Bank Deals Blog: Nationwide Deals

Deal Summary: Most competitive are the 18-month (1.76% APY) and 1-year (1.61%); $1k minimum deposit

PenFed Credit Union (PenFed) increased the rates on all of its Money Market Certificates (CDs) today. PenFed typically changes rates at the start of each month, so this increase is a good sign that PenFed saw the need to do another rate hike so soon after its October 1st increase. The new rates aren’t exceptional, but they are competitive. The most competitive ones are the 18-month CD (1.76% APY) and the 12-month...

Michigan-based Northpointe Bank has added a 17-month CD Special that earns 1.75% APY. The minimum deposit is $1k, with no stated balance cap.

The CD Special is also offered as an IRA, earning the same APY with the same funding requirements.

As stated in the Truth in Savings disclosure, the Early Withdrawal Penalty reads as follows:

For CD Terms of 1 year but less than 3 years the
penalty is 90 days interest on principal amount withdrawn.

Ultimate...

Bank5 Connect has added an 18-month Special Rate ConnectCD that earns 1.75% APY. This limited-time offer requires a $500 minimum deposit and “up to $100,000 per customer may be deposited for promotional rate.”

As stated in the CD FAQs, the Early Withdrawal Penalty reads as follows.

There is an early withdrawal penalty on a Connect CD of 3 months of interest for
terms less than one year and...

Deal Summary: CD rate hikes: 5yr CD, 2.30% APY; 2yr CD, 1.75% APY; 18mo CD, 1.50% APY; no minimum deposit

Capital One increased the rates on six of its 360 CDs this morning. Most notably, the 5-year CD rate is back at 2.30% APY. This repeats the 5-year CD rate increase Capital One did in March of this year. The 2.30% lasted about six weeks. Since March, rates overall have risen, but most of the gains have been on liquid accounts and short-term CDs. Long-term CDs have lagged...

Deal Summary: Online Savings Account, 1.30% APY on all balances of $1 and above.

GS Bank raised its Online Savings Account rate by 10 bps to 1.30% APY. This is the second rate increase this year. In June, GS Bank had its first savings account rate increase since GS Bank was formed in April 2016 from Goldman Sachs Bank’s acquisition of the internet-bank portion of GE Capital Bank.

As I mentioned last week when Barclays increased their rates, the combination of internet bank competition and the...

Deal Summary: 18-month CD (1.65% APY), 12-month CD (1.55% APY) and 6-month CD (1.30% APY). Minimum deposit $1k.

Utah-based Capital Community Bank has launched a new internet bank called Limelight Bank. Currently, the product selection is limited to only three short-term CDs which include an 18-month CD (1.65% APY), a 12-month CD (1.55% APY) and a 6-month CD (1.30% A PY). These rates aren’t the best when compared to other internet banks. Nevertheless, it’s always nice to see a new internet bank. It will be worth watching to see...

Florida-based GTE Financial is offering limited-time Share and Jumbo Share Certificate Specials, with very competitive rates. New money is required for both the Share Certificates ($500 minimum) and Jumbo Share Certificates ($100k minimum).

For one week, NRL Federal Credit Union (NRLFCU) is offering a 1-year Member Appreciation Day Certificate (2.00% APY). The minimum deposit is $500, with a $10k balance cap, and there is a limit of one Member Appreciation Day (MAD) Certificate per primary member. UPDATE: A checking account is also required.

In late July, I wrote about Advancial’s across-the-board CD rates increases, which placed the APYs near or at the top of every length of term category. Since that time, Advancial’s CD rates have been a mixed bag: some up and some down....

Barclays has just raised the rate of its Online Savings Account by 10 bps to 1.30% APY. It was just over two months ago when Barclays increased the savings account yield to 1.20%. Since May 16 when the yield increased from 1.00% to 1.05%, Barclays has been steadily increasing the rate.

The combination of internet bank competition and the expectation of future Fed rate hikes are likely important factors for this...