Bank Deals Blog: Nationwide Deals

In a Forum post last week, DA reader, tbc3, noted that,

As I noted in yesterday’s Liquid Summary, Comenity Direct is one of a handful of online banks that have changed the trajectory of their rates with modest increases, partially reversing rate cuts made in early March. In doing so, Comenity Direct seems to have joined other online banks that are stretching out their transition to low rates.

Oklahoma-based Gateway First Bank (Gateway First) has begun to offer a series of CDs on a limited nationwide basis (38 states). The 12-, 24-, 36-, 48-, and 60-month CDs all earn the APYs: 2.02% ($25k minimum deposit) and 1.92% ($500 minimum deposit). While there is no stated deposit cap, the FAQs state there is a “$500k maximum limit when funding by ACH online.”

Three of CDs offered by Utah-based Merrick Bank were added to this week’s CD Rates Summary, following recent modest rate increases (5-10 bps). The minimum opening deposit for any Merrick Bank CD is $25k, with a $250k balance cap. Any interest accrued and paid into the CD is exempt from the $250k balance cap.

All of the following quotes come from the very comprehensive...

In these uncertain times, the natural instinct is to find something you can control. In the case of DA readers, that translates into finding the best rate possible, along with a rate guarantee. Normally, that would be a CD, but the current CD rates are far from optimal, and the rates are falling. A good alternative is needed.

It’s no secret that I’ve been a proponent of Reward Checking...

As you were reading yesterday’s CD Rate Summary, you may have noticed CIT Bank’s 11-month No-Penalty CD (1.70% APY) near the top of the nationally available, under-one-year CD category. The 11-Month No-Penalty CD requires a minimum deposit of $1k, with no stated balance cap.

CIT Bank’s 12-month Term CD currently offers a competitive 1.86% APY, one of the highest rates offered by an internet bank on 12-month CDs. The 18-month Term CD rate is just...

Connecticut-based Patriot Bank is once again accepting applications for its Online Money Market, which is available on a nearly nationwide basis. Unfortunately, the promotional rate and guarantee period have gone down quite a bit since I first wrote about this promotion in January. It’s definitely not the deal that it used to be. In today’s environment, I think most readers will want a...

Florida-based Pen Air Federal Credit Union (Pen Air) is offering a 60-month CD with three attributes that make it quite attractive: a good rate (2.40% APY), a mild early withdrawal penalty, and a generous rate-lock time frame. The minimum opening deposit is $500, with no stated balance cap.

All Pen Air CDs are offered as IRA Certificates (Traditional, Roth, SEP, CESA), earning the same APYs with the same funding requirements.

Since my American Express National Bank (American Express) blog post five days ago, the rate on its 60-month CD was lowered by 15 bps. The new 2.00% APY is still near the top for 5-year CDs offered by online banks.

What’s more interesting is that American Express has raised the rate on its 12-month CD to 1.85% APY. The addition of 130 bps has given the 12-month CD its highest APY since DA began...

In an effort to help its members during the COVID-19 pandemic, Lake Michigan Credit Union (LMCU) is extending special loan offers and changing normal policies, including waiving the monthly qualifying requirements for the Max Checking Account.

The Max Checking account currently earns 3.00% APY on qualifying balances up to $15k, with qualifying balances over $15k and non-qualifying balances not earning any interest. This account has a...

California-based Spectrum Credit Union (Spectrum) recently added two Special Certificates to its product line: 13-month Special Certificate (2.10% APY) and 24-month Special Step-Up Certificate (2.20% APY). Either Special Certificate can be opened with a $500 minimum deposit, with no stated balance cap.

The Special Certificates are also available as IRA Certificates (Traditional and Roth), earning the same APYs with the same...