Bank Deals - Best Rates and Deals: July 2006

5.75% 7-Month CD at a Colorado Bank (ABC)
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The American Bank of Commerce (ABC Bank) is offering a 5.75% APY 7-month certificate of deposit. The minimum deposit is $5K. This special CD is not listed at the bank's website. It was advertised in the Colorado Springs Gazette. The ad is available online here.

The bank has 12 Texas branches in Austin, Lubbock, Wolfforth and Plano. It also has two branches in Colorado Springs and Pueblo, Colorado. This special CD is not available at the Austin branches and may only be available at the Colorado Springs branch.

ABC Bank is FDIC insured. It has a 4/5 star rating from Bankrate.com (sound).

6.01% 9-Month CD at World Savings - It's Official
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I've finally been able to confirm the latest unadvertised CD special at World Savings. As one of my readers had mentioned, it is a 6.01% APY CD with a term of 9 months. Below are the details I received from World Savings:

6.01% APY (5.84% interest rate)
9-month term
$10K minimum deposit
$100K maximum deposit
Requires money new to WS
Starts today. Ends 8/26/06.
in-branch only. Not listed nor available on web.
After the maturity date, there's a 6-calendar-day grace period
Early withdrawal penalty equals 3 months of interest

The CSR gave me a little background on these certificates. World's marketers specifically target customers for these deals and send them the letters with these CD promotions. About 400K of these letters were sent. There is no other advertising done for these promotions. The marketers somehow come up with a targeting method. Fortunately, World Savings allows others who have not been sent the letter to participate if they mention that they are aware of the promotion through a friend.

I've participated in two of the previous CD promotions at my local branch and never had a problem in receiving the special CD. However, I have read about people who had problems with their local World Savings (see post). Sometimes, the staff may not be aware with these promotions. I recommend to first call the branch and verify the promotion. If the local branch is not aware of this, you can then call the national help number at 1-866-467-3776.

Unfortunately, I was told that this CD special is a branch-only deal. World has branches in Arizona, California, Colorado, Florida, Kansas, Illinois, Nevada, New Jersey, New York and Texas.

In the past, some branches had been willing to accept a certificate of deposit application by mail. This seems to be very dependent on the branch.

For those not near a branch and are unable to participate, the best deal currently available to everyone through World Savings' website is a 5.51% APY 5-month CD. See post for more details.

Another thing I was told by the CSR is that you can get the Ambassador Checking Account with no monthly fee if you maintain at a balance of at least $25K in CDs. This could be useful for depositing a matured CD. You then can pull this money from your online money market account (such as from GMAC Bank) and use it to fund another World CD that requires new money. The only problem is if World stops having these CD specials, and your CD balance falls below $25K, there would be $12/month fee unless you keep $1,500 in the account.

6.00% 13-Month CD at a Philadelphia Bank (Republic First)
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Republic First Bank is offering a 6.00% APY 13-month certificate of deposit. The minimum is $5K. It requires new money and you must open an account with direct deposit. This special CD is not listed at the bank's website. It was advertised in today's Philadelphia Inquirer. The ad is available online here. The bank's website does list an alternative CD of 5.50% APY for 13-months without the direct deposit requirement (see pdf).

The bank does have a free checking account without minimum balance requirements. The direct deposit requirement can be a pain. Some banks count ACH transfers as direct deposit. Refer to this FW thread for more details on this.

Branches are located in the Pennsylvania cities of Philadelphia, Abington, Ardmore, East Norriton and Media.

Republic First Bank has been FDIC insured since 1988.

6.20% 60-Month / 6.01% 45-Month CD at an Iowa Bank (plus 6.35% Flex CD)
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First Bank is offering a special 6.20% APY 60-month certificate of deposit. There's also a special 6.01% APY 45-month CD. Both have a minimum deposit of $5K. In addition, the bank offers a 30-month Flex CD with a rate that equals the Prime Rate minus 2%. Currently, the APY is 6.35%. This Flex CD allows additions to the principal of $1K minimum. It also has a $5K minimum initial deposit. The penalties for early withdrawal of the long-term CDs are 180 days of interest.

The Flex CD may be the best deal. The Prime Rate tends to follow the fed funds rate and remain 3% above it. This could be a good deal if rates continue to rise or if they don't drop over the next couple of years. It's starting to look like we'll soon be seeing some pauses in the rate hikes. But there's still a chance of one or two more rate hikes this year.

Branches are located in the Iowa cities of Des Moines and Johnston. At the top of the CD rates page, it is stated that the bank reserves the right to offer CD rates to Iowa residents only.

First Bank has been FDIC insured since 1934.

Finding the Best Bank Rates and Deals #3
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This post is intended to be a place where readers can share the best bank deals. Your help is much appreciated. Also, I'm including a list of the websites that provide the best lists of CD and money market rates. This is intended to be a place where you can start your search for the best bank deals.

This is the third finding-the-best-deals post. The last one was getting too long.

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

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

Don't worry about being absolutely sure that a deal is new and worthwhile. It's often hard to find all the small print or to find if the deal has already been posted. One tip to see if the deal has already been posted is to use the search box at the top of this page or do a search of my archive page.

Other Sources for Bank Deals

With new deals from banks and credit unions constantly popping up, no site has a complete list of all the best deals. This is my list of the best sites. If you find another good source of bank deals, please let me know.

Best Certificate of Deposit Rates

Best Money Market / Savings / Checking Account Rates

Bank Deal Summary for July 29, 2006
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The big news for this week was the expected 0.15% rate bump for EmigrantDirect's savings account and the unexpected website problems that Emigrant customers experienced trying to access their accounts (see post). Besides Emigrant, there weren't many rate increases for savings accounts or for CDs. GMAC Bank and Corus Bank both did a small rate bump to 5.10% for their money market accounts.

There are signs that we may be at a turning point on interest rates. Yesterday, government reports signaled the US economy is slowing. It's looking less likely that we'll get another 0.25% rate hike by the Fed on August 8th. T-Bill rates have moved down a little in the last two weeks. Likewise, several banks have lowered CD rates, especially longer term CD rates.

Yesterday, GMAC Bank lowered the rates of all CDs with terms of 1-year and longer. The 1-year CD rate went from 5.65% to 5.50% APY. CD rates also went down at Transportation Alliance Bank and at Self-Help Credit Union.

So for those who have been waiting to lock in high rates into long-term CDs, be sure to keep an eye on rates over the next month. I still list one 6.00% APY long-term CD that's available to all at Agriculture FCU. This credit union had 6.00%+ rates in May and June on shorter term CDs. Today, only the 5-year CD has a 6% APY (see post).

There was one new 6% CD that's available to everyone this week. Digital Credit Union came out with a new 6.00% APY 16-month CD promotion (post). DCU often has these 16-month CD promotions. Several times last year it had offered a 5% 16-month CD.

Dime Savings Bank is still offering a 6% APY 3-month promo on its Rewards Money Market Account. The account is open to all (see post).

A reader mentioned that World Savings will be coming out with a 6.00% APY 9-month CD at a Colorado branch this Monday. I wasn't able to confirm this yesterday from the national or local World CSRs, but I'll check again on Monday. This may be another one of World's secret in-branch only CD deals. Currently, World does have a nice 10-month branch-only CD special that's listed at their website. The rates vary by state. Some branches have rates as high as 5.76% APY (see post).

For local CD deals, many CD promotions may be ending in July. This includes Chartway's 8% 8-month CD (see post) and a 6.5% 1-year CD at a New York HSBC Branch (see post).

There were many new local 6% CD deals this week. This includes a 6% 6-month CD at a California Bank (post), a 6% 12-month CD at a large California Credit Union (post), a 6% 6-month CD at a Pennsylvania Credit Union (post) and a 6.00% 13-month CD at a Florida Bank (post). I posted on a few 6% CDs this week that ended within a day or two after the post. Many of these deals don't last long, so be sure to check with the bank for the latest info.

Citibank is still offering 6% APY 6-month CD for those in Texas. Outside of Texas the rate is 5.50% APY (see post).

Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't include all of the best rates in this summary.

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. Previous weekly summaries are available for July 22nd, Jul 15th, July 8th, July 1st, June 24th and June 17th.

As of July 29, 2006

Savings Accounts/Money Market Accounts:

Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
OneUnited - 5.25% (min $10), my post
BankUnited - 5.25% (min $5K), my post
FirstFedDirect - 5.17% (min $1K) (closed to CA residents), my post
Domestic Bank - 5.16% MMA (min $2.5K), my post
Tennessee Commerce Bank - 5.16% (min $10K), my post
EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
Apple Bank - 5.15%, my post
Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
GMAC Bank - 5.10% MMA (min $500), my post
UmbrellaBank.com - 5.10% MMA (min $1K) (5.20% $50K+), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Corus Bank - 5.10% MMA (min $10K to open)
CapitalOne/Costco - 5.08% MMA (min $5K, Costco members only, $50 deal for exec. members)
Zions Bank - 5.07% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
Heritage Bank Online - 5.06% (min $1K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
AmboyDirect - 5.05%, my post
Citibank - 5.00%, requires checking account, my post
CapitalOne - 5.00% (MMA has same rate, but with checks and ATM. $100 min.), my post
Ascencia Bank - 4.75% (min $50), my post
Self-Help Credit Union - 4.68% MMA (min $500), my post
Western Financial Bank - 4.60% MMA, offers checking, my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
UFB Direct - 4.50%, (5.13% $50K+) offers checking, my post
Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
ING Direct - 4.35%, my post ($25 bonus), (rate history)
MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
EverBank - 4.01% ($1.5K min), 5.51% 3-mo checking account promo, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
Imperial Capital - 3.65% MMA ($2.5K min), offers free checking, my post
NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
ETrade Bank - 3.15% (min $1K to avoid fees/$5K for APY), my post (5.00%/$50 bonus)

3-Month Certificates of Deposit:

UFB Direct - 5.38% (min $8K)
UmbrellaBank.com - 5.35% (min $1K)
Imperial Capital - 5.30%, ($2K min), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
GMAC Bank - 5.25% (min $500), my post
Security Savings Bank - 5.25% (min $1K), very small bank with no online banking, see post
EverBank - 5.10% ($1.5K min)
Corus Bank - 5.10% (min $10K)
ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
VirtualBank - 5.02% (min $10K), my post ($20 bonus)
ETrade Bank - 5.00% (min $1K), my post
Self-Help Credit Union - 4.85% (min $500), my post

6-Month Certificates of Deposit:

Corus Bank - 5.64% (min $10K)
UmbrellaBank.com - 5.57% (min $1K)
UFB Direct - 5.57% (min $8K)
VirtualBank - 5.55% (min $10K), my post ($20 bonus)
World Savings - 5.51% (5 months) (min $10K), new funds only, my post
FirstFedDirect - 5.51% (min $10K), my post
Citibank - 5.50% (min $500), 6% for Texas, my post
GMAC Bank - 5.50% (min $500), my post
Imperial Capital - 5.50%, ($2K min), my post
Countrywide - 5.50% (min $10K), my post
ETrade Bank - 5.46% (min $1K), my post
AmTrustDirect - 5.42% (min $1K) my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
Security Savings Bank - 5.35% (min $1K), very small bank with no online banking, see post
EverBank - 5.35% ($1.5K min)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
Wells Fargo - 5.10% (7 month) (min $5K), rate and min vary by state, my post
NetBank - 5.05% (min $1K)
ING Direct - 5.00%, my post
MetLife Bank - 5.00% ($1K min)
Self-Help Credit Union - 4.90% (min $500), my post
Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
Western Financial Bank - 5.60% ($100 min)
UmbrellaBank.com - 5.60% (min $1K)
Imperial Capital - 5.60% ($2K min), my post
Countrywide - 5.60% (min $10K), my post
FirstFedDirect - 5.60% (min $10K), my post
GMAC Bank - 5.50% (min $500), my post
AmTrustDirect - 5.50% (min $1K) my post
EverBank - 5.45% ($1.5K min)
Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
EmigrantDirect - 5.35% (min $1K)
VirtualBank - 5.30% (min $10K), my post ($20 bonus)
ING Direct - 5.10%, my post

12-Month Certificates of Deposit:

Melrose CU - 5.82% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Corus Bank - 5.72% (min $10K)
UFB Direct - 5.71% (min $8K)
Transportation Alliance Bank - 5.69% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
UmbrellaBank.com - 5.67% (min $1K)
FirstFedDirect - 5.67%, (min $10K) my post
Western Financial Bank - 5.65% ($100 min)
Mutual Bank - 5.65% (min $2.5K) my post
Countrywide - 5.65% (min $10K)
GTE FCU - 5.64% (min $500) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
GMAC Bank - 5.50% (min $500), my post
Digital CU - 5.50% (11 month) (min $1K), my post
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
EverBank - 5.50% ($1.5K min)
BankUnited - 5.50% (min $5K), my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
VirtualBank - 5.45% (min $10K), my post ($20 bonus)
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
Washington Mutual - 5.30% (13-month) (min $1K), my post
ING Direct - 5.25%, my post
MetLife Bank - 5.25% ($1K min)
Self-Help Credit Union - 5.18% (min $500), my post

16-Month Certificates of Deposit:

Digital CU - 6.00% (min $500), my post

18-Month Certificates of Deposit:

Imperial Capital - 5.75% ($2K min), my post
AmTrustDirect - 5.68% (min $1K) my post
Mutual Bank - 5.65% (min $5K) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
CapitalOne/Costco - 5.57% (min $5K, Costco members only)
ETrade Bank - 5.56% (min $1K), my post
GMAC Bank - 5.50% (min $500)
Countrywide - 5.45% (min $10K)

36-Month Certificate of Deposit:

Mutual Bank - 5.80% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Melrose CU - 5.72% (min $5K) my post
AmTrustDirect - 5.68% (min $1K) my post
Transportation Alliance Bank - 5.65% ($1K min)
GMAC Bank - 5.60% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Countrywide - 5.45% (min $10K)
Pentagon Federal CU - 5.31% (min $1K), my post
Self-Help Credit Union - 5.26% (min $500), my post
Agriculture FCU - 5.25% (min $1K), my post

48-Month Certificate of Deposit:

Melrose CU - 5.77% (min $5K) my post
AmTrustDirect - 5.68% (min $1K) my post
Transportation Alliance Bank - 5.65% ($1K min)
GMAC Bank - 5.60% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.45% (min $10K)
USA FCU - 5.33% (min $1K) my post
Pentagon Federal CU - 5.32% (min $1K), my post
Self-Help Credit Union - 5.27% (min $500), my post
Agriculture FCU - 5.25% (min $1K), my post

60-Month Certificate of Deposit:

Agriculture FCU - 6.00% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
AmTrustDirect - 5.68% (min $1K) my post
Transportation Alliance Bank - 5.65% ($1K min)
Washington Mutual - 5.65% (min $1K), my post
ETrade Bank - 5.61% (min $1K), my post
GMAC Bank - 5.60% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.45% (min $10K)
Self-Help Credit Union - 5.35% (min $500), my post
Pentagon Federal CU - 5.32% (min $1K), my post

84-Month Certificate of Deposit:

Washington Mutual - 5.65% (83 months) (min $1K), my post
Countrywide - 5.45% (min $10K)
Pentagon Federal CU - 5.32% (min $1K), my post

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

5.07% to 5.23% Zions Deseret Money Market Account
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Zions Bank is advertising a new Money Market Account called the Deseret MMA that has a few advantages over Zions Internet MMA. The two main advantages are that it earns 5.07% on balances as low as $1 rather than $1000, and second, it earns a higher rate (currently 5.23% APY) for balances over $50K. The only downside that I could find is that there's a minimum opening balance of $1000 rather than $100. Just like the Internet MMA, there are no monthly service fees regardless of balance and it comes with an ATM card. Be sure to include the promo code deseret when applying online.

Bankrate had a banner ad for this new account. The link took me to this Zions' webpage. It appeared from this page and the account disclosure page that the Deseret MMA offered check writing. This is not the case according to the CSR. The check writing availability refers to the High Yield Checking Account. This use to be required to open the Deseret MMA, but I was told this is now optional.

So in terms of check writing availability, Both the Deseret MMA and the Internet MMA lack this. So these should really be called savings accounts. The term "money market" usually implies that the account has limited check writing. But for Zions and a few other banks, this is not the case.

There's little downside to opening the High Yield Checking Account. It has no monthly service fees and no minimum balance, and only requires $100 to open. The interest rate could be better. No interest is earned for balances under $2.5K. The current APY for balances between $2.5K and $20K is 3.05%. According to the CSR, the first 150 checks are free.

A hard credit pull doesn't seem to be done. The CSR wasn't 100% sure. In addition to ChexSystem verification, a minor credit pull is done for the checking account debit card. He didn't think this was a hard pull that would ding your credit report.

The ACH transfer system is very limited. The max you can transfer is $500/day. The setup requires filling out a form and sending it in along with a voided check. Also, you must have a Zions credit card or overdraft protection that requires credit approval to qualify for the ACH transfers. The CSR said that ACH pulls or pushes initiated from your other banks would be allowed. This would seem to be a more convenient way to do electronic fund transfers.

For those who don't like pure online banks, Zions might be a good choice. It's a solid bank that has been FDIC insured since the FDIC program started in 1934. It has 152 branches in Utah and Idaho with over 2,500 employees. Bankrate.com rates the financial strength of Zions as 4 out of 5 stars (sound).

GMAC's Money Market Account Now 5.10%, But CD Rates Drop
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GMAC Bank increased the rate on its Money Market Savings account from 5.05% to 5.10% APY today. This follows a 0.15% rate bump two weeks ago. Although the money market rate increased, most CD rates were lowered. The 1-year CD now only earns 5.50% APY (down from 5.65%). Below shows how the CD rates have changed:


GMAC Bank Certificate of Deposit Rates:
Term      Old APY    New APY    Change
3 months    5.20%      5.25%     +0.05
6 months    5.50%      5.50%
9 months    5.50%      5.50%
12 months   5.65%      5.50%     -0.15
18 months   5.60%      5.50%     -0.10
2 years     5.65%      5.60%     -0.05
3 years     5.65%      5.60%     -0.05
4 years     5.65%      5.60%     -0.05
5 years     5.70%      5.60%     -0.10

For more information on opening a GMAC Bank CD, please refer to this post.

The yield curve continues to flatten. Now there's only 0.50% difference between a liquid money market account and a 5-year CD. I've also noticed some reduction in long-term CD rates at other places including Countrywide Bank, Transportation Alliance Bank and Self-Help Credit Union. If the Fed rate hikes end next month, these rate reductions may become more common.

Emigrant's Savings Account at 5.15% as Expected, No Change to CD Rates
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As promised, EmigranDirect raised the rate of its savings account from 5.00% to 5.15% APY today. I had thought Emigrant may also raise the rates of its My Way CDs, but the rate remains at 5.35% APY for terms of 6 months to 10 years.

Even though 5.15% is not the highest no-minimum online savings account, it's close enough to make it hard to justify a change to the current rate leader, OneUnited's 5.25% savings account (see post). Although OneUnited has only a $10 minimum and similar online features as Emigrant, it's new with uncertainties. Many have reported problems in the applications, funding, customer service, online access and ACH transfers. For new online banks to compete, they're going to have to make sure to get the basic online banking features solid. Then they'll need to substanitally lead the old-timers on rates.

EmigrantDirect's site was still slow for me this morning, but it seems to be gradually improving. For those interested in the changes at EmigrantDirect and the recent problems, refer to my previous posts: CNET's Report of Emigrant's site problems, First impressions on EmigrantDirect's New Website, and Emigrant's Downgrade and Email Leaks.

6% 15-Month CD at a Vermont CU (NorthCountry)
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NorthCountry FCU is offering a 6.00% APY 15-month certificate of deposit. There's a $2.5K minimum. The CD can be opened as a regular or IRA CD.

The credit union's field of membership includes anyone who lives, works, worships or attends school in northern Vermont. See site for details.

Branches are located in the Vermont cities of South Burlington, Colchester, East Montpelier, Lyndonville, and Orleans.

NorthCountry FCU is NCUA insured. It has over $154 million in assets and over 20,000 members.

7.00% 12-Month CD at a Texas CU - DATCU ($2.5K max)
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DATCU is offering a promotional 7.00% APY 1-year certificate of deposit. The minimum is $1K and the maximum allowed deposit is $2.5K. It requires a checking account along with 20 transactions per month. One CD allowed per member. Offer is good through October 7, 2006.

The $2.5K maximum deposit limit is low but you could open one for each person in your family. Sometimes these CD specials restrict the CD to one per household. If you could open two, that $5K at 7% over 12 months would result in about $63 over what you could get from a top national 1-year CD. Like many of these promotional CDs, it requires a checking account, so you could consider this like a checking account bonus. The 20 transactions per month is a hassle but you could set up automatic transfers to and from another checking account.

DATCU's field of membership includes all those who live or work in the Texas counties of Denton, Cooke, Wise, Montague, or Clay. There are also many businesses and organizations through which you may qualify for membership. See site for details.

The credit union has seven branches just north of the Dallas and Fort Worth area.

DATCU is NCUA insured. It has $379 million in assets and almost 54,000 members.

5.75% 7-Month CD at a California CU (Tech CU)
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Technology Credit Union (Tech CU) is offering a 5.75% APY 7-month certificate. The minimum deposit is $1K. The maximum limit is $250K per member. The offer is available for business and personal accounts.

The field of membership includes those who live, work, worship or attend school in the following California counties: Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz and San Francisco. You can also be eligible through select employer groups. See site for details. Membership requires a $25 deposit into a savings account and can be opened online.

My last report on this credit union was back in December when it was offering a 4.95% 18-month CD which was a good rate back then. It shows how much interest rates have risen in the last 7 months.

The credit union is NCUA insured. It has total assets of $1.2 billion and over 71,000 members.

Another good short term CD available at a California credit union is a 5.75% 5-month CD that's still being offered by OCTFCU (see post).

5.40% Savings Account Available to All ($25K min)
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Geauga Savings Bank just started offering a 5.40% APY savings account called the Immediate Access Tiered Savings Account. It's also offering a 5.25% APY Money Market Plus Checking Account. Here's the basic info from the bank's website:

Immediate Access Tiered Savings Account

5.40% APY for balances between $25K and $99K, 2% APY for balances over $99K
Interest paid annually

Money Market Plus Checking Account

5.25% APY for balances between $25K and $99K, 0.99% APY for balances over $99K
Interest paid quarterly

Applies to Both Accounts

Initial rates guaranteed through 1/31/07
Typical 6 withdrawals per month allowed without a fee

Here are the unofficial details I received from the bank's customer service representative:

Available from any state
Online banking is NOT available
For the savings account, withdrawals must be requested by mail or by fax. They will mail you a check. CSR wasn't clear if they allow withdrawing funds using another bank's ACH system.
No interest is earned on balances under $25K
$10/month fee when balance is under $25K
No interest is lost when account is closed
No closure fee
No hard credit pull, just ChexSystem verification

This offer looked similar to the 5.40% savings account from Security Savings Bank that I reported about on July 5th. Both have a very high yield liquid savings account but lack online banking. The big downside of Geauga's accounts is the $25K minimum. Security Savings Bank only has a $100 minimum. Both banks are small, but Geauga is larger with two branches and $562 million in total assets.

Geauga Savings Bank branches are located in Ohio. It's FDIC insured. Bankrate.com rates it 3 out of 5 stars for financial strength (performing).

5.76% 10-Month CD at Some World Savings Branches
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World Savings is offering 10-month certificates of deposit that range from 5.66% to 5.76% APY. These special CDs seem only to be available for those who live in states with World branches. The rate varies based on your state. There's a $10K minimum deposit, and unlike many previous World CD specials, new funds are not required.

These CDs are listed at World Savings' website at the savings branch rates page. Different rates are shown for different zip codes. Zip codes for states without a World Savings branch don't show the 10-month CD. I've tried a few zip codes around the country:

5.76% at Los Angeles, San Francisco, Chicago
5.71% at Dallas, Austin, Orlando, Miami
5.66% at New York City, Denver

You can apply online or at your local branch. Thanks to the readers who informed me of this CD.

World Savings has branches in Arizona, California, Colorado, Florida, Kansas, Illinois, Nevada, New Jersey, New York and Texas. You can locate the nearest branch here.

World is still offering its 5.51% APY 5-month internet CD for people in all states. This is only available online, and it requires new funds. The minimum is also $10K. World has been offering this since early July.

I haven't been able to confirm any new unadvertised World Savings CD specials. The 5.76% 3-month Double Rewards CD expired last Saturday.

CNET Reports on EmigrantDirect's Glitches, WAMU Also Had Glitches
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Two days of website outages at EmigrantDirect got the attention of CNET. This CNET article describes the problems EmigrantDirect customers are experiencing. It doesn't add anything that we didn't already know. CNET was unable to speak with any Emigrant spokesperson. It's still unclear if it was just too much traffic or some other issue.

Emigrant wasn't alone. The article also reports on system glitches at Washington Mutual's website. Some WAMU customers were unable to transfer money or pay bills from their online accounts. According to a WAMU spokesman, the problem wasn't widespread. The cause didn't seem to be known. Unlike Emigrant's problems, WAMU's problems wasn't associated with a site upgrade.

One thing to learn from these problems is to make sure you give yourself some leeway when you pay your bills or transfer money. You can't assume that you'll always be able to access your account without delay. Also, as the article mentions, it doesn't help build confidence in online banking. However, there hasn't been any fraud or lost money, so it shouldn't cause too much concern.

Labels: WaMu

Chartway's 8% 8-Month CD Promotion Ends Friday
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Chartway Credit Union will be ending its 8% APY 8-month CD promotion this Friday (7/28/06). So time is running out. The maximum deposit is $8K with the potential of $24K depending on the number of people you refer. The first $8K deposit requires that a new member be referred by an existing Chartway member. Existing members must refer a new member to be eligible.

Refer to my Chartway referral post if you want to find referrals or ask for one. Note that you must be eligible to join this credit union regardless of being referred. Another thing to note, a commenter mentioned that Chartway does a hard pull on your credit. For more info on this issue of hard credit pulls, refer to this FW hard pull thread.

Thanks to thecpa for mentioning this deadline. If you have already opened this CD, your opinion of this special and this credit union is much appreciated.

6.00% 16-Month CD at Digital CU (Open to All)
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Digital Credit Union (DCU) has just started offering a 6.00% APY 16-month certificate. There's a $500 minimum. It's available as a regular or IRA certificate. DCU is still offering its 5.50% 11-month CD special that I first reported on last month. This one has a $1K minimum. The CD application is available online. This must be printed out and mailed.

According to the account disclosure, CDs under 1-year have a 45-day interest penalty for early withdrawal. CDs with terms of 1 to under 3 years have a 90-day interest penalty. If you close before the first 45 or 90 days, you'll only forfeit the interest for those days (if 7 days or more). These early withdrawal penalties are better than the average bank or credit union.

DCU is one of the credit unions that anyone in the US can join. DCU has a list of 7 associations in which anyone can join to become eligible. The New England Chapter, PRRT&HS is the cheapest to join with a membership fee of $12. The membership application can be done online here.

DCU has branches throughout Massachusetts. There are also a few in New Hampshire, Colorado and Georgia.

DCU is NCUA insured. It's a large credit union with $3.1 billion in assets and 276K members.

Thanks to the commenter who mentioned this new CD special in the finding deals post.

5.75% 7-Month CD at a Georgia Bank (American United)
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American United Bank is offering a 5.75% APY certificate of deposit for terms between 7 to 12 months. The minimum is $1,000.

In May these 7-to-12 month CDs had APYs of 5.50%. The bank then reduced it to 5.25%, and just this week, it bumped it up to 5.75%. There hasn't been much change to the other CD terms since May.

The bank is located in Lawrenceville, Georgia which is in the northeast suburbs of Atlanta. There's no toll-free number or email address listed at the site so it doesn't appear designed for out-of-state customers.

American United Bank has been FDIC insured since December 2004. Bankrate.com gives it 4 out of 5 stars (sound).

10% 10-Month CD at a Massachusetts CU ($2.5K max)
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Fitchburg ME Federal Credit Union is offering a 10.00% APY 10-month term certificate. The minimum deposit is $500 and the maximum deposit is $2,500. This special CD requires a checking account with direct deposit of your net paycheck. Limit one CD per member. New money is required. If direct deposit is not established within 30 days of opening account, the rate will convert to 1.01% APY.

You can think of this like a checking account bonus. The 10% APY is about 4.5% over what's available nationally from a CD. If you have the full $2.5K earning this for 10 months, that'll result in about an extra $94.

The credit union's field of membership includes employees of the City of Fitchburg, Fitchburg State College, and other places. It also includes students of Fitchburg Public Schools and their family members. Becoming a member of the Friends of Fitchburg Public Library or the Friends of Coggshall Park can also qualify you for credit union membership.

The credit union only has one branch located in Fitchburg, Massachusetts which is about 40 miles west of Boston.

Fitchburg ME FCU is NCUA insured. It's a small credit union with $23.5 million in assets and just over 3,000 members.

First Impressions on EmigrantDirect's New Website
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I finally was able to finish EmigrantDirect's account authentication this evening. I came close early this morning, but my browser timed out several times during the process which was very frustrating. I'm surprised that the site responded much quicker this evening. I figured there would be more traffic than in the early morning. Perhaps Emigrant added some more server capacity today.

Except for the website access problems, in my opinion, it's an improvement over the previous site. Some of the new significant features that I noticed include the ability to open new accounts like CDs when you're logged in, to initiate the linking of external accounts (now up to 4), and to add beneficiaries.

There are many minor improvements that make the site look more professional. The importance of these improvements is a matter of personal preference. I'm glad that when you log in, you remain at Emigrant's URL. Previously, you were redirected to ibanking-services.com. Another little change I like is the display of the last login timestamp being displayed on the page where you are prompted for your password and security questions. This is a good place to show this timestamp. Once you are logged in, the site appears well structured and is easy to navigate.

I do appreciate the extra security features. It took me awhile to think of the security questions. I wanted to make sure I would remember them, and I wouldn't get confused about spelling. But now that it's done, I feel my account is a little bit more secure. There are many little things that should help security. I can't remember if these were in place before. These include email alerts and X'ing out part of your account and social security numbers.

Linking external accounts is a little easier now that the process can be initiated online. However, you still have to send in a voided check, and the external account can only be a personal checking account. I also noticed in the account disclosure the following limitations on withdrawing funds:

You may make a withdrawal from your Account through electronic funds transfer to the External Account by logging on our Web site. You may not withdraw funds by any other means ...

I think this might have been in the previous account disclosure but it was never enforced. Consequently, you could link your EmigrantDirect account to another savings account like HSBC or GMAC and initiate withdrawals from those sites. In that way your transfers were not delayed by going through a checking account. I haven't heard if anyone has been successful yet with intiating a withdrawal from an external site. If Emigrant enforces this fund withdrawal limitation, it would make the account more secure but it would also make it more difficult for rate chasers.

Able to access the website yet? Better than before? Feel free to give your opinions.

Some of my previous EmigrantDirect posts: EmigrantDirect's New Website, EmigrantDirect Raising Rate to 5.15% on July 28 and Emigrant Bank Downgraded to 2 Stars and Email Address Leaks.

New Money Market Rates at UmbrellaBank, Corus
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UmbrellaBank raised the rate of its Pot o'Gold Money Market Account to 5.20% APY. However, this only applies to balances over $50K. Balances between $25K and $50K earn 5.16% APY. The APY for balances between $1K and $25K remains at 5.10%. This is similar to what VirtualBank started doing last month. Perhaps they're trying to keep their large depositors happy.

Corus Bank also had a rate increase on its money market account. It's just a 2 basis point increase from 5.08% to 5.10% APY. This rate is based on the changes in the 91-day US Treasury Bill discount rate.

Neither UmbrellaBank nor Corus made any changes to the CD rates today.

Rate Trends

Rate hikes have started to slow. The next Fed meeting is on August 8. Predictions in this article point to one more rate hike to 5.50% which will be the peak. This article at MarketWatch makes the claim that the Fed funds rate is already too high:

The Treasury yield curve is now inverted, meaning longer-term yields are below shorter-term yields. But more importantly for the Fed, the entire curve is below the overnight rate.

There's no clearer message than that: overnight rates are now restrictive, and economic growth is now a bigger worry than inflation.

It's starting to look less likely that we'll see widespread 6% money market rates. If you're a CD buyer, it might soon be time to consider locking in rates with longer term CDs.

6.17% 9-Month CD at a Virginia CU (Langley).
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Langley Federal Credit Union is offering a 6.17% APY 9-month share certificate. There's a $5K minimum deposit. Money new to the credit union is required. This special offer is good through August 31, 2006.

The good thing about membership into this credit union is that it only requires a $5 deposit into a share account. The downside is that the field of membership is primarly based on select employer groups. You must contact the credit union (800-588-EASY) to determine if you are eligible to join. See site for details.

Branches are located in several cities of Southeast Virginia including the cities of Williamsburg, Hayes, Newport News, Hampton and Yorktown.

Langley FCU is NCUA insured. It has $1.1 billion in assets and almost 141,000 members.

6.45% 7-Month CD at a California CU (KeyPoint)
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KeyPoint Credit Union is offering 7-month certificates with yields as high as 6.45% APY. However, this highest rate has several requirements which includes a $75K deposit, established as an IRA, direct deposit and money new to the credit union. Some decent rates are still available as a regular CD and without direct deposit. This includes a 6.00% APY 7-month CD with a $75K minimum deposit, a 5.75% APY 7-month CD with a $25K deposit and a 5.25% 7-month CD with a $10K deposit. The APY for a 7-month IRA CD is 0.20% higher. Another 0.25% is added for direct deposit. Shorter terms are available with lower rates.

These special CDs are called Liquid Certificates. You are allowed 3 deposits or withdrawals during the term. However, the interest rate will adjust if you fall below one of the rate tiers. If it falls below $10K, you'll only earn the regular share savings account rate.

The field of membership includes those who live, work, worship or attend school in one of the following California counties: Alameda, Contra Costa, Sacramento, San Mateo, Santa Barbara, Santa Clara and designated areas of Ventura County. You can also be eligible to join through select employer groups or family relation. See site for details.

One downside with this credit union is a $35 one-time membership fee. Remember to try to get this waived if you join to open a CD. Often these fees are negotiable.

Branches are located in Concord, Cupertino, Milpitas, Pleasanton, Santa Clara, San Jose, Sunnyvale, Folsom and Goleta.

KeyPoint is NCUA insured. It has $692 million in assets and over 68,000 members.

Thanks to Sree who mentioned this CD special in the finding deals post.

EmigrantDirect's New Website
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It appears EmigrantDirect's launch of its new website has not gone too well. The new site has been inaccessible for many (including myself) throughout the day. It was suppose to be ready at 9:00am EDT this morning. The problem appears to be that too many Emigrant customers are trying to log in and this is overloading the servers. Seems like Emigrant should have planned better. An unplanned day of not being able to access your account can be a problem for those who need to transfer money.

Better Security

Some have reported being able to log in using the new access code that had been mailed to customers. You have to come up with a new password of at least 10 characters. Then you have to select 5 new security questions. Just like ING Direct's login, you'll be asked one of these questions in addition to your password in future logins. I don't have a problem with this extra login step, however, I don't know how much it will help security. I suppose it'll make it a little harder for key logger programs and hackers to access your account.

New Account Numbers

One important change that has been noted are new account numbers. I'm surprised Emigrant didn't mention this. If you had created a link at another bank account (like at HSBC) to your Emigrant account, this will likely no longer work. It's not clear if you will be able to re-establish a new link from an external account. Perhaps it's going to follow ING Direct in this regards. With ING Direct you can't create a link from an outside account to your ING savings account. You have to send in a check and create the link inside ING Direct. I can see how this can improve security. It should reduce the chance that someone could do a fraudulent ACH withdrawal from your account. However, it makes transferring money to other high yield accounts more time consuming.

I'll report on more once I'm able to log in. Feel free to leave a comment on your opinions or observations on the new site.

6.02% 15-Month / 5.81% 9-Month CD at a Florida CU.
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Tampa Bay Federal Credit Union is offering a 6.02% APY 15-month and a 5.81% APY 9-month share certificates. The minimum deposit is $15K. These CDs are also available in a Traditional or Roth IRA. This is a limited time offer and requires money new to the credit union.

The field of membership is primarily based on Select Employer Groups. See site for details. There's a $25 one-time fee to join. Most credit unions only require a deposit into a share savings account. If you are joining to open the CD, be sure to ask if you can get this fee waived. This is often negotiable. There's also a $5 deposit requirement into a share account which is typical.

Branches are located around Tampa Bay, Florida.

The credit union is NCUA insured. It has $309 million in assets and almost 40K members.

6.00% 12-Month CD at a Georgia Bank (Peachtree).
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Peachtree Bank is offering a 6.00% APY 12-month certificate of deposit. The minimum deposit is $500. A 1-year IRA CD is also available at this rate.

Peachtree Bank has branches in the Georgia cities of Duluth, Dunwoody, Lawrenceville and Roswell.

The bank is FDIC insured.

6.66% 36-Month CD at a Virginia CU (Loudoun)
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Loudoun Credit Union has several high yield long-term certificates. These include a 6.66% APY 36-month CD and a 6.13% APY 24-month CD. The same high rates apply to the IRA CD's. In addition, there's a 60-month Roth CD with an APY of 7.18%.

The field of membership is primarily employee based. Students and the families of Loudoun County public schools are also eligible. See site for details.

The credit union's branch is located in Leesburg, Virginia.

Loudoun Credit Union is NCUA insured. It's a small credit union with almost $19 million in assets and about 5,000 members.

6.00% 6-Month CD at a California Bank ($25K min)
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Community Business Bank is offering a 6.00% APY 6-month certificate of deposit. The minimum deposit is $25K. The maximum deposit is $250K per customer. This special CD is not listed at the bank's website. It was advertised in the Lodi News-Sentinel. The ad is available online here.

The bank has branches in Lodi and West Sacramento, California.

The bank is FDIC insured. It's a new bank that was established last November.

Thanks to the commenter who mentioned this special in the finding deals post.

6.00% 13-Month CD at a Florida Bank (Synovus)
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Synovus Bank is advertising a 6.00% APY 13-month certificate of deposit. It's also advertising a 5.50% APY 9-month CD. Both have a minimum opening deposit of $1K. Offer applies to funds new to the bank. These rates don't seem to be listed at the bank's website. It was advertised in today's Tampa Bay Tribune. The ad is available online here.

Synovus Bank has branches in several cities of Southwest Florida. It also has affiliate branches in Alabama, Georgia, South Carolina and Tennessee. I've sent the bank email asking if these CD specials are available at these other branches or if they are available by mail.

5.75% 3-Month CD at a Missouri Bank (St. Louis)
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St. Louis Bank is offering a 5.75% 3-month certificate of deposit. The minimum is $10K and the funds must not already be on deposit at the bank. This special is not listed at the bank's website. It was advertised in today's St Louis newspaper. The ad is available online here.

There's also a special 5.50% APY CD with terms of 6 to 24 months that is listed at the bank's rate page. The minimum is also $10K.

According to the ad you can open the CD by phone in addition to visiting a branch. Neither the ad nor the website mentions if accounts can be opened by those who live outside of Missouri.

The bank seems to have these CD specials often. In May the bank was offering a 5.35% 12-month CD.

St. Louis Bank's main location is in Town and Country, Missouri.

The bank is FDIC insured. It's a new bank that was established on June 6, 2005 so it doesn't yet have rating at Bankrate.com. It's also a small bank with 32 employees and $197 million in total assets.

6.00% 12-Month CD at a California CU (The Golden 1).
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The Golden 1 Credit Union just started a new certificate special. It's a 6.00% APY 12-month CD. There's a minimum deposit of $2.5K and a maximum deposit of $100K. There's a bump-up feature which provides for a one-time opportunity to bump up the rate if the rate on your CD increases.

The Golden 1 has been coming out with new bump-up CD specials for the last several months. The last ones were a 5.51% 14-month CD, a 5.47% 13-month CD and a 5.45% 10-month CD. One thing to note, each bump-up CD has a different term so for those who opened one of these previous bump-up CDs, you probably can't bump the rate on those to 6%. That's the problem with the bump-up feature especially when it's applied to a special. However, a 6% 12-month CD is 25 basis points above the best 1-year CD listed at Bankrate. This is a good deal regardless of the bump-up feature.

The Golden 1 Credit Union's field of membership includes those who live or work in one of many counties of California. The FOM also has a long list of eligible employers. See site for details.

Branches are located throughout the state of California including the cities of Sacramento, Los Angeles, Modesto, Napa, Ontario, Fresno and Jackson.

The Golden 1 Credit Union is NCUA insured. It's the fifth largest credit union in the US with $6 billion in assets and more than 650,000 members.

Credit for this find goes to the commenter who mentioned it in the finding deals post.

6.00% 6-Month CD at a Pennsylvania CU
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Upper Darby Bell Telco FCU is offering a 6.00% APY (5.83% interest rate) 6-month certificate of deposit. The minimum deposit is $1,000. Funds must be from another institution.

No details about the field of membership are listed at the credit union's website. The website instructs those interested in membership to contact them at 610-734-1883. The credit union is located at 1410 Bywood Avenu, Upper Darby, Pennsylvania which is in the western suburbs of Philadelphia.

The credit union is NCUA insured. It's a small credit union with under $42 million in assets and 4,369 members.

5.75% 6-Month / 5.75% 12-Month CD at a Massachusetts CU
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Community Credit Union is offering a 5.75% APY 6-month CD and a 5.75% APY 12-month CD. There's a $10K minimum deposit requirement. These special certificates are not listed at the credit union's website, but they've been advertised in the Boston Globe North section for the last two weeks.

The field of membership includes those who live or work in Essex County or within 25 miles of the Community Credit Union home office in Lynn, Massachusetts. See site for details. A minimum $25 deposit in a share account is required for membership.

The credit union is NCUA insured. It has $124 million in assets and almost 12K members.

Credit for this find goes to Scott who mentioned it in the finding deals post.

iPod nano Checking Account Bonus at KeyBank
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KeyBank is offering a free iPod nano for opening a checking account by September 9, 2006, and either signing up for direct deposit or obtaining a Key credit card. The Key Free Checking Account is one of the checking accounts that can be used to meet the bonus requirements. This account has no monthly service charges or minimum balance requirements.

Some other of the important details of this deal include: You must have a direct deposit transaction or obtain a KeyBank credit card by October 31, 2006. You will receive your iPod within 60 days of meeting requirements. You must not already have a KeyBank checking account to be eligible. Value of iPod nano will be reported as interest on Form 1099-INT. If you close the checking account within 180 days of account opening, you'll receive a $25 early closure fee.

From the small print it appears that you may only need one direct deposit transaction. Sometimes an ACH transfer initiated from your online bank can count as direct deposit. It depends on the specific bank. This FW thread lists many of the banks that do and don't count ACH transfers as direct deposit. KeyBank doesn't seem to be mentioned.

I'm not sure if they do a hard credit pull when you open the account. It's probably likely if you apply for the credit card. Refer to this FW hard pull thread.

TCF Bank has been offering an iPod nano bonus for much of this year, however, the last one appears to have expired on June 30th (see post). Last month I posted on several other bonuses for iPod Video and iPod Shuffles. Some of these may still be available.

Beware of KeyDirect's Money Market Account

KeyDirect, the online unit of KeyBank, has a money market account that currently pays 5.10% APY on all balances (but it requires a $25K initial deposit and there's a $22 monthly fee for deposits below $25K). It's called the Ultra Money Market Savings Account. In May, a reader informed me that KeyDirect tends to create new money market accounts with new names that offer the high rates. The old money market accounts are no longer promoted, and the rates are quietly reduced. Customers are allowed to switch to the new money market account, but they need to make a specific request.

When I reported on this in May, KeyDirect's high yield money market account was the Optimum Money Market Savings Account which was offering an APY of 4.75%. As expected, there's no longer any mention of this account on the website now. The only one marketed is the Ultra Money Market Savings Account.

Bank Deal Summary for July 22, 2006
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The money market rate hikes slowed down this week compared to the last three weeks. There were a few notable rate increases. Capital One's internet money market became the latest to reach 5%. The rate was increased from 4.75% to 5.00% APY. Four banks which were already above 5%, had additional rate increases this week. These include FirstFedDirect (5.01% to 5.17%), Domestic Bank (5.08% to 5.16%), Corus Bank (5.04% to 5.08%) and Zions (5.02% to 5.07%). For those looking for both a high yield money market account and a checking account, Zions is a good deal. It has a free internet checking account that also has some decent yields. For those who only need limited checking writing from a money market account, Domestic Bank looks appealing. It has been very competitive with rates since May when I started reporting on it. Also, it has a relatively low minimum of $2.5K.

Next week, we should see at least one more savings account rate hike. EmigrantDirect has sent letters informing customers of a rate hike to 5.15% APY on July 28th. The letters also informed customers of the website upgrade (currently being done). The new website will require an access code that also was included in the letter. For those EmigrantDirect customers, be sure you don't throw away that letter. This is the first time that Emigrant announced an upcoming rate hike. Perhaps it's Emigrant's strategy to discourage people from transfering to the rate leaders.

Dime Savings Bank is still offering a 6% APY 3-month promo on its Rewards Money Market Account. The account is open to all (see post). Another good 3-month money market promo came from Banco Popular this week. That bank is offering a 5.50% APY for branches in Southern California and 5.25% APY for South Florida branches (see post). For those in New York, Flushings Savings Bank is offering 5.50% APY money market (see post). The 5.50% APY is guaranteed for 6 months.

Today was the last day that World Savings was offering its 5.76% 3-month CD that allowed one renewal at the same rate. World still has a 5.51% APY 5-month CD available online. Now the question is what will be World's next secret CD special. I've heard rumors about an unadvertised 6% 6-month special CD from World. I spoke with the customer service rep at both the national number and my local number and neither knew about such a special. A reader also mentioned about a 5.76% 10-month CD. The CSRs also did not know about that.

There weren't many rate changes on CDs this week. There were a few minor rate increases at Corus and UFB Direct. The best one-year CD at a bank is now at Imperial Capital with a 5.75% APY CD. This rate is also available on longer terms (see post).

For local CD deals, Citibank is still offering 6% APY 6-month CD for those in Texas. Outside of Texas the rate is 5.50% APY (see post). Some new 6% CDs became available this week. Texans Credit Union and a New York City bank are offering a 6% APY 1-year CDs (see Texan CU post and NY post). For those in New York City, HSBC is still offering a 6.50% APY 1-year CD that's available through July (see post).

I added a few new CDs with very high yields but low maximum deposit limits. The best new one this week was a 7% APY 7-month CD with a $7K maximum deposit in New Jersey (see post). California Credit Union is still offering a 8% APY 8-month CD with a max deposit of $5K (see post). Also, Chartway Credit Union continues to offer 8% APY 8-month CDs with a max deposit of $8K which can be extended to $24K with 2 additional referrals. Feel free to request referrals in this Chartway CD referral post.

Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't include all of the best rates in this summary.

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. Previous weekly summaries are available for Jul 15th, July 8th, July 1st, June 24th, June 17th and June 10th.

As of July 22, 2006

Savings Accounts/Money Market Accounts:

Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
OneUnited - 5.25% (min $10), my post
BankUnited - 5.25% (min $5K), my post
Tennessee Commerce Bank - 5.18% (min $10K), my post
FirstFedDirect - 5.17% (min $1K) (closed to CA residents), my post
Domestic Bank - 5.16% MMA (min $2.5K), my post
Apple Bank - 5.15%, my post
Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
UmbrellaBank.com - 5.10% MMA (min $1K), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
CapitalOne/Costco - 5.08% MMA (min $5K, Costco members only, $50 deal for exec. members)
Corus Bank - 5.08% MMA (min $10K to open)
Zions Bank - 5.07% (min $1K), offers 2.94% free checking, my post
Heritage Bank Online - 5.06% (min $1K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
AmboyDirect - 5.05%, my post
GMAC Bank - 5.05% MMA (min $500), my post
EmigrantDirect - 5.00%, (being raised to 5.15% on 7/28) my post, (rate history)
Citibank - 5.00%, requires checking account, my post
CapitalOne - 5.00% (MMA has same rate, but with checks and ATM. $100 min.), my post
Ascencia Bank - 4.75% (min $50), my post
Self-Help Credit Union - 4.68% MMA (min $500), my post
Western Financial Bank - 4.60% MMA, offers checking, my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
UFB Direct - 4.50%, (5.13% $50K+) offers checking, my post
Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
ING Direct - 4.35%, my post ($25 bonus), (rate history)
MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
EverBank - 4.01% ($1.5K min), 5.51% 3-mo checking account promo, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
Imperial Capital - 3.65% MMA ($2.5K min), offers free checking, my post
NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
ETrade Bank - 3.15% (min $1K to avoid fees/$5K for APY), my post (5.00%/$50 bonus)

3-Month Certificates of Deposit:

UFB Direct - 5.38% (min $8K)
UmbrellaBank.com - 5.35% (min $1K)
Imperial Capital - 5.30%, ($2K min), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
Security Savings Bank - 5.25% (min $1K), very small bank with no online banking, see post
GMAC Bank - 5.20% (min $500), my post
EverBank - 5.10% ($1.5K min)
Corus Bank - 5.08% (min $10K)
ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
VirtualBank - 5.02% (min $10K), my post ($20 bonus)
ETrade Bank - 5.00% (min $1K), my post
Self-Help Credit Union - 4.85% (min $500), my post

6-Month Certificates of Deposit:

Corus Bank - 5.64% (min $10K)
UmbrellaBank.com - 5.57% (min $1K)
UFB Direct - 5.57% (min $8K)
VirtualBank - 5.55% (min $10K), my post ($20 bonus)
World Savings - 5.51% (5 months) (min $10K), new funds only, my post
FirstFedDirect - 5.51% (min $10K), my post
Citibank - 5.50% (min $500), 6% for Texas, my post
GMAC Bank - 5.50% (min $500), my post
EverBank - 5.50% ($1.5K min)
Imperial Capital - 5.50%, ($2K min), my post
ETrade Bank - 5.46% (min $1K), my post
AmTrustDirect - 5.42% (min $1K) my post
Countrywide - 5.40% (min $10K), my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
Security Savings Bank - 5.35% (min $1K), very small bank with no online banking, see post
Wells Fargo - 5.25% (7 month) (min $5K), rate and min vary by state, my post
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
NetBank - 5.05% (min $1K)
ING Direct - 5.00%, my post
MetLife Bank - 5.00% ($1K min)
Self-Help Credit Union - 4.92% (min $500), my post
Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
Western Financial Bank - 5.60% ($100 min)
UmbrellaBank.com - 5.60% (min $1K)
Imperial Capital - 5.60% ($2K min), my post
Countrywide - 5.60% (min $10K), my post
FirstFedDirect - 5.60% (min $10K), my post
GMAC Bank - 5.50% (min $500), my post
AmTrustDirect - 5.50% (min $1K) my post
EverBank - 5.47% ($1.5K min)
Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
EmigrantDirect - 5.35% (min $1K)
VirtualBank - 5.30% (min $10K), my post ($20 bonus)
ING Direct - 5.10%, my post

12-Month Certificates of Deposit:

Melrose CU - 5.82% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Corus Bank - 5.72% (min $10K)
UFB Direct - 5.71% (min $8K)
Transportation Alliance Bank - 5.69% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
UmbrellaBank.com - 5.67% (min $1K)
FirstFedDirect - 5.67%, (min $10K) my post
Western Financial Bank - 5.65% ($100 min)
GMAC Bank - 5.65% (min $500), my post
Mutual Bank - 5.65% (min $2.5K) my post
Countrywide - 5.65% (min $10K)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Digital CU - 5.50% (11 month) (min $1K), my post
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
BankUnited - 5.50% (min $5K), my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
VirtualBank - 5.45% (min $10K), my post ($20 bonus)
EverBank - 5.40% ($1.5K min)
GTE FCU - 5.38% (min $500) my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
Washington Mutual - 5.30% (13-month) (min $1K), my post
ING Direct - 5.25%, my post
MetLife Bank - 5.25% ($1K min)
Self-Help Credit Union - 5.23% (min $500), my post

18-Month Certificates of Deposit:

Imperial Capital - 5.75% ($2K min), my post
AmTrustDirect - 5.68% (min $1K) my post
Mutual Bank - 5.65% (min $5K) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
GMAC Bank - 5.60% (min $500)
CapitalOne/Costco - 5.57% (min $5K, Costco members only)
ETrade Bank - 5.56% (min $1K), my post
Countrywide - 5.45% (min $10K)

36-Month Certificate of Deposit:

Mutual Bank - 5.80% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Melrose CU - 5.72% (min $5K) my post
Transportation Alliance Bank - 5.71% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
GMAC Bank - 5.65% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Countrywide - 5.45% (min $10K)
Self-Help Credit Union - 5.34% (min $500), my post
Pentagon Federal CU - 5.31% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post

48-Month Certificate of Deposit:

Melrose CU - 5.77% (min $5K) my post
Transportation Alliance Bank - 5.71% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
GMAC Bank - 5.65% (min $500)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.45% (min $10K)
Self-Help Credit Union - 5.36% (min $500), my post
USA FCU - 5.33% (min $1K) my post
Pentagon Federal CU - 5.32% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post

60-Month Certificate of Deposit:

Agriculture FCU - 6.00% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
Imperial Capital - 5.75% ($2K min), my post
Transportation Alliance Bank - 5.72% ($1K min)
GMAC Bank - 5.70% (min $500)
AmTrustDirect - 5.68% (min $1K) my post
Washington Mutual - 5.65% (min $1K), my post
ETrade Bank - 5.61% (min $1K), my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.45% (min $10K)
Self-Help Credit Union - 5.39% (min $500), my post
Pentagon Federal CU - 5.32% (min $1K), my post

84-Month Certificate of Deposit:

Washington Mutual - 5.65% (83 months) (min $1K), my post
Countrywide - 5.45% (min $10K)
Pentagon Federal CU - 5.32% (min $1K), my post

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

6.00% 12-Month / 5.75% 9-Month CD at a New York Bank (LibertyPointe)
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LibertyPointe Bank is having a CD promotion with four high yield certificates which include a 6.00% APY 12-month CD, a 5.75% APY 9-month CD, a 5.50% APY 6-month CD and a 5.25% APY 3-month CD. All have a minimum required deposit of $5K. This is a limited time offer.

LibertyPointe is a small, one-office branch located in New York city. The bank is FDIC insured. It was establised less than a year ago on October 3, 2005. Consequently, Bankrate does not have a rating for it. From the FDIC data, the bank currently has total assets of $71 million and has 15 employees.

Credit for this find goes to this FW thread.

5% Money Market Account and $85 in Bonuses at a Washington State CU
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Columbia Credit Union is offering a 5.00% APY for its Guaranteed Money Market Account. The minimum to open is $25K and 50% of which must be new money. It also requires a checking account. The 5% APY is guaranteed through January 1, 2007. The rate for balances under $25K is around 2%. Free checking accounts are available without monthly fees or minimum balance requirements.

Through the end of July, Columbia is offering gift cards for signing up for various sevices: A $10 Burgerville Card is given with every new membership. A $25 Borders Gift Card is awarded for opening a personal checking with free online access and e-statements. A $50 Kohls Gift Card is awarded for opening a money market account with $10,000 or more with money not currently on deposit at Columbia. A $50 Home Depot Gift Card is given for opening a new home equity line of credit with a balance of $5,000 or more.

Memebership and account applications can be done online. There's a $5 membership fee.

The field of membership includes persons who live or work in Washington State or Jantzen Beach/Hayden Island, Oregon. Persons who are related to eligible members may also join. Individuals who don't meet this criterion may also become Columbia members as an employee benefit from select Portland metro-area businesses. See site for details.

Branches are located in Vancouver, Battle Ground and Ridgefield, Washington.

The credit union is NCUA insured. It has $700 million in assets and over 60,000 members.

8.00% 8-Month ($5K max) / 5.92% 17-Month CD at a California CU
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California Credit Union is still offering a special 8% APY 8-month share certificate. There's a maximum deposit cap of $5K per member. The minimum deposit is $1K. Also, it requires a recurring $500+ direct deposit into a new or current CCU checking account or savings account.

I had first reported on this 8% special in early May. At that time the credit union was also offering a 5.25% 17-month CD with a bump-up option called the Freedom Option Bump-up Share Certificate. The rate of this CD is now up to 5.92% APY with the same 17 month term. The minimum deposit is $10K. The bump-up option provides the option to have a one-time bump-up in the rate during the term to the current regular 17-month certificate rate available at the time of change.

The 8% is 2.5% over a 5.50% CD 8-month that you could get at online banks. So if you deposit the maximum $5K for 8 months, the extra 2.5% would net you about $83. Since it requires a checking account with direct deposit, it's almost like a checking account sign-up bonus. Just like sign-up bonuses, it's intended as a loss leader with the hopes that you'll become a long term customer.

The credit union also still has a $75 bonus for opening a new checking account with direct deposit which I described in this February post. This $75 bonus is valid through the end of this year. Unfortuantely, the terms specify that you can't combine this $75 bonus with the special 8% CD rate.

The credit union's field of membership primarily includes employees of California schools. However, the FOM also says you can qualify if you are a Parent Teacher Association or Parent Teacher Student Association member. If you're not a member, they can sign you up.

The main office is located in Glendale, California. It has several other branches in Los Angeles, North Hills, Encino, Pasadena and Torrance.

5.75% 15-Month CD at a Florida CU (Achieva)
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Achieva Credit Union is offering a 5.75% APY 15-month certificate of deposit. The minimum deposit is $1K. This special doesn't seem to be listed at the credit union's website. It was advertised in this week's St. Petersburg Times. The ad is available online here.

In March I had reported on a 5.50% 15-month CD that Achieva was offering.

The credit union's field of membership includes anyone lives or works in the Florida counties of Pinellas, Hernando, or Pasco. Branches are located in the cities of Clearwater, Kenneth City, Largo, Palm Harbor, Pinellas Park and St. Petersburg.

Achieva Credit Union is NCUA insured with over 58,000 members and over $486M in assets.

Bank Deals Now Available on Your Smartphone or PDA
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I am happy to announce that my site can be viewed on PDAs and smartphones through Newsland service. If you have a Pocket PC-compatible smartphone or PDA, you might be interested in Newsland, which offers free access to various news sources.

Newsland Inc. is an international company with its headquarters in Los Angeles, USA, and regional offices in London, UK, Hong Kong, China, and Moscow, Russia. Newsland (www.newsland.net) is a Personal Media Service, which delivers news, weather forecasts, IT, business and finance updates, sports results, humorous stories and variety of other content free of charge to users of Pocket PCs and Smartphones. Newsland converts, compresses, and caches the needed site content for customers' convenience, making the time for transition of information the shortest possible.

How to install Newsland

Newsland Software operates on mobile devices with the following platforms: Windows Mobile 2003 for Pocket PC and for Smartphone; Windows Mobile 5.0 for Pocket PC and for Smartphone.

Download free software to your PDA or Smartphone and get an account.
After the registration on Newsland site go to the Catalog and choose information channel(s) by topic.

All technical questions concerning the service can be addressed to support@newsland.net . You will get the answer within 24 hours.

5.75% 12-Month CD at a Georgia Bank (Integrity)
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Integrity Bank is offering a 5.75% APY 1-year certificate of deposit. Longer terms also have this same rate. The 6-month CD has an APY of 5.50%. There's a $1K minimum deposit. These rates are also available in an IRA but with a $500 minimum deposit. Integrity Bank does not accept out of state funds.

This bank has continued to remain competitive. My last report on this bank was in February when it was offering a 5% APY 1-year CD which at that time was near the top.

Integrity Bank has branches in the Georgia cities of Alpharetta, Roswell, Smyrna and Lawrenceville. All of these cities are just north of Atlanta.

Credit goes to the commenter who mentioned this deal in the finding deals post.

6.60% 60-Month CD at a Maryland CU (NRL).
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NRL Federal Credit Union is offering a 6.60% APY 5-year certificate special for the month of July. There's a $500 minimum deposit. The special rate is also available in an IRA. Application can be done online.

If interest rates hikes end this year, it might be time to consider locking in some of your money into a high yield long term CD.

The field of membership includes employees or immediate family members of the Naval Research Lab and several other employers within the credit union's Select Employees Group. See site for details.

Branches are located in Oxon Hill and Waldorf, Maryland and in Washington DC.

The credit union is NCUA insured. It has assets of $339 million and 21,000 members.

Thanks to the reader who emailed me this special.

6.05% 24-Month CD at a Nashville CU (MPD)
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MPD Community Credit Union is offering high yields on several share certificates. The highest is a 6.05% APY 24-month CD. Others include a 5.79% APY 18-month CD and a 5.53% 12-month CD. All have a minimum deposit requirement of $2.5K.

I had reported on this credit union's high CD rates last March 12. The CD rates have continued to remain very competitive. The rates are changed weekly based on the 13-week T-Bill Discount Rate.

The credit union's field of membership includes employees of many police departments and businesses in Davidson County, Tennessee. See site for details.

MPD Community is a small credit union with two branches in Nashville. It's NCUA insured with about 2,200 members and $12 million in assets.

5.25% 7-Month CD at Wells Fargo
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Update: This CD special is no longer available. Please check with the bank for the latest rates.

Wells Fargo branches in many states are offering a special 5.25% APY 7-month certificate of deposit. Minimums range from $5K to $10K. This isn't the best rate, but it's not bad for a large brick-and-mortar bank. For those who prefer to do their banking at a local and established bank, this is a decent deal.

If you do bank at Wells Fargo, just beware of fees. Wells Fargo just reported its quarterly earnings this week. As this LA Times article mentioned, Wells Fargo non-interest income (which is mostly fees it charges customers) totaled $3.8 billioin in the quarter which was a jump of 14% from the same quarter last year.

There were fears that the rising rates would make it difficult for the banks, but they continue to do well. Here's a quote from the article about Wells Fargo:

The San Francisco-based company, the nation's fifth-largest bank and the biggest bank headquartered in California, reported net income of $2.09 billion, or $1.23 a share, up from $1.91 billion, or $1.12, a year earlier.

5.50% Money Market Account for 3 Months at Banco Popular California
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Banco Popular branches in California are offering 5.50% APY money market account for balances of $10K or more. The special rate is guaranteed not to drop for the first 3 months. This special is not shown on the bank's website. I confirmed this special rate today from the bank's customer service rep. Banco Popular branches in other states have other rates. According to the CSR, the rate at South Florida branches is 5.25% APY.

Balances under $10K earn 2.50%. A monthly fee of $15 results from balances under $5K. There's a $25 closing fee if closed within 6 months. According to the CSR, the bank only does a ChexSystem verification during the account application process, and no hard credit pulls are done.

Banco Popular also has some high yield CDs including a 5.50% APY 8-month CD and a 5.75% APY 16-month CD. Refer to this June 29th post for more info.

The bank has branches in California, Illinois, New Jersey, New York and Texas.

Credit for this find goes to this FW thread.

Capital One High Yield Money Market Rises to 5.00%
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Capital One increased the APY on its money market accounts from 4.75% to 5.00%. The two money market accounts are the High Yield Money Market account (the no-minimum savings account which provides good ACH linking) and the Money Market account (has a $100 mininum, check writing but no ACH).

This Money Market Account is a good choice for people who want high yield and check writing with a low minimum balance. There's only a $100 minimum to open the account. If the balance falls below $100, you earn no interest but there are no monthly fees. Most money market accounts with check writing have minimum deposit or balance requirements of over $1K. The other two good alternatives are GMAC Bank which has a $500 minimum and UmbrellaBank which has a $1K minimum. The only problem with this Cap One Money Market Account is that it doesn't have an ACH transfer system to allow online bank-to-bank transfers. I find it strange that ACH is offered in the no-minimum High Yield Money Market Account, but that account doesn't offer checks. They should just combine the two accounts into one with both check writing and ACH linking.

Although Capital One hasn't been a rate leader, it has done a decent job at staying competitive. The last rate hike was just 3 weeks ago on June 28th when Capital One increased the rate from 4.55% to 4.75% APY.

Capital One's Costco Money Market account just had a rate increase last week from 4.82% to 5.08% APY. This Costco money market account averages about 0.20% over the standard money market account rate. So it's likely that the rate will increase over the next few weeks. The special $50 sign-up bonus for Costco Executive members is still available (see post).

6.00% 24-Month CD at a Virginia Bank (Goochland).
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The Bank of Goochland is offering a 24 month certificate of deposit with a 6.00% APY (interest rate of 5.83%). The minimum deposit is $10K. The early withdrawal penalty is 3 months of interest.

The bank has branches in Manakin Sabot and Goochland, Virginia.

The bank is FDIC insured. It's a small bank with $70 million in total assets. It has a 5 out of 5 star rating at Bankrate (superior).

5.46% 3-Month CD at Stearns Bank ($90K+)
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Stearns Bank has high rates on its short term jumbo certificates of deposits. These include 5.52% APY 180-day CD, 5.46% APY 90-day CD, 5.26% APY 60-day CD and a 5.17% APY 30-day CD. The minimum deposit is $90K. Stearns Bank has been offering high rates on short-term CDs for some time.

The application can be done online and can be funded with a check or by wire. It doesn't seem to offer ACH.

One interesting feature of this bank is that it has 4 FDIC charters (1 in Arizona: Scottsdale and 3 in Minnesota: Holdington, St. Cloud and Upsala) which gives a depositor a minimum FDIC insurance level of $400K. Also, the online application includes many ownership categories including joint and POD so this can easily increase your insurance level above $1M (see post). Stearns Bank seems to be in good shape financially. Bankrate.com rates the Upsala bank as 4 of 5 stars (sound).

Higher Rates at Corus and UFB Direct
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Corus Bank raised the rate by 4 basis points on both of its CDs and its money market account today. The money market account rate increased to 5.08% APY. The 6-month and 12-month CD rates increased to 5.64% and 5.72% APY.

Corus Bank's certificate of deposit rates have been rising a little each week and have remained near the top of its competitors. To get a sense of how much they have risen, three months ago, the money market account, 6-month CD and 12-month APYs were 4.70%, 5.12% and 5.27%. The largest increase has been in the 6-month CD rate.

UFB Direct also made rate increases today. The rate of the Jumbo Money Market Account increased from 5.13% to 5.16% APY. This requires a minimum $50K balance. The new APYs for UFB's 3-month, 6-month and 12-month CDs are 5.38%, 5.57% and 5.71%. The 5.71% APY also applies to all terms over 1 year. The previous APYs were 5.30%, 5.55% and 5.65%.

The yield of UFB's no-minimum Money Market Savings remains at 4.50% APY. This rate was bumped-up from 4.40% to 4.50% in early June and hasn't changed much since April. It's time for UFB to raise this rate. Before long ING Direct's savings account may have a higher rate than this.

Earlier this month, a reader informed me about a change at UFB Direct. Its rating at Bankrate.com has improved to 4 out of 5 stars (sound). It had been as low as 1 star last April.

For more info on UFB Direct, refer to this previous post.

FirstFedDirect Savings Account Now 5.17%
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Update 8/20/08: The savings account and CD rates have changed. Please check the bank's website for the latest rates.

FirstFedDirect increased the yield on its Internet Advantage Savings Account from 5.01% to 5.17% APY today. To earn this APY requires a balance of at least $1K. There are no monthly fees for low balances. The savings account is like a typical online savings account. Accounts can be opened online or by mail. However, you must live outside of California to apply.

The bank also raised the CD rates. The current APYs for the 3-month, 6-month, 9-month and 12-month CDs are 5.26%, 5.51%, 5.60% and 5.67%. There's a $10K minimum deposit. The early withdrawal penalty is 3 months of interest for terms under 1 year. The 1-year CD has a 180-day interest penalty.

I first reported on this account last December when First Federal Bank of California first launched this online bank. The rates have remained competitive. However, there hasn't been any improvements. For example, my complaint in December was the lack of any email address or telephone number on the website. I still can't find this info.

First Federal Bank of California is FDIC insured. The FDIC entry only includes the main bank's web address and not FirstFedDirect's, so I can't prove that FirstFedDirect is part of First Federal Bank. The bank has a 4 out of 5 star rating at Bankrate.com for financial strength.

8% 12-Month CD at a Texas CU ($1K max).
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Chemcel FCU is offering a special 8.00% APY 1-year share certificate. It requires a checking account to qualify for this rate. They do offer a free checking account with no monthly fees or minimum balance requirements.

Chemcel's field of membership includes all those who live, work, worship or attend school in the Texas counties of Kleberg and Nueces. Also included are employees and retirees of several employers. See site for details.

Branches are located in the Texas cities of Bishop, Kingsville, Pasadena, Dallas, Bay City and Corpus Christi.

The credit union is NCUA insured. It has $51 million in assets and 7,788 members.

[Edit: Informed by reader that there's a $1K maximum deposit.]

5.50% Money Market Account at a New York Bank (Flushing Savings)
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Flushing Savings Bank has increased the rate of its Power Money Market Account promotion from 5.00% to 5.50% APY. This rate is guaranteed for 6 months. It requires new deposits and a minimum opening deposit of $5,000. The $5,000 balance must be maintained to qualify for the 5.50% APY. It also requires a linked Breakout Checking Relationship account with a minimum opening deposit of $500. The maximum balance allowed is $150,000 per person.

I called for some additional details. Unfortunately, you have to visit a branch to open this account. There should be no hard credit pull in the application process, just a ChexSystem verification. Today's standard rate for the Power Plus Money Market is 4.00% APY for balances over $5K. There's no closing fee for closing the account after 6 months.

This seems like a regular promotion. In early March Flushing Savings was offering 5.00% APY.

Flushing Savings Bank has branches in Queens, Nassau, Brooklyn and Manhattan of New York State.

5.75% 12-Month CD at Imperial Capital Bank
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Imperial Capital Bank (ICB) increased rates on its certificates of deposit from between 0.10% to 0.15% since my last report on July 10th. The best deal is a 5.75% APY 1-year CD. Other good deals include a 5.30% APY 3-month CD, a 5.50% APY 6-month CD and a 5.60% APY 9-month CD. All have a minimum deposit requirement of $2K. Accounts can be opened online, by mail or at a branch.

The CDs have above average penalties for early withdrawal. However, the 1-year CD penalty is not too bad at 181 days of interest. The other penalties are as follows: 90 days interest for terms of 90 to 180 days, 181 days of interest for terms of 181 to 365 days and 365 days of interest for terms of over 1 year.

ICB also has a money market account with an APY of 5.10%. However, this requires a balance over $100K. The rate for deposits under $25K is 3.65% APY. Also, there's a monthly maintenance fee for balances under $5K.

Branches are located in several cities of California and in Carson City, Nevada.

ICB is FDIC insured. Bankrate.com rates the bank 3 out of 5 stars (performing).

$25 Bonus for Using HSBC Bill Pay
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HSBC is offering a $25 HSBC MasterCard Gift Card for checking account customers who sign up for bill pay and pay 3 bills online by August 15th. It's only for existing checking account customers. No promo codes are needed. Credit for this find goes to this SlickDeals thread. The page linked in the thread didn't have the details of this promotion, so I called HSBC and confirmed it with the customer service rep. Letters are being sent to customers with this promotion. Here's the HSBC Bill Pay overview.

I also asked if there were any other sign-up bonuses available. Unfortunately, the CSR wasn't aware of any currently being offered. Last month I reported on a $25 Best Buy Gift Card signup bonus for the Online Savings Account. This is only for Best Buy credit card holders and is still available (see post). The best bonuses were earlier this year when HSBC was offering a $25 cash signup bonus for the Online Savings Account and a $55 cash signup bonus for their Smart Checking Package. I was successful in receiving both of these.

4.07% Checking Account at a Texas/Arkansas Bank
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Bank of Ozarks is offering a checking account paying 4.07% APY with a $1K minimum deposit. It's called the MaxYield Checking Account. There's a $12 monthly service charge if the balance falls below $1K. The first order of personalized checks is free. The 4.07% yield is not listed at the bank's website. It was advertised in yesterday's Dallas Morning News. The ad is available online here.

The bank has branches in Texas, Arkansas and one branch in Charlotte, North Carolina.

There are other high yield checking account offers but most require direct deposit. These include Presidential's 4.50% checking, Meadows's 4.33% checking and City National Bank of Taylor's 4.03% checking. Everbank still has its 5.51% 3-month intro rate for its checking account, however, after the first 3 months, this goes down to 3.01% for balances under $10K. As I reported on last week, Third Federal has a 4.50% APY checking account for balances of over $5K and has no direct deposit requirements.

$150 in Sign-up Bonuses at Bank of America
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There's a new $100 bonus at Bank of America for signing up for a checking account. This new one seems to be targeting MBNA customers. You'll receive $100 as a credit to your new account within 50 days of opening your new personal checking account. Limit one $100 bonus per household every 60 days. Here's the promotional link. The offer expires on 12/31/06.

A similar Bank of America checking account bonus that I reported on in June is still going on. Also, there's a $50 sign-up bonus for a new Bank of America Regular Savings Account that I reported on in July 2nd. These checking and saving bonuses would be a good opportunity for someone who's considering Bank of America's Keep the Change Program.

Note, the $200 sign-up bonus for Bank of America business and personal checking account expired on July 15th.

One issue to worry about with Bank of America is a hard credit pull which has been reported to occur if you don't already have a personal account with them. The other issue is being charged monthly fees. To get out of the monthly fees on the MyAccess Checking account, you need direct deposit. Refer to this FW thread for info about using ACH transfers in place of direct deposit.

Thanks to the reader who emailed me this latest Bank of America bonus.

Preventing Theft from Online Accounts
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Being able to access bank and brokerage accounts online can be very convenient, however, there's always that fear that a hacker may somehow find a way to log in and steal your money. This almost happened to the executive producer of the Clark Howard Show. As Clark Howard described, his executive producer just happened to be checking her account when she saw that all of the stock in her ETrade account was about to be sold. She immediately called ETrade, and learned that someone had hacked into her account and was preparing to wire the money out. Fortunately, ETrade was able to get all of the money safely back in the account.

Clark pointed out an important issue that brokerages aren't required to guarantee customers against this kind of theft. This is not the same for banks. As this MSNBC article describes, the Federal Reserve Board's Regulation E provides banking consumers with well-defined rights with respect to fradulent electronic transfers. However, there is a time limit in which the customer has to notify the bank of the fraud. So for both brokerages and banks, be sure to check your accounts often.

5.80% 11-Month CD at a California CU (SAFE)
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SAFE Credit Union is offering a special 5.80% APY on its 11-month PlatinumRate Certificate. There's a minimum $10K deposit for regular CDs and a $25 minimum for IRA certificates. There's also a SelectTerm CD with an APY of 5.43% with a minimum term of 6 months. It has the same minimum requirements.

I had last reported on this credit union in May when it was offering a 5.22% 6-month CD.

The credit union's field of membership includes residents of the following California counties: Sacramento, Placer, Yolo, Yuba, Sutter, Amador, Butte, Contra Costa, Nevada, San Joaquin, Solano and El Dorado. It also includes several employeer groups and associations.

SAFE Credit Union is NCUA insured with $1.3 billion in assets and 117,000 members.

7.00% 7-Month CD at a New Jersey CU ($7K max).
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First Financial FCU is offering special 7.00% APY 7-month share certificate. The minimum deposit is $700 and the maximum deposit is $7K. New funds only (see image of ad).

The field of membership includes all those who live in Monmouth or Ocean Counties. Membership is also avialable through select employer groups. See site for details.

Branches are located in several New Jersey cities.

The credit union is NCUA insured. It has almost 33K members and over $183 million in assets.

Thanks to the reader who emailed me this CD special.

6.00% 12-Month CD at a Texas CU (Texans).
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Texans Credit Union has a special 6.00% APY 12-month certificate. The minimum deposit is $1K. The CD is also available for an IRA.

The credit union is still advertising a $100 bonus for opening a checking account with direct deposit. I had first reported on this $100 bonus last month.

The last CD special this credit union was offering was a 5.35% APY 48-month CD that I had reported on in April. It's interesting to note that this old 48-month CD special had a bump-up option. The current APY of the 48-month bump-up CD is only 5.17%. This is a good example of the problem of bump-up CDs. The institution will often raise rates but not for the term of your bump-up CD.

The field of membership includes those who live in the Texas counties of Collin, Dallas, Rockwall, Travis and Williamson. The credit union has branches in Dallas, Austin and Houston.

Texans Credit Union is NCUA insured. It's a large credit union with $1.6 billion in assets and over 156K members.

Bank Deal Summary for July 15, 2006
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The number of 5-percent-plus savings and money market accounts again grew this week. My list now has 20 banks with money market or savings account rates of 5% APY or higher. Last week my list had 15, two weeks ago it had 8 and three weeks ago it had only 2.

This week, OneUnited Bank became the first to offer a 5.25% APY no-minimum online savings account available to all (see post). OneUnited has maintained very competitive rates on the savings account since I first reported on this bank in April. However, a few of my readers have had bad experiences with this bank. The account opening process and the account's ACH transfer system seem to be problematic and slow.

Another new online bank is making a name for itself with very high rates on a no-minimum online savings account. The bank is Apple Bank for Savings and it just recently started an online savings account called the Grand Yield Direct (see post). On Thursday, the APY of this account was raised from 5% to 5.15%.

The old rate leaders are not making it easy for these new banks. They continue to stay competitive. UmbrellaBank, GMAC Bank, Zions and Capital One/Costco all raised their money market rates above 5% this week. EmigrantDirect has sent letters to its customers informing them of a rate hike from 5.00% to 5.15% APY on July 28th. For those who might have been thinking about moving their money to one of these new banks, this announcement by Emigrant should discourage them. Why risk the potential account opening problems or ACH problems? New banks are going to have to either have very high rates to make it worth the move or are going to have to invest in a solid online banking system with well-trained and well-staffed customer service.

Next week will be the last week for World Savings 5.76% APY 3-month CD special that can be extended to another 3 months at the same rate. This is only available at World Savings branches (see post).

If you don't live near a World Savings branch, there are other opportunities. Dime Savings Bank is still offering a 6% APY 3-month promo on its Rewards Money Market Account. The account is open to all (see post). Melrose Credit Union made a large bump in its 1-year CD this week. The new 1-year rate is 5.82% APY (see post).

We're seeing more and more local deals with rates over 6%. Texas residents still can take advantage of a 6% APY 6-month CD at Citibank (see post). Those in Chicago can get a 6% APY 12-month CD at First Eagle National Bank (see post), and people in Los Angeles can get a 7.19% APY 6-month CD at Pacific Resource Credit Union. There's a $7K maximum deposit on this CD (see post).

The Chartway Credit Union's 8% 8-month CD deal continues and is available for those who meet membership requirements and are able to get referrals. Feel free to request referrals in this Chartway CD referral post.

Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't include all of the best rates in this summary.

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. Previous weekly summaries are available for July 8th, July 1st, June 24th, June 17th, June 10th and June 3rd.

As of July 15, 2006

Savings Accounts/Money Market Accounts:

Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
OneUnited - 5.25% (min $10), my post
BankUnited - 5.25% (min $5K), my post
Tennessee Commerce Bank - 5.22% (min $10K), my post
Apple Bank - 5.15%, my post
Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
UmbrellaBank.com - 5.10% MMA (min $1K), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Domestic Bank - 5.08% MMA (min $2.5K), my post
CapitalOne/Costco - 5.08% MMA (min $5K, Costco members only, $50 deal for exec. members)
Heritage Bank Online - 5.06% (min $1K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
AmboyDirect - 5.05%, my post
GMAC Bank - 5.05% MMA (min $500), my post
Corus Bank - 5.04% MMA (min $10K to open)
Zions Bank - 5.02% (min $1K)
FirstFedDirect - 5.01% (min $1K) (closed to CA residents), my post
EmigrantDirect - 5.00%, my post, (rate history)
Citibank - 5.00%, requires checking account, my post
CapitalOne - 4.75% (MMA has same rate, but with checks and ATM. $100 min.), my post
Ascencia Bank - 4.75% (min $50), my post
Self-Help Credit Union - 4.68% MMA (min $500), my post
Western Financial Bank - 4.60% MMA, offers checking, my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
UFB Direct - 4.50%, (5.13% $50K+) offers checking, my post
Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
ING Direct - 4.35%, my post ($25 bonus), (rate history)
MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
EverBank - 4.01% ($1.5K min), 5.51% 3-mo checking account promo, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
ETrade Bank - 3.15% (min $1K to avoid fees/$5K for APY), my post (5.00%/$50 bonus)

3-Month Certificates of Deposit:

World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
UmbrellaBank.com - 5.35% (min $1K)
Security Savings Bank - 5.35% (min $1K), very small bank with no online banking, see post
UFB Direct - 5.35% (min $8K)
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
GMAC Bank - 5.20% (min $500), my post
EverBank - 5.10% ($1.5K min)
ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
Corus Bank - 5.04% (min $10K)
VirtualBank - 5.02% (min $10K), my post ($20 bonus)
ETrade Bank - 5.00% (min $1K), my post
Self-Help Credit Union - 4.86% (min $500), my post

6-Month Certificates of Deposit:

World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
Corus Bank - 5.60% (min $10K)
UmbrellaBank.com - 5.57% (min $1K)
UFB Direct - 5.55% (min $8K)
VirtualBank - 5.55% (min $10K), my post ($20 bonus)
World Savings - 5.51% (5 months) (min $10K), new funds only, my post
Citibank - 5.50% (min $500), 6% for Texas, my post
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
ETrade Bank - 5.46% (min $1K), my post
AmTrustDirect - 5.42% (min $1K) my post
FirstFedDirect - 5.41% (min $10K), my post
GMAC Bank - 5.50% (min $500), my post
Countrywide - 5.40% (min $10K), my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
EverBank - 5.35% ($1.5K min)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
NetBank - 5.05% (min $1K)
ING Direct - 5.00%, my post
MetLife Bank - 5.00% ($1K min)
Self-Help Credit Union - 4.95% (min $500), my post
Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
Western Financial Bank - 5.60% ($100 min)
UmbrellaBank.com - 5.60% (min $1K)
Countrywide - 5.60% (min $10K), my post
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
GMAC Bank - 5.50% (min $500), my post
AmTrustDirect - 5.50% (min $1K) my post
FirstFedDirect - 5.50% (min $10K), my post
EmigrantDirect - 5.35% (min $1K)
EverBank - 5.35% ($1.5K min)
VirtualBank - 5.30% (min $10K), my post ($20 bonus)
ING Direct - 5.10%, my post

12-Month Certificates of Deposit:

Melrose CU - 5.82% (min $5K) my post
Transportation Alliance Bank - 5.73% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
Corus Bank - 5.68% (min $10K)
UmbrellaBank.com - 5.67% (min $1K)
Western Financial Bank - 5.65% ($100 min)
GMAC Bank - 5.65% (min $500), my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Mutual Bank - 5.65% (min $2.5K) my post
UFB Direct - 5.65% (min $8K)
Countrywide - 5.65% (min $10K)
FirstFedDirect - 5.61%, (min $10K) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Digital CU - 5.50% (11 month) (min $1K), my post
BankUnited - 5.50% (min $5K), my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
VirtualBank - 5.45% (min $10K), my post ($20 bonus)
Washington Mutual - 5.40% (13-month) (min $1K), my post
GTE FCU - 5.38% (min $500) my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
EverBank - 5.35% ($1.5K min)
Self-Help Credit Union - 5.30% (min $500), my post
ING Direct - 5.25%, my post
MetLife Bank - 5.25% ($1K min)

18-Month Certificates of Deposit:

CapitalOne/Costco - 5.73% (min $5K, Costco members only)
AmTrustDirect - 5.68% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Mutual Bank - 5.65% (min $5K) my post
Countrywide - 5.65% (min $10K)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
GMAC Bank - 5.60% (min $500)
ETrade Bank - 5.56% (min $1K), my post

36-Month Certificate of Deposit:

Mutual Bank - 5.80% (min $5K) my post
Transportation Alliance Bank - 5.75% ($1K min)
Melrose CU - 5.72% (min $5K) my post
AmTrustDirect - 5.68% (min $1K) my post
GMAC Bank - 5.65% (min $500)
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Countrywide - 5.55% (min $10K)
Self-Help Credit Union - 5.45% (min $500), my post
Pentagon Federal CU - 5.31% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post

48-Month Certificate of Deposit:

Melrose CU - 5.77% (min $5K) my post
Transportation Alliance Bank - 5.76% ($1K min)
AmTrustDirect - 5.68% (min $1K) my post
GMAC Bank - 5.65% (min $500)
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Countrywide - 5.55% (min $10K)
Self-Help Credit Union - 5.47% (min $500), my post
USA FCU - 5.33% (min $1K) my post
Pentagon Federal CU - 5.32% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post

60-Month Certificate of Deposit:

Agriculture FCU - 6.00% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
Transportation Alliance Bank - 5.77% ($1K min)
GMAC Bank - 5.70% (min $500)
Washington Mutual - 5.70% (min $1K), my post
AmTrustDirect - 5.68% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Countrywide - 5.55% (min $10K)
ETrade Bank - 5.61% (min $1K), my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Self-Help Credit Union - 5.49% (min $500), my post
Pentagon Federal CU - 5.32% (min $1K), my post

84-Month Certificate of Deposit:

Washington Mutual - 5.70% (83 months) (min $1K), my post
Countrywide - 5.55% (min $10K)
Pentagon Federal CU - 5.32% (min $1K), my post

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

ING Direct's Latest Incentive Offer
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ING Direct's Winter Save Up Sale may have attracted new customers and new deposits, but it didn't sit well with ING's loyal customers who had most of their money in the Orange Savings Account when the Winter Save Up Sale started. So they weren't eligible for the extra interest rate. When the Winter Save Up Sale ended, ING started to do more promotion of its Orange CDs along with making the CD rates more competitive. ING was hoping to keep the deposits that it had attracted with the Save Up Sale. At least these new CD rates allowed the loyal customers to benefit.

Now ING Direct is providing an extra benefit to CD customers. ING Direct has sent emails to customers with CDs that are close to maturity with a notice that they'll earn an extra 0.25% APY for renewing the CD. Below is a list of the standard APYs and Bonus APYs for the various certificate of deposit terms:


Term      Stnd APY  Bonus APY
6 month      5.00%     5.25%
9 month      5.10%     5.35%
12 month     5.25%     5.50%
18 month     5.25%     5.50%
24 month     5.30%     5.55%
30 month     5.25%     5.50%
36 month     5.25%     5.50%
48 month     5.25%     5.50%
60 month     5.25%     5.50%

This extra 0.25% helps, but these rates are still far from competitive. For example, VirtualBank is offering 5.55% APY on a 6-month CD with a $10K minimum deposit. GMAC Bank is now offering 5.50% APY with a minimum of only $500. ING does have the advantage of having no minimum deposit requirements. But a $500 minimum is not really that much. If you have only $300, you would only get an extra $1.35 in a 5.25% 6-month CD over keeping your money in ING's savings account assuming the savings account rate remains at 4.35% during the 6 months.

The other advantage ING Direct CDs have over other bank CDs is a very easy CD management system. You can open and close CDs in minutes completely online. You don't have to call or send signed forms.

Thanks to the commenter who mentioned this promotion in the finding deals post.

GMAC Bank's Money Market Now 5.05% and New Higher CD Rates
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GMAC Bank's Money Market Savings Account finally broke 5% today. The new rate is 5.05% APY which is up from 4.90% APY. Last Friday GMAC Bank increased the money market rate from 4.80% to 4.90%. When other banks like HSBC and Emigrant were making a big rate bump to 5%-plus, GMAC seemed to prefer to break up the increase over two weeks. Except for a late February 0.30% rate bump, GMAC seems to prefer a gradual increase. Nevertheless, it's good to see GMAC staying competitive. Even though a few banks like UmbrellaBank have a small lead, GMAC's advantages like a quick and easy-to-use ACH transfer system along with check writing make it hard to justify moving your money for a little higher rate.

GMAC also made increases to some of its CD rates. The 3-month CD is now 5.20% APY and the 6-month CD is 5.50% APY. There were no changes in the longer maturity CDs except for the 5-year CD which had a slight 0.05% rate bump to 5.70% APY. With a 6-month CD paying 5.50%, it's hard to justify an extra 0.20% of interest for a term that's 10 times longer. Below is the full list of new and old yields:


GMAC Bank Certificate of Deposit Rates:
Term      Old APY    New APY     Change
3 months    5.10%      5.20%      +0.10
6 months    5.40%      5.50%      +0.10
9 months    5.45%      5.50%      +0.05
12 months   5.65%      5.65%      
18 months   5.60%      5.60%     
2 years     5.65%      5.65%     
3 years     5.65%      5.65%     
4 years     5.65%      5.65%     
5 years     5.65%      5.70%      +0.05

For more information on opening a GMAC Bank CD, please refer to this post.
Thanks to Steve who mentioned this rate update in the finding deals post.

6.00% 11-Month CD at a Georgia CU ($10K max)
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HMC Employees FCU is offering a 6.00% APY 11-month savings certificate. The minimum deposit is $1K and the maximum deposit is $10K. Only one CD per member is allowed. It requires a checking account and direct deposit. This is a limited time offer. Free checking accounts are available with no monthly service fees and no minimum balances.

The field of membership is mostly employer based. Eligible companies are primarily health related in Georgia. As always, immediate family of credit union members are also eligible to join. See site for details.

The main office is in Dalton, Georgia. The credit union is NCUA insured. It's a small credit union with $6.9 million in assets and 1,671 members.

OneUnited Internet Savings Account Now 5.25%
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The rate of OneUnited Bank's UNITY Internet Savings Account was raised today from 5.00% to 5.25% APY. This is now the highest rate no-minimum savings account. On June 15 it became the first no-minimum nationally-available savings account to reach 5%. There's actually a $10 minimum deposit and balance requirement to receive the APY, but I consider this essentially as a no-minimum account. I had first reported on this account back on April 22nd when the rate was 4.50%. OneUnited seems to be serious about being the rate leader.

Refer to this post for all the details about OneUnited and this savings account. A comment in that post describes the problems one of my readers experienced with OneUnited's ACH transfer system. You might be able to get around this problem by linking it from another online bank and then initiating ACH transfers from that other bank. GMAC Bank's money market account would be a good choice for this.

Grand Yield Direct Savings Account Now 5.15%
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Apple Bank for Savings' new online savings account called the Grand Yield Direct Savings Account had a rate increase today to 5.15% APY (from 5.00%). I first mentioned this new savings account last week. It follows the typical online savings account model with only $1 minimum and online linking to an external account for ACH transfers. ATM cards and checks are not available.

Based on the account terms and conditions, it appeared that there's a fee for outgoing ACH transfers. However, according the customer service rep., there are no fees for standard outgoing ACH transactions as a grand yield depositor, however next day transactions have a $10 fee imposed. This seems to indicate that the standard ACH transfers take several days. Also, according to the CSR, other accounts cannot be linked to the Grand Yield Direct Account.

I also asked if there might be some kind of sign-up bonus. No luck. They seem intent to attract customers with high rates alone. With EmigrantDirect just announcing the rate increase to 5.15% on July 28th, there's still not much incentive for people to try out this account. As I mentioned in my previous post, the ACH systems of these new savings account often have issues.

Apple Bank for Savings is FDIC insured. Theapplebank.com web address is listed in the FDIC entry so you know it's legit. The bank has $7.6 billion in total assets and total liabilities of $7.0 billion. Bankrate.com gives the bank 4 out of 5 stars (sound).

EmigrantDirect Raising Rate to 5.15% on July 28
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Nick from Punny Money reports on EmigrantDirect's announcement that it'll be raising the savings account rate to 5.15% APY on July 28, 2006. EmigrantDirect is sending letters with this information to its customers. A copy of the letter is posted at Punny Money.

The letter also mentions that the Emigrant Direct's website will not be available from 5pm ET on Friday, July 21 through 9am ET on Monday, July 24. This must be the time that Emigrant will be upgrading the website (what was suppose to be done last month).

This is the first time that I can remember that Emigrant sent letters with an upcoming rate increase. I wonder if it's a new tactic to discourage others from transfering to HSBC or other banks offering a little higher rate. With this news, there's not much incentive to move the money. You would be more likely to lose money during the transfer when the money isn't earning any interest.

5.22% Money Market Account at Tennesse Commerce Bank ($10K min)
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Tennessee Commerce Bank (TCB) has a money market account that it calls the Market Watch Money Fund. The rate is based on the 6 month Treasury Bill and is updated weekly. Currently the APY is 5.22%. The minimum deposit to open is $10K. The maximum is $1M. It's a little less liquid than your typical money market account. It only allows one free withdrawal per month ($25 for each additional withdrawal). Withdrawals can be done by check, ACH or Wire Transfer. There are no monthly service charges.

TCB also offers another money market account for very large deposits called the Investor's Money Fund which has a rate based on the 6-month Treasury Bill plus 50 basis points and is updated weekly. Currently, the APY is 5.75%. It has the same features as the Market Watch Money Fund. The minimum to open is $250K.

TCB's checking account also looks like a good deal. TCB Checking is free to customers with a minimum $10K relationship. Rates are indexed to the 90 day T-Bil rate. It offers free TCB checks and $5 monthly refund of ATM fees.

In addition to high yield money market accounts, the bank has some decent rates on CDs. The current yields range from 5.10% APY for a 3-month CD to 5.60% APY for a 12-month APY. All have a minimum $5K deposit requirement.

Account applications can be done online. The bank requires you to mail them two forms of identification along with the initial deposit. To ACH or wire the deposit, you must call for instructions.

In addition to personal accounts, TCB has many accounts designed for businesses.

TCB is FDIC insured. It's a small bank with only one branch and 50 employees. Total assets is $438 million. Bankrate.com's safe and sound rating is 3 out of 5 stars (performing).

5.65% 8-Month CD at a California CU (Premier America)
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Premier America Credit Union is offering a 5.65% APY 8-month certificate. The minimum deposit is $10K. At least 50% of the opening deposit must be new funds. This is a limited time offer.

Last month the credit union was offering a 7% 7-month CD with a $7K max.

The field of membership includes those who live, work, worship or attend school in Ventura County, the San Fernando Valley, the Santa Clarita Valley or most other areas of Los Angeles County, or live, work, worship or attend school within 10 miles of our Westchase branch in Houston, Texas. In addition, you can be eligible if you're an employee or member of a long list of companies and organizations.

The credit union is NCUA insured with $1.2 billion in assets and over 72K members.

Inside Look at Bank of Internet
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A San Diego Source interview with Gary Lewis Evans, the founder of Bank of Internet (BofI), gives a look inside one of the oldest pure-online banks. BofI opened in July 4, 2000 and still has only one office in San Diego with only 25 employees. Evans follows the internet model in which the internet is used to keep office space cost and employee cost to a minimum.

The article mentions that BofI currently has 21,000 customers. After over six years in operation, that seems low. Compare that to ING Direct which started the internet operation in September 2000. It now has 3.5 million customers. Also, compare BofI's number to that of EmigrantDirect which now has more than 250,000 customers. EmigrantDirect has been offering its online savings account for only about 18 months.

BofI offers many deposit products including CDs, checking accounts, savings accounts and money market accounts. However, the savings and money market accounts have never had very high yields. Currently, BofI's savings account currently only has an APY of 2%. The Money Market Savings' APY is only 3.90% for balances under $99K. ING Direct's model of a simple high yield, no-minimum savings account that links to an existing checking account is something that does well. EmigrantDirect copied this model and was able to attract customers with higher yields. Other banks have continued to puruse this model.

Although BofI doesn't have competitive savings accounts, it does provide decent high yield checking accounts and competitive CD rates. The Freedom Checking Account currently has an APY of 3.40% for balances under $25K. There's a $1K minimum balance to avoid a monthly fee. BofI's certificates of deposit have yields ranging from 5.43% APY for a 6-month CD to 5.66% APY for a 12-month to 5-year CD. The CDs have a minimum requirement of $1K.

In addition to the minimums and fees, another feature that may have hurt BofI's growth is the lack of an ACH transfer system. The online account applications only have check or wire options for funding.

5.82% 12-Month CD at Melrose Credit Union (open to all)
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Melrose Credit Union made a significant increase to its 12-month share certificate rate. The new APY is 5.82% which is up from 5.46%. Rates on the longer terms also increased, but by not as much. Below is the full list of new and old yields:


Term    Old APY    New APY    Change
1-year   5.46%      5.82%     +0.36
2-year   5.51%      5.77%     +0.26
3-year   5.56%      5.72%     +0.16
4-year   5.67%      5.77%     +0.10
5-year   5.82%      5.82%

These CDs have a minimum deposit requirement of $5K. These are also available as an IRA with a minimum of $4K. Jumbo share certificates with a minimum of $1M are available with rates 0.25% higher than the above rates.

When I first reported on Melrose in March, its CD rates were way ahead of the others. For example, Melrose's 1-year CD APY was 5.35% which was 0.20% higher than Corus Bank's 5.15% APY 1-year CD. Over the last several months, Melrose CD rates remained the same while all others went up. It wasn't until mid June that Melrose finally raised CD rates. The 1-year CD was bumped from 5.35% to 5.46% APY. With this latest rate hike, Melrose is back on top.

As I reported in my March post, Melrose has an open field of membership. People from any state can join. There is a $1.00 one time membership fee and a minimum opening deposit of $25.00. Membership application can now be done online.

Melrose Credit Union is NCUA insured. As of April 18th, it has $771 million in assets and 17,755 members.

6.00% 12-Month CD at a Chicago Bank (First Eagle)
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First Eagle National Bank has a 6.00% APY (5.87% interest rate) 12-month certificate of deposit. The minimum is $2.5K.

The bank has branches in Chicago and Hanover Park, Illinois.

The bank is FDIC insured. It has a 4 out of 5 star safe and sound rating at Bankrate.com.

Thanks to the reader who emailed me this deal.

More 5%+ Money Markets Accounts, Capital One/Costco, Zions
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More money market accounts broke the 5% mark today. In addition to UmbrellaBank that I reported on earlier today, Capital One/Costco's Money Market Account and Zions Bank's Internet Money Market Account both broke 5%. Capital One/Costco's rate is now 5.08% APY (up from 4.82%). Zions' rate is now 5.02% APY (up from 4.81%).

For more info on Capital One/Costco Money Market Account and a $50 sign-up bonus for Costco Executive members, refer to this post. For more info on Zions Bank's Money Market Account, refer to this post.

5.35% 6-Month CD and $50 Gift Card at Chase Bank in New York City
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A reader informed me that the local Chase Bank in New York City is offering 5.35% on 6 and 9 month certificates of deposit. In addition, if you live in New York City and deposit at least $10K of new money, you have a choice of either a $50 Best Buy/Target/Starbucks gift card or two tickets to the US Open. The extra $50 for a $10K deposit adds an extra 1% to the effective rate of a 6-month CD.

This sounds similar to the local HSBC 6.5% CD deal that I reported about on July 3rd in that it seems to only be available at the branch. Rates listed at Chase's website are very low. Refer to Chase's branch locator if you want to check on your local Chase Bank.

Thanks to the reader who mentioned this Chase special in the finding deals post.

7.19% 6-Month / 7.19% 18-Month CD at a California CU ($7K max)
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Pacific Resource Credit Union is offering a 7.19% APY certificate special. Three terms of 6 months, 12 months and 18 months are available. The minimum deposit is $1K and the maximum deposit limit is $7K per member. New money only is required. The CD is also available as an IRA.

This rate is about 1.5% higher than other top nationally available CDs. For an 18-month CD with a $7K deposit, this will result in an extra $157.

The field of membership includes anyone who regularly works, resides, worships, or attends school in metro Los Angeles, Carson, Cerritos, Cypress, La Palma, Lakewood, or Torrance. There are also select groups that are included. See site for details.

Membership application can be done by mail or by visiting a branch. A minimum deposit of $5 is required.

The credit union is NCUA insured. It has $118 million in assets and 9,700 members.

Credit for this find goes to the commenter who mentioned it in the finding deals post. Thanks!

5.90% 7-Month CD a an Ohio CU (CES).
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CES Credit Union is offering a 5.90% APY 7-month share certificate. Longer terms of up to 36 months are also available at this rate. There is a $5K minimum deposit. The credit union is calling this the Seven / Eleven Event which is only being offered today (7/11/06) until 7:11pm.

The field of membership includes those who live, work, worship or attend school in either Knox or Delaware counties of central Ohio. There are also 50 select employers or groups. See site for details.

Branches are located in Delaware and Mount Vernon, Ohio.

CES Credit Union is NCUA insured.

6.00% 3-Month CD at a Florida Bank (Century Bank).
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Century Bank is offeringa a 6.00% APY 3-month certificate of deposit. The minimum is $500 and the maximum deposit is $100K. The CD requires a checking account with direct deposit. The checking account can be any type. The bank does offer a free checking account with no minimum balance requirements and only requires $100 initial deposit. This CD offer is running through the end of this week.

This CD special is not listed at the bank's website. It was advertised in the Sarasota Herald Tribune. The ad is available online here. Last week, the bank was offering a 6% 6-month CD along with a $50 bonus. The bonus is no longer available with this new CD special. In addition to this special, the bank has some decent standard CD rates such as a 5.50% APY 6-month CD.

Century Bank has branches in the Southwestern Florida cities of Sarasota, Bradenton and Venice.

Century Bank is FDIC insured. Bankrate.com gives it 4 out of 5 stars for financial strength (sound).

New High Rates at UmbrellaBank, 5.10% Money Market
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UmbrellaBank made some significant rate hikes to its money market account and short term CDs. The Pot O'Gold Money Market Account yield increased from 4.85% to 5.10% APY. The 3-month CD had the largest rate hike with an increase from 5.10% to 5.35% APY. Below is the full list of old and new certificate of deposit yields:


Term    Old APY   New APY    Increase
3 Month   5.10%    5.35%      +0.25
6 Month   5.45%    5.57%      +0.12
9 Month   5.50%    5.60%      +0.10
1 Year    5.55%    5.67%      +0.12
1.5 Year  5.50%    5.50%    
2 Year    5.45%    5.45%    
2.5 Year  5.45%    5.45%    
3 Year    5.45%    5.45%    
4 Year    5.45%    5.45%    
5 Year    5.45%    5.45%

It has been two weeks since UmbrellaBank's last rate increase.

The yield curve continues to become more inverted. Now Umbrella's 5-year CD only has an APY 0.10% higher than the 3-month CD. The APY of the 1-year is 0.22 higher than the 5-year CD APY.

UmbrellaBank's parent New South Federal Savings Bank continues to have a low 1 out of 5 star rating at Bankrate.com (weak). If you open accounts, you might want to keep deposits under the FDIC limits (New South's FDIC info).

I still prefer GMAC Bank over Umbrellabank due to GMAC's strong bank-to-bank ACH transfer system. UmbrellaBank still lacks such a system. However, GMAC Bank's money market account rates have started to lag slightly. We'll see if GMAC's money market will finally break 5% later this week.

5.90% 6-Month / 6.17% 12-Month CD at a South Florida Bank.
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Peninsula Bank is advertising some high rate deposit specials in the "Your Business" section of the Sun Sentinel. These include a 5.90% APY 6-month CD and a 6.17% APY 12-month and 20-month CD. The certificates have a minimum of $10K. Also advertised is a 5.25% APY for the bank's Guaranteed Savings Account. This has a minimum of $1K that must be maintained throughout the term of the account. An extra 0.25% is offered when you open a personal checking account with a $1K deposit. There's also a free gift for opening the checking account. This offer is good until July 21st.

Peninsula Bank has branches in several South Florida cities including Sarasota, Englewood, Port Charlotte, Punta Gorda, Delray Beach, Margate, North Miami Beach, West Palm Beach, Boynton Beach and Boca Raton.

Peninsula Bank is FDIC insured. The bank has a 4 out of 5 star financial strength rating at Bankrate.com (sound).

Thanks to the reader who emailed me this deal.

Emigrant Bank Downgraded to 2 Stars
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Emigrant Bank (the parent of EmigrantDirect) is now rated by Bankrate.com as only 2 out of 5 stars (below industry average). The bank use to have a 3-star rating. Here's what Bankrate states in its memorandum:

We have come to believe that, as of March 31, 2006, this institution exhibited a below average condition, characterized by lower than normal overall, sustainable profitability, questionable asset quality, below standard capitalization, and seemingly ample liquidity.

Perhaps this is the reason Emigrant hasn't been as aggressive on the savings rates as it was last year. A reader notified me of this change and was concerned. Emigrant still seems to be a strong bank, so I wouldn't worry too much. Plus it's FDIC insured. Refer to my facts on FDIC insurance for more information on FDIC protections.

I'm more concerned with the allegations that EmigrantDirect leaked customers' email addresses. Several people have reported receiving spam to their Emigrant-specific addresses. I've been noticing this spam also, but I use my email address for other things so I can't pinpoint it to Emigrant. Many people have created a unique address that was used only for EmigrantDirect. Some have suggested this might be due to spammers just mass mailing to random addresses or spammers picking up addresses as the messages are transmitted across the web. However, many people have reported this has only occurred with their Emigrant email and not others, so it still seems that the problem is with Emigrant.

4.50% Checking Account with $5K Min at Third Federal
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Third Federal is offering a 4.50% APY checking account for balances of $5K and over. The checking account requires only $10 to open. Balances under $5K earn 1% and balances under $1.5K don't earn any interest. A $5 monthly fee is waived for balances over $1.5K.

Third Federal currently offers this product only in the state of Ohio, and in certain markets of Kentucky and Florida. To see the details of this offer, I used the South Florida zip code 34101.

There are other high yield checking account offers but most require direct deposit. These include Presidential's 4.50% checking, Meadows's 4.33% checking and City National Bank of Taylor's 4.03% checking. Everbank still has its 5.51% 3-month intro rate for its checking account, however, after the first 3 months, this goes down to 3.01% for balances under $10K. For more high yield checking accounts refer to the iBankDesign checking rate forum.

5.15% 3-Month / 5.40% 6-Month CD at Imperial Capital Bank
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Imperial Capital Bank has some good deals on certificates of deposit. These include a 5.15% APY 3-month CD, a 5.40% APY 6-month CD, a 5.50% APY 9-month CD and a 5.60% APY for terms of 12-months to 5 years. All have a minimum of $2K. The CD accounts can be opened online or by mail.

Branches are located in several cities of California and in Carson City, Nevada.

The bank is FDIC insured. Bankrate.com rates the bank as 3 out of 5 stars (performing).

Credit for this find goes to Bill who mentioned it in the finding deals post.

5.75% 60-Month CDs at Washington Mutual
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Washington Mutual is offering 5.75% APY on certificates of deposit with terms of 60 months to 120 months. The minimum is $1K. This seems to be available at all WAMU branches. WAMU also has a decent CD rate for 9-to-11 month terms. The APY ranges from 5.05% to 5.35% depending on your market.

You might not want to lock in a long term CD now as interest rates continue to rise. Nevertheless, a 5.75% APY is a very competitive rate. Thanks to the reader who emailed me this special.

WAMU also has a free checking account with some great features like free checks and free outgoing wire transfers (see post).

Washington Post Article: Investors Opting for Cash
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With the recent volatilty of the stock market, many are seeking safer returns in cash. This Washington Post article has an overview of this trend. If the Fed continues to raise rates, stocks will continue to be hurt while savings accounts, CDs, money market funds will continue to look better.

The article describes the common types of cash savings including bank savings accounts, money market mutual funds, tax-exempt money market funds, certificates of deposit, Treasury securities. It mentioned one other alternative: the bank-loan mutual fund. Although it's more risky, it should also do well as rates rise.

Those in high tax brackets and in states with income tax, it's hard to beat tax-exempt money-market funds. The article gave an example of a DC resident in the 35% federal tax bracket with a 8.7% DC tax. A tax-exempt money market fund yielding 3.79% would be equivalent to a 6.73% taxable return.

Treasury bills can also be a good choice for those with high state or local income taxes since T-Bills are exempt from those. A 13-week T-bill is paying around 4.95%. This FW thread has a good summary and discussion on these. Similar to T-Bills, Series I Savings Bonds can be a good alternative. Not only are they exempt from local and state income taxes, they also have the advantage that federal income tax can be deferred until they're redeemed. Due to the inflation component being so low this term, the current yield is only 2.41%. However, I Bonds have done well over the last 7 years since the Treasury introduced the I Bonds. The Savings Bond Advisor shows how they've out-performed the Vanguard 500 Index Fund during this time for someone saving an equal amount each month.

For CDs, A financial planner interviewed in the article recommended sticking to terms no longer than 90 days. The idea is to stay liquid so you can take advantage of longer term CDs when the Fed stops the rate hikes. Plus, with the current inverted to flat yield curve, you don't get much if any premium for longer terms.

Should long term investors be heavily in cash? And how long is a long term investment? The financial planner interviewed in this article recommended that if you need the money in less than 3 years, the money should be in cash and not the market. For longer term investors, be careful about bailing out of stocks. If the market goes back up, you may never see another good time to get back in.

Money Magazine had a similar article several months ago describing various cash choices. See my commentary here..

5.60% 6-Month CD at a Virginia Bank (Millennium Bank)
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Millennium Bank is offering three high yield certificates of deposit. These include a 5.60% APY 6-month CD, a 5.65% APY 14-month CD and a 5.70% APY 2-year CD. All have a minimum deposit of $1K. Application can be done online. Credit for finding this deal goes to the FW CD thread.

I had last reported on Millennium Bank in March 19th when it was offering a a 5% 6-month CD. It's apparent that rates have risen fast in the last 4 months.

Millennium Bank has branches in Richmond and in several cities in Northern Virginia.

This Millennium Bank should not be confused with the offshore non-FDIC Millennium Bank that I posted on last October. This Virginia Millennium Bank is a US bank that is FDIC insured.

Bank Deal Summary for July 8, 2006
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The number of 5-percent-plus savings and money market accounts continues to grow. My list now has 15 which is 7 more than last week and 13 more than on June 24th. EmigrantDirect officially reached 5% on the Fourth of July. Even though they're not leading the rates like they did for much of last year, at least they're staying close to the top.

There were a few surprises this week. Dime Savings Bank started offering to everyone a 6.00% APY 3-month promotion on its Rewards Money Market Account. Previously, this had only been offered to the bank's local customers (see post).

Another surprise this week was a 5.40% savings account with only a $100 minimum. This is available at Security Savings Bank (see post). Even though the bank is FDIC insured with average financial ratings, it's a very small 11-employee, one-branch bank that lacks online banking. The bank also has CDs that are near the top in rates for most terms. We'll see if they'll be able to keep these rates high.

There were other surprises from some banks that we haven't seen much from lately. I've been reporting on Mutual Bank since last year with occasional CD promotions. Not only have they come out lately with some high CD rates, but they did a major rate increase on their money market account. The rate is 5.10% APY for deposits over $5K, and if you have a very large balance you can get 5.70% APY for balances over $1M (see post).

Last week I had given up on MyBankingDirect, and removed the bank from my list. Their money market account had been stuck at 4.55% since March, and with a $5K minimum initial deposit requirement, it didn't seem worth to list. Well they finally came back this week with something worthwhile. They did a 0.55% rate increase, and now the money market account pays 5.10% APY. This makes it tied with Mutual Bank as the highest rate for a money market account with check writing (see post).

Similar to money market account rates, there were many CD rate increases this week. Early in the week, World Savings increased the rate of their 5-month internet CD. It's now 5.51% APY. So if you don't live near a World Savings Branch and can't take advantage of their special in-branch-only 5.76% APY 3/6-month CD, you can come close with this internet special (see post).

Another good CD deal that came out late this week is at Patelco Credit Union. The credit union is now offering a 5.75% APY 8-month CD that even allows additional deposits during the term. It should be noted that Patelco is not NCUA insured (see post).

For local CD deals, we're seeing more and more 6-percent-plus CDs. Some local HSBC Bank branches are offering a 6.50% APY 12-month CD for new customers (see post). Navy Federal Credit Union (the largest credit union in the nation) began offering a 6.25% APY 18-month CD (see post). Chartway Credit Union started a new CD promotion with a 6.25% APY 13-month CD and a 6% APY 10-month CD (see post).

The Chartway Credit Union's 8% 8-month CD deal continues and is available for those who meet membership requirements and are able to get referrals. Feel free to request referrals in this Chartway CD referral post.

Thanks to all who have helped by leaving comments or sending emails on rate updates. Sorry I can't include all of the best rates in this summary.

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. Previous weekly summaries are available for July 1st, June 24th, June 17th, June 10th, June 3rd and May 27th.

As of July 8, 2006

Savings Accounts/Money Market Accounts:

Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
BankUnited - 5.25% (min $5K), my post
Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Corus Bank - 5.07% MMA (min $10K to open)
Heritage Bank Online - 5.06% (min $1K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
AmboyDirect - 5.05%, my post
Domestic Bank - 5.05% MMA (min $2.5K), my post
FirstFedDirect - 5.01% (min $1K) (closed to CA residents), my post
EmigrantDirect - 5.00%, my post, (rate history)
Citibank - 5.00%, requires checking account, my post
OneUnited - 5.00% (min $10), my post
Apple Bank - 5.00%, my post
GMAC Bank - 4.90% MMA (min $500), my post
UmbrellaBank.com - 4.85% MMA (min $1K), offers checking, my post
CapitalOne/Costco - 4.82% MMA (min $5K, Costco members only, $50 deal for exec. members)
Zions Bank - 4.81% (min $1K)
CapitalOne - 4.75% (MMA has same rate, but with checks and ATM. $100 min.), my post
Ascencia Bank - 4.75% (min $50), my post
Self-Help Credit Union - 4.68% MMA (min $500), my post
Western Financial Bank - 4.60% MMA, offers checking, my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
UFB Direct - 4.50%, (5.13% $50K+) offers checking, my post
Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
ING Direct - 4.35%, my post ($25 bonus), (rate history)
MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
EverBank - 4.01% ($1.5K min), 5.51% 3-mo checking account promo, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
ETrade Bank - 3.00% (min $1K to avoid fees/$5K for APY), my post (5.00%/$50 bonus)

3-Month Certificates of Deposit:

World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
Security Savings Bank - 5.35% (min $1K), very small bank with no online banking, see post
UFB Direct - 5.30% (min $8K)
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
UmbrellaBank.com - 5.10% (min $1K)
EverBank - 5.08% ($1.5K min)
ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
GMAC Bank - 5.10% (min $500), my post
VirtualBank - 5.02% (min $10K), my post ($20 bonus)
Corus Bank - 5.07% (min $10K)
ETrade Bank - 5.00% (min $1K), my post
Self-Help Credit Union - 4.87% (min $500), my post

6-Month Certificates of Deposit:

World Savings - 5.76% (withdraw at 3 mo or 6 mo) (min $10K), branch-only, my post
Corus Bank - 5.56% (min $10K)
UFB Direct - 5.55% (min $8K)
VirtualBank - 5.55% (min $10K), my post ($20 bonus)
World Savings - 5.51% (5 months) (min $10K), new funds only, my post
Citibank - 5.50% (min $500), 6% for Texas, my post
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
ETrade Bank - 5.46% (min $1K), my post
UmbrellaBank.com - 5.45% (min $1K)
AmTrustDirect - 5.42% (min $1K) my post
FirstFedDirect - 5.41% (min $10K), my post
GMAC Bank - 5.40% (min $500), my post
Countrywide - 5.40% (min $10K), my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
EverBank - 5.18% ($1.5K min)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
NetBank - 5.05% (min $1K)
ING Direct - 5.00%, my post
Self-Help Credit Union - 5.00% (min $500), my post
MetLife Bank - 5.00% ($1K min)
Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
Western Financial Bank - 5.60% ($100 min)
Countrywide - 5.60% (min $10K), my post
UmbrellaBank.com - 5.50% (min $1K)
Security Savings Bank - 5.50% (min $1K), very small bank with no online banking, see post
FirstFedDirect - 5.50% (min $10K), my post
AmTrustDirect - 5.50% (min $1K) my post
GMAC Bank - 5.45% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
VirtualBank - 5.30% (min $10K), my post ($20 bonus)
EverBank - 5.24% ($1.5K min)
ING Direct - 5.10%, my post

12-Month Certificates of Deposit:

Corus Bank - 5.66% (min $10K)
Western Financial Bank - 5.65% ($100 min)
GMAC Bank - 5.65% (min $500), my post
AmTrustDirect - 5.65% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Mutual Bank - 5.65% (min $2.5K) my post
UFB Direct - 5.65% (min $8K)
Countrywide - 5.65% (min $10K)
FirstFedDirect - 5.61%, (min $10K) my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
UmbrellaBank.com - 5.55% (min $1K)
Digital CU - 5.50% (11 month) (min $1K), my post
BankUnited - 5.50% (min $5K), my post
Melrose CU - 5.46% (min $5K) my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
VirtualBank - 5.45% (min $10K), my post ($20 bonus)
Self-Help Credit Union - 5.39% (min $500), my post
GTE FCU - 5.38% (min $500) my post
Ascencia Bank - 5.35% (min $500), my post
EmigrantDirect - 5.35% (min $1K)
EverBank - 5.28% ($1.5K min)
ING Direct - 5.25%, my post
MetLife Bank - 5.25% ($1K min)

18-Month Certificates of Deposit:

AmTrustDirect - 5.65% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Mutual Bank - 5.65% (min $5K) my post
Countrywide - 5.65% (min $10K)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
CapitalOne/Costco - 5.57% (min $5K, Costco members only)
GMAC Bank - 5.60% (min $500)
ETrade Bank - 5.56% (min $1K), my post

36-Month Certificate of Deposit:

Mutual Bank - 5.80% (min $5K) my post
GMAC Bank - 5.65% (min $500)
AmTrustDirect - 5.65% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Countrywide - 5.65% (min $10K)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
ETrade Bank - 5.56% (min $1K), my post
Melrose CU - 5.56% (min $5K) my post
Self-Help Credit Union - 5.55% (min $500), my post
Pentagon Federal CU - 5.31% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post

48-Month Certificate of Deposit:

Melrose CU - 5.67% (min $5K) my post
GMAC Bank - 5.65% (min $500)
AmTrustDirect - 5.65% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Countrywide - 5.65% (min $10K)
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Self-Help Credit Union - 5.57% (min $500), my post
USA FCU - 5.33% (min $1K) my post
Pentagon Federal CU - 5.32% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post

60-Month Certificate of Deposit:

Agriculture FCU - 6.00% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
GMAC Bank - 5.65% (min $500)
AmTrustDirect - 5.65% (min $1K) my post
Security Savings Bank - 5.65% (min $1K), very small bank with no online banking, see post
Countrywide - 5.65% (min $10K)
ETrade Bank - 5.61% (min $1K), my post
ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
Self-Help Credit Union - 5.58% (min $500), my post
Pentagon Federal CU - 5.32% (min $1K), my post

84-Month Certificate of Deposit:

Countrywide - 5.65% (min $10K)
Pentagon Federal CU - 5.32% (min $1K), my post

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

Another New 5% Online Savings Account - Grand Yield Direct
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Apple Bank for Savings has started a no-minimum online savings account called the Grand Yield Direct which currently has a 5% APY. Just like EmigrantDirect, the APY applies to $1 and up and there are no monthly service charges.

I've already found a few drawbacks about this savings account. First, according to this account's terms and conditions, there's a fee for outgoing ACH transfers of $3. Sometimes fees listed in a generic disclosure don't apply to a new account, so I sent Apple Bank this question along with others through their Contact-Us page. I sent it on mid-day Friday and haven't received a response yet. Another negative is that the bank's customer service number doesn't seem to be toll-free.

Apple Bank is based in Manhasset, New York with dozens of branches. It seems Apple Bank is trying to copy its New York competitor, Emigrant Savings. With so much competition now, Apple Bank is going to have to do what EmigrantDirect did when it started and that was to offer a very high rate that was around 0.50% higher than its competitors. Or it should consider what MyBankingDirect tried when it started last year (another New York bank that started an online unit), and offer a sign-up bonus.

Since the rate is no better than EmigrantDirect or HSBC Direct, there's no reason for people to give them a try. You're better off going with a known entity and avoiding potential problems like ACH charges. New online banks will need to give evidence that their bank-to-bank ACH transfer systems work easily, quickly and without charges. The bank OneUnited started offering 5% on its new online savings account last month. OneUnited seemed to have all the online savings account features that you would expect. However, a reader who tried this account was very disappointed in the bank's ACH transfer system (see comment).

Even though there doesn't seem to be any good reason to give Apple Bank a try, another 5% no-minimum savings account should only help encourage banks (like ING Direct) to raise deposit rates.

Apple Bank for Savings is FDIC insured. Theapplebank.com web address is listed in the FDIC entry so you know it's legit. The bank has $7.6 billion in total assets and total liabilities of $7.0 billion. Bankrate.com gives the bank 4 out of 5 stars (sound).

6% 18-Month CD at a California CU ($25K max)
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Searles Lake Community FCU is offering a 6.00% APY 18-month certificate of deposit. The minimum is $1K and the maximum allowed deposit is $25K per member. Money must be new to the credit union.

The field of membership includes those who live in the communities around the California towns of Trona and Ridgecrest which are located just southwest of Death Valley.

The credit union is NCUA insured. It's a small credit union with just over $15 million in assets and 3,000 members.

5.75% 8-Month CD a Patelco CU (Available to All)
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Patelco Credit Union has improved its CD special called the Super Saver Certificate. The new offer is a 5.75% APY 8-month certificate (up from 5.35%) with a $1K minimum opening deposit. Additional deposits can be made during the term. The deposits must be at least $500. At least 50% of the funds used to open the account must be new money. The certificate is also available as an IRA with a $500 minimum opening balance.

Patelco has an easy field of membership. If you don't live, work or worship in any of the dozens of California cities that make up part of its FOM, you can be eligible by joining the California Association for Older Americans which is open to anyone.

Another nice feature of Patelco is that you can apply for membership and open accounts online. However, there's a $20 non-refundable new member fee.

One negative regarding Patelco, in my opinion, is the lack of NCUA insurance. Patelco is privately insured by American Share Insurance (ASI) up to $250K per account. There is an advantage of ASI over NCUA in that it covers larger balances. Although there are ways that NCUA can go above $100K for different ownership categories (see post). And now NCUA covers IRA accounts up to $250K. Refer to my previous post on Patelco for more discussion on Patelco and NCUA insurance.

6% 3-Month Money Market Promo Available to All at Dime
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Dime Savings Bank is offering a 6.00% APY 3-month promotion on its Rewards Money Market Account. In the past this promo was only for those who received a special code from the bank. However, it's now available to all who haven't participated in this promotion in the past. In the application, just leave the code box blank.

You can close the account after 3 months without penalty. According to the customer service rep, they only do a ChexSystem check and no hard credit pull during the application.

Dime Savings has an online banking system but it doesn't have an ACH transfer system. The money market account does have check writing. ~~The first 30 checks are free.~~

Thanks to the commenter MG who mentioned this in the finding deals post. I also called and confirmed this with the customer service rep. This looks like a good special for those who might be just finishing the 3 months of 5.51% checking at Everbank.

The Dime Savings Bank is FDIC insured and is based in Brooklyn, New York. It has over $3 billion in total assets. It's rated 4 out of 5 stars by Bankrate.com (sound).

[Edit 7/20: Reader was informed by Dime that the first 30 checks are not free.]

MyBankingDirect's Money Market Account Now 5.10%
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MyBankingDirect just increased the rate of its money market account from 4.55% to 5.10% APY. I had almost given up on MyBankingDirect. It was back in March when the bank last raised the money market account (from 4.30% to 4.55%). In the past it has kept close to its New York rival, EmigrantDirect, in rate hikes. But in the last couple of months it had fallen behind.

The big disadvantages of this account are the minimums and the $4.50 charge for outgoing ACH transfers. But there are some advantages over the savings accounts at EmigrantDirect and others. Here is a summary of the features of this money market account:

Minimum initial deposit of $5K
Full APY only applies when balance is over $5K
Balances under $5K earn 2.5% APY
Balances under $1K are charged a $10 monthly fee
ATM Card available with up to 3 refunds of ATM surcharge fees (up to $6) per statement cycle
Check writing privileges. First 4 checks are free
No hard credit pull in application. Only ChexSystem is used.
Service called Money HQ is available for ACH transfers to and from other banks
Outgoing ACH fee is $4.50
No limits on the number of links to other bank accounts
Sign-up bonus no longer available (use to be a $25 sign-up bonus)

5.10% Money Market Account, 5.80% 36-Month CD at Mutual Bank
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Mutual Bank made a substantial rate increase to its Premium Unique Money Market Account. The new rate is 5.10% APY for balances above $5K and below $1 million. Previously, the rate for balances between $5K and $75K was 4.25%. For those with very large balances over $1M, the rate is now 5.70% APY (up from 5.38%). There's a $5K minimum balance. Fees may apply if balance falls below minimum.

In addition to the money market account rate increase, Mutual Bank also increased the rates of its mid-term certificates. The highest rate is a 5.80% APY 36-month CD. The others include a 5.75% APY 30-month CD, a 5.70% APY 24-month CD and a 5.65% APY 12 or 18-month CD. The minimum for the 12-month CD is $2.5K. All others have a $5K minimum. I had reported on Mutual Bank's last CD rate update in mid June.

The bank is located in the Chicago area, however, you can open accounts by mail from any state. Refer to Mutual Bank's account opening page.

Mutual Bank is rated 4 out of 5 stars at Bankrate.com (sound). This is up from 3 stars in my last June post.

5.30% 3-Month CD, 5.13% Jumbo Money Market at UFB Direct
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UFB Direct this week increased the rates on all of its CD terms. The largest gain was on the 3-month CD which increased from 5.10% to 5.30% APY. The longer terms increased by 0.10%. The current yield of the 6-month CD and the 12-month and longer CDs are 5.55% and 5.65% APY. These certificates have a $8K minimum deposit requirement.

UFB Direct also increased the yield of its Jumbo Money Market Account from 5.01% to 5.13% APY. This account requires $50K minimum balance to earn interest. The rate of the no-minimum high yield money market savings account remains at 4.50% APY where it has been since early June.

For more info on UFB Direct, refer to this previous post.

GMAC Money Market Now 4.90%, Higher CD Rates
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GMAC Bank didn't follow HSBC and EmigrantDirect's savings account rate increase to 5%+, but it did make a 0.10% increase to 4.90% APY on its money market savings account. The last change to the money market rate was on June 9th. For most of this year, GMAC Bank has just gradually increased the money market rate by no more than 0.05% at a time. However, back in late February it did make a large 0.30% increase of the rate from 4.30% to 4.60%. Unfortunately, there's no repeat of that today. Perhaps, we'll see more small increases in the rate over the next several weeks. Hopefully, it won't go into the mode of just being "good enough" in which a bank keeps rates just high enough so customers don't see enough benefit in moving their money.

GMAC also made some modest increases to the yields of all of the CD terms, which puts it inline with the competition. Below are the full list of new and old yields:


GMAC Bank Certificate of Deposit Rates:
Term       Old APY    New APY   Change
3 months    5.06%      5.10%     +0.0

As seen in: Wall Street Journal, NY Times, ...

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