the amount withdrawn. The branch manager indicated that on a future visit to the bank, I could be shown a printout showing the accumulation of the interest without any charge which I just might do, but I think that further explanation is needed as to whether the interest is lost or not.
Anonymous   |     |   Comment #516
A new online savings account to check out.


Currently paying 3.00% APY. No minimums or fees.

P.S. Keep up the good work banking guy, alot of us really appreciate your hard work!
Anonymous   |     |   Comment #517
Dear Banking Guy, Thank you so very much for your wonderful, and most interesting column. You are by far the best site there is on these subjects. You are so very much appreciated. I am setting up a CDAR, with my dear friends small estate. He does not want on-line banking and wants only local branch San Francisco Bay Area banks for a fixed rate liquid CD or fixed rate savings account,preferably not going farther than December 31st, as FDIC rules may change back. I need to find 6 banks to offer him the best for his money. This is all he has to retire on as he does not own a home. I have to try to get him the most interest possible. I act as his POA as a favor, as I worked in banking many years ago. This is giving me ideas on starting a CDAR bank down the road and not taking so very much interest as the banks, who do CDARS, do. I thought you would be a good partner upon getting to know you in starting something such as this. But what I need are 6 banks by the latest Friday of this week, April 17th. Please let me know. You are the best, please get back to me this week. I am a very serious CDAR POA. I can't thank you enough, and with great respect to you, sincerely, CDAR GIRL
Banking Guy
Banking Guy (anonymous)   |     |   Comment #518
To find the best CD and savings account rates for the San Francisco area, review my California deals. For additional deals, refer to my deals resource guide. I list resources from this site and other sites to help you find the best rates.
Anonymous   |     |   Comment #519
Just as I expected. I deposit some more money to my Provident Direct account and the rate gets cut yet again. Well, it will be close to what M&T Bank accounts are currently offering which is to be expected with the upcoming merger. My six figure account there needs to vamoose very soon. I do live close to a bank branch office, but my love affair with it is now over.
Anonymous   |     |   Comment #520
Clear Sky Savings at Chesapeake Bank down to 2.05% APY.
Anonymous   |     |   Comment #521
Credt unions still have many great CD rates...
Pentagon Federal (Pen Fed) 4.0% for 5 years
Melrose Credit Union 3.91% for 5 years
Anonymous   |     |   Comment #522
$100 from Sovereign

Anonymous   |     |   Comment #523
Park Cities Bank in Dallas has the following CD Rates (APY):

30 Days 1.50%
90 Days 2.00%
180 Days 2.50%
1 Year 2.85%
2 Year 3.20%
Anonymous   |     |   Comment #524
ETrade Complete Savings was cut to 1.20%
Anonymous   |     |   Comment #525

Atlantic Stewardship Bank in NJ is offering a 4.25% rewards checking account up to 25k.

Make 10 MasterCard debit card purchases
Set up one Direct Deposit or authorize one automatic payment from your account.
Enroll and receive Electronic Statements (valid e-mail address is required)
Anonymous   |     |   Comment #526
With interest rates as low as they have been on CDs have you considered posting CD alternatives such as fixed deferred annuity rates? They are guaranteed by state programs usually up to 100k and are a good alternative. Just a thought.
Anonymous   |     |   Comment #527
I just called Citibank today
(4/16/09) about offering a Money Market Plus Account with an APY of 2.4%. They are offering this rate if the balance is at least 25,000.
Anonymous   |     |   Comment #528
NARA bank 12-month CD rate is negotiable. I went to the Cerritos CA branch yesterday to renew my 12-month CD. I was able to negotiate for a better rate, 3.25% simple interest. They will send me a monthly check for the interest. There are 3 no-penalty withdraws, maximum 30% of initial deposit. Subsequent deposits are unlimited.
Anonymous   |     |   Comment #529
prov-direct savings down to 1.25%
DataIsGold (anonymous)   |     |   Comment #530
united commercial bank has 2.0% and 2.8% CD IRAs.
I'm not sure of the terms as the signs were in Chinese.
Anonymous   |     |   Comment #531
The report on Darby Bank said they didn't do a hard credit pull but when I opened a savings account this week my Debix credit file fraud alert flagged them indicating they did do an inquiry.
DataIsGold (anonymous)   |     |   Comment #532
Bank of america is raising fees starting June 5.

Anonymous   |     |   Comment #533
First Trade Union Bank High and Mighty Savings rate down from 2.75 to 2.32 % as of April 20. I did not see any update regarding this adjustment from this website.
Anonymous   |     |   Comment #534
Hi Banking Guy,
I just received a notice from Dedham Savings Bank, that as of June 18, 2009 they're dropping their reward checking account top balance from $50,000 to $25,000. Seems like we're losing in both the rate department and shrinking balances.
Anonymous   |     |   Comment #535
First National Bank in southern Colorado has some good CD rates - 2.86% 15-mo and 3.05% 30-mo. $500 minimum deposit. I am pretty sure this is a local only deal as I saw the ad in a local newspaper and the rates are not even shown on their website http://www.fnblasanimas.com/index.htm
Anonymous   |     |   Comment #536
Actually I have to correct myself, the promo rates ARE listed at:
Anonymous   |     |   Comment #537
NBRS Financial Bank is offering a 13 month cd with a apy of 2.7% min $1000
local deal
Bozo (anonymous)   |     |   Comment #538
To: All
Re: First Republic 2 yr 3.25 APY is toast

I opened my 2 yr today at 3.2/3.25 in the Walnut Creek branch. I was told the rate dropped today to 3.05 APY, but that anybody who walked in with a print-out of the rate table from this morning (4/22) could still get the old rate thru this Friday.

rav (anonymous)   |     |   Comment #539
Banner Bank of Washington has 2.75%APY 15 month CD special: http://www.bannerbank.com/News/Pages/SpringCDSpecial.aspx
Anonymous   |     |   Comment #540
Check out Charter Bank in Washington. Has an investor MM paying 3.1% minimum 50k. Down from 3.5% recently. Not sure if a branch visit is required.

Anonymous   |     |   Comment #541
Charter Bank still lists the rate as 3.5% on their site. Perhaps they just have not updated the site, although it says rates effective 4/22/09.

The site says you must contact a relationship expert to open an account. I would guess a branch visit is required.
Anonymous   |     |   Comment #542
Amcore Bank in Illinois just reduced their 14 month CD special to 2.75% from 2.90.
M (anonymous)   |     |   Comment #543
State National Bank of Texas decreased their e-checking (rewards) APY from 6% to 5% this morning. One hour later reduced it to 4%. currently website now says 3.01%APY!
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #544
A CSR at Alliant Credit Union confirmed their Savings Account interest rate will drop to 2.5% for May.

I am assuming their Checking Account interest rate will also drop .25%, as well.

Will Alliant CU continue to drop their rates after May? What will be their bottom? (If only we were truly psychic.)

~O-Qua Tangin Wann
Anonymous   |     |   Comment #545
http://online.wsj.com/article/SB124052105775549689.html (“Regulators Fell One Bank, Spare a Rival”). Focus is on two key rivals in Cleveland area, National City and AmTrust, as an illustration of how U.S. government’s approach to banking crisis is evolving.
scott (anonymous)   |     |   Comment #546
Just went to Citi because I had a CD maturing. In branch rate is 2.70%, This is MA. But was told that rate is dropping to 2.20% 4/28
Bozo (anonymous)   |     |   Comment #547
To: Tanquin Wann
Re: Alliant

Alliant has gotten stingy of sorts recently. They wouldn't match First Republic's 3.25% (I called two CSRs).

I can only assume they were flooded with our hot money and have not a clue where to park it.

Anonymous   |     |   Comment #548
Yes, Bozo, you are correct. I was told by someone close to Alliant that they were flooded with deposits, and for a long time now.

Alliant was good. And it was nice while it lasted.
Matthew (anonymous)   |     |   Comment #549
The Anniversary Savings Account is no longer listed on Broadway Federal Bank's website. They may no longer be accepting new applicants, or perhaps they are eliminating the account completely.
Anonymous   |     |   Comment #550
I just received an e-mail from redneck bank a couple of days ago saying the their apy is going down from 3.10% to 2% on mega money market account. I'm extremly dissapointed because the higher rate was only on for less than a couple of months, but I'm relieved that I only transfer less than $200 dollars to this account. All transaction take forever to go through their system like transfers, check balances, etc.
Bozo (anonymous)   |     |   Comment #552
To: All
Re: First Republic

It's weird, the CD rate literally fell as I was in the Bank. That was a first.

Anonymous   |     |   Comment #553
Robert Glickman resigned as president, CEO and a director of Corus Bank. His father, Joseph, resigned as chairman and director. http://www.chicagotribune.com/business/chi-corus-glickman-0424,0,6160443.story (“CEO, chairman resign from Corus Bankshares”).
“The resignations came a couple of months after the $8.35 billion-asset bank agreed to U.S. banking regulators' demands that it boost capital levels, limit its reliance on high-cost deposits, and come up with a plan to dispose of its foreclosed real estate portfolio, which amounted to $409 million at year-end 2008 from $37 million in the year-ago period … Corus, which also saw its delinquent loans rise to $2.04 billion from $436.1 million in the same period, came under increasing pressure to plump up its financial cushion against loan losses after the U.S. Treasury denied its request to participate in the Troubled Asset Relief Program.”
Anonymous   |     |   Comment #554
TD BankNorth (Maine) mailed out 2 booklets: renaming/reclassifying accounts ADDING MINIMUMS and FEES over the next few months. I'll be closing my account there.
Bozo (anonymous)   |     |   Comment #555
To: All
Re: Alliant

It's a love/hate relationship. While I'm not real keen on their rates these days, they did introduce this dinosaur to on-line banking. So, I'm getting, in effect, an interest-bearing checking account. I keep money in savings until I need it, then transfer to checking, even a caveman can figure it out.

Anonymous   |     |   Comment #556
FYI-Wilshire Bank has a special "Jumbo"(100K+)MMA acct not listed or advertised & the rate is 2.81% APY guaranteed til 1/1/2010--I was happy to open this acct friday at the Irvine brnch on RedHillAv together with a 12 mo. 'installment svngs' "deposit" acct & thus avoid the need for a chkng--if MMA bal drops below 100K rate is 1%
Anonymous   |     |   Comment #557
Thank you to Anonymous above about the report of the Wilshire State Bank 2.81% APY MMA account ($100K minimum balance).
DataIsGold (anonymous)   |     |   Comment #558
Schwab Savings down to 1.75%
Schwab Checking down to 0.75% APY
Anonymous   |     |   Comment #559
Typo on today's article

"it's not like she stoled the money"

Thanks for your hard work.
Anonymous   |     |   Comment #560
AAFCU MAAXIMUM checking rate dropping to 3.5% from May 1st, 2009.
Anonymous   |     |   Comment #561
Couple of good deals at John Marshall Bank in Arlington VA:

Money market 2.50%
18 mo CD 2.75%

Both require $25K of new money and opening a checking account. This is available ONLY at the Arlington branch.

O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #562
Major drop at 1st Constitution Direct.

Regular Super Savings rate dropped to 2.05% (down from 2.5%).

90-Day Special Rate dropped to 2.5% (down from 2.75%).

~O-Qua Tangin Wann
Anonymous   |     |   Comment #563
Dollar Savings Direct down from 2.05 to 2.00 apy

Main page already has this in the summary, nice catch BankingGuy.
Anonymous   |     |   Comment #564
I received an e-mail from USAA last night for a 3.25% 2 year CD, $1k minimum. Must apply before May 31. I think it is for current customers only, but I am not positive (and can't check the e-mail from work to confirm).
Angelo_Frank (anonymous)   |     |   Comment #565
Hopefully this will not negatively affect share certificate rates at these two credit unions:

"The Credit Union Journal reported Monday (April 20th) that two of the largest credit unions were hit particularly hard with large losses due to hefty assessments to rebuild their insurance fund. The Navy FCU reported a $166.9 million loss for the first quarter, the biggest ever in credit union history, blamed mostly on bailout charges. And the Pentagon FCU saw almost all of its $28.7 million net for the first quarter erased by a $27.7 million charge for the corporate bailout, the Credit Union Journal reported."
Anonymous   |     |   Comment #566
Re Broadway Federal Bank's Online Anniversary Savings account, which was noted over the weekend to have been delisted from their Web site, I just spoke with a CSR.

They said the account is no longer open to new customers. It continues in effect for existing customers. So far, the rate remains the same, at 3.0 rate, with 3.05 APY.

I hate banks suckering you in and then switching. Clearly this account is now planned to be eventually phased out via lower and lower interest rates until everyone jumps ship. At least for the moment, the rate remains. But where do I now take my account next?
Anonymous   |     |   Comment #567
Banking Guy,

I read one of your blogger's comments about a Credit Union Journal article in April 2009 about large losses at Navy Federal Credit Union and also Pentagon FCU. I went searching on the internet and came across this:


I hope you will have some discussion on this because as individuals we all need to know more about the operations of the banks and credit unions where we put our deposits. I know there is NCUA deposit insurance but I still want to know about what these credit unions might be forced to do --- such as approving cramdown legislation that makes credit unions allow a judge to rewrite mortgages -- once again another example of how bad behavior gets rewarded and gets paid for by good behavior --- i.e. the savers.

What kind of interest rates can we savers expect if not only banks but also now credit unions have to pay for the bailout of corporate credit unions?

This does not look good to me!!!!!!!
Anonymous   |     |   Comment #568
OnBank Money Market down to 0.50% APY. Pathetic!
Anonymous   |     |   Comment #569
savings bonds

EE Bonds 0.7%
I Bonds 0.0% fixed rate .10%
Anonymous   |     |   Comment #570
GMAC 1 year CD is up a bit. It is now 2.80%
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #571
Centennial Bank down to 2.75% (2.79% APY) for balances over $100,000. The rate was 3.25%.

Alliant Credit Union did drop their Checking and Savings rates by .25% as expected.

~O-Qua Tangin Wann
DataIsGold (anonymous)   |     |   Comment #572
Wow FDIC is working quick today
has been taken down.
djc314 (anonymous)   |     |   Comment #573
FDIC seizes banks in Colorado and North Carolina
Regulators sell Cape Fear Bank of Wilmington, N.C., to First Federal Savings & Loan Assn. of Charleston, S.C. They fail to sell New Frontier Bank in Greeley, Colo.

The Federal Deposit Insurance Corp. took over Cape Fear Bank in Wilmington, N.C., and New Frontier Bank in Greeley, Colo., after state regulators closed them down
Anonymous   |     |   Comment #574
Silverton Bank, a wholesale bank, closed by FDIC. 1400 client banks.
Anonymous   |     |   Comment #575
To Anon 4/29/2009 12:49.

Re: USAA 2yr cd @ 3.25% APY.

This is for P&C eligible USAA customers only. Minimum $1k. Thru 5/31/2009.
Anonymous   |     |   Comment #576
Great Florida Bank in Boca Raton, Boynton Beach have a 5 month CD at 2.3%.
rav (anonymous)   |     |   Comment #577
As of May 1st, Charter Bank dropped the rate on its Private Money Market account from 3.5% APY to 3.1% APY. Still a great deal if you can meet the minimum balance requirement of $50,000.

For more information, see http://www.charterbankwa.com/charter-bank-rates.htm#CPmoneymarket
rav (anonymous)   |     |   Comment #578
Regal Financial Bank recently dropped the yield on its Emerald Savings account from 3.00% APY to 2.75% APY. Minimum balance requirement of $2,500.

For more information: http://www.regalfinancialbank.com/deposit/regalrates.html#savings
rav (anonymous)   |     |   Comment #579
that URL re: Regal Financial Savings should be:


(not sure why it was truncated)
rav (anonymous)   |     |   Comment #580
That's annoying. Anyway, go to:


and scroll down to Savings section.
Anonymous   |     |   Comment #581
The Recent Comments links don't work anymore. It used to be when you clicked on any of the Recent Comments at the top of the page you would jump right to that comment.

But it is broken now.

You have to scroll all the way to the bottom once you manually go to the Newest Comments page.

I wonder if Banking Guy can fix this please.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #582
About the recent comment links. I think I got a fix. Blogger changed the links on me.
Anonymous   |     |   Comment #583
Thank you, Banking Guy. It is working now.

You are always so quick to assist.

We love and appreciate all you do!
Anonymous   |     |   Comment #584
First Republic Bank is advertising 24 months at 3.00% in today's Los Angeles Times. Down from last month, but competitive. $5k minimum
DataIsGold (anonymous)   |     |   Comment #585
Just saw an flyer at Us Bank for 3.85% 59 Month CD. I think that's a rate increase compared to last week.
Anonymous   |     |   Comment #586
Good article. Has chart with cost to FDIC of this year's failed banks to date.


"FDIC Insures $4.7 Trillion in Deposits with a $13.6 Billion Deposit Insurance Fund. This is Like Going into a Hurricane with a 99 Cent Store Umbrella."
DataIsGold (anonymous)   |     |   Comment #587

Although rates for your darby-direct online savings are subject to change at any time, we would like to offer you a special ‘thank you’ for your patronage and patience in recent weeks. As of 5/5/2009, all existing darby-direct accounts will have a guaranteed rate of 3% APY through September, 30, 2009. Again, as a thank you for your patience, we are guaranteeing your rate to remain at or above 3.0% APY through September 30, 2009. There is no need to call us. This guarantee will automatically be in affect for your darby-direct online savings account.

You will notice at darby-direct.com that we are advertising a lower rate of 2.25% APY for new accounts. In addition, new account applications are limited to residents of the State of Georgia. This will not affect you or your access to your account at darby-direct.com. We are grateful for your business and these changes will allow us to improve our systems and support plans to enhance your experience with darby-direct.
Angelo_Frank (anonymous)   |     |   Comment #588
Effective June 1,2009 the EverBank Yield Pledge Money Market Account will have a $8.95 monthly fee for any month that the balance falls below $5,000.00. The minimum balance used to be $1,500.00. This information is in their updated Terms and Conditions.
Anonymous   |     |   Comment #589
Wheatland Bank in Naperville, IL is offering 24 months at 3.25% Down from their highs, but competitive.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #590
Imperial Capital bank iMoney Market Account for $100K and over is down to 2.03%.

Imperial Capital Bank Savings II Account rate has dropped to 2.18%.

Goodbye to Imperial Capital Bank.

~O-Qua Tangin Wann
Anonymous   |     |   Comment #591
The Provident Bank in New Jersey has started an internet bank called ProvidentNJ Direct. The Power Savings account looks like a deal (a promo with a 3.25% APY guaranteed for the first 90 days from account opening) BUT it is almost impossible to open online because of a flaw in their application/confirmation system. I think that they are using this system to try to slow the response.
Anonymous   |     |   Comment #592
The Provident Bank in New Jersey has started an internet bank called ProvidentNJ Direct. The savings account is called Power Savings. VERY difficult to open online. The online application/confirmation system is flawed.
Anonymous   |     |   Comment #593
Leaders Bank with branches in the burbs of Chicago is advertising a 2.80% APY 12 month CD in the Chicago Tribune. Minimum deposit is $10K. Here's web site, http://www.leadersbank.com/, though rate sheet appears not to be posted.
rav (anonymous)   |     |   Comment #594
3.39% APY 33 month CD at Core Business Bank in Bellevue, WA.

no direct link, but can find info on home page and "Our News & Events"

Anonymous   |     |   Comment #595
Broadway FederaL Bank offering a 12 month CD for 2.50 rate, 2.53 APY


$1,000 minimum. It apparently is available only online.
gary (anonymous)   |     |   Comment #596
Fifth thrid bank in ohio has two CD specials available through May 11. 2.53% apy for 18 months and 3.5% for 53 months. Min for both is 5K. There was an add in the Columbus Dispatch and they are also listed on their website www.53.com.
Anonymous   |     |   Comment #597
Liberty Savings Bank has a new program in conjunction with the State of Ohio. Any Ohio resident can open a savings account and earn 4% for one year. Max deposit is $5000.

Anonymous   |     |   Comment #598
Discover Bank is offering promotional rates of 3.20% for 3-year CD and 3.70% for 5-year CD.
Da Grand Poobah
Da Grand Poobah (anonymous)   |     |   Comment #599
1st Constitution Direct has extended their 3 month bonus-rate for me for about 9 months so far. You just have to call and ask them.
Anonymous   |     |   Comment #600
Dear Da Grand Poobah,

Did 1st Constitution Direct extend your rate at your original promo rate, or was it at the lowered promo rate? Thank you.
Anonymous   |     |   Comment #601
I am at the 3.44% APY promo rate with 1st Constitution Bank.

My rate expires Monday, May 11.

I called them. They will only renew me for three months at their current promo rate, which is 2.5%.

In today's marketplace, 2.5% is very competitive, but perhaps seeking out one of those Korean-American banks might bring me a higher return?

Also, it is safe to assume that come 3 months from now, 1st Constitution Direct's promo rate might be less than 2.5%.
Anonymous   |     |   Comment #602
After the bank "stress test" some banks will be ordered to raise capital. Does this equate to attracting more deposits? Will this possible bring higher savings rates?
DataIsGold (anonymous)   |     |   Comment #603
@Anonymous, at 1:53 PM, May 07, 2009

Just speculation.

I think we'll see some give attractive high yield long term CDs.
Regular Saving rates might not go up since those accounts are too liquid.

If you have a regular BofA savings account you're getting an amazing
.10% APYSomething else we'll see is to raise more fees and other clever ways of raising funds from existing customers.

We'll also may see some of these Banks offering more stock offerings to raise capital.
DataIsGold (anonymous)   |     |   Comment #604
Telesis Credit Union
Will give you a $10 Starbucks or Jamba juice card for opening a Free Checking account.

Locals only

Anonymous   |     |   Comment #605
I just received an email from E*Trade:

Given the current interest rate environment, we recently lowered the rate on your E*TRADE Bank Complete Savings Account to 0.95% APY.(1) Even with the Fed Funds rate near zero, your account still earns over 5X the national average.(2)..effective today. I moved my savings account funds from E*Trade many months ago after losing any competitiveness.
Anonymous   |     |   Comment #606
E-Trade says they are paying 0.95% which they claim is 5x the national average.

If you divide 0.95% by 5, you get


So, E-Trade is saying the national average for savings accounts is 0.19%?
Anonymous   |     |   Comment #607
Christian Community Credit Union's money market ($1K minimum) down to 1.30% APY (was 1.50%). The premier money market ($25K minimum) is unchanged at 1.90% APY.
Anonymous   |     |   Comment #608
Bank2 has restricted the Great Rate Checking account to Oklahoma residents, and limited accounts to two per household as of 5/6/09...
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #609
Rewards Checking:


4.01% on the first 25k, 1.01% above.

Typical 12 debit, 1 dd/automatic payment, and estatements.
Anonymous   |     |   Comment #610
to anon@10:07 PM:
Current rate on BofA savings is 0.10%
Current rate on Chase savings is 0.05%

Since those are 2 of the largest banks it seems reasonable that the national average IS 0.19%.
Anonymous   |     |   Comment #611
VERY interesting CD at Melrose CU. They are offering a CD whose yield will be linked to the stock market performace, specifically to the S&P 500.

If S&P is higher when CD matures than when it was opened, you get a % of the increase (they don't say how much of a %). If S&P is same or lower than when CD was opened, you get your principal back.

With the market down so much, it is VERY likely it will be up a year from now, and quite likely it will be up substantially more than, say, the 3% on a 1-year CD -- maybe a LOT more. Thus, you could get a VERY good return on this CD.

From the Web site (http://www.melrosecu.org/save.asp#ez):

Market Index Certificate

A Market Index Certificate is similar to a regular Share Certificate, but your investment earnings will be based on the Standard & Poor's 500 Composite Stock Price Index (S&P 500), a standard for stock market performance.

Here's how it works:

If the S&P 500 is higher on the day your Market Index Certificate matures than it was on the day it was established, you earn a percentage of the increase.

If the S&P 500 declines or stays the same, you do not earn dividends, but you receive your initial deposit back.

A Market Index Certificate therefore has the potential for higher returns, but you will never risk losing your principal. Please contact the credit union for details, current rates or to invest in a Market Index Certificate today.
Anonymous   |     |   Comment #612
Re the info I posted about Melrose CU offering a CD linked to the S&P 500 -- well, in e-mailing with Melrose, they say their Web site is mistaken, that that CD was canceled some time ago, no longer exists:

"The Market Index Certificate was discontinued a while ago and it’s information should have been removed from the website. We apologize for any confusion."
Anonymous   |     |   Comment #613
Catholic Federal Credit Union has some decent certificate of deposit rates (5 year 3.29% APY). Membership is limited to the Saginaw Diocese.
DataIsGold (anonymous)   |     |   Comment #614
Telesis Community Credit Union that I mentioned above actually does a Hard pull on your credit file.

Anonymous   |     |   Comment #615
CCCU's money market rates down again: 1.00% APY for regular money market and 1.50% APY for premium money market.
Anonymous   |     |   Comment #616
If you really want a structured product like a market linked CD, I'd recommend you review the offerings from First Internet Savings Network (fisn.com).

Note that none of these things are FDIC insured, but they have some very intriguing products. Read the disclosures carefully, and don't get into anything you don't completely understand.
Anonymous   |     |   Comment #617
university federal credit
union in austin tx has
a new online system that
allows ach transfers in
both directions. i have not
tried to use yet.
Todd (anonymous)   |     |   Comment #618
Could I ask that additional details on comments for all banks be added? Specifically, how does a bank return funds upon maturity? I was quite dismayed to find out WaMu returned my funds via check, despite my using ACH to send the funds. That lost about a week of interest and guess who gets to use the funds interest free in the meantime? In fact, they have the ability to ask for a "written and mailed" instruction to close the CD, again despite the fact this was opened online without any written or mailed instruction to open the account. I argued and they waived this. Very unfair.
Anonymous   |     |   Comment #619
GMAC is now Ally Bank.
Anonymous   |     |   Comment #620
GMAC bank is now ALLY bank..
Anonymous   |     |   Comment #621
Broadway Federal Bank, in Los Angeles, just dropped its rate on its Anniversary Savings Account by half a percent. It was a rate of 3.0% and now is 2.5%, with a 2.53% APY.

This is the account that a couple weeks ago stopped accepting new customers and was no longer listed at the Web site. But they were holding the interest rate for existing account holders -- until this afternoon.

Another one bites the dust.
Anonymous   |     |   Comment #622
NCUA seized Rouge Employees Credit Union today. Former members will be served by Chief Financial Federal Credit Union.
Anonymous   |     |   Comment #623
Just wanted to comment that this web site os the best Ive ever seen...accurate and up to date.
Keep it up...the consumer has to find it of great help
Anonymous   |     |   Comment #624
Banking Guy,

In your top post of Weekly Summary, you have a typo.

"However, if you click on the image with the 2.50%, it takes you to a promo page that's still showing 2.25%. So I'll have to call Monday to find out which is correct."

That 2.25% should be 3.25%
Anonymous   |     |   Comment #626
Banking Guy,

Oh, yes, you're right, my bad. No typo. I managed to misread it. Sorry.
Anonymous   |     |   Comment #627
Rivermark Credit Union is still offering their Reward Savings Account that pays 5% APY for the first $2,500 (0.5% APY on amounts greater than $2,500). The Reward Checking Account is good too.

ESM-NS Credit Union is offering 1.99% APR for 6 months on a Home Equity Line of Credit.
Anonymous   |     |   Comment #628
I just called wilshire state bank about their rainbow savigs account for 36 months. They said that if I opened up a checking account, the rainbow account would earn 5.4%...not the listed 5.12% on the website.
Anonymous   |     |   Comment #629
I just called Wilshire about another issue, but it was a challenge communicating with the Korean CSR. If you know where you can generally reach a native English speaker at the bank, please so indicate.
Anonymous   |     |   Comment #630
I have 36-mo. Rainbow Savings account AND a checking account at Wilshire State Bank. My Rainbow Savings account is earning the 5.12% APY. If you DON'T have another account with them, then the 36-mo. has a rate of 4.86% APY.
Bob (anonymous)   |     |   Comment #631
I also called Wilshire Bank and had trouble finding a fluent English-speaker. I actually called 2 NYC area branches w/o luck, then the L.A. headquarters, who sent me to Dallas (and who still couldn't help). Dallas gave me the # 213-639-1851, where I finally found some help. A note for those w/o access to a Wilshire branch that it'll cost you to have the matured CD sent to you - $5 for a cashier's check and $18 for a wire transfer.
Bob (anonymous)   |     |   Comment #632
Bob again. I just checked the 2.50% 4-mos CD at Danvers Bank, and there's no fee for them sending you the matured CD, so that seems like a better deal to me than Wilshire, which is a slightly higher rate but 2 months longer term and a minimum of $5to get your cash. I'm new to this - is charging to send you your matured CD normal?
Anonymous   |     |   Comment #633
It's normal for a bank to charge a fee to wire your funds to you upon maturity of your CD. The average outgoing domestic wire fee is $20 but the range is from free up to $30. It's rare for there to be a charge for an official check.

Thanks for the info on your experience communicating with Wilshire.
Bob (anonymous)   |     |   Comment #634
Just so I'm clear, I am gathering that it's normal for a bank to charge for a wire transfer, but most banks should cut you a check for the amount of a matured CD for no charge. Or is it normal for them also to charge for that, and Danvers is an exception for not charging? If fees are normal for this, that could really cut into the interest one has earned on smaller CDs at lower rates. Thanks for your help if you get to this comment!
Anonymous   |     |   Comment #635
I have never heard of a bank charging a fee to cut a check to give you when you close your account. They will charge for a check for other reasons, sometimes.

Also, as stated above, it is normal to have a fee for a WIRE transfer.

However, an ACH transfer (Automated Clearing House, the same thing checks go through) might or might not have a charge, seems most often not. But even if there is a charge, it will be notably less than a wire transfer, probably at most $5. However, a wire transfer can get the money to another bank same day. Via the ACH, it will typically take overnight or multiple days to get there -- just as it does for clearing a check. Still, when it gets there via the ACH, it is cash, not a check that another bank will put a hold on.

Also note, check about a wire or ACH fee on both ends. Some banks charge a fee for INCOMING wires or ACH.
Anonymous   |     |   Comment #636
FNBO Direct down to 1.65% ..... Grrrr
Anonymous   |     |   Comment #637
Emigrant Direct rate down to 1.55% from 1.65
Anonymous   |     |   Comment #638
Ocean First Bank is offering a special rate on their Bluechip Investment Account of 2.50% APY. This is an FDIC insured liquid account. Rate guaranteed to Aug 1, 2009. Balance of $15K needed to receive this rate, and no fees if balance is over $25K. Max deposit is $500K for this rate. Accounts must be opened in person by end of May.

This special is not on their website, but appeared as an ad in the local paper.

Contact Ocean First Bank at www.oceanfirst.com or 888-OCEAN33. Branches located throughout Ocean County and parts of Monmouth County, New Jersey
Anonymous   |     |   Comment #639
Farmers and Merchants Bank
just cut it's Platinum Rewards APY from 4.51% to 4.01% on balances up to $50,000.

Really too bad. I'm worried that now First Arkansas B&T which has been at 4.44% on balances up to $50,000 will cut as well.
Anonymous   |     |   Comment #640
Both the House and Senate passed a bill today raising FDIC/NCUA deposit insurance coverage to $250,000 through 2013.

I wonder what else has to happen to make this law and when we can expect it.

Will this mean, for example, that with two POD beneficiaries, we're insured up to $500,000?
Anonymous   |     |   Comment #641
To Anonymous at 4:44 PM -- For the bill to become law, the president has to sign it. That is expected to occur within days.
Anonymous   |     |   Comment #642
CapitalOne just lowered their online savings rate from 2.01% down to 1.85%
Angelo_Frank (anonymous)   |     |   Comment #643
The lowering of the savings rate at Capital One does not bode well for the prospects of Ally Bank (GMAC Bank) keeping their savings rate at 2.25% APY. The two institutions usually adjust their rates about the same time for some reason. Besides, Ally Bank has to pay for the new 24/7 phone customer support they are touting.
Anonymous   |     |   Comment #644
The Capital One rate reduction must be due to my switching of my money from Provident Direct to Capital One Direct. Not surprised at all since I moved a lot of money to Provident Direct earlier this year and they reduced their rates down to 0.5% now. It is getting very crowded here at the bottom now. May be time to move to a community bank which is more insulated from rate changes because they don't have these massive shifts of money from depositors who routinely open and close accounts from across the country.

With the impending merger with Chevy Chase bank, Capital One's rates may start to bottom like the Provident Direct/M&T bank rates have done.
Anonymous   |     |   Comment #645
Newtown Savings Bank has a Internet Account that has been holding at 2.30%. I never applied because you have to mail in the application and I assumed as soon as I did the rate would drop. It is a no minimum account.http://www.nsbonline.com/usweep/find.html
Anonymous   |     |   Comment #646
I forgot to mention Newtown Savings is a small bank in Fairfield County CT.
Anonymous   |     |   Comment #647
Shore Bank DROPS its rate to 2.05% APY on its High-Yield Savings Account, effective May 21, 2009.

Unbelievable! I just opened the account and never even got to fully fund it before the rate dropped from 2.45% to 2.05%

I had just placed a transfer for $250K this afternoon that was to take place after 10 PM tonight -- but luckily could cancel the transfer before it took place b/c I got their e/m in time!

Thank goodness for small favors.
Anonymous   |     |   Comment #648
Bill extending the FDIC $250k coverage through 2013 became law today.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #649
Bank of Blue Valley reward checking reward rate cut from 5.51% to 5.01%, and over 25k rate cut from 1.25% to 0.85%. (effective 5/21/2009)

Anonymous   |     |   Comment #650
BankUnited Financial (largest Florida lender) was shut down and sold to a group of private equity firms today.
Anonymous   |     |   Comment #651
Re: credit card rewards, if you wanted to charge more than your credit limit, could you prepay so for example if you had a $1000 credit limit with no balance, could you pay $500 and then charge$1500 for $1500 worth of rewards?
Anonymous   |     |   Comment #652
My Countrwide (Bank First) Visa card was recently replaced by the Chase Freedom card at the 1% reward level. I called Chase today, asked them for the 3% reward level for top categories listed on their web site. I was told by the CSR and supervisor that the 3% reward level is no longer being offerred, further that those currently at 3% reward level will be soon see their reward level go to 1%. What is the best reward level currently being offerred from Chase or any other issuer that you know of?
Anonymous   |     |   Comment #653
To Anonymous who posted on 6:35 PM, May 21, 2009

I don't believe that your credit limit includes any prepaid credit amount existing on the account. If you attempt to charge the extra $500 beyond your limit, the merchant will probably get a rejection reply to the attempted transaction. I believe credit balances are treated separately from your credit limit amount and does not extend your credit limit. I would verify this with your credit card company before you try to do this, but I guess just going to a store to buy something that is $500 more than your limit would be worth trying.
DataIsGold (anonymous)   |     |   Comment #654
@Anonymous who posted on 6:35 PM, May 21, 2009

There's been discussion of your very question over at fatwallet and mrcredit's blog.

The above poster is correct, the merchant may receive a decline.

The other situation is as follows:
The transaction goes through and you are hit with over limit fees.
Even though your balance is 0, you went above your credit limit for the card.
Anonymous   |     |   Comment #655
A WARNING REGARDING E-LOAN BANK. I have a CD maturing there. They provide that the ONLY way you can get your money is via the ACH. They only allow you to change your external account once in any 60-day period.

I called in two weeks ago to find out about closing my CD and getting my money. They told me I could change my external account online up to 5 days before the CD matures. They specifically did not say 5 BUSINESS days. They also said during that 5 days, I would have to call in if I wanted to deal with the external account, but that it might not be completed by the maturity.

I had recently closed the external account to which my e-loan account was linked. But because of the 60-day limit, I did not want to just change that external account two weeks ago, because I might have wanted to change it to a new CD I open someplace else so it would be ACH'd there. (THEY WILL NOT ACCEPT AN ACH WITHDRAWAL FROM ANOTHER BANK THAT IS NOT MY OFFICIAL EXTERNAL ACCOUNT!) So, I figured I should wait until close to five days in advance, and decide where to make my external account in preparation for closing the CD.

Today is 7 days in advance. I tried to change the external account, but I am being barred from doing so. It now turns out that the time frame is not 5 days in advance but 5 BUSINESS days in advance, and today would be the fifth business day!

I called in. They will not allow me to change my external account, NOR TO EVEN START THE PROCESS TO DO SO! They are refusing to start the process to change the external account until after my CD matures. And then, they say it might take up to a week to make the change.

Only after the change is made would I be able to then close the CD to that external account -- and wait a few more days for the ACH.

And all the while they hold my money during the grace period, they will give me NO INTEREST!

They will not even send out a check upon maturity!

I pointed out that the fault of the five-day bit is not mine but their CSR who said 5 days, not 5 business days. They don't care; they refuse to do anything to help.

Anonymous   |     |   Comment #656
E-Loan should rename their savings accounts and CD using some other nomenclature. Since they are only allowing withdrawals through another bank ONLY, the name should reflect this restriction. Taken from their website:

These E-LOAN CDs and Savings Accounts are "electronic" or "online" only and are therefore accessible only through the E-LOAN website and NOT through BPNA's ATM and branch network. As such, there can be no cash or check deposits to, or cash or check withdrawals from, these Accounts. Withdrawals can only be made to a bank account maintained with another financial institution. ATM, debit or credit cards, bill-paying, check-writing, and overdraft protection are not offered on these E-LOAN Accounts.
Anonymous   |     |   Comment #657
For everyone who appreciates the great information on this site and the hard work that Ken the Bank Deals Guy does in maintaining it, I'd just like to remind you about the "Tip Jar" link on the right side of this page. That link will take you to a page where you can make a direct contribution to Ken or, as I just did, where you can link to Amazon and make a purchase that Ken gets a percentage of. Just so you know, I don't know Ken personally - I'm just an investor who has found the information on this site very valuable and is appreciative of the work that Ken does in putting it together.
Anonymous   |     |   Comment #658
Re: 6:39PM, 5/26/2009.

Thank you for your reminder of bankguy's valuable information. I would love to tip to bankguy. But I have issues with paypal.

Could we make a separate tip link through visa or mc or debit card, and not thru paypal?
Anonymous   |     |   Comment #659
13 month CD 2.65%* apy with a savings account. 2.40%** with out. At Washington Federal Bank wafedbank.com. Local residents only

*Savings Account: New money only. $250 minimum deposit. The annual percentage yield (APY) of 1.00% is effective as of May 14, 2009 and is subject to change without notice. The minimum balance is required to open and earn the stated APY. There is a penalty for early closure. The rate may change after the account is opened. Fees can reduce earnings. 13 Month CD: New money only. $1,000 minimum deposit. The annual percentage yield (APY) is effective as of May 14, 2009 and is subject to change without notice. The minimum balance is required to open and earn the above APY of 2.65%. There is a penalty for early withdrawal.

**New money only. $1,000 minimum deposit. The annual percentage yield (APY) is effective as of May 14, 2009 and is subject to change without notice. The minimum balance is required to open and earn the above APY of 2.40%. There is a penalty for early withdrawal.
Anonymous   |     |   Comment #660
Rate drops:

AIG 2.11% from 2.16% (250K+)

grand yield direct (Apple) 1.80% from 1.90%

iGo 2.02% from 2.12%
tuphat (anonymous)   |     |   Comment #661
The American Bankers Assoc. has written a letter to the FDIC, complaining about Ally/GMAC Bank's "aggressive" deposit rates. Very anti-saver. See letter at: http://www.aba.com/aba/documents/News/GMACletter52709.pdf
Anonymous   |     |   Comment #662
Progressive CU short term rates will be cut by 50 basis points after today (5yr stays unchanged); LOMTO CU rates will go up in june - happy hunting
me2u1004 (anonymous)   |     |   Comment #663
To Anonymous, at 7:20 AM, May 29, 2009:

I sure would like a recommendation to join Progressive. Please be in touch about one.
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #664
There is a bank in Colorado that is offering a 3% APY checking account if you have minimum $250K. It is not a rewards account. No restrictions.

$100K to $249,999 gets you 2.5% APY.

$50K to $99,999 gets you 2.25%.

The bank is called Solera National Bank.

Maybe Banking Guy can do a posting on this account please?


~O-Qua Tangin Wann
Banking Guy
Banking Guy (anonymous)   |     |   Comment #665
Thanks. I gave Solera a call late Friday. The CSR said that they could open accounts by mail. I plan to do a post tomorrow.
Anonymous   |     |   Comment #666
FDIC orders changes at five California banks, including a Koreatown bank. From today's LA Times:

Anonymous   |     |   Comment #667
Mirae Bank, in LA's Koreatown, is offering a 12-month CD at 2.68% APY (for balances up to $99,000. Drops to 2.5% for balances over $99,000).

Also, for CDs of 1 year or less terms, the interest is posted at maturity -- which means a certain tax deferral benefit as all of it would be reportable for the tax year in which it is posted.

Anonymous   |     |   Comment #668
If you break a cd at Melrose Credit union then you only get one and a half percent. It is therefore important to make sure you can leave it there to term.
Anonymous   |     |   Comment #669
Bump Rate Certificates offered by NASA FCU

NASA FCU is offering a 24 month 2.00% APY bump rate certificate and a 36 month 2.60 % APY bump rate certificate. Both require a minimum deposit of $5K.
Anonymous   |     |   Comment #670
Hi All,

I setup a checking account at Hanmi Bank. When I try to do an express transfer I get an error message:

you have been logged out due to inactivity.

Is anyone else having this problem?

Anonymous   |     |   Comment #671
Anonymous   |     |   Comment #672
Indymac/OneWestBank e-money market rates have dropped

$1,000 - 9,999 0.75%apy
$10,000 - 24,999 1.25%
$25,000 - 49,999 1.50%
$50,000 - 99,999 2.10%
$100,000 - $250,000 2.15%
Dave (anonymous)   |     |   Comment #673
WSJ article on savings accounts:

Anonymous   |     |   Comment #674

I wrote previously about trouble with closing my CD account with E-Loan Bank. It now appears my first warning was not harsh enough. I will now say, in my opinion, E-Loan is a criminal operation -- beware!

It is now a week since my CD matured. I still have not been able to get E-Loan to close my CD and send me my money. All the while, they are holding my money without me even accruing any interest -- a free loan for them. And, of course, I do not have my money to with as I want or need.

They have given me wrong info at every turn, no matter have careful and questioning I have been -- and I am very careful and ask lots of questions.

The latest is that although I finally yesterday fought my way through to what was supposed to be the end, with them closing my account yesterday and putting it in the ACH yesterday to my external account at another bank, in checking today, I find they still have not closed my account, have not put the funds into the ACH system! They assured me on the phone yesterday morning that it would go into the ACH by yesterday evening. But they did not do it -- they are still holdong my money today.

Today, their latest story is that it can take a few days before they send it into the ACH!

This horrendous problem started as my CD maturity date approached. I was responsible and called two weeks in advance to get info so I could close it nice and smoothly. But I had an issue with my external account, because I had closed the one on record. They told me I had until five days before the maturity date to change my external account. I was told that if I missed that deadline, I would not be able to do it online, would have to phone in to do it.

OK, at seven days -- I intentionally did it early to avoid any issue -- I went to change my external account to an active one. But I was unable to. It turns out, the time frame is five BUSINESS days, not five days. And when I phoned in, they refused to help in any way.

And once you are in that five-(business)-day period, E-Loan will not let you even start the process to change your external account. In fact, they will not let you start the process until a day AFTER your CD matures, that is, a day after your money is supposed to be available to you!

I even tried to have them merely close my CD to an E-Loan savings account. But even though it is in-house, they tell me they would send my CD money through the ACH to themselves and when they received it back, then the savings would be opened. AND, in doing that, it would spark a 60-day time frame before I would be able to change my external account!

Since this writing is long already, I will keep the rest short. In short, in EVERY communication I have had -- written online or verbal on the phone -- they have given me wrong info that I don't learn is wrong until it trips me up later.

My money was suppposed to be available to me last Thursday. It is now Wednesday, a week later, and they still are playing their games and holding my money against my will. All the while, I don't even get any interest, as they give no interest during the grace period if you close the CD.
Anonymous   |     |   Comment #675

As an addendum, I note, this is the only thing in their Disclosure Agreement regarding ACH of withdrawals:

"Any instruction from you that is required or permitted according to the provisions of this Agreement and is received on or before 12:00 p.m. (Pacific Time) on any business day will generally be processed on the same day it is received."

My notification was presented in writing AND phone before 10 a.m. PT.

Also, there is NOTHING in the disclosure barring changing of external accounts within five days of maturity of a CD. Yet, when you go to do it, you are barred.

In my opinion, they are acting criminally.
Sarah (anonymous)   |     |   Comment #676
Just got this in an e-mail, not sure if it's woth sharing. Might only apply to current accountholders.

WTDirect $75 bonus for direct deposit.

Signup:Log into your WTDirect account and click on the "$75 Direct Deposit Bonus" link on the Account Summary page.

Fine print: To qualify for the $75 bonus, your WTDirect savings account balance must be at least $10,000 on July 31 and you must make direct deposits into your account of at least $300 per month during the period 7/1/09 through 9/30/09. Bonus will be credited to your account on or about October 15, 2009. A direct deposit is defined as a recurring and automatic electronic deposit transaction of at least $300 per month initiated by a third party source of income, such as employment, pension or social security income. Direct deposit must be from a source not already being direct deposited into any existing account with Wilmington Trust or its affiliates. Staff members of Wilmington Trust and/or its affiliates are not eligible to participate.

Based on my back-of-envelope calculations. setting this up to transfer in $10K for 7/31, then out the next week, plus time the dd money would be in the account or being transfered out, you'd net about $60 over savings for the effort, but I'd love to see your calculations if you post on it. FYI, WTDirect's ACH transfers take 3-4 days; not sure how the interest actually works. Example: set up to start 5/26, funds deducted 5/26, credited to destination accoutn 5/28. So I think two days lost interest.
Tuphat (anonymous)   |     |   Comment #677
Ally response to ABA letter ->

Bloomberg coverage ->
Angelo_Frank (anonymous)   |     |   Comment #678
It didn't take long for Ally Bank to succumb to the pressure of the ABA and lower their savings account rate to 2.03% did it? GMAC CEO de Molina was not so resolute as his reply to Mr. Yingling indicated. Now if Ally Bank would only update their web site to indicate the lower rate.
Anonymous   |     |   Comment #679
This is an odd one. Good for a music lover w/o much money. Community Bank of Pleasant Hill has a 2nd reward account offering $9.90 worth of downloadable iTunes a month w/ a sign-up bonus of $9.90 in iTunes.
10 debits are required. $100 min. to open. Free online banking and bill payment.

Anonymous   |     |   Comment #680
Ally Bank (GMAC) lowered its online savings account rate to 2.05% from 2.25%
Anonymous   |     |   Comment #681
Ally Bank also lowered its 1 yr CD rate to 2.49% from 2.80%
Vito M Zerilli
Vito M Zerilli (anonymous)   |     |   Comment #682
i really like your website. very good going ! if it wasn't for you i wouldn't open a CD and savings account with ally bank... Thank you so much. Vito Zerilli
San diego
Anonymous   |     |   Comment #683
I had the a high yield money market account with Corus Bank for rougly a year. Trough their secure email I asked for my account to be closed and for the accrued balance to be sent to me by check. I got an email that they needed written instructions which I faxed immediately. When I checked with them by secure email the next day, they wrote back saying they could not close my account without knowing the reason why I was closing the account. I wrote back indicating I needed the money. Nothing happenned for two mroe days. I called back and they told me they had just received my fax and would process my account closure the same day, which they did.
Anonymous   |     |   Comment #684
Has anyone check out the CD rates at fisn.com? I have been doing business with them for about 10 years now. I buy their high interest callable CD’s. In the earlier part of this decade, when the interest rates were under 2.00%, I was making 6.125% on my money. Funny thing, last year they called my CD so I opened one for 7.25%. I just received a letter today letting me know that the bank is now calling this CD. I guess I’ll open the 8.00% CMS interest CD. Even though the potential callable rates vary (usually 10-20 years), I have never had one go longer than 3 or 4 years (it is usually called after one year). And each time I was able to open a new CD at a higher interest rate. Two months ago there was an offer with a guaranteed rate of 14.00% for the first year. Almost always the bank chooses to close the CD at the first opportunity that they get. That’s fine with me. I made my money.

Best of all, all of these CD’s are FDIC insured.
Anonymous   |     |   Comment #685
In my above post about fisn.com, I thought about going with the 8.00% CMS CD. That’s probably a poor choice after studying the chart. I’ve decided to go with the 7.00% CD linked to LIBOR. Only in 1995 and 2001 did it break out of its range (which means no interest would be paid on those days). It’s a much safer CD.

For those who would like to put money into the stock market, fisn.com also offers FDIC insured CD’s. You cannot lose any of your principle if the market goes down. You will get interest only if the market goes up. As far as the stock market is concerned, you cannot lose a penny of what you invested. Still, this CD is not for me. The lowest interest that I have received in the past 10 years has been 6.00%. I’ll stick with those.
Anonymous   |     |   Comment #686
TotalBank is offering a promo for "new money" on CD's of 2.55 APY with $1,000 minimum for 3, 6, 9 & 12 months.

Site: [code]https://www.totalbank.com/Eng/Campaigns/mfa.asp[code/]
Banking Guy
Banking Guy (anonymous)   |     |   Comment #687
Thanks for the info on TotalBank. I posted on this deal on Thursday and I was told it's nationally available. I also have it in my hot deals list of my weekly summary.
Anonymous   |     |   Comment #688
Wilshire Bank lowers rates on rainbow savings
Anonymous   |     |   Comment #689
Open a PNC.com virtual wallet account and get $75. Account includes a 2% apy growth (savings) account.

Banking Guy
Banking Guy (anonymous)   |     |   Comment #690
Thanks for the info on PNC. I had posted on this $75 bonus and included a link to my Virtual Wallet review last Wednesday.
Anonymous   |     |   Comment #691
First Republic Bank has a 2 year CD special for 2.80% minimum of $5,000

Pacific National Bank has a 1 year cd for 2.40% with minimum of $1,000.

Both in San Jose Mercury News on Sunday.
Anonymous   |     |   Comment #692
Signature bank in NYC has a 2.5%APY on 1 year CD
Tuphat (anonymous)   |     |   Comment #693
Re: Ally vs. ABA --
The FDIC sent a letter to GMAC/Ally Bank last week, indicating that the FDIC plans to demand detailed information on deposit products, rates, etc. as a condition of guaranteeing Ally's debt. Full letter at:
Anonymous   |     |   Comment #694
Here is an opportunity to get 6% for 4 years. You are lending money for central American people to help them get out of poverty. But, remember that this investment is not guaranteed or insured.

Anonymous   |     |   Comment #695
thanks for the posting on
fisn.com.i am reviewing their info. i have used
scottrade and fidelity in
the past for brokered cds.
are there any other brokers
that have a good offering
of callable and non-callable
cds.thanks for your help.
Anonymous   |     |   Comment #696
I just opened 13 months CD with 3.30% APY in RockBridge Commercial bank. I live in California.
Whole process took 5 days.
Day 1. I gave a call, talk to representative, they emailed me application form, I put my info and faxed back. They replied in 30 minutes and emailed signature card for new CD.
Day 2. I mailed a signature card with deposit.
Day 5 -account was opened, I received web access to my account.
Customer service is very friendly.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #697
About RockBridge Commercial Bank, thanks for sharing your experience. Glad to see the opening of the CD went smoothly. For others who may be interested, refer to my review of this deal.
Anonymous   |     |   Comment #698
Malvern Federal Saving Bank Rewards Checking lowered their rate from 5.01% to 3.50% in the last day or two

Anonymous   |     |   Comment #699
An excellent article on troubled banks as of 03/31/2009 here:

Another interesting table re troubled loans at the 400 biggest banks here:

Looks like the biggest bank with a relatively good troubled asset ratio is TD Bank. This is an excellent Canadian bank which bought Commerce Bank (in Mid-Atlantic, Connecticut, and Florida) in 2008.
Anonymous   |     |   Comment #700
The Rewards Checking account at Union State Bank is no longer offered nationwide.

***Effective 06/10/2009, Union State Bank - Bank of Atchison will no longer open accounts for residents outside of Kansas and Missouri.***

Anonymous   |     |   Comment #701
According to BankRate, Ally MMA will drop 6/12 from 1.9% APY to 1.85% APY.

Thanks, ABA and FDIC

Anonymous   |     |   Comment #702
Why no post or review about AIG Bank.
They have some great rates listed at aigbank.com
6-month cd 1.86%, 12-month 2.31%
They have three star ratings at bankrate.com????
Anonymous   |     |   Comment #703
FYI Re opening accounts at Melrose Credit Union.

I note, you are indicating that accounts can now be opened online. Well, not exactly. I just opened an account with them last week and queried into things. Turns out, if you "open" an account online, it will not be opened or even processed until they receive that filing in the mail from you with your original signature on it. Only then will they process and open the account. So, it is no faster than doing it strictly by mail anyway -- and it will take as long as the post office takes to deliver it.

The CSR even warned me that some people opening accounts online do not realize that they have to print that filing out and sign it and mail it in -- creating delays in opening their accounts.

You can get same-day service to open a CD, though -- IF you already have a membership, which requires $25 in a share savings account. To do so, if you have a CD coming up and think you might want to move the money to Melrose, get the process to open the membership and share saving account going at least a week in advance. You will only be risking losing the mere $1 membership fee, as the $25 in the share savings is refundable at closing of membership. AND have them send you (mail, e-mail, fax) a form to open a CD.

Then on the day your CD money becomes available, you can open the CD at Melrose same day by going to a credit union near you that is in the shared branch system and depositing your money into your Melrose share account. Then, you can fax (or even e-mail) in the completed and signed CD application (they do not need it mailed in as an original signature at this point), and they will open the CD same day by transferring the money from the share savings account.

That is about the only way you can know what rate you actually will get on the CD when you start the CD process. Otherwise, it might change overnight or by whenever your money and application gets to them.

I also note, I have had a LOT of difficulty getting ANYONE in membership services to answer the phone!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #704
Thanks for the info on Melrose CU. I've copied this into the comments in my Melrose CU post.
Anonymous   |     |   Comment #705
I'm pretty sure we'll see FDIC sell Corus Bank to private equity investors this coming Friday, June 19.

It's kind of amazing that we've had no bank closures for the past couple of weeks. Maybe it's because the fund is nearly depleted by BankUnited Financial and Corus ... then the FDIC needs to start using it's LOC from Treasury.
Anonymous   |     |   Comment #706
Bank of America has set new lows for customer service. We had 3 CD's
with Countrywide, Now B of A.
We got notice of their expiration from B of A, but when we went to a local branch to cash them out, we were told to call the Phoenix location, as the branch could NOT access these accounts, and we can not get our money. What kind of nonsense is that?? And they had the gall to ask why we were moving the accounts from B of A.!!!
Anonymous   |     |   Comment #707
Just saw a new BOA money market deal of 2% at my local branch. Its for corporate accounts only. The rate is good till 10/31/2009. $10,000 of new money is needed to fund the account. The 2% rate is good till $500,000 then the rate drops
Anonymous   |     |   Comment #708
"Bank of America has set new lows for customer service. We had 3 CD's
with Countrywide, Now B of A.
We got notice of their expiration from B of A, but when we went to a local branch to cash them out, we were told to call the Phoenix location"

I dropped Countrywide a few months ago when my last CD matured. At that time, I used Countrywide's 800# to request that proceeds from the CD be transferred into my money market account with them. Once that happened, I wrote a check to get funds out, then closed the MM as well. Are those options still available to you?
Anonymous   |     |   Comment #709
Bank of America's operations are not consolidated, so Countrywide Bank's CDs are considered a separate entity even though the bank got taken over by Bank of America. When I got the renewal notice from Countrywide, they listed an Arizona address for customer service issues. It's the same situation when my wife had an account in a California Bank of America branch and tried to access it from the east coast branch. You could not access the west coast account from the east coast because they are not within the same operating jurisdiction. The address associated when you opened the account would still be the contact address. Just because another bank later buys out your former bank, then you assume that the new bank would transfer everything over to their control. It doesn't work like that all of the time.
Anonymous   |     |   Comment #710
re 1:23 pm:

b4 u bash BoA, u could've read ur contracts, ur correspondence and online advisories.

I can't walk into my local Wells and manage my Wachovia accounts!

I also have a relationship with BoA and excellent service from them for decades. I and they are better off without you !
Anonymous   |     |   Comment #711
American Express Bank -- 2.00% savings account, and 2.50% 24-month CD.

Tuphat (anonymous)   |     |   Comment #712
NYT article (6/12) on ABA/FDIC vs. Ally.

Lede: :This is the story of how the federal government essentially told a bank that it was paying too much money in interest to its customers and ordered it to lower the rates. It’s also about why that may not be such a bad thing, if only its logic applied equally to all banks."

Link: http://www.nytimes.com/2009/06/13/your-money/brokerage-and-bank-accounts/13money.html?_r=1
Anonymous   |     |   Comment #713
Why can't I find a liquid savings account in the Los Angeles area that is up around 2.5% or even just 2.25% with no more than $1,000 minimum for that -- and is consistently up around the higher levels being offered rather than lure you in and then crash the rate a few weeks later? And without having to go the horrible reward checking route where I have to work at it all month long with a LOT of certain kinds of transactions that I don't make, plus probably an automatic direct deposit that I can't make, or else lose the rate?

Why is this too much to ask?

I need a liquid, local, working account that I can use for bill paying, have a local branch so I can deal with cash when needed. And a consistently decent rate. I had that for 15 years at IndyMac -- the best bank I have ever had. Now, the successor wants to give me a mere .75%. And I can't find anyone else giving a decent rate -- consistently -- in the local area.

Bring back IndyMac! Or, better yet, let's go back BEFORE bank deregulation in the 1970s, when all banks had savings accounts at 5% regardless of the economy -- and CDs were always more than that!
DataIsGold (anonymous)   |     |   Comment #714
@Anonymous, at 9:46 AM, June 15, 2009

Alliant Credit Union has a Branch in El Segundo near LAX. And since they are part of the coop network you can use almost any Credit Union ATM.
Anonymous   |     |   Comment #715
To Anonymous who posted on 9:46 AM, June 15, 2009

I started banking during the early 1970's and recall when passbook savings accounts paid 5.25% nationwide and CDs were a bit higher (again also set at a standard rate). Indymac bank did offer attractive rates and they had to fund these rates by trying to dabble into the subprime mortgage business. You need to make a lot of interest yourself in order to parcel it out to others. Doesn't that sound a bit like a pyramid scheme? Anyhow, the subprime mess took down Indymac bank. The thing that triggered it all is the mass withdrawals made by depositors, so if you look at it, all of the customers of Indymac "killed" the bank themselves. NO bank can survive a mass exodus of deposit money, no matter how solvent it is.

The advent of money market rates and accounts took away the regulations that existed prior to the 1980's. Interest rates shot up well above 10% in the early 1980's and the regulated banks stood no chance in keeping up with the flow of money out to money market accounts. So the regulations were removed. Can we go back to the old system? I don't think so because of the global economy and finances and many other economic forces will prevent that. If you tell a bank that they have to pay 6% for deposits without allowing them to offer lending rates well above 8% would be economic suicide. As I recall the VA mortgage rate for a house that I lived in back in 1977 it was 8.5% while the passbook rate was 5.25%.
Anonymous   |     |   Comment #716
After months of delay I decided to open an account at Newtown Savings. I delayed because the application had to be mailed in and I assumed the rate would drop. Sure enough today the rate dropped to 1.80% down from 2.30%.
Anonymous   |     |   Comment #717
Just FYI, an article in today's Los Angeles Times reports that Hanmi Bank, one of the Korean banks you often post about, is in a deal to raise more money to bolster itself against loses. The story says Hanmi as been suffering mounting loan loses notably more so than its Korean competitors.:

mrthnman (anonymous)   |     |   Comment #718
2.45% 13 month CD at the park avenue bank in new york
Anonymous   |     |   Comment #719
Eagle Bank 3% CD - 24 Months
DC Metro - local only. Eagle Bank is offering a few competitive CD rates to local residents of the DC area, he best of which is a 24-month CD at 3% APY. Here are a few of the other CD rates:

2.25% APY 12-month CD

2.50% APY 18-month CD

3.25% APY 36-month CD with a minimum deposit of $1,000

And a no-penalty CD with a 2.25% APY for terms of 12 and 18 months with a minimum deposit of $50,000

Anonymous   |     |   Comment #720
Irwin Union 11 month rate for Fairfield County, Connecticut 2.01%
Banking Guy
Banking Guy (anonymous)   |     |   Comment #721
Thanks for the info on Eagle Bank. I had posted on these CDs in this post from last week.

About Irwin Union, thanks for the rate info. More comments on this CD promo are in the Irwin Union post.
Anonymous   |     |   Comment #722
Midland States Bank Money Market account:

2.75% APY .GE. $50,000
2.50% APY $10,000 to $49,999.99
1.00% APY .LE. $9,999.99

Ad in local (Urbana, IL.) newspaper;
Anonymous   |     |   Comment #723
AIG's rates drop: 1.99% down from 2.01%

$250,000+ 2.04% down from 2.11%
Tuphat (anonymous)   |     |   Comment #724
Carolina First Bank is advertising a "Watch It Grow" Variable Rate CD. Terms are 23 months at Prime Minus 100bp, with guaranteed floor of 2.28% APY (current rate). Min. $2.5k, max. $99k, interest must be distributed. May be limited to Hilton Head, SC area. Didn't see on website, but here's link to print ad:
Anonymous   |     |   Comment #725
Is it possible by titling to have more than 250,00 coverage in an IRA. Such as John Doe IRA and John Doe IRA POD? Thanks
Anonymous   |     |   Comment #726
FDIC better pick up the pace of bank closures. They are buried in workload and trying to outsource some of it. I'm pretty sure this is the sole reason why we haven't seen more closures YTD. There's a huge backlog of pending situations.
Joe (anonymous)   |     |   Comment #727
Smartypig dropping to 2.75% on June 22nd.
Anonymous   |     |   Comment #728
We've all probably seen ads by non-banks promising above-market rates on FDIC-insured CDs. The FDIC today sent a letter to banks re: unsolicited deposits received through third- party referrals, where the third-party, e.g., insurance company, makes up the difference between the actual and advertised rates. Link:
Anonymous   |     |   Comment #729
iGhairrObanking lowered their online savings account to 1.91% APY from 2.02%
Anonymous   |     |   Comment #730
UFB direct keeps it's tradition of making you switch every 6-12 months.
New account name is called US Savings, for 2% with $1 minimum balance.
Anonymous   |     |   Comment #731
US Bank--has 4% however the early surrender is 1/2 of interest earned or 3% whichever is greater.
Stiff penalty for early withdrawl
Used to be 6mts w/Downey who they took over.
larkin (anonymous)   |     |   Comment #732
I just did a smaller CD with them. The rate was too good to pass on. I know that I won't need the money until the CD matures so I'm not worried about the penalty. I am more worried about their customer service; leaves a bit to be desired. Another thing that really bugs me is the inbility to track accrued interest. The interest posts annually and at maturity.
Anonymous   |     |   Comment #733
you can have US Bank post monthly open small checking acct. & track
that way.Ck acct needs no bal & is free. This seems to be only way.
Anonymous   |     |   Comment #734
http://www.chicagotribune.com/business/chi-wed-cd-rates-notebook-jun24,0,4812084.story (“High CD rates get ‘em in the door”)

“The Federal Deposit Insurance Corp. says it has been getting questions about firms advertising high-rate insured CDs.

“The ads feature FDIC logos or promises that they are 'FDIC insured,' when in fact the CDs are but the firms themselves aren't FDIC-insured banks. The agency advises consumers to look closely at the fine print, where a firm might reveal that the business or some of its products aren't insured.”
Banking Guy
Banking Guy (anonymous)   |     |   Comment #735
Thanks for the info on the article about those high-rate CD ads. I reviewed this issue in this recent post.
Anonymous   |     |   Comment #736
ALEXANDRIA, Va. (6/25/09)--The National Credit Union Administration (NCUA) on Wednesday announced that Melbourne, Fla.-based Space Coast CU will merge Miramar, Fla.'s Eastern Financial Florida CU into its operations.

Anonymous   |     |   Comment #737
Apple Bank's Grand Yield rate 1.70% down from 1.80%.
Anonymous   |     |   Comment #738
Effective 6/24/09, NBRS in Rising Sun, MD lowered the rate on rewards checking to 4.26% APY for balances up to $25K. The past rate was 5.26% APY. I commend NBRS for prompt notification in the June statement and keeping the rate until then.

Compare that to Provident Bank in NJ which lowered its rate between statement periods and sent no interim notification.
Angelo_Frank (anonymous)   |     |   Comment #739
"June 25 (Bloomberg) -- Treasuries rose after the last of three government debt auctions this week drew higher-than- forecast demand, bolstered by expectations that the Federal Reserve will keep interest rates near zero through the year."

Evidently we can expect the drip-drip-drip of deposit rate declines for the rest of the year and probably into next year. 1.25 - 1.50% APY on savings and money market accounts may be tops by year-end.
Anonymous   |     |   Comment #740
Chase,local San diego paper, 3%-4yrs-CD
Anonymous   |     |   Comment #741
NATIONWIDE drops to 1.90% from 2.00%
Anonymous   |     |   Comment #742
Term Dividend
Rate APY

6-mo. 1.74% 1.75%

1-year 1.98% 2.00%

2-year 2.23% 2.25%

3-year 2.74% 2.78%

4-year 3.09% 3.14%

5-year 3.45% 3.51%

7-year 3.92% 4.00%

Dell Laptops: Huge Savings on Popular Laptops - Deals starting at $399
Anonymous   |     |   Comment #743

Anonymous   |     |   Comment #744
Discover Bank is now offering a No Penalty CD.

It let's you withdraw principal and credited interest penalty-free if you lose your job.

Usual disclaimers apply, visit www.discoverbank.com/12monthcd for more information!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #745
Re: PenFed rates, $150 chk bonus and Discover Bank. Thanks for the comments.

For details on the Discover No-Penalty CD, refer to my Wednesday post.

About the $150 checking bonus at NuVision, I've updated my May post with the new expiration date.

I posted on the CD rate changes at PenFed in this Wednesday post.
Anonymous   |     |   Comment #746
seven banks Closed today by FDIC

Founders Bank, Worth, IL
Millennium State Bank of Texas, Dallas, TX
The First National Bank of Danville, Danville, IL
The Elizabeth State Bank, Elizabeth, IL
Rock River Bank, Oregon, IL
The First State Bank of Winchester, Winchester, IL
The John Warner Bank, Clinton, IL
Anonymous   |     |   Comment #747
OK, 7 banks is more like it ... the FDIC needs to keep up this pace to even make a dent in the backlog.

These are mostly tiny community banks. The FDIC needs to get going with more of the larger zombie banks.

The list of troubled financial institutions is growing fast.
Anonymous   |     |   Comment #748
Urban Trust Bank lowered CD rates. Effective this morning, Urban Trust Bank lowered the rates on its CDs by one-quarter percent. I believe the rates on the bank's liquid accounts were also lowered. The new rates are posted on the bank's website. Even with the decrease, the rates are still competitive (for example, 4.25% APY for a 5-year CD).
Anonymous   |     |   Comment #749
ING cut Orange Savings rate to 1.40%. Also changes in CD rates. Nice 4th of July gift. It's sad. They have the best web site for ease or use, but I usually go elsewhere for a better rate.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #750
Bartow County Bank is offering a 3.00% 9-month CD, $1k minimum.


According to their literature, BCB accounts are for those who work/live in Cobb & Bartow counties (Georgia, NW of Atlanta).
Anonymous   |     |   Comment #751
Please beware of Wachovia Bank's CD policies before you invest in a CD there. Wachovia does NOT have a grace period. CD's do NOT earn any interest beyond the date of maturity. You cannot give a branch instructions before hand to close your account., they are NOT authorized to take such written or verbal instructions. A customer MUST give written instructions to Wachovia's back office somewhere in the East. I had a CD mature on June 24, 2009 and was unable to be at the branch on that date so I gave them written instructions. Wachovia withdrew the funds from my account on the maturity date. When I did not have my check on Monday June 29 I called the branch. They eventually told me their back office cut the check on June 29....6 days after my maturity date! I finally got my check on Friday July 3, the day before a long holiday weekend and 10 days AFTER my CD matured!! Despite repeated discussions Wachovia refused to pay interest on my money for the 6 or 7 days that I felt they had my money beyond the 3 days the check is reasonably in the mail. I won't be able to cash the check for another 3 days...because of the banks being closed on the 4th of July.
Wachovia kept explaining their process and saying that they were within the requirements of the law in processing my check to close my CD.
I personally will NEVER use Wachovia again after my current CDs mature! I have dealt with banks all across the country and I have never seen such delays. Incidentally, we checked our records and Wachovia cleared my check which was the opening deposit for the CD the VERY next day but they held my money to use it for approximately 2 weeks! I don't need use banks with such poor customer service. Such delays make their CD rates OVERSTATED because the length of the CD is actually longer because you can't get your money. Of course they will charge you more if you want overnight mail. They didn't offer me an ACH direct deposit. So beware! Read the disclosures carefully. There are plenty of banks out there with good customer service but Wachovia didn't meet that standard for me. Goodbye Wachovia!
Anonymous   |     |   Comment #752
To Anonymous talking about Wachovia. Please recall that back in early October 2008 the following was announced:
Citigroup Inc.'s takeover of Wachovia Corp. was torpedoed on Friday when San Francisco-based WELLS FARGO & Co. agreed to pay $15.4 billion to buy Wachovia.

SO, WELLS FARGO owns Wachovia and presumably is setting the policies now. Are BIG banks really better?
Beverly (anonymous)   |     |   Comment #753
Willamette Community Bank's rewards checking account 4.01% rate is good through February 2010 per the person who opened my account today. She also said that people in Washington and beyond were opening the account, so it might not really be for Oregon locals only.
Beverly (anonymous)   |     |   Comment #754
Just a note on the Willamette Community Bank "guarantee" 4.01% until April 2010. No where can I find it in writing that they actually are guaranteeing that rate. In fact, in the 15 pages of legal documents that comes with the rewards checking account it specifically states that the rate could change at any time. I would take the statement by the person that opened my account as just a desire to keep it at that rate and nothing more.
Anonymous   |     |   Comment #755
Here's an interesting article about the Stanford ponzi.

Yeah, that's how we do things here in Florida ... remember the hanging chads?

Anonymous   |     |   Comment #756
my senior mom went to a Bank United branch in Boca Raton today 7/6 to open their two year cd which as of last week was at a 2.75 APR. Not only did they not inform her that the rate had dropped to 2.50%, they also insisted that to open a two year cd she would have to open a checking account in the amount of $5,000 or do direct deposit with them for her social security checks. None of these requirements are posted on their website that I can see -- nor did they inform her of such when she called prior to the visit. It is a disgrace for any bank to conduct business in such an underhanded manner -- especially with elderly customers.
Anonymous   |     |   Comment #757
I also had a different problem with Wachovia. They are VERY shortsighted aggravating their customers.
I don't know if Wells Fargo has actually taken over yet, but I think they have.
Anonymous   |     |   Comment #758
Talking about Wachovia Bank's delays on getting you your check when you closed your account but that they certainly cashed your check which cleared the very next day, I think that one of the new regulations that Congress should pass to put these greedy bankers in their place is that the law should be that banks must process withdrawals within the same number of days that they process deposits and at no additional cost to the customer. That way the banks would put the same amount of resources/people on the withdrawal end as on the deposit end. Right now there is NO reason why they want to get you your money when you are withdrawing it. If this new regulation was passed then banks would automatically offer ACH withdrawals transfers into your regular bank account at no cost. Talk to your congress person!
Anonymous   |     |   Comment #759
First the current Wachovia bank's name was World Savings...then it was Wachovia....now it is Wells Fargo but still operating under the Wachovia name...is it any wonder they are keeping your money to use it without paying interest on it....they could be struggling.....so it's probably NOT a bank to use when customers are experiencing such problems.
Anonymous   |     |   Comment #760
Re this Wachovia-Wells Fargo discussion. I will say, I have heard NOTHING but complaints about Wells Fargo for more than a decade. Some things things they seem to do are just not to be comprehended, just way of the deep end and certainly deep into criminal action.

Because of all these complaints I hear, I have been telling people for many years not to do any business with Wells Fargo. They seem to be one of the worst banks around. Even the Calif. attorney general some years back prosecuted them for rotten tactics that caused account holders check to bounce even though they had made deposits to their accounts to cover the checks!

Another friend found a mistaken $100,000 posted to his Wells Fargo account. He told them so they could take it back, and when they did, they charged him a $20 fee because that withdrawal was one more than he was allowed in a month -- and despite his vociferous complaints, they would not reverse the fee!

And I have heard similar stories from other people.

Stay way from Wells Fargo. If everyone did, they would go out of business.
Anonymous   |     |   Comment #761
WashingtonFirst Bank in northern Virginia is offering 2.65% for a 15 month CD, $10,000 minimum deposit:


Alliance Bank of Virginia is offering 2.75% for an 18 month CD:
Anonymous   |     |   Comment #762
FWIW -- Lowcountry National Bank, in South Carolina is offering 2.50% on 12-month fixed-rate CD. Also offering 2.50% on an 18-month bump-up CD. Ad at:
Anonymous   |     |   Comment #763
Coulee bank now 4.4% ,was 5.01%.
Anonymous   |     |   Comment #764
Saw post on fatwallet.com yesterday about Montauk Credit Union in New york. They have a 2yr CD - 3.25% apy. 3 yr - 3.5%. It checked out on their website.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #765
About Montauk CU, my last post on it was in June, and I also mentioned them in my hot local deals. Even though they have easy membership, a reader reported them requiring a branch visit to join.
Anonymous   |     |   Comment #766
Signature Bank is offering good CD rates:
1 yr - 2.50 APY
1.5 yr - 2.85 APY
2 yr - 3.00 APY

866-744-5463 for info
Anonymous   |     |   Comment #767
Signature Bank in NY is a 4 STAR bank on both Bauer and Bankrate.

Thanks for the tip!!

Anonymous   |     |   Comment #768
Apple FCU is offering a 5-month CD with a rate of 5%. CD's must be opened at Falls Church, VA branch only. The can range from $500-$3000 dollars. Limit of 1 CD per household.
Anonymous   |     |   Comment #769
Many years ago Wells Fargo bought out the long time reputable Crocker Bank. I loved Crocker. A couple years after the change I just could take Wells Fargo anymore. They kept increasing the fees for various services and the service levels went down so I took my money elsewhere. It sounds as if this Wachovia Bank /Wells Fargo bank is going in the same direction. I am so glad I moved my money. I got better service AND lower costs!
Anonymous   |     |   Comment #770
I just looked at the Bank of Internet web site and they have an Advantage Savings Account with a 2.5% APY. I think that this is new because I don't recall seeing it before, especially at that rate! It is in addition to their High Yield Savings Account that has a 2.06% APY.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #771
About BofI's new 2.50% savings account, thanks for the info. I just did a post on this a few days ago.
Anonymous   |     |   Comment #772
Re: Navy Federal Credit Union -- I have had a bad experience with Navy Federal Credit Union. I personally picked up a check for a CD that had matured (on a joint account) and was not given credit for the interest for the grace period. I was told that they would correct the problem. I then deposited the check in another bank into a joint account --- same names as the check was written out to only to have a charge of $10 to reverse the deposit and the money withdrawn without my permission a few days later -- and I probably will also lose interest for the days I have been denied the deposit to my spouse's and my joint account. I do not know how this will work out -- I went personally to the bank where the deposit was made as soon as I learned of the deposit denial and was told that the issuing institution (Navy FCU) denied the funds for lack of endorsement. For the past several years I have always written "for deposit with the account number on the back of the check" and have never had a problem. Any advice. Don't know where to begin. First I will have to wait for the electronic copy of the check to be returned to me I am told. If it was a small deposit I would not be as concerned as I am because this was a check for large amount of money.
Anonymous   |     |   Comment #773
SchoolsFirst FCU has a 3.00% APY three year CD, with a maximum of $75,000. It can be opened online.
Anonymous   |     |   Comment #774
One West (formerly IndyMac) is outsourcing their customer service to a third party company. I just spent an hour on the phone with a CSR who gave incorrect information about the opening procedure for their money market account -- and then was transferred to the supervisor who apologized profusely ... but acknowledged that they are a third party fulfillment company and not OneWest employees....and these sorts of "misunderstandings" arise.

They all had heavy Indian accents!

It was worse than dealing with Dell Computer customer support!

Don't waste your time with these folks.
Anonymous   |     |   Comment #775
On Friday July 10th my Mother in Florida opened a 5-year CD paying 4.00% APY at a local Citibank branch. This rate is 1% higher than the rate listed on the Citibank website so it must be a deal specific to one or more states. She was advised that rates typically change on Tuesdays. One downside is that the early termination penalty is a little stiff at 270 days of interest.
me2u1004 (anonymous)   |     |   Comment #776
Banking Guy: Re your posting in the Weekly:

"Last week I mentioned about First Arkansas Bank & Trust excluding California residents. This week, Countybank stopped accepting applications from people on the West Coast. "

This hits me as very odd. I can understand why a bank will take only local deposits -- to avoid rate shoppers who will skip out quickly and to avoid growing too fast -- but why ever would they bar deposits from only ONE state, while taking the deposits from all 49 other states!?

Something is VERY odd about this -- and I wonder if it is even illegal. How can they undertake interstate commerce but discriminate against one state, as if it were not part of the United States?

I think the answer to this could be very interesting, and illuminating.
Anonymous   |     |   Comment #777
Hey Banking guy, i think BOA (bank of america) still have that $100 bonus deal for their new checking acct customers. I'm not sure if you have already posted or just missed.
Anonymous   |     |   Comment #778
My Wachovia CD matures today and my renewal rate went down to 0.65% from my initial opening rate of 4.25%. What a drop! I am going to a branch office today to get my money out pronto since they don't give you any interest during the grace period. They have that WaytoSave program that is offering 5% for the first year. You have to have a checking account and move money from that account to the savings account. Not worth the hassle and some have had their accounts closed because they were not "profitable" accounts for the bank.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #779
About BofA's $100 promotion, thanks for the info. I posted on a new $100 promo in this July 2nd post.
Anonymous   |     |   Comment #780
Chase $100 Checking promotion

Anonymous   |     |   Comment #781

I dont know why the url got cut off.
Anonymous   |     |   Comment #782
sorry again

I am adding the url in two parts, you have to string it together withb the previous post URL

Banking Guy
Banking Guy (anonymous)   |     |   Comment #783
About the $100 Chase bonus, thanks for the link. That promo page allows people to apply online. I added it to my July 2nd Chase post.
Anonymous   |     |   Comment #784
Baltimore, MD local deal. Point Breeze credit union (pbcu.org)is offering a 5 month CD paying 5% apy.
Minimum and Maximum is $2500.00
Membership is anyone working or retired from a job 20 miles or less from their branches. Branches in Hunt Valley, Golden Ring, and Bel Air, MD
scott (anonymous)   |     |   Comment #785
East Boston savings bank
Has a decent new branch promotion, 14 months 2.55%
You must open at the Lynn MA branch. Have been offering this for over a month but was told it's suppose to end 7/23
Anonymous   |     |   Comment #786
To Anonymous who posted on 10:23 AM, July 13, 2009

5% for only five months and the only allowed deposit amount is $2500? For that time period, you get around $50 interest. Wow, what a great deal... NOT. I live close to Baltimore and I wouldn't even think twice to pass on that offer. It must be for someone who has very little money who wants to earn $50 in around 1/2 year. Yes, it does beat out a checking account interest payout hands down though. I have too many other accounts to open one like this with this severe restriction on the balance.
Anonymous   |     |   Comment #787
Citi Ultimate Savings rate cut to 1.30%, down from 1.40%.
Anonymous   |     |   Comment #788
I agree with Anonymous about Wachovia Bank CD policy(7/3/09) Never buy a product from them. My cd matured on 7/11/09 a Saturday so I could not contact them until Monday to close my account. I had called a two weeks earlier and asked why I couldn't send a letter of intent to close my account so my check would go out timely and they told me they didn't take requests in writing, only in person or over the phone. Since I am vacationing in Ma I couldn't go to a branch. The agent told me the check might go out by Wednesday 7/13/09 depending on when they cut it. I said I wanted it to go out now and they had no right to keep my money without paying interest on it. They said this is bank policy. So like the abover poster it may well be ten days before I even see the check. So long Wachovia
Anonymous   |     |   Comment #789
I had a friend who tried to buy a mattress last week. He was offered a year interest free and applied. He was turned down. He was told the firm used Wells Fargo (the owner of Wachovia Bank). My friend checked his credit rating online and found out it was over 750 with no late payments or other dings!! Yet Wells Fargo turned him down. He went to another mattress seller and got 2 years interest free credit! Wells Fargo / Wachovia strikes again! I told my friend about Anonymous' 7-3-09 comments on this site. Seems like we shouldn't use Wells Fargo and Wachovia. My friend told me he sure wouldn't ever again!
Anonymous   |     |   Comment #790
Emigrant Direct's American Dream Account rate drop to 1.40% was 1.55.
Anonymous   |     |   Comment #791
Urban Trust Bank drastically reduced the rates on its CD and Money Market accounts. For example, the 60-month CD went from 4.25% to 3.50% and the 48-month CD went from 4.0% to 3.0%. The Money Market tiered rates now range from 1.75% to 1.95%. These rates decreases are on top of the reductions done earlier this month.
Anonymous   |     |   Comment #792
i am researching brokers who
offer cds and also to find a
web based platform to purchase
cds direct online.i will share
information as i find it.one
broker is bergen capital.http://bergencapital.com/offerings/primarycds.html

i used them a few years ago to
purchase bonds.they used rbc as
their clearing house.
Data Is Gold
Data Is Gold (anonymous)   |     |   Comment #793
@Anonymous, at 2:17 PM, July 15, 2009

Brokers that I've seen with platforms for purchase of CDs are Charles Schwab, Scottrade, and Fidelity.

Personally I like the way Schwab lists everything in a grid with interest rates. The grid includes Bonds.
Anonymous   |     |   Comment #794
First Tennessee Bank(B&M) $100 Bonus when you open a Money Market Savings account* by July 31, 2009, with at least $10,000.

Anonymous   |     |   Comment #795
News on July 15, 2009

After extensive due diligence, Suncoast Schools Federal Credit Union and GTE Federal Credit Union have elected to terminate merger discussions. This decision is mutual and based on the determination that the potential disruption in operations to both organizations was extensive enough
to outweigh the potential benefits of the merger.

Well, this sounds like BS to me. GTE FCU has had considerable losses recently and I think SunCoast Schools FCU backed out after having a look at the books.
Anonymous   |     |   Comment #796
Ally Bank Online Savings down to 1.85%, 1-yr. CD down to 2.05%. Is Ally planning to drop rates every Friday?
Anonymous   |     |   Comment #797
Urban Trust, which had offered some of the best CD Rates I could find, has lowered them considerably. They used to offer 4.00% + on 4 - 5 year CDs, but they do no longer. What a shame!
Anonymous   |     |   Comment #798
Here's the latest news about Corus Bank
Anonymous   |     |   Comment #799
Virginia Heritage Bank is offering a 24-month no penalty CD at 2.25%, $5,000 minimum deposit.


Several DC-area banks are offering 5-year CDs at 3.75%.

These include:

Bank of Georgetown
Virginia Commerce Bank
Millennium Bank

Washington First Bank is offering 2.75% for a 21 month CD.
Anonymous   |     |   Comment #800
Constellation FCU (limited membership) is offering 4.07 percent on 60- and 84-month add-on CDs. http://www.constellationfcu.org/home/rates/certificate

1st Commonwealth Bank of Virginia (a start-up with one branch in Arlington, VA) is offering 3.00% 6-month CD, and 3.25% 12 month CD. These rates are not listed on their website.

Rates listed on website include: 3.85% 5 yer CD, and 4 percent 6 and 7 year CD. https://www.1cbva.com/ProductsServices/Rates/tabid/4556/Default.aspx
Anonymous   |     |   Comment #801
Capital Institute is offering 12% CD's in USD denominated Mexican bank accounts.
Anonymous   |     |   Comment #802
Raytown-Lees Summit Credit union is offering pretty good rates on 2 and 3 year IRA CDs (3% on 2 yr and 3.25% on 3 yr) The key is that you can add another .50% to current IRA term rates with qualified services such as a checking account, credit card, or other CDs. Local Only You can join as a local PTA member. http://www.rlsccu.org
Anonymous   |     |   Comment #803
Can anyone tell me why North Carolina is so backwards. The banks here do not even try to compete . Its like they are all on the same page. I wanted to use Money Aisle to open some CD's. Can not open one because the state is not on the list. I never see any bank or credit union on this site from NC.
Anonymous   |     |   Comment #804
4.01% Reward Checking Account at Peoples Bank of Kankakee County - Nationally Available

well, not anymore

To apply online - You must be a U.S. Citizen or a Permanent Resident Alien residing in Illinois.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #805
About the 4.01% reward checking account at Peoples Bank of Kankakee County, I've updated the post with the restriction. The tables will be changed this weekend. Thanks.
Data Is Gold
Data Is Gold (anonymous)   |     |   Comment #806
Chase is increasing their Balance Transfer fee to 5%.


We are changing the minimum finance charge to $1.50 if any
periodic finance charge is payable for a billing cycle.
Anonymous   |     |   Comment #807
Freakin' igobanking went from 1.91 APY to 1.81... they were better than Ally for a day or two and fooled me into transferring money, which will now go back after the hold is lifted...
Anonymous   |     |   Comment #808
I just purchased 2 CDs in two different trusts at 1st Commonwealth Bank of Virginia in Arlington, VA. The post on Monday 7/20/2009 indicated that a checking account was required for a 1 year CD @3.25% APY. I asked them if I could open the two accounts without opening a checking account and still get the 3.25% APY. Both CDs were over $50,000 and they waived the requirement to also open a checking account. So if you don't need a checking account and still want a very attractive rate in today's environment, ask if they will drop the requirement for a checking account. The higher the amount of the CD the more likely they are to accommodate your request.
Shannon (anonymous)   |     |   Comment #809
Good 1 year rate for members of Nevada FCU,

4.00% APY for 1 year, min/max is $1,000


"Facebook Independence Special"
Anonymous   |     |   Comment #810
Really a "local" internet deal.
2.50% online checking
3.00% online 3 year CD
5.00% online 6 month CD Max 25000$
Can have 2 with joint acct.

NW Florida tyndallonline.com
Anonymous   |     |   Comment #811
Anonymous   |     |   Comment #812
Fresh news re Corus Bank from Bloomberg:

Jay (anonymous)   |     |   Comment #813
Partners Financial Federal Credit Union to offer new rewards checking account later this summer. It's mentioned here under "News and Events". http://partnersffcu.org/ Called Imagine Checking, it appears to be one of the common 4.01% rewards checking accounts. Membership is available to those in Richmond, VA, Chesterfield, Henrico and Hanover counties. I have been a member of Partners for a couple of years and while happy with several of their offerings, I have to say the one thing lacking is their website. It's very basic. While they provide free online billpay via Checkfree, a separate login is required to access it and when you do you aren't even provided with your current balance as your are with most other banks/credit unions. Maybe it will be different with this new checking account but I'm not holding my breath! Nevertheless, they do have some competitive products so they're worth mentioning.
Anonymous   |     |   Comment #815
So I have been a fan of bank deals for the last year or so, but I have to be honest, recently it is no longer about bank deals. It seems to be bank news. Not that I don't mind reading the occasional thread, but that is what the news is for. I appreciate the bank deals when they occur, but lately it has been a second edition of the national financial news. Please post more deals or leave enough alone.
Anonymous   |     |   Comment #816
Well, everyone is entitled to his or her opinion. But in regard to the posting of bank news, I disagree.

In my opinion, the news postings have not been the least bit excessive or in the way in any manner. And I have found many of them outright enlightening and helpful.

I think Banking Guy is posting all the deals he can find. I do not think he is letting the deal postings fall by the wayside as he gets involved in writing some of the pertinent news.

I suspect the poster's concern was that deals were not being sought because Banking Guy was spending his time posting news instead. I think Banking Guy is actually just doing double duty, being doubly helpful.
Marc Schoenfeld
Marc Schoenfeld (anonymous)   |     |   Comment #817
not sure if this $50 checking deal at TCF bank has been documented yet (never heard of them before.) Read about them in WSJ today about how they get an unusually high proportion of their revenue from service fees (mostly OD/NSF fees) vs. other banks. Only good for limited states. excerpt from article below link. CEO claims the technology does not exist to allow customers to opt out of allowing themselves to OD, but no mention of putting a blanket prevention on one's account so it never happens via debit or ATM usage.


TCF has maintained high levels of service charges -- 54% of noninterest income last year. That compares with 22% for Fifth Third Bancorp, 37% for Regions Financial, 41% for Associated Banc-Corp and 44% for Huntington Bancshares last year.

Commenting on the idea of notifying debit-card customers if they are going to overdraw, Mr. Cooper said: "The technology does not exist. Can't happen."
Anonymous   |     |   Comment #818
ShoreBank RAISING RATE rate to 2.15% on ShoreBank Direct High-Yield Savings Account , effective Tuesday, July 28, 2009.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #819
Signature Bank of Georgia / Prime Money Market 2.11% / 25k min


Signature Bank of Georgia has Prime Money Market whose rate is 65% WSJ Prime. They have 3 Metro Atlanta branches.
Bozo (anonymous)   |     |   Comment #820
To: All
Re: Rate-chasing in general

In this environment, you reach diminishing returns very, very quickly. As Banking Guy has pointed out, touting a "deal" offering 25 basis points over the norm is mostly ho-hum. When my Mom raves about getting 1.7% on her 1 year CD renewal (I know, I know, she could get much better, but she's 94 and refuses to change banks), I know it's slim pickins out there.

The good news (I am joking now) is that the spread between the costs of funds for banks and the rate they charge for borrowers (credit cards included) is sky-rocketing.

Which is why I own a large dollop of financial stocks.

Gotta be diversified.

Anonymous   |     |   Comment #821
Discover Card email:
3.25% APY 5 yr CD Exclusively for Discover Cardmembers. Offer only available through the end of August.

Offer Code: D120119

When you open a Discover Bank CD, you lock in a great rate, guarantee your returns and - for a limited time - earn Cashback Bonus on your Discover Card.
Exclusive Limited Time Offer
Deposit $2,500 during August with the offer code: D120119 and earn up
to 1% Cashback Bonus on your savings and up to $250 Cashback Bonus, based on your savings amount, credited to your Discover Card account.¹
Deposit more, and earn more!
$2,500 CD earns $25 Cashback Bonus
$10,000 CD earns $100 Cashback Bonus
$25,000 CD earns $250 Cashback Bonus
Tuphat (anonymous)   |     |   Comment #822
WSJ article today re: market-indexed CDs.

Anonymous   |     |   Comment #823
many thanks to all who
contributed to market indexed
cd info.
Anonymous   |     |   Comment #824
Ally Bank online savings account to drop another 10 basis points tomorrow, to 1.75% APY.
Anonymous   |     |   Comment #825

Regarding being diversified. A coworker of mine saw her IRA balance plummet last year after the fund manager made significant investments in financial stocks back in 2008 just as the subprime and all of those other economic meltdown events occurred. Her investments went down 55%. Had she been invested in Government securities, she would have three times her current balance now. So much for diversification.
Anonymous   |     |   Comment #827
Interesting information on CD rates, after a bank changes ownership.

Anonymous   |     |   Comment #828
Big Texas Bank on Verge of Failure: Fortune Magazine article regarding Guaranty Bank, Austin, Texas based thrift.

marc (anonymous)   |     |   Comment #829
more Corus news. combined with Guaranty, this looks like a bad few weeks coming up for the FDIC.

Anonymous   |     |   Comment #830
Farmers State Bank in Iowa(http://www.fsb1879.com/) has a 8 to 12 month CD for 2.02%APY.
Anonymous   |     |   Comment #831
Free Lakota Bank has a "General Investment Fund" that pays 7.24% APY. Note that the fund is denominated in silver and not dollars.
infirm (anonymous)   |     |   Comment #832
Just called Signature Bank in NY --rates have gone down a bit. The current rates are 2.35% APY for 12 months, 2.5% for 18, and 2.75% for 24.
mrthnman (anonymous)   |     |   Comment #833
Bay Ridge Federal Credit Union , Brooklyn NY

6 month cd 2.25%
12 month cd 2.50%
24 month cd 2.75%

it appears to be easy membership

Anonymous   |     |   Comment #834
Re Colonial Bank ...

The FBI raided offices of Colonial Bank and Taylor, Bean and Whitaker.

Taylor Bean is a mortgage lender that makes its home loans through brokers and community banks. Last year, it originated $22 billion in mortgages.

Taylor Bean and Colonial had been working on a deal in which Colonial would land a $300 million capital infusion from a group of investors led by Taylor Bean. That deal would have enabled Colonial to become eligible for a $550 million federal bailout. However, Colonial said Friday that the deal fell through as it released dismal financial results. There is "substantial doubt about Colonial's ability to continue as a going concern," the bank said Friday.

New news today ... Taylor Bean is halting operations and will not fund mortgages in the pipeline.

Taylor Bean relied on Colonial for warehouse loans to tide them over between the time that they make home loans and sell them to Fannie and Freddie.

It's pretty clear that Colonial is toast.
Anonymous   |     |   Comment #835
Odd clauses in the CD terms for Melrose CU.

1. You can't have them pay dividends to your checking account. All dividends must be left in the CD

2. Note the third bullet point in each section...

"You may make withdrawals of
principal before the maturity date only if the credit union agrees at the time the withdrawal is to take place.The principal withdrawn before maturity may be subject to an early withdrawal penalty.

The early withdrawal penalty for a Certificate Account with the original maturity date of one year or less, determined by the credit union, may be the greater of:

• Seven days dividend on the amount withdrawn or,

• All dividends that have been earned for 90 days or,

• The dividend would be reduced to the Share Account dividend rate.

If the Certificate Account has an original maturity date of more than one year, determined by the credit union, the early withdrawal penalty may be the greater of:

• Seven days dividend on the amount withdrawn or,

• All dividends that have been earned for 180 days or,

• The dividend would be reduced to the Share Account dividend rate.

That third clause is really making me nervous.

Anonymous   |     |   Comment #836
Texas Security Bank, 3.25% 24 month CD with opening checking account. Was able to open multiple CD's since $75k was limit per each.
Anonymous   |     |   Comment #837
Looks like CapitalOne Bank lowered their online savings rate to 1.60 from 1.75% APY
Banking Guy
Banking Guy (anonymous)   |     |   Comment #838
Re 3.25% 24 month CD at Texas Security Bank, thanks for the info. I posted on this deal in this Sunday post.
Anonymous   |     |   Comment #839
Apple Bank's Grand Yield account is 1.60% down fron 1.70%. ETrade is an anemic .80% down from .95%.
Anonymous   |     |   Comment #840
Another Friday Ally down again.
Anonymous   |     |   Comment #841
Just FYI, Broadway Federal Bank in Los Angeles has just dropped the rate on its Anniversary Savings Account from 2% to 1%.

Of course, they stopped taking new customers for that account some months ago. But they had been keeping the rate on it high for the existing account holders. Now, time to bail on that one.

And nothing else of any use to get into at that bank.

I just want a local savings account (local so I can use it when I need to deal in cash) with a consistent, dependably high rate so I don't have to keep changing banks! I am with Alliant, and they even happen to have a branch here in LA, but it is 25 miles away, not at all reasonable to go to to use.
Anonymous   |     |   Comment #842
i talked to the Citi customer rep about the Citi® Secured MasterCard®/CD. He confirmed the rate is 4% for 18 months--with a cap of $25k.
I asked if i could apply over the phone--he said they only accept online applications.
He also said that this card/cd is aimed at people with no credit looking to establish a record--and that it is not for people with current credit looking for a decent CD rate.
..though he didn't say if or how people with good credit might be excluded
Anonymous   |     |   Comment #843
Here's the latest chart of undercapitalized banks from thestreet.com as of 6/30/2009:

Anonymous   |     |   Comment #844
Northwest FCU membership rules have changed ... you can now join the credit union via automatic enrollment in the American Consumer Council (no cost).

This is an excellent credit union which used to be quite difficult to join. Highly recommended.

It's a $1 billion credit union rated *** by Bankrate and ***** by BauerFinancial.

Anonymous   |     |   Comment #845
Writing regards to Mutual Bank, FDIC closed. United Central Bank sent out a letter "interest rate change, existing cd's". In my case my 3 year cd 5.80%, would be changed to 2.55% as of Sept. 1st. I'm one of the lucky ones, my cd matures this month. The top rate on the list 2.90% for a 5 year cd.
Anonymous   |     |   Comment #846
Citi's Untimate Savings 1.25% down from 1.30%.
Anonymous   |     |   Comment #847
Re Guaranty Bank ... potential bid by Blackstone Group and US Bancorp

Anonymous   |     |   Comment #848
HSBC 1.45% down from 1.55%.
Anonymous   |     |   Comment #849
Re NCUA's Central Liquidity Facility and US Central FCU.

Anonymous   |     |   Comment #850
Couldn't believe while checking rates this morning when I saw Tiaa-Cref Money Market Fund is at 0.05%.

The fees coming out of my husbands 401k money market are about the same as monthly income. That is with Fidelity.

How are we all to get ahead in this enviorment?
Anonymous   |     |   Comment #852
how about this:

Data Is Gold
Data Is Gold (anonymous)   |     |   Comment #853
Darby Direct has some special promotions for existing customers
one is a 36month step-up CD
APYs are 3%, 4%, 5%

2.75% 18month CD
1.25% 9month CD

I emailed you the promotion I received.
Anonymous   |     |   Comment #854
Received the same email and pondering. Hesitant to tie up for 3years. If rates head higher next year who knows, pure gamble. Darby another Georgia bank.
Anonymous   |     |   Comment #855
Here's an interesting one:
Jim (anonymous)   |     |   Comment #856
FDIC wasn't done closing banks after Colonial. I think they must be mighty close to empty by now.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #857
BestBank is offering "Go shopping on us!" $50 gift card promotion. From flyer picked up in Atlanta GA branch:

Get a free $50 gift card of your choice by opening a BestBank checking account. Just complete the following simple steps:
1. Open a new personal checking account fom July 1 - August 31, 2009.
2. Make monthly deposits of $500 or more into the account for three months, starting the month after the account open date (deposits must be at least $75 in order to count towards the monthly totals).
3. Then you'll receive an online redemption code in the mail for a free $50 gift card of your choice from 41 of your favorite stores and restaurants.

Small print: New personal accounts only. Minimum to open Free & Easy checking is $25. Free checks for the life of the account (wallet blue specialties). Must make monthly deposits of $500 or more into the account for three consecutive months starting the month following the account open date. In order for the deposits to be counted in the monthly total, the must be $75 or more. One gift card per tax reporting TIN. Offer good on new personal checking accounts opened July 1-August 31, 2009. See branch for details.

Dining Providers: Applebee's, Arby's, Bahama Breeze, Burger King, Chili's, Dunkin Donuts, Jack in the Box, KFC, Logan's Roadhouse, Mimi's Cafe, o'Charleys, Olive Garden, Outback Steakhouse, Papa John's, Pizza Hut, Red Lobster, Starbucks, Subway, TGI Fridays, Uno Chicago Grill, Wendy's

Retail Providers: Crate & Barrel, Foot Locker, GAP, Home Depot, JCPenney, K-Mart, Linens 'N Things, Lowe's, Macy's, Old Navy, Pier 1 Imports, Sears, Sports Authority, Staples, Target, TJ Maxx, Toys R Us, Walgreens, Wal-Mart.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #858
Bartow County Bank (Georgia)

They ended their 9-month 3.0% CD special but now offering 15-month 3.0% CD.

Anonymous   |     |   Comment #859
Warka Bank is offering 6 month 4% APY and 12 month 5% APY certificates of deposit.
Anonymous   |     |   Comment #860
Re Warka Bank ... poster, you gotta be kidding me, that's an Iraqi bank.

Are you in the US military? Do you have any experience dealing with this bank?
Anonymous   |     |   Comment #861
America California Bank currently offers 2 and 2 1/2 year CD's at 2.53%, w/ a $5,000 minimum balance.

Rates are up-dated every Wednesday, but are subject to change at any time.

The bank has one office in San Francisco. I have had an account with this bank for approx. 35 years. Never have had any problems.

They do not post their deposit rates on their website, unfortunately.
Anonymous   |     |   Comment #862
Re: Warka Bank

Their 1 year CD rate is 10.5% if you deposit Iraqi Dinars (IQD)

Anonymous   |     |   Comment #863
If you don't access your BankofInternet account for several months they invalidate your password and telephone pin. You have to call them up to reinstate your access both on-line and automated telephone access.
Anonymous   |     |   Comment #864
Anonymous   |     |   Comment #865
Re Melrose CU, you are right, they certainly are slow there. However, I joined and timely.

I recommend you call in -- and get through to someone (I found it unlikely Customer Service will answer, and they don't seem to return the message you have to leave). Ask the operator to transfer you to an actual person -- and she (he) will do so to someone outside of Customer Service. That person should be able to get on top of your application and get it processed right away.

But you are right, it is inexcusable that anyone should have to go to that kind of trouble!
Anonymous   |     |   Comment #866
Latest news re Guaranty and Corus

Anonymous   |     |   Comment #867
Citi in SanDiego area has several
cd rates incl--5yr-4.0,3yr-3.0,4yr-3.5, 30mts-2.75,2yr-2.50,18mts-2.30
talked to 1-800 no. who then gives u a personal no. to call back when
applying by phone.Rates change every tues.Thanks for the info.
Mary (anonymous)   |     |   Comment #868
Treasuries clobbering 5-year CDs
BY laura bruce,
© Copyright 2009 Bankrate, Inc. All rights reserved.
Bankrate — 08/18/09

Anonymous   |     |   Comment #869
Everything is clobbering CDs now. It's all supply and demand as usual. Banks don't need the deposits because they are not loaning out the money and the Fed is printing money like it's being dumped out of helicopters (Bernanke's trademark). Thus why attract new money with higher yields? This situation will go on for a couple more years at least.
Jake (anonymous)   |     |   Comment #870
Bank of America is advertising a 1.5% money market guaranteed to stay at that rate until Jan 4, 2010 in the NJ.
Anonymous   |     |   Comment #871
Bank Guy you are doing a terrific service! Thank you for your efforts.
Anonymous   |     |   Comment #872
August 21, 2009

In today's local paper in northern CA I saw BofA's ad for the 1.50% rate.

They are the difficult to deal with and their promotions are usually riddled with pitfalls.

I stay away unless it is really an exceptional rate.
ShraZZy (anonymous)   |     |   Comment #873
Grand Yield Direct now has CD and checking accounts
Anonymous   |     |   Comment #874
1st pacific bank,san diego merging w/1st business bank,carlsbad
Anonymous   |     |   Comment #875
Bank of America is advertising its 1.50% intro Money Market Account in Florida.
Your post regarding BOA's regular rates for its Growth Money Market is in error, at least in Florida. The rate for $100K to $500K is 1.20% plus a bonus of .25% which makes it 1.45% total.
Anonymous   |     |   Comment #876
Regarding the Discover Bank 12 month CD at 2.00% with a $25 bonus. Since the minimum opening amount is only $2500, someone with a larger amount to deposit could conceivably open several small CD's (say, one each day) and get the $25 bonus each time. I've read through all their materials, and there doesn't appear to be anything to forbid this.
Anonymous   |     |   Comment #877
Microplace is offering liquid (you can get your money back at any time) microfinance investments that pay 1.75% APY.
Anonymous   |     |   Comment #878
UK financial institutions are offering 5 year fixed-rate bonds (equivalent of our certificates of deposit) at 5.45% yields. It appears that the UK is out of recession and their banks are offering fair rates on deposits. Even easy-access savings accounts are paying in excess of 3.00% in the UK.


Meanwhile we are going to be stuck with obscenely low rates for several years because of the Bernanke printing press and the reluctance of banks to make loans.
Anonymous   |     |   Comment #879
$50 bonus for opening free checking at Firstbank:


Can be opened on line, but website says it is only valid for residents of Colorado, Arizona, and Riverside County CA. Account must remain open for 6 months.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #880
About FirstBank's $50 checking bonus, thanks for the info. I posted on this in this June post. Terms appear to be the same. Looks like an easy $50 for those in CO, AZ and Riverside County, CA.
Anonymous   |     |   Comment #881
Alliant Credit Union has declared it will continue to pay 2.0 APY on its savings account through September -- so a CSR tells me on the phone today.
Anonymous   |     |   Comment #882
Wachovia CD rates have dropped twice in the past week or so. All of the following have a $5,000 minimum deposit, and require a Wachovia checking account:
13 Month 1.20%
17 Month 1.34%
27 Month 2.25%
Anonymous   |     |   Comment #883
Trouble with Everbank

has anyone else had trouble with Everbank? I opened a Yield Pledge Money Market account in Dec 2008--they advertised a 3 month teaser rate of 4.09% and 3% for the balance of the year, the remaining 9 months.

They provide quarterly --not monthly statements---the rate isn't broken down for each of the three months.

They didn't pay the 4.09% rate for the first three months---they paid it for one month.

Now that I passed the teaser period I expected the rate to be what they advertised 3% for the balance of the year. The most recent statement shows 1.65% for the last three months.
So I called and asked them why I wasn't credited with 4.09% for the first three months and 3% for the remaining 9 months of the year.

The customer rep I spoke to said--o no sir we don't advertise what rate we will pay you. We advertise the 'projected ' rate we could pay you.

So I asked 'projected' rate in the fine print means you can advertise one rate and not deliver it.

He said 'basically thats right'

I'm moving my money out immed. I suggest that this thread put a big bright red flag on Everbanks offerings.
They are underhanded and crafted to deceive.
Anonymous   |     |   Comment #884
Veridian Credit Union (https://www.veridiancu.org/)

is offerring 15 month CD at 2.30% APY.
Anonymous   |     |   Comment #885
Re: Trouble with Everbank posted by Anonymous 2:07pm August 24, 2009

You are correct that EverBank only provides quarterly statements. The statement only provides an average interest rate that was paid for that quarter, not monthly.

In the prior EverBank Terms, Conditions, Disclosures, and Privacy Statement Paragraph 2.3.2. under Money Market Account stated: "Any applicable introductory rate or APY may not change during the specified introductory period notwithstanding anything herein to the contrary."

Now in the latest version paragraph 2.3.2. states: "Special Offers: The terms of any introductory or other special offer,
including any bonus or new account rate and APY applicable on your Yield Pledge Money Market account, if any, are set forth in the rate sheet you will receive
in your welcome package or disclosure specific to this special offer, which is
incorporated herein by reference."

Followed by:
2.3.3. "Determination of Rate: In our sole discretion, we may change the interest
rate on your account."

And: 2.3.4. "Frequency of Rate Changes: We may change the interest rate on your
account at any time, without notice."

And: 2.3.5. "Limitations on Rate Changes: There are no maximum or minimum
interest rate limits for this account."

The latest fine print contained in their on-line ad states: "This is a variable rate account and any of the rates may change at any time without notice. This bonus rate and New Account First-Year APYs are available to first-time EverBank account holders only and is limited to one account per household. The bonus rate of 3.01% will apply to the first $50,000 on deposit for the first three months after account opening (the "Bonus Period ") and may change at any time prior to account opening. New Account First-Year APY for Balances up to and including $50,000: This corresponds to an Annual Percentage Yield (APY) for the 12 month period after the account is opened ("New Account First-Year APY " or "First Year APY") based on the current ongoing rates shown here the current bonus rate and the average collected daily balance on your account of 2.07%.

The CS representative appears to be correct. They can evidently change the introductory rate immediately after you open the account regardless of the advertised rate. I left EverBank for other reasons but I'm not surprised that they have started this nonsense. Why offer these teaser introductory rates for a supposed three month period if EverBank is not obligated to pay the advertised rate? According to their own disclosure they aren't.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #886
About EverBank's intro rate and APY, it is confusing. I described how they derive the APY at the bottom of this post.
Anonymous   |     |   Comment #887
Thanks for the further detail on Everbank's duplicity.

I'll reiterate---Bank Deals should put a big Red Flag in any mention of Everbanks offerings.
They play fast and loose with the rules, their offerings are crafted to deceive--and imo should be avoided at all costs.
Anonymous   |     |   Comment #889
Your new choice of gray as background is very annoying. this makes it harder to read your pages.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #890
Re: Comment background change: Blogger changed this on me. Sorry about that. I think I got it fixed to be easier to read.
ichaelm (anonymous)   |     |   Comment #891
I have a suggestion too: when you click on the "Blog Hub" link, have it take you to the newest comments rather than the oldest ones. I like to read what was most recently posted and I would think that most others do too.

This is an outstanding website- keep up the great work!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #892
Re: latest comments, note the "Recent Comments" section in the post (just below the twitter section) This lists summaries and links to the latest 5 comments.
Anonymous   |     |   Comment #893
I agree that this is a fantastic website and I'm sure your readers are appreciative of all the work you do. Well done!
Anonymous   |     |   Comment #894
Wachovia lowers rates yet again. Best short term rate is 14 month CD at 1.01% for $5,000 minimum. Checking account required.
Anonymous   |     |   Comment #895
Is anybody interested in the 3yr BRIC marketsafe CD offered by Everbank?
Joe (anonymous)   |     |   Comment #896
smartypig cut their ACH transfer from 3 days to 2.
Anonymous   |     |   Comment #897
Just opened a 5 yr. cd at Northwest C.U. (4.01 apy), for this rate 62 yrs. old and over. Under said age deduct .25%. Been hard to find anything good at this time (early in year got, 5.25% from them). Hope this helps someone.
Atlanta Wolf
Atlanta Wolf (anonymous)   |     |   Comment #898

$100 cash bonus for new 'free checking', requires 3 billpay or direct deposit within 60 days.

Fund online via ACH up to $1500, by mail, or deposit in branch. (no cc option).

New accounts only, must sign up online, expires 10/31/2009
Anonymous   |     |   Comment #899
Hard to believe ETrade is now .60%. Tiaa-Cref money market is a might as well keep it in you mattress .01%. Can it get worse?
Anonymous   |     |   Comment #900
OneWest Bank - Costa Mesa, CA is offering a free checking account with a $25K minimum - 2%!! 2.15% on 10 month CD
Anonymous   |     |   Comment #901
2% checking account, $25K minimum - OneWest Bank, Orange County Ca
Anonymous   |     |   Comment #902
great site... Banking Guy, please consider changing the format of the blog its getting really hard to navigate and find information. maybe look into wordpress
O-Qua Tangin Wann
O-Qua Tangin Wann (anonymous)   |     |   Comment #903
I went to the One West Bank Website. It says they are only offering 1% for their checking account (over $25,000 balance, of course).

Where did you see that they are offering a 2% checking account?


~O-Qua Tangin Wann
Anonymous   |     |   Comment #904
Yesterday, President Obama said that beginning next April 15, taxpayers can get Savings Bonds instead of Cash refunds.

Do you know anymore about this? Does the $5k limit still apply?

Anonymous   |     |   Comment #905
Local only, but a new Rewards Checking for Northeast Ohio: http://www.ffcommunity.com/advantagecheckingrewards.asp
Anonymous   |     |   Comment #906
Wachvia Rates are down again:

11 Month CD 0.75%
15 Month CD 1.01%
19 Month CD 1.50%
25 Month CD 2.10%

$5,000 minimum deposit and checking account required.
Tuphat (anonymous)   |     |   Comment #907
Re: Stanford Financial Ponzi scheme

I thought documents (below) posted by the Stanford bk trustee, related to non-insured status of Stanford CD's, was interesting. These investors won't be getting their money back from either the SIPC or FDIC.

Anonymous   |     |   Comment #908
Apple Bank's Grand Yield Account rate is now 1.50%, was 1.60%.
Anonymous   |     |   Comment #909
Does anyone know about this https://www.ubsol.com ?? The interest rates are fantastic! Too good to be true?? Appreciate any comments especially from Bank Guy.
Anonymous   |     |   Comment #910
Rate changes at ING. Orange is 1.30% was 1.40. Also CD changes both up and down. 12 month is now 1.85%.
Anonymous   |     |   Comment #911

Appears to be a Ponzi scheme. See:
Anonymous   |     |   Comment #912
Citibank's 5 yr. CD rate for Florida went down on Tuesday to 3.75%.
Anonymous   |     |   Comment #913
I just noticed my old Wamu online savings account is now paying only 0.50% (was 0.75%).

Once all my 5% CD's have matured, I really can't see any reason to continue doing business with Chase other than their Freedom credit card.
larkin (anonymous)   |     |   Comment #914
re: ubsol

Take a look at their website and notice the spelling, grammar, and punctuation errors. Sloppy mistakes usually mean sloppiness elsewhere.
Anonymous   |     |   Comment #915
Emigrant Direct is down to 1.30%.
ichaelm (anonymous)   |     |   Comment #916
RE UBSOL: I started a thread on this one at FW:
Anonymous   |     |   Comment #917
Here's the latest news regarding Corus Bank. Looks like the FDIC is planning to sell its banking operations and loans separately:

Anonymous   |     |   Comment #918
Private equity preparing for Corus Bank bid:

Anonymous   |     |   Comment #919
i am a member of velocity and
am not in favor of dropping
Data Is Gold
Data Is Gold (anonymous)   |     |   Comment #920
DarbyDirect CD deal expires September 23rd. Just got an email from them.
Anonymous   |     |   Comment #921
Getting funds when closing out a WaMu CD through Chase-
How many other people have found getting checks mailed to them from Chase is problematic. Several weeks have gone by and I continue to get no answers from Chase on why the CD for over $35,000 has yet to be sent. One rep hinted that they are sitting on funds for excessive periods of time. Have others encountered thus
Anonymous   |     |   Comment #922
Clinton Savings Bank (clintonsavings.com) in MA is running an online offer of a 2.15% 15-month CD for Preferred Checking Account holders as well as chances to win an iPod touch, a Netbook and Skype phones for opening certain accounts online.
Anonymous   |     |   Comment #923
ATTN. Banking Guy,

Just FYI: last night and now this morning, I am having difficulty getting your Web page to load. I am not having trouble with any other Web site, so I have to think it is something with your's specifically. Maybe your host dropping the ball?

Just thought I'd let you know.

I use a high-speed cable connection, and Safari browser, and it always has come in readily, but not as of last night.
Anonymous   |     |   Comment #924
Tidelands Bank 2.27% compounded daily posted quarterly Savings account. 7 locations in SC
ichaelm (anonymous)   |     |   Comment #925
Here's one for you, Banking Guy. South Central Bank of Hardin County, in KY, is still paying 3% on its savings accounts. As far as I know, this is the only bank left in the country which is still offering a 3% rate.Unfortunately, you must physically visit a branch in order to open an account.

Anonymous   |     |   Comment #926
Citibank rate drop. Their 18 month CD is down from 2.25% to 1.75%. One year is now 1.5%, but 5 year is still at 3.50%. Rates change every Wednesday.
Anonymous   |     |   Comment #927
Has anyone had experience with a checking account for which you don't need to sign a signature card? Over a month ago, I enrolled online in a credit union and opened a share savings and a small money market account. No written signature was involved: the electronic signature sufficed. I just opened a checking account online for convenience sake so I could occasionally transfer funds into it when I need to write a check. But I was told they do not have a signature card and they do not check signatures on checks cashed; and that I should monitor the account periodically to make sure everything is okay. I have not heard of this kind of thing before for a checking account and I admit it's a bit unsettling to me.
Scott (anonymous)   |     |   Comment #928
Noticed Dime bank is offering up to $300 Bonus for opening a Prime Dime Rewards Checking account

Data Is Gold
Data Is Gold (anonymous)   |     |   Comment #929
Bank of America doesn't accommodate an armless man.


They asked him to provide a thumb print.
Anonymous   |     |   Comment #930
Buckhead community Bank is offering a 1 year CD at 2.35%. I understand they are very close to going under however......

Anonymous   |     |   Comment #931
Re your posting on Hudson City Savings, I note, I learned last summer that Hudson pays no interest on any money withdrawn during the month prior to interest being posted that the end of the month.

This would be something to look into before getting involved in certainly any liquid account at that bank. And it means you will get no interest during any CD grace period if you close the account.

My experience was in breaking a CD. I was told that the bank pays no interest on any money withdrawn during the course of the month prior to when interest is posted. I was told that applies to all accounts.

This could add up to a notable amount of lost interest in any particular month, so check this out before getting involved with that bank.
Anonymous   |     |   Comment #933

Anonymous   |     |   Comment #934
Saw this ad for decent CD rates at First National Bank of Georgia -
Anonymous   |     |   Comment #935
$100 Offer From Chase


Go to google.com and search for chase. Then click of the ad for chase. Looks like its only avaliable for new chase costumers.
djc314 (anonymous)   |     |   Comment #936
Worth checking into...

I have been searching for places to put my money and remembered that Bank of America had affinity money markets that sometimes had higher rates.

I had changed my regular BOA mm to a "Wildlife fund" mm a while ago and for a time got a higher rate.

Then all the BOA mm accounts dropped low.

I checked rates on Saturday on the phone with a BOA rep and he told me that the NEA was offering 1.5% but I had to call on Monday to get my account changed.

I called back today and the new rep at first did not know anything then forwarded me around and I got to a rep that said now the NEA account is offering a 1% 60 day bonus on top of the regular rate so it will equal 2%.

He nevered asked if I was in the NEA...just switched me over.

I could not find anything on the BOA site but google NEA & BOA and found the below:

NEA-Sponsored Money Market Account
FDIC Insurance and competitive rates.
Members love the NEA-Sponsored Money Market Account. The special member bonus rate, low minimum deposit, and easy access make it a great way to earn extra interest on your savings.

Competitive Rates
The APYs are based on a bonus rate of 1% for the first 60 days, with a limit of one bonus period per member
FDIC® insured up to the maximum amount allowed by law
Low minimum deposit of just $500
Make up to 6 withdrawals per monthly statement cycle, 3 of which can be made by check
Provided by Bank of America exclusively for NEA members and their families
NEA rates are subject to change weekly

To apply by phone, call 1-800-215-2727 and mention priority code HA02B. (Mon-Sun, 7 a.m-10 p.m. ET)

Also the bonus rates can get even higher it looks like if you have a hegher deposit. See


Good Luck!
djc314 (anonymous)   |     |   Comment #937
More on NEA/BOA

It does seem that while my rep did not ask if I was a member, to get these rates the fine print does say you have to be parent, spouse, or in family of a member.
Anonymous   |     |   Comment #938
I just checked with Alliant Credit Union, and the CSR tells me the dividend rate for October for their savings account will remain at 2.0 APY for all amounts over $100.
Anonymous   |     |   Comment #939
Citbank Online 5-year CD rate is 3.50% APY, $500 minimum.

Anonymous   |     |   Comment #940
Chase has ruined my Freedom credit card.

Since I have a Chase checking account, I've been getting 3% on my top 5 categories and 1% of everything else.

I got a letter today saying effective 10/30/2009 you get just 1% on everything (no caps, no expiration) plus 10% extra points (making it 1.1%) plus 10 bonus points per transaction for having a Chase checking account.

The 10 bonus points per transaction doesn't amount to much because most of my transaction volume goes through my reward checking accounts to earn a high APY. I now use the Freedom credit card only for high value transactions, so there aren't that many of them.

Chase is eliminating the option of redeeming $200 in rewards for a $250 check.

Looks like I'll be applying for a credit card from Pentagon FCU and discontinuing use of my Chase Freedom card.

Chase will also be losing my checking business. You need direct deposit to avoid monthly fees (or 5 debit card transactions). Letting Chase have my direct deposit was worth it to get 3% on my top 5 categories on the credit card. Now that Chase has withdrawn that, I'll move my direct deposit to another bank that will give me a bonus for opening a checking account with direct deposit.

Really disappointing.
Anonymous   |     |   Comment #941
Healthy banks may bail out the FDIC...

rav (anonymous)   |     |   Comment #942
Washington Federal Savings Bank is offering CD rates as follows:

2 year at 2.5% APY
18 month at 2.25% APY

For $90,000 or more, the yield is 0.05% higher. Unfortunately, they do not provide their rate information online, so you must phone them to find out rates.

Anonymous   |     |   Comment #943
Looks like the Suzi Ormond save your self offer with TD Ameritrade has been extended to 12/09.
Deposit $100 each month for 12 consecutive months and get $100 bonus. http://www.saveyourself.com/
Anonymous   |     |   Comment #944
Commonwealth Bank and Trust has just updated their website (under personal accounts, checking) to indicate that the Extreme Checking account (their rewards checking) is now available only to residents of 3 specific states.

I hope they are grandfathering those who already have an account (regardless of where they live).
Anonymous   |     |   Comment #945
Bank Of America and others make changes in check overdraft and debit card overdraft :

marc (anonymous)   |     |   Comment #946
Looks like West Bank of Iowa is slowly inching away from being premier Reward Savings, but still very competitive. Got this in my email today:

REWARD ME Checking Change in Terms, as of October 29, 2009

The following is a summary of changes that are being made to your account terms. The effective date of these changes is October 29, 2009. There is no action required on your part for this change.

The current tier structure allows you to earn 4.0% APY* on balances between $0.01 and $50,000. As of October 29, 2009, the tier will change to allow you to earn 4.0% APY on balances between $0.01 and $30,000. All balances over $30,000 will earn 1.0% APY.*
Anonymous   |     |   Comment #947
Just wanted to let you know banking guy about another credit union here in Minnesota that will be changing from a federal charter to a state charter. Wings Financial FCU will be changing to Wings Financial CU and will be opening up their membership to anyone living, working or worshipping in the 13 county metro area. 11 counties in MN & 2 in WI. Just thought i'd mention this for anyone that might be interested. Wings is an excellent credit union with good soundness ratings and very competitive rates, (similar to Alliant CU & Delta Community CU). www.wingsfinancial.com
Anonymous   |     |   Comment #948
Re Alliant CU:

I have accounts with Alliant. I note, there are a LOT of details about using them that you have to keep track of. So many, in fact, that I have e-mailed them several times asking for them to simplify things.

For instance, in your (Banking Guy's) post of Thursday, you say that Alliant restricts use of ACH for opening CDs to no more than $10,000. That is actually their limit for use of the ACH when initiated through them. One of the many details to keep in mind. However, if the outside bank initiates the ACH, they will accept any amount. The $10,000 limit is only if they initiate the ACH.

Re use of the eDeposit features. I have been using eDeposit Plus -- the feature in which you scan in your check and post it at the Web site, and the deposit is completed immediately, don't even need to mail in the check -- for several months now. It is great! But there are details about it, too. For instance, you can deposit a maximum of $20,000 a day via this feature.

But that is better than the more basic eDeposit feature in which you note your deposit at the Web site, they post it immediately to your account, and then you mail in the check. For the basic eDeposit feature, the maximum daily deposit is only -- hmm, well, I forget, and that is the problem, just way too many details and numbers to keep track of for anything you want to do with Alliant. But it is maybe only $1,500 a day via the basic eDeposit feature.

And why they have these limits is beyond me since they can't lose anything since your check will be on hold until they collect -- and probably beyond -- anyway. So, why the limit?

There are similar limits for ATM use. I think that is a maximum deposit of $20,000 a day. Again, why limit the size of check you deposit -- it will be n hold until they collect.

This can be especially annoying considering that you might not be near one of their few branches around the country. AND they are NOT part of the shared branch system, so you can't go to an alternative CU and deposit there. So, the only other choice is to mail it in -- and you have to pay the postage (they do not supply postage-paid envelopes), and it will sit in the mail for maybe a good three days before they get it, and you lose interest the whole time.

Other details: you can have 8 free aTM usages a month. After that, a fee. But some ATM transactions count against that, and others don't. You have to keep track of what's what if you use the ATM very much.

Just details at every turn. More of them than I have listed here. Oh, another one is that even the basic share savings is a limited transaction account. I have gotten around that by opening up multiple share savings accounts with them -- they call them supplemental savings accounts.

Of course, some transactions count against the limited transactions and other don't -- so again, you need to keep track of what's what.

But if you can deal with the details, it can be a good place to be.
Duck (anonymous)   |     |   Comment #949
Went to close one of my Mutual 24m cd's at UnitedCentralBank and just got back from Frisco Tx
BBT bank that took over Colonial they told me that they have a new promotion starting monday it is a 11m 2.25% apy think it was a 10k min no checking required they told me this is not going to be advertised. also branch visit is needed. I was down there looking at that next bank 2.25% 24m w/bumps which is no longer as of this morning new rate is 2.0%
Anonymous   |     |   Comment #950
*Warning about Ally Bank* The following happened to me on Wednesday:
I had a CD mature in my Vanguard account and decided to wire the money to my Ally Savings account. The wire took two days which is odd, so on the second day when I still didnt see it in my account, I called Ally to see if they could look into it. The guy asked me what routing number/account number I had the wire sent to. I told him and he said, nooooo that is wrong! He said use this number and account number: Routing: 031201467 and account: 2000011243029. I told him that was not my account number and he said to simply tell the wire sender to put c/o Ally Bank.... This just sounded wierd so I went and checked in to the routing number he gave me and it came up as Wachovia Bank! Is it possible the guy was trying to have me send this money into his personal account?? The amount was very large.

It turns out that my wire did make it after all (but was late). The Ally Bank REAL routing number had changed from 031176136 to 124003116, that is what delayed it in reality.

I am very worried about Ally and am thinking of closing my account there. Why would a bank have their wire service go to another bank? Nonsense.... Ally has their own routing number for wires and ACH. It is the same number, by the way. Anyway, beware out there.
Anonymous   |     |   Comment #951
Is Tennessee Commerce Bank still offering its 2.30% APY savings account? I suddenly can't find it on its website.
Anonymous   |     |   Comment #952
Regarding the Wells Fargo takeover of Wachovia -- according to their blog, Colorado accounts are the first to be converted. Please keep an eye on this and let us know what we can expect when our time comes.

I am especially concerned about transfers. Do you suppose that Wells will use Wachovia's external bank transfer system? It seems outrageous for a major bank, but right now only residents of certain states can transfer money in and out of their Wells Fargo accounts:

Can I transfer funds to or from my accounts at another institution?

If you reside in Illinois, Indiana, North Dakota, Ohio, or Wisconsin, and would like to set up an External Automatic Transfer (a transfer to or from another institution), please visit a Wells Fargo location.

For customers living in any other states, unfortunately, we do not offer this service at this time
Anonymous   |     |   Comment #953
Last week, the NCUA approved a 15bp assessment on credit unions, to rebuild the insurance fund and address the corporate credit union issue.

Saagar (anonymous)   |     |   Comment #954
Colonial Bank (bow BB&T) has a 11 month 2.25% APY special that starts today.
Anonymous   |     |   Comment #955
Re: Anonymous, at 1:00 PM, September 27, 2009

Did you get the name of the customer service agent at Ally Bank who told you the incorrect routing number? Did you report this to a supervisor? You don't indicate that you complained to anyone at Ally about this incident. Without giving Ally a chance to investigate what happened is not very productive in preventing this from happening again, is it now?
ShraZZy (anonymous)   |     |   Comment #956
my WAMU CD matured and was automatically transferred to my checking account and I didn't even have to call... weird but good for me lol
Anonymous   |     |   Comment #957
To Anonymous who posted on 1:00 PM, September 27, 2009

That sounds very odd regarding the other routing number that the CSR gave to you. I know that Vanguard clears their funds through Wachovia Bank of Delaware. Could the CSR have confused the Vanguard Routing number instead of giving you the Ally bank routing number? Take a look at the Vanguard Checking book to see the RTN shown on the bottom. The check displays "Payable through Wachovia Bank of Delaware" on the left corner of the checks.
Anonymous   |     |   Comment #958
When you have the big financial institutions borrowing dollars for next to nothing and turning around and buying 3-month Brazilian Government Bonds that yield 8.69% the little guy just takes it in the shorts. What a system. Meanwhile just accept your 2% yields here.
Anonymous   |     |   Comment #959
I noticed that in this weeks Saving Account thread that Everbank was listed as the #1 rate.
I strongly urge anyone thinking of opening an account there to reconsider. They do not guarantee their rates---they don't even guarantee the 3 month promo rate. What will happen is they suck you in and pay you the standard money market rate---even for the first 3 months.
If you challenge them they will refer you to the fine print in the account forms allowing them to change rates whenever they want for whatever reason they want.
Frankly I'll a little shocked that the moderator is still including Everbank in the weekly roundup-and I'll reiterate----if you feel you must list Everbank do so with a bright red flag to warn the innocent.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #960
Regarding EverBank's promo rate, please note I do label this as a 3-mo promo rate for under $50K and also include the standard rate of 1.51% APY. Please refer to the section "Details of the Promotional APY" in this post to see the complications of this promo, and feel free to comment in that post of any issues that I may have left out.
Tuphat (anonymous)   |     |   Comment #961
Per newspaper ad (linked), National Bank of S.C. offering 10-month CD for 2.10% APY, and 15-month CD for 2.30%.

Anonymous   |     |   Comment #962
providentnjdirect.com has changed it's ACH external transfer policy. Limit of $2000. per day.
This is the new policy.
This notice is being sent to inform you of two changes to The
Provident Bank's Internet Banking service, which will become effective
on September 29, 2009.

External Transfer Transaction Limitations: The Provident Bank has
implemented a daily limit of $2,000 on external transfers from each of
your Provident accounts, as conducted via Provident Connect. This
daily limit is applicable to external transfers (transfers from your
Provident account to an account at another financial institution)
conducted Monday through Friday. Any transfers requested on Saturday
or Sunday will be added to transfer requests made on the following
Monday. Note: This transaction limitation does not affect transfers
to or between your Provident accounts. In order to close accounts
with balances exceeding $2,000, you must send a secure message
through Provident Connect providing the Bank authorization to close

your account. Within one business day after we receive your
authorization, a check for the balance of your account will be mailed
to the address we have on file.

Funds Availability: Electronic funds transfers to your Provident
accounts, as conducted via Provident Connect, from another financial
institution will be available for withdrawal or transfer outside of

The Provident Bank on the third business day following the day of
Saagar (anonymous)   |     |   Comment #963
Viewpoint Bank in texas is still paying 4% for Absolute Checking. The best part if 4% till 50k and 2% from 50-100k which is decently competitive. On average, you make 3% for a 100k balance, 3.33% for 75k balance and so on.

The way they pay it is slightly tricky. The first 2 months you are guaranteed to get a 4%. But from 3rd month the way it works is, you get 4% for last month balance if requirements are met in last before month. For example, if you open on September 1st, you get 4% for September and October balance whether you meet the requirements or not, but you will get 4% on November balance when they pay in December only if you meet the requirements in October (15 debit + 1 bill pay or dd and e statements).
Anonymous   |     |   Comment #964
Delta Community Credit Union has dropped some rates as of Oct. 1, at least for its money market (don't know what the other rates were).

For $50,000-$100,000, the rate had been 2.00% APY and now is 1.85% APY. (It remained unchanged for $100,000+, at 2.15% APY.)

Tuphat (anonymous)   |     |   Comment #965
First Citizens (South Carolina) advertising 13-month CD for 2.50% APY. $5k min, must be opened in person at branch. Link to ad ->


Same bank that recently bought failed Georgian Bank.
Anonymous   |     |   Comment #966
ETrade Complete is down to .50%. Is anyone having a problem loging on to Apple Bank's Grand Yield Account?
Anonymous   |     |   Comment #967
falcon bank has lowered its
reward checking rates:
Effective September 27, 2009, the Interest Rate on your account will be 2.30%
Anonymous   |     |   Comment #968
ING 12 month CD 2.10%
Duck (anonymous)   |     |   Comment #969
Forgot that I stoppeed in PPatriot Bank in Allen W side of 75 between McDermott/Bethany too the other day in Texas They are offering a 13m 2.0% 1K to 100K I looked it is on the site so must still be avail.


Not sure if local only I think they open over phone? I know I was able to early renew a cd there last year by calling Houston office
David (anonymous)   |     |   Comment #970
Aztec America Bank in Chicago is offering a couple of good deals.
MMA 2.5% guaranteed for 3 months and an 18 Month CD at 2.5%. Both have a $2500 minimum. The CD is not mentioned on their website, but CSR confirmed it by phone.
David (anonymous)   |     |   Comment #971
Correction: Aztec America MMA rate is 2.25%, not 2.5%. 18 month CD is 2.5%
Anonymous   |     |   Comment #972
Commerce Business Bank of West Sacramento, CA., is offering a 1 year CD at 2.03 (APY 2.05). Interest is paid at maturity. Bank visit required.
ichaelm (anonymous)   |     |   Comment #973
Ok BankingGuy, here's 4 more for you: Citizens Community Federal Bank in WI, Castle Rock Bank in MN, Reynolds State Bank in IL, and Bank of Union in OK all have MM accounts paying 2.50% or slightly higher. (Bank of Union's account is a savings account.) Unfortunately, in all 4 cases, a branch visit is required in order to open an account.
Anonymous   |     |   Comment #974
Delta Community Credit Union has dropped rates on its money market account.

I noted a couple days ago that it dropped the rate for $50,000-100,000 from 2.0% APY to 1.85% APY. At that time, they had left the rate for $100,000 and up at 2.15% APY.

Well, as of today, the rate for $100,000 and up is reduced to 2.0% APY.

I note, I find it odd that they did this over the course of a couple days rather than all at once on the first of the month. Perhaps it was an oversite posted on their Web site?

Anonymous   |     |   Comment #975
Discover Bank rates may have dropped, but you can still get a 1 yr CD at 2.06% if you belong to AAA. Go to www.aaa.com/deposits.
Anonymous   |     |   Comment #976
BankingMyWay.com lists Hudson City Savings Bank with a 2.50 APY for a 24 mo CD. This is via web only, seems to be available nationally. Minimum 5M. Bank Rate gives them 4 stars as of 3/31.
Anonymous   |     |   Comment #977
I cashed in a maturiting Wachovia CD via telephone today. The rep tried very hard to get me to renew, even though the one year rate was only one-half of one percent. A few minutes later, an account mmanager called my husband (the co-owner) and tried to get him to renew it instead. It wasn't a lot of money, but this shows how desperate some banks are getting.
Anonymous   |     |   Comment #978
AmTrustDirect eSavings account currently offers 0.995%APR/ 1.00%APR for balances $1.00-99,999.99, with minimum $500 to open, and interest earned on $1. Also, AmTrust Direct Premium e-Money market account has a tiered rate, in which $10,000- 149,999.99 earns 0.995%APR/ 1.00%APY, min $500 to open.
falco46023 (anonymous)   |     |   Comment #979
M&T bank is offering a $75 bonus for signing up for a checking account with direct deposit and overdraft protection. Link is at http://checking.mtb.com/
Anonymous   |     |   Comment #980
Chevy Chase Bank (a division of Capital One) is offering free checking with a $75 bonus if you include direct deposit. I already have that on my checking account with them, so I would have to open another account or close the existing one and open a replacement account.

re: maturing Wachovia CD. I had one that matured back in July. I went to a branch office to close out the account. The rep did provide me the renewal rate, but I said no thanks and they cut me a check.
scott (anonymous)   |     |   Comment #981
River Works CU in Lynn MA has two decent CD specials. 14 months at 2.25% and 48 months 3.25%. Membership includes Essex, Suffolk and Middlesex Counties. Ad says it's good till 10/21
Anonymous   |     |   Comment #982
Agriculture FCU (www.agriculturefcu.org)
(open membership)

*Money Market Rates*
October 6, 2009






*Share Certificates/IRA Rates*
October 6, 2009

6 Months---12 Months

24 Months------36 Months

48 Months-------60 Months
ichaelm (anonymous)   |     |   Comment #983
Citizens Community Federal Bank, WI, which I posted a message about on 10/2, has just lowered its MM account rate to a still very competitive 2.25% APY.
Anonymous   |     |   Comment #984
Citibank rates down: 5 yr is now 3.25%. Discover's 5 yr rate is still 3.40%, but 3.45% if you belong to AAA.
rav (anonymous)   |     |   Comment #985
Charter Bank of Washington


reduced its rate on money market accounts from 2.00% to 1.50% as of October 1st (for $50,000).
Anonymous   |     |   Comment #986

free Dell mini netbook or $300 for new checking account.
Anonymous   |     |   Comment #987
I got a letter from PNC Bank today re conversion of my National City accounts.

PNC has made a real mess of it. Each of my National City CD's was listed 3 times with the converted PNC CD number listed 3 times. The CD's were referred to as 'multiple maturity CD's', yet this term doesn't even appear in the accompanying disclosure booklet. The maturity date and PNC CD number was the same on each of the 3 lines for each of my National City CD's.

I called the conversion hotline and CS rep advised me that PNC is aware of the ****up. However, I was apparently the first to tell them that the 'multiple maturity CD' terminology appears nowhere in their disclosure.

National City was never all that hot at customer service, but they were sure better than PNC.
Anonymous   |     |   Comment #988
Comerica is offering up to a $400 sign up bonus for their business checking account.
Anonymous   |     |   Comment #989
I logged into my keydirect.com account today, and was greeted by the message:

As of October 3, 2009, KeyDirect is providing products and services to existing clients only.

Does anyone know what the heck is going on? Has Key Bank decided to essentially wind down keydirect.com? Is this due to an FDIC order or just a Key Bank decision?
Anonymous   |     |   Comment #990
Citi's ultimate savings 1.20% down from 1.25%
Anonymous   |     |   Comment #991
Citi's 5-year CD lowered to 3.25% yield from 3.50%.
Anonymous   |     |   Comment #992
I also received a letter from PNC but from what I understand now that most National City CD's have a add-on feature. Time to pour all my matured WAMU money into these CD's before Nov 9th 2009. That is the day PNC will no longer allow you to add in money to these 5% cd's. It seems to require a branch vist.
Anonymous   |     |   Comment #993
MetLife is advertising a "special limited time offer" 2.25% APY 12-month regular or IRA CD for a minimum of $25,000 in today's Los Angeles Times.

Ad says to call 1-866-462-2651 or go online to http://www.metlifebank.com and mentnion offer code Sally15.

Sorry, don't have my magnifying glass for the fine print!
Sree (anonymous)   |     |   Comment #994
TechCU 4% APY CD (Min $1K, Max $2.5K) ONE DAY ONLY (10/15/09) at branches. For details : techcu.com/CelebrationCD.
gary (anonymous)   |     |   Comment #995
American Express Bank (Bauer financial = 3 stars, Bankrate = 2 stars) has a personal savings account that pays 1.85%, with ACH, no fees, no minimums. It is the account that used to be linked to a credit card (taht had an annual fee), but now the account is offered standalone without the card requirement. Only a soft credit check. http://personalsavings.americanexpress.com/
ichaelm (anonymous)   |     |   Comment #996
Here's another one for you, BankingGuy: The State Bank in Co. www.redibank.com is paying 3.82% APY on its Redi Rewards Checking Account, on balances up to $25K. They've been paying this rate since last Nov. Unfortunately, it appears to be local only.
Tom Roberts
Tom Roberts (anonymous)   |     |   Comment #997
$100 Chase checking offer:
I see that Chase has a new checking offer! Get $100 when you open a Chase Checking account, you’ll need to make 5 debit card purchases or set up direct deposit. The offer is good until December 31, 2009 and you can apply online or get a coupon to take to a branch.

Here’s URL:

And here’s the bonus information:

Bonus/Account Information — Offer valid 10/15/09 – 12/31/09. To qualify for the bonus you must open a new Chase CheckingSM account with a $100 minimum deposit of new money (money not currently held by Chase or its affiliates). Also, within 60 days of account opening you must initiate a monthly direct deposit which includes payroll, pension, Social Security or other government benefits, or make five debit card purchases. The bonus will be automatically deposited into your new account within 10 business days after the initial direct deposit or five debit card purchases have posted to your account. Bonus is not considered part of minimum opening deposit. Limit one checking account-related reward/premium per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Offer not available to existing Chase checking customers. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Checking account must remain open for a minimum of six months or the bonus will be debited from the account at closing. Account is subject to approval. Bonus is considered interest and will be reported on IRS form 1099-INT.
Anonymous   |     |   Comment #998
Re early withdrawal penalties, especially for Chase, thank you to all those who have shared their experiences and to the banking guy for pointing out exactly what the situation is with Chase and in future we will learn about other banks eager to take our money when we have been busy --- waited a day too long to close a Cd -- or just got a little sloppy.

I have made a mental note re Chase -- I will keep the free checking account for now because it is convenient but I tell others watch out for fees --- it was originally a WaMu free checking and during the transition I did not get the clear message that I had to request my checks or legal copies be enclosed with my statements and at tax time - beginning of the year -- I needed my cancelled checks for charitable contributions --- they said there would be no charge and before you knew it there were 2 separate charges to my account --- one for $30 and one for $20, anyway a total of $50. I went straight to the bank branch and since I kept high balances with them I believe they gave me better treatment so the manager refunded the $50 but warned me that Chase charges fees and does not refund them often so be forewarned.

We all need to read the fine print on CDs but I especially appreciate those comments pointing out really hefty fees.

Thanks again.
Anonymous   |     |   Comment #999
The First National Bank of Long Island (NY) is offering something called "K Savings" which is shown on their website with an APY of 5.00% for a 90 day rate. No minimum to invest. Maybe is worth looking into.
Anonymous   |     |   Comment #1000
Problems at TD Bank in misplacing CD funds...

Anonymous   |     |   Comment #1001
Ally lowers their rates on Fridays because it delays depositors moving their funds until the following week.
Anonymous   |     |   Comment #1002
WT Direct lowered also. It is now at 1.51%
Anonymous   |     |   Comment #1003
Available in Rochester, NY ONLY.

Northwest Savings Bank Grand Opening "special"
Offer expires 11/16/09

2.25% fixed APY savings account guaranteed through 11/16/10
Personal accounts only
Requires checking account--2.00% fixed APY without checking account
Member FDIC
$100 minimum--$250,000 maximum per account

Anonymous   |     |   Comment #1004
Hope this is not too far off topic...question re interest calculations. I am trying to compare returns between (1)letting CD interest compound daily/post monthly within my CD until I need it (interest can be withdrawn any time prior to renewal without penalty), and (2)pulling the interest out monthly and investing it in a compound monthly/post monthly savings account with a lower interest rate. I've tried the on-line calculators but don't know quite how to answer the "monthly addition" question.
Anonymous   |     |   Comment #1005
Ally Bank

1. Online account doesn't show the accrued dividends on CDs -- only the original principal

2. The phone agents - coyly called "customer advocates" - are not fully trained and don't have access to information. The smarmy tone of the recordings gets very irritating.

3. Note that if they have had the money for less than 60 days, they will only pay out via the same ACH transfer that was used to transfer in. Of course, they need limits, but 60 days seems pretty long.

4. Ally is stalling on closing my one-month-old "no penalty" CD. Requested closure on the phone on Thursday morning, but the CD is still there and has same balance on Saturday morning. Nothing actually has been done. Big contrast to my experience with various credit unions.

The customer service seems to be all in the tone and not in the actual performance.

Once I finally pry my money out, I will close the accounts at Ally.
Anonymous   |     |   Comment #1006
To anonymous 9:43 am 10/17.
I don't have any math skills, but the cd is the better option. The higher APY is the way to go.
Anonymous   |     |   Comment #1007
Fedelity Bank Wichita, Kansas
2.25% Money Market Account
$50,000 Min. No Max.
6 checks a month.
Nationaly available on line.
Thank you for all of your hard work.Please keep looking.
God Bless.
Anonymous   |     |   Comment #1008
Re: Anonymous @ 7:53 PM, October 18, 2009

In order to get the .25% bump on the money market account at Fidelity Bank of Kansas/Oklahoma you have to open a checking account with them. I don't see that it's nationally available on their web site anyway. Right away you have to enter a location of either Kansas or Oklahoma.
Anonymous   |     |   Comment #1009
Re the PNC letter about conversion of National City accounts ...

I checked with the branch manager of my local National City branch. National City CD's are NOT add-on in the usual sense. You cannot add money to an existing CD and get the same rate you got when you first opened the CD, you can only get current rates.

The PNC letter is very confusing because it says you cannot add money to existing National City CD's after Nov 9. This lead many of us to ask ... you mean my National City CD's are add-on CD's?

It sounded too good to be true and it is.

The PNC conversion letter also refers to the CD's as 'multiple maturity CD's' ... and this term is not defined anywhere in the PNC disclosure booklet.

I think PNC totally botched the conversion letters and will probably have to send a clarification to everyone. My National City branch manager was horrified by what I told him and wants me to bring in a copy of my letter.

What's horrifying is that National City branch managers have no idea what PNC is doing and don't even have a sample customer letter to anticipate the questions they are going to get.
Anonymous   |     |   Comment #1010
More horror stories about closing Wamu CD's at Chase.

I went into my local Chase branch, closed my CD and put the maturity balance into my free checking account (formerly a Wamu account) that still gives me free outgoing wire transfers.

I gave the CSR my wire instructions and signed the necessary forms.

Toward the end of the business day, I checked my account and saw that the wire was never initiated. I called the branch and a competent CSR confirmed that they had ****ed up.

This is the second Wamu/Chase branch in which I've had this experience. You have to follow up yourself and make sure the bank actually executes your wire instructions the same day.

I sent the branch manager a scathing note regarding this inexcusable level of incompetence.
I'm closing all my Chase accounts anyway because their Freedom credit card rewards and Wamu online savings account are no longer attractive.

I say good riddance to Chase. This was my final CD to mature with them. I had to go into a branch for each one and go through this nightmare.

I love JPM as a stock and I have great respect for them as an investment bank ... but they sure don't seem to care much about retail customer service.
Anonymous   |     |   Comment #1011
Sovereign Bank (Pennsylvania) is offering a "Save & Invest CD Package." You get a 6 month CD (minimum $2,500) at a guaranteed rate of 2.25%, plus a "36 month CD" with only the principal (minimum of another $2,500) insured until November 30, 2012. Interest on latter is based on S&P 500 index. Lots of terms and conditions.
Anonymous   |     |   Comment #1012
Your blog hub has not been working properly for two days now. All I get are postings from January and February there -- and the link from the heads on top to the stories at bottom -- the most recent -- do not work, probably because the newest posting are not there.
Anonymous   |     |   Comment #1013
Banking Guy
Banking Guy (anonymous)   |     |   Comment #1014
I think I fixed the links so they'll now take you to the latest comments. Thanks.
Anonymous   |     |   Comment #1015
OK, yes, it is working now. Thanks.

I'm the anonymous above who alerted you.
djc314 (anonymous)   |     |   Comment #1016
Tried to open a rewards checking account at first arkansas bank and trust and it asked for my zipcode. When i put in my missouri zipcode it said not available and recommended other Kassas providers in my city...none of which had a similar deal as first arkansas i.e. $50K cap. Will try using phone to open to see if I can sweet talk the agent.