Bank Deal Summary for December 2, 2006 read and submit comments for this post

Bank deals and rate changes picked up this week after the Thanksgiving weekend, but unfortunately, CD rates and even some savings account rates dropped this week at several banks and credit unions. CD rates dropped at E-LOAN, GMAC Bank, AmTrustDirect, Transportation Alliance Bank and at World Savings. GMAC Bank dropped its money market account rate from 5.30% to 5.25% APY. FirstFedDirect also dropped its savings account rate from 5.25% to 5.16% APY. The yield curve continues to become more and more inverted with most of the rate drops affecting the long-term CD's. It's clear that once we get a drop in the Fed funds rate, we'll likely see all of the savings account rates quickly fall along with it.

But one thing that should help the rates on the online savings account is the added competition. Another new online savings account was launched this week by Flushing Savings Bank. It's called iGobanking, and the APY is 5.30% with no fees or minimums. This is now the highest rate for a no-minimum savings account (see post).

Close behind iGobanking is Apple Bank for Savings' Grand Yield Direct with a 5.27% APY no-minimum savings account. Apple Bank started promoting a $25 sign-up bonus this week in ads at Bankrate (see post).

Also close behind iGoBanking is Amboy Direct's 5.25% APY Premium Savings Account with no fees or minimums. Amboy started a rate tier this week for this account. Those with balances over $20K will now earn 5.35% APY (see post). Rate tiers seem to be gaining ground with online banks.

ING Direct finally launched its new checking account this week (see post). It's only available now to targeted customers. It's planned to be available nationally in February 2007. The one thing that wasn't expected about this checking account was a tiered rate structure (more tiers). The yield for balances over $100K is 5.30% APY. Balances over $50K earn 5.05% APY, and balances under $50K earn 3.00% APY. Perhaps this is ING Direct's way of trying to keep some large-balance customers. Even with ING's latest rate bump on its savings account this week (4.40% to 4.50% APY), you can still get 100 basis points higher rate at E-LOAN's savings account.

The 6% CD is becoming an endangered species. Digital Credit Union ended its 6% 16-month CD on Friday. This 6% special had lasted since July. DCU's new CD special is only a 5.50% APY 13-month CD (see post). Also, Agriculture FCU's 6% 5-year CD only lasted about a week. It ended on Wednesday and was replaced with a 5.50% APY 5-year CD. So now the only 6% deals left that are widely available are Everbank's 6.01% 3-month checking promo (see post) and Navy FCU's 6.00% 7-year CD. Navy FCU does have membership restrictions, but if you have any connection to the Navy and are interested in their CD's, you should call them and see if you're eligible (see post).

There are still several local credit unions and banks in which you can get 6-percent-plus CD's. If you're lucky, you'll find one in which you are eligible to join. For a complete list of these recent local CD deals, refer to my local CD list below. Remember that many of these deals don't last long. Please check if the rate is still active at the bank or credit union's website. If you see that a deal has ended, a comment is much appreciated.

Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't post on all of your suggestions.

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available for Nov 25th, Nov 18th, Nov 11th, Nov 4th, Oct 28th and Oct 21th.

As of December 2, 2006

Savings Accounts/Money Market Accounts:

• E-LOAN - 5.50% ($5K min), my post
• Superior Savings - 5.50% MMA ($10K min), my post
• BankUnited - 5.35% (min $5K), my post
• iGobanking - 5.30%, my post
• Zions Bank - 5.30% MMA (min $1K) (5.34% $50K+), my post
• AmTrustDirect - 5.30% ($1K min), my post
• UFB Direct - 5.28%, my post
• Apple Bank - 5.27%, my post ($25 bonus)
• WTDirect - 5.26% ($10K min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• OneUnited - 5.25% (min $10), my post
• GMAC Bank - 5.25% MMA (min $500), my post
• Presidential - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
• MyBankingDirect - 5.10% MMA (min $5K), my post
• Mutual Bank - 5.10% MMA (min $5K), my post
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, offers checking (see $25 bonus post), my post
• ETrade Bank - 5.05%, my post ($50 bonus)
• Discover Bank - 5.05% MMA (min $10K)
• Tennessee Commerce Bank - 5.03% (min $10K), my post
• Corus Bank - 5.02% MMA (min $10K to open)
• CapitalOne/Costco - 5.01% MMA (min $5K, Costco members only, $25 deal for exec. members)
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
• Self-Help Credit Union - 4.71% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• ING Direct - 4.50%, my post ($25 bonus), (rate history)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• MetLife Bank - 4.50% MMA (min $5K), my post ($50 bonus)
• EverBank - 4.41% ($1.5K min), 6.01% 3-mo promo, my post
• Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
• ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
• NetBank - 3.61% MMA ($500 min), requires checking, my post ($250 deal)

3-Month Certificates of Deposit:

• EverBank - 6.01% ($1.5K min), checking account promo, see post
• Imperial Capital - 5.50%, ($2K min), my post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• VirtualBank - 5.44% (min $10K), my post
• Countrywide - 5.30% (min $10K), my post
• GMAC Bank - 5.25% (min $500), my post
• UFB Direct - 5.25% (min $8K)
• FirstFedDirect - 5.17% (min $10K), my post
• UmbrellaBank.com - 5.10% (min $1K)
• Charles Schwab - 5.09% (min $1K), my post
• Corus Bank - 5.05% (min $10K)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• Self-Help Credit Union - 4.99% (min $500), my post

6-Month Certificates of Deposit:

• NASA FCU - 5.80% (7 months) (min $15K), my post
• Merrill Lynch - 5.65% (min $25K), my post
• Superior Savings - 5.60% (min $500)
• Imperial Capital - 5.55%, ($2K min), my post
• AmTrustDirect - 5.51% (min $1K) my post
• FirstFedDirect - 5.51% (min $10K), my post
• IndyMac Bank - 5.50% (min $5K), my post
• BankUnited - 5.45% ($1K min)
• Corus Bank - 5.45% (min $10K)
• VirtualBank - 5.39% (min $10K), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, my post
• Countrywide - 5.35% (min $10K), my post
• ETrade Bank - 5.30% (min $1K), my post
• NetBank - 5.30% (min $1K)
• UFB Direct - 5.30% (min $8K)
• GMAC Bank - 5.25% (min $500), my post
• EverBank - 5.25% ($1.5K min)
• Self-Help Credit Union - 5.23% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• UmbrellaBank.com - 5.20% (min $1K)
• E-LOAN - 5.15% ($10K min), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• ING Direct - 5.00%, my post
• Wells Fargo - 4.90% (5 months) (min $5K), rate and min vary by state, my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• FirstFedDirect - 5.51% (min $10K), my post
• AmTrustDirect - 5.51% (min $1K) my post
• Countrywide - 5.45% (min $10K), my post
• Imperial Capital - 5.40% ($2K min), my post
• UmbrellaBank.com - 5.35% (min $1K)
• VirtualBank - 5.28% (min $10K), my post
• GMAC Bank - 5.25% (min $500), my post
• IndyMac Bank - 5.25% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• EverBank - 5.15% ($1.5K min)
• ING Direct - 5.05%, my post
• Washington Mutual - 5.00% (min $1K)

12-Month Certificates of Deposit:

• GTE FCU - 5.64% (min $500) (add-on feature) my post
• La Jolla Bank - 5.55% (min $10K), my post
• FirstFedDirect - 5.51%, (min $10K) my post
• AmTrustDirect - 5.51% (min $1K) my post
• Digital CU - 5.50% (13 month) (min $500), my post
• Corus Bank - 5.45% (min $10K)
• Transportation Alliance Bank - 5.42% ($1K min)
• UmbrellaBank.com - 5.40% (min $1K)
• Imperial Capital - 5.40% ($2K min), my post
• Mutual Bank - 5.35% (min $2.5K) my post
• Countrywide - 5.30% (min $10K)
• ETrade Bank - 5.30% (min $1K), my post
• IndyMac Bank - 5.30% (min $5K), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• GMAC Bank - 5.25% (min $500), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UFB Direct - 5.25% (min $8K)
• EverBank - 5.25% ($1.5K min)
• EmigrantDirect - 5.20% (min $1K)
• VirtualBank - 5.15% (min $10K), my post
• E-LOAN - 5.15% ($10K min), my post
• Self-Help Credit Union - 5.12% (min $500), my post
• ING Direct - 5.10%, my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• Melrose CU - 5.09% (min $5K) my post

18-Month Certificates of Deposit:

• Mutual Bank - 5.40% (min $5K) my post
• AmTrustDirect - 5.25% (min $1K) my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• CapitalOne/Costco - 5.16% (min $5K, Costco members only)
• GMAC Bank - 5.15% (min $500)
• ETrade Bank - 5.15% (min $1K), my post
• E-LOAN - 5.05% ($10K min), my post
• Imperial Capital - 5.10% ($2K min), my post
• Countrywide - 5.10% (min $10K)

36-Month Certificate of Deposit:

• Mutual Bank - 5.60% (min $5K) my post
• First State Bank - 5.50% ($1K min), my post
• Transportation Alliance Bank - 5.41% ($1K min)
• Fort Belvoir FCU - 5.34% (min $1K), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Melrose CU - 5.20% (min $5K) my post
• AmTrustDirect - 5.15% (min $1K) my post
• GMAC Bank - 5.05% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Washington Mutual - 5.00% (min $1K), rates vary by state
• ETrade Bank - 5.00% (min $1K), my post
• Imperial Capital - 5.00% ($2K min), my post
• Countrywide - 5.00% (min $10K)
• Self-Help Credit Union - 4.73% (min $500), my post

48-Month Certificate of Deposit:

• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.44% (min $1K), my post
• USA FCU - 5.33% (min $1K) my post
• Transportation Alliance Bank - 5.33% ($1K min)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Melrose CU - 5.25% (min $5K) my post
• GMAC Bank - 5.05% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Countrywide - 5.00% (min $10K)
• Self-Help Credit Union - 4.71% (min $500), my post

60-Month Certificate of Deposit:

• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Fort Belvoir FCU - 5.60% (min $1K), my post
• Members Credit Union - 5.59% (min $2K), my post
• Agriculture FCU - 5.50% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• USA FCU - 5.38% (min $1K) my post
• Transportation Alliance Bank - 5.28% ($1K min)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Melrose CU - 5.30% (min $5K) my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• AmTrustDirect - 5.15% (min $1K) my post
• VirtualBank - 5.15% (min $10K), my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• GMAC Bank - 5.05% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Imperial Capital - 5.00% ($2K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Self-Help Credit Union - 4.71% (min $500), my post

84-Month Certificate of Deposit:

• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• CapitalOne/Costco - 5.16% (min $5K, Costco members only)
• Countrywide - 5.00% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.01% 3-month intro rate on checking account
• 6.00% 3-month intro rate on Money Market account
• 5.56% Money Market Account with $250K initial deposit
• 5.55% Money Market Account with $100K balance / 5.25% Business MMA
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+
• 5.25% Money Market Account with $25K min

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• 6.00% Checking Account up to $25k (Arkansas)
• 5.50% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.25% no-min online savings account and $50 Bonus (New York)
• 5.25% low-minimum online savings account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Checking Account at an Oklahoma Bank (Legacy)
• 4.75% Checking Account (Texas)

CD Specials at Local Credit Unions/Banks Over the Last Two Months

Terms of 60 Months and Over

• 6.37% 60-Month CD at a Maryland CU (MCT)
• 6.33% 60-Month CD at a North Carolina CU (Team and Wheel)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.18% 60-Month CD at a DC Credit Union (GSA)
• 6.00% 60-Month CD at a Ohio/Kentucky CU (Cinfed)
• 6.00% 60-Month CD at a Texas CU - IRA (Texas FCU)
• 5.98% 60-Month CD at a Texas CU (Coastal Community and Teachers)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.90% 60-Month CD at a Michigan CU (Schools and Government)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.88% 60-Month CD at a Wyoming CU (First Education)
• 5.83% 60-Month CD at a Arizona CU (Honeywell Aerospace)
• 5.82% 60-Month CD at a Texas CU (Austin Telco)
• 5.80% 72-Month CD at a Pennsylvania Bank (Armstrong County)
• 5.80% 60-Month CD at a MI/AL/MO CU (Service 1)
• 5.75% 60-Month CD at a Wisconsin Bank (Cashton)
• 5.75% 60-Month CD at a Florida CU (Bay Gulf)
• 5.75% 120-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Georgia Bank (Piedmont)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Alabama CU (Energon)
• 6.25% 36-Month CD at a Illinois CU - Coverdell (First Northern)
• 6.17% 48-Month CD at a Maryland CU (MCT)
• 6.17% 36-Month CD at a Maryland Bank - $100K Min (CommerceFirst)
• 6.17% 48-Month CD at a DC Credit Union (GSA)
• 6.14% 24-Month CD at a Missouri CU (Raytown-Lee Summit Community)
• 6.11% 30-Month CD at a California CU (TFCU)
• 6.00% 24-Month CD at a New York CU - $50K Min (Palisades)
• 6.00% 50-Month CD at a Nevada CU (Greater Nevada)
• 6.00% 24-Month CD at a North Dakota CU (Burlington Northern)
• 5.88% 48-Month CD at a California CU (Butte)
• 5.85% 40-Month CD at a Michigan CU (Schools and Government)
• 5.80% 35-Month CD at a Nevada CU (Greater Nevada)
• 5.75% 24-Month CD at a Texas CU (Texas Champions)
• 5.75% 36-Month CD at a North Dakota CU (Dakota Plains)
• 5.75% 48-Month CD at a New York CU (Countryside Community)
• 5.75% 36-Month CD at a Oregon CU (NW Preferred)
• 5.75% 50-Month CD at a Ohio CU (AP FCU)
• 5.70% 30-Month CD at a Maryland Bank (Howard)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Florida Bank - $1K Max (Atlantic Coast)
• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.99% 12-Month CD at a Florida CU - $5K Max (Dade County)
• 6.70% 14-Month CD at a Louisiana CU (NAS JRB)
• 6.35% 15-Month CD at a California CU (Alisos)
• 6.07% 13-Month CD at a LA Credit Union (Financial Partners)
• 6.00% 12-Month CD at a Texas CU (Dallas)
• 6.00% 12-Month CD at a Montana CU (Lincoln County)
• 6.00% 12-Month CD at a Dallas Bank - $125k min (ViewPoint)
• 6.00% 15-Month CD at a TX/CO Credit Union (Security Service)
• 6.00% 12-Month CD at a California CU (Ventura County)
• 5.95% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.90% 23-Month CD at a Minnesota CU (Honeywell)
• 5.80% 12-Month CD at a Florida Bank (Freedom Bank)
• 5.75% 18-Month CD at a Miami CU (MPS)
• 5.75% 18-Month CD at a New York Bank (Park Avenue)
• 5.75% 12-Month CD at a California Credit Union (LA Times FCU)
• 5.75% 21-Month CD at a Indiana CU (Afena)
• 5.75% 12-Month CD at a Houston CU (Right Choice)
• 5.75% 12-Month CD at a North Dakota CU (Northern Tier)
• 5.75% 12-Month CD at a Georgia Bank (Piedmont)
• 5.75% 12-Month CD at a California Bank (Temecula Valley)
• 5.70% 12-Month CD at a New York CU (Countryside Community)
• 5.65% 12-Month CD at a California Bank (Western Financial)

Terms of Under 12 Months

• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)
• 10.00% 10-Month CD at a Philadelphia CU - $1K Max (American Heritage)
• 10.00% 10-Month CD at a Texas CU - $2.5K Max (Alamo FCU)
• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 8.30% 8-Month CD at a Arizona CU - $8K Max (Arizona Holsum)
• 7.55% 3-Month CD at a California CU - $50K Max (Health Associates)
• 6.30% 11-Month CD at a Maryland/DC/Philly CU (FedChoice)
• 6.14% 6-Month CD at a Ohio CU (Maumee Valley)
• 6.03% 6-Month CD at a Oregon CU (Clackamas Community)
• 6.00% 7-Month CD at a Connecticut CU (Dutch Point)
• 6.00% 7-Month CD at a North Dakota CU (North Star)
• 6.00% 6-Month CD at a Ohio CU (Toledo Area)
• 6.00% 6-Month CD at a New Jersey CU (Atlantic Health)
• 6.00% 3-Month CD at a New York CU (Advantage)
• 6.00% 6-Month CD at a Michigan CU (Huron River Area)
• 6.00% 5-Month CD at a Arizona Bank (Arizona Bank and Trust)
• 6.00% 6-Month CD at a Illinois/New Jersey/Indiana CU (Selfreliance)
• 6.00% 3-Month CD at a California CU (Meriwest)
• 6.00% 6-Month CD at a Ohio CU (Sharefax)
• 6.00% 6-Month CD at a Nevada CU (Moapa Valley)
• 6.00% 6-Month CD at a Georgia CU and $55 Checking Bonus (LGE FCU)
• 5.83% 7-Month CD at a Washington DC CU (Interior FCU)
• 5.75% 9-Month CD at a Rhode Island CU (Wave)
• 5.75% 7-Month CD at a Oregon CU (SELCO)
• 5.75% 6-Month CD at a New York Bank (Park Avenue)
• 5.75% 6-Month CD at a New York Bank (Trustco)
• 5.75% 5-Month CD at a California/North Caralina CU (Alliance)
• 5.75% 6-Month CD at a California Bank (Temecula Valley)
• 5.75% 7-Month CD at a South Carolina CU (Palmetto Citizens)
• 5.75% 6-Month CD at a Illinois Bank (Town Center Bank)
• 5.70% 11-Month CD at a Oregon CU and $100 Checking Bonus (Advantis)
• 5.65% 7-Month CD at a California Bank (First Private)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Fidelity Money Market Fund - 4.99% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.03% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey