6.01% 15-Month Internet CD at World Savings read and submit comments for this post

World Savings just started a new internet CD special. The new offer is a 6.01% APY 15-month certificate of deposit. Unlike the previous 6.01% CD special that required you to visit a branch, this one is available on the web to anyone in the nation. For those who couldn't take advantage of the the previous CD special, this new one might be for you. It is a longer term, but with rates starting to fall, this may be an advantage. Below are the details of the CD from the webpage and from speaking with a World CSR.

• 6.01% APY (5.84% interest rate)
• 15-month term
• $10K minimum deposit
• $100K maximum deposit per household
• Must be funded by check. World doesn't offer ACH for initial funding.
• Requires money new to World Savings
• Starts today. End date not known
• Internet only. Not offered at branches
• After the maturity date, there's a 6-calendar-day grace period.
• Early withdrawal penalty equals 6 months of interest
• No hard credit pull

This new special seems to replace the 5.91% 13-month CD special. However, the 5.51% 5-month internet special is still available. For those who prefer to open the CD at a World Savings branch, they have some decent branch CD specials of 8 to 10 months and rates that range from 5.56% to 5.76% APY depending on the state.

There's no official end date for this CD special, but the CSR thought it would last for more than a month. For those with current World CDs about to mature, you'll have to withdraw the money into an outside account to fund this new CD since it requires new money. If you have at least $25K in accounts at World, you qualify for a free Ambassador Checking Account with no monthly fee. Link this checking account with a high-yield money market account such as GMAC Money Market Savings Account. When the CD matures, request that the money be transfered into this checking account. Then you can electronically transfer this money into your GMAC account. It'll take a few days for this money to be available. Once it's available, you can write a check and fund this special World CD. During the time it's in the money market account, it'll be earning a decent rate.

World Savings and its parent, Golden West Financial, are undergoing a merger with Wachovia. Currently, World Savings is FDIC insured. Bankrate.com gives the bank 3 out of 5 stars (performing).

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

Penfed Surprise: 6.00% 3 to 5 Year CDs read and submit comments for this post

With so many banks and credit unions dropping their long term CD rates, it was a nice surprise this morning to see Pentagon Federal Credit Union come out with new 6.00% APY CDs on terms of 3, 4 and 5 years. Penfed has a history of offering very high yield long-term certificates, but usually these are offered around the start of the year. Penfed had been offering long-term CDs for much of the first half of this year ending in May.

The new yields for all CD terms are listed below including the old ones. The new rates are effective from today through September 27, 2006.

CD Term   Old APY  New APY
6-month    4.02%    4.02%
1-year     4.32%    4.32%
2-year     4.77%    4.77%
3-year     5.31%    6.00%
4-year     5.32%    6.00%
5-year     5.32%    6.00%
7-year     5.32%    5.32%

These Penfed CDs are officially called Money Market Certificates. IRA certificates and Coverdell Education Savings Certificates at these same rates are also available. The regular and IRA CDs have a $1K minimum deposit requirement. The Coverdell ESA certificates require only $500.

The early withdrawal penalty for terms over 6 months equals 180 days of interest. If closed before 180 days of issue date, all interest is forfeited. However, the penalty doesn't reduce the principal.

One little quirk of these CDs is that there is no grace period. Most banks or credit unions automatically renew your CD at maturity. You then have a 6 to 20 day grace period in which you can decide to close the CD and request a check or transfer the money to another account. If you don't make this request, the CD will automatically renew for the same term as the previous CD at the current rate.

With Penfed, you decide at the time that you apply for the CD whether you want it to automatically renew. If you decide for the automatic renewal option, you don't have a choice. If you decide for the non-renewable option, you can request that they send you a check or transfer the money into your Penfed savings or checking account. This last option seems to be the best especially since you don't want to be locked into a Penfed CD during their low rate period. However, with the automatic renewal option, closing the CD that just renewed wouldn't result in much interest penalty. You would just lose interest for those days since it matured.

The CD application can be done by mail, by phone or online. I've read that there is a $10K maximum for electronic funding of your CD in the online application. However, the CSR whom I spoke with said they can extend this if you call.

Applying for Penfed Membership

Penfed is one of the few credit unions that anyone in the nation can join. All that is required to be eligible is joining the National Military Family Association which has a one-time membership fee of $20.

In addition to the $20 to join the NMFA, a minimum $5 deposit is required to the regular share savings account. The membership application can all be done online. The only downside of the Penfed membership application is that they do a hard credit pull.

Another nice thing about Penfed is that you know it's a credit union that you can trust. Not only is it NCUA insured, but it's also the third largest credit union in the nation. It currently has over $8.7 billion in assets and over 686,000 members. Bankrate.com gives Penfed 4 out of 5 stars (sound) for financial strength.

Thanks to the reader who mentioned these new Penfed CDs in the finding deals post.

6.00% 7-Month CD at a California CU (Cal State 9) read and submit comments for this post

Cal State 9 Credit Union is offering a special 6.00% APY 7-month certificate. The minimum deposit is $5K. New money is required.

Cal State 9's field of membership includes residents of the following California counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Solano, Sacramento, or Santa Clara.

The credit union is NCUA insured and has over 26K members and over $350M in assets. It's rated 3/5 stars for financial strength by Bankrate.com.

Thanks to the reader who notified me of this new CD special.

5.65% 9-Month CD at a California Credit Union read and submit comments for this post

California Credit Union is advertising a new promotional certificate. It's a 5.65% APY 9-month share certificate. It's also available in an IRA. There's a $1K minimum, and money must be new to the credit union.

In addition, the credit union is still offering the same CD promotions that I had reported on in July. These include a 8% APY 8-month CD with a $5K max and a 5.92% APY 17-month CD. There's also a $75 bonus for opening a checking account with direct deposit (can't be combined with 8% CD).

The credit union's field of membership primarily includes employees of California schools. However, the FOM also allows you to 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.

The credit union is NCUA insured with $1.1 billion in assets and almost 77,000 members.

Thanks to the reader who notified me of this new CD special.

6.01% 12-Month CD at a South Texas CU (La Joya Area) read and submit comments for this post

La Joya Area FCU is offering a 6.01% APY 12-month share certificate.

The field of membership includes those who live within a defined area of La Joya. In addition, those who worship in Catholic churches in Weslaco and surrounding cities are eligible. The towns of La Joya and Weslaco are near McAllen, Texas.

The credit union is NCUA insured. It's a small credit union with $29 million in assets and 9,700 members.

Falling CD and Money Market Account Rates read and submit comments for this post

VirtualBank reduced rates on all of its CDs with terms of 6 months and longer. The 6-month, 9-month and 12-month CD APY fell from 5.60% to 5.15%. The APY of all of the longer term CD fell from 5.44% to 5.15%. The 3-month CD APY remains at 5.13%. The rates on the eMoney Market also remained the same at 4.60% for under $50K.

Capital One reduced rates on its money market account from 5.00% to 4.80% APY. The rate on the Costco version remained at 5.14%.

Future Rates?

VirtualBank's move followed many other banks in slashing long term rates. However, it also slashed the 6-month CD rate. With Capital One's rate drop on the money market account, short term rates now seem vulnerable. According to this article, the fed's latest rate pause and the weakness in US housing are pointing to a weaker economy. An economic professor thinks the US will experience a recession in 2007 that'll be worse than the 2001 recession. If that happens, this might be the last year of 5-percent-plus savings accounts or 6-percent-plus CDs for some time.

5.80% 9-Month CD at a Georgia Bank (Seasons Bank) read and submit comments for this post

Seasons Bank is offering a 5.80% APY (and interest rate) 9-month certificate of deposit. The minimum is $500. New money is required.

The bank's main office is located in Blairsville, Georgia. There's another branch in Blue Ridge. According to the CSR, you can open the CD by mail but you either have to already have an account at the bank or live in the state of Georgia. Initially, the CSR thought this was available to those who live outside of Georgia, but after further checking the CSR said this was not the case. Similar confusion seemed to happen when I reported on a Seasons Bank CD special last May.

The bank has been FDIC insured since 2003. The bank is rated 3 out of 5 stars at Bankrate.com.

6.00% 15-Month CD at a Virginia CU (ABNB) read and submit comments for this post

ABNB Federal Credit Union is having a certificate certificate special with a 6.00% APY 15-month CD. The minimum deposit is $1,000. To qualify for this rate, you must open a new checking account with direct deposit of $500 or more each month. The CD is available as a regular or IRA CD.

The field of membership includes those who live, work, worship or attend school in several counties of Southeastern Virgina.

The credit union is NCUA insured. It has $355 million in assets and 49K members.

5.25% Online Money Market Account at a Utah CU (Beehive) read and submit comments for this post

Update 12/06/08: Rate has increased to 3.25% APY.
Update 5/03/08: Rate has fallen to 3.05% APY.
Update 4/12/08: Rate has fallen to 3.20% APY.
Update 3/08/08: Rate has fallen to 3.40% APY.
Update 2/09/08: Rate has fallen to 3.50% APY.
Update 1/5/08: Rate has fallen to 4.25% APY.
Update 11/24/07: Rate has fallen to 4.45% APY.

Beehive Credit Union is offering a 5.25% APY online money market account. A minimum $100 opening deposit is required and a $1,000 minimum balance is required to earn interest. The account has check writing privileges. Business accounts are not eligible. The rate is based on an internal overnight funds index. The rate has been competitive over the last several months ranging from 4.65% in early June to 4.90% in early August.

This money market account can only be opened online. Withdrawals at branches are charged $3. There is no fee for deposits to the account. According to the website, online funding is available. I assume this means they have an ACH transfer system.

The field of membership includes residents of Salt Lake or Utah County. Members/employees of a long list of companies are also included. A $25 deposit in a savings account is required for membership.

Beehive is NCUA insured. It has $161.5 million in assets and 21.5K members.

High Yield Online Savings Accounts from Credit Unions

Beehive is one of the few credit unions offering online-only accounts. The online-only nature of these accounts reduces cost making it possible for a low-minimum, high-yield account. This is no different than the savings and money market accounts at EmigrantDirect, HSBC Direct or Capital One to name a few.

The only other credit union that I'm aware of that has a similar online savings account is Sunmark FCU in New York which has been offering a low-minimum high-yield online-only savings account via the website RateEdge.com. RateEdge's savings account currently pays 5.25% APY on balances of over $5. Before the last Fed rate hike, it had remained 0.25% above the fed funds rate since last September. It first reached 5.25% back in May.

There's no reason why other credit unions can't offer the same type of high-yield online savings account. I've written to my credit unions requesting this, and have received some feedback from the top management. The more people who request this, the more credit unions will follow Beehive and Sunmark and we'll get more competition which should lead to better online savings accounts.

5.90% 15-Month CD at a California CU (The Golden 1) read and submit comments for this post

The Golden 1 Credit Union just started a new certificate special. It's a 5.90% APY 15-month CD. There's a minimum deposit of $1K for a regular CD and $500 for an IRA. This seems to replace their CD special from two weeks ago which was a 5.85% 7-month CD. Golden 1 has been coming out with these specials very consistently for the last several months. Unfortunately, we're not seeing any new 6% specials.

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.

6.14% 48-Month CD at a Texas Bank (Fayette Savings). read and submit comments for this post

Fayette Savings Bank is offering a 6.14% APY 48-month certificate of deposit. There's also a 6.14% APY 30-month IRA CD. The regular CD has a minimum of $2.5K. The IRA has a minimum of $500. These have a 6-month interest penalty for early withdrawals.

The bank requires a branch visit to open accounts. They do not open accounts by mail. Branches are located in the Texas cities of La Grange, Schulenburg, Flatonia and Columbus. These cities are situated between Austin, San Antonio and Houston.

The bank has been FDIC insured since 1978. It's rated 3 out of 5 stars at Bankrate.com (performing).

5.88% 60-Month CD at a Utah Bank (State Bank) read and submit comments for this post

State Bank of Southern Utah has several high rates on long term certificates of deposit. These include a 5.88% APY 60-month CD, a 5.74% APY 48-month CD and a 5.61% APY 36-month CD. The minimum deposit for all CDs is $500. There is a 180 day interest penalty for early withdrawals.

The bank does not accept out-of-state deposits. Branches are located in several Utah cities including Cedar City, Circleville, Kanab, Orderville, Parowan, Richfield, Santa Clara, St. George and Tropic.

The bank has been FDIC insured since 1959. The bank has the best rating available at Bankrate.com of 5 out of 5 stars (superior).

One little thing that impressed me about this bank was the details it provided on the rates page. I wish more banks would follow this bank's example and list things like early withdrawal penalties and whether they accept out-of-state deposits.

6.14% 7-Month CD at a North Carolina CU (Carolina Mountains) read and submit comments for this post

Carolina Mountains Credit Union is offering a 6.14% APY 7-month special share certificate. The minimum deposit is $250.

The field of membership includes those who live, work, worship, or attend school in the NC counties of Buncombe, Henderson or Transylvania.

Branches are located in the cities of Penrose, Hendersonville and Arden which are just south of Asheville.

The credit union is NCUA insured. It's a small credit union with $38 million in assets and 6,786 members.

5.80% 5-Month CD at a California CU (Orange County) read and submit comments for this post

Orange County's Credit Union is offering a 5.80% APY 5-month share certificate. There's a $1K minimum deposit. It requires you to have Online Bill Payment or Direct Deposit. Money must be new to the credit union. A 5.50% APY 13-month CD is also available with a $1K minimum. This doesn't have the bill pay or direct deposit requirement. Both of these are available as a regular and IRA CD.

The field of membership includes all residents of Orange County, California. In addition, it includes individuals who live or work in the County and the communities of Long Beach, Signal Hill, Lakewood, and Cerritos.

Branches are located in the cities of Anaheim, Buena Park, Fountain Valley, Fullerton, Lake Forest, Long Beach, Mission Viejo and Santa Ana.

The credit union is NCUA insured. It has $826 million in assets and 79,000 members.

6.00% 9-Month CD at a New York Bank (Elmira Savings) read and submit comments for this post

Elmira Savings Bank is offering a 6.00% APY 9-month special certificate of deposit. There is no penalty for early withdrawal. You can qualify for a 0.25% higher rate if you open a Maximizer Checking account which requires $2.5 in aggregate deposits to avoid a $10 monthly fee.

The bank has branches in the New York cities of Elmira, Horseheads and in the Pennsylvania city of Mansfield.

Elmira Savings Bank has been FDIC insured since 1943. Bankrate.com rates the bank 3 out of 5 stars (performing).

Summary of Bank of America Checking and Savings Account Bonuses and Promotions read and submit comments for this post

I thought it would be useful to gather all the Bank of America bonuses and specials into one post. BofA has been known for low savings rates and high fees (although there are signs there might be some changes). With branches and ATMs around the country, it can still be useful to have a BofA account. There are a few important things to note regarding these bonuses:

• It can take patience and persistence to receive the bonuses. The bonuses that I've received only came after reminding them using their online message system. Other have had to make many calls to a CSR. Not everyone is successful.
• Many have reported that Bank of America does a hard credit inquiry on your first checking account. No additional ones are done for subsequent accounts (refer to this FW thread for more info on this issue.
• You have to be careful with fees. One of the lowest fee accounts is the MyAccess Checking account. It has a $5.95 monthly fee which can be avoided with direct deposit. Many have reported using ACH transfers from an online bank account instead of direct deposit (see FW thread). Most of the other BofA accounts typically have high minimum balances to avoid monthly fees. Update 3/29/07: MyAccess may now always be free for those who sign up online see this BoA MyAccess page

Keep the above issues in mind if you sign up for these promotions. Also note, these promotions are often extended past the original expiration date. So be sure to check any expired promo pages. If you've had success or failure with any of these bonuses or if you find new ones, please leave a comment.

My latest Bank of America Posts are available at this page.

• $100 Checking Account Bonus for CC customers - expires ? - Reference: my post
• $75 Bonus for Checking Account - expires 5/31/07 - References: my post
• $50 Bonus for Checking Account - expires 12/31/07 - References: my post
• Keep the Change Program - ongoing promo - References: my post, FW thread
• $15 for scheduled transfer enrollment - expires ? - References: iBankDesign thread, FW thread
• Completely free checking - Now available to all (use to be just Texas and Georgia)
• Online High Yield CD - around 4.95% 10-month CD as of 2/16/07 - Reference: my post
• High Yield Money Market Accounts at Bank of America - Reference: my post
• Commission-free trades - Reference: my post

Expired Bonuses:

• $100 Bonus for Checking Account - expires 12/31/06 - References: my post, FW thread
• $100 Bonus for Checking Account (MBNA customers) - expires 12/31/06, References: my post
• $50 Bonus for Savings Account - expires 12/31/06 - References: my post, FW thread
• $125 Bonus for Checking and Savings Account - expires 12/31/06 - References: my post, FW thread
• $15 online bill payment - expires 9/30/06 - References: FW thread
• $15 for online banking enrollment - expires 9/01/06 - References: my post

[Edit 3/29/07: New $100 bonus. Update free info on MyAccess.]
[Edit 3/25/07: $75 bonus expiration date has been extended.]
[Edit 2/16/07: Added some new bonuses and other BofA deals]

5.32% Savings Account at a Philadelphia Bank (Republic First) read and submit comments for this post

Republic First Bank is advertising a 5.32% APY savings account with a $1K minimum balance. It's called the Index Savings Account, and the rate is guaranteed not to fall through the end of the year. The account must be opened with new money. This special savings account is not listed at the bank's website. It was advertised in today's Philadelphia Inquirer. The ad is available online here.

The bank is still offering a 6.00% APY 13-month CD. I had reported on this special in July.

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

Republic First Bank has been FDIC insured since 1988.

6.00% 6-Month CD at a Florida CU and $50 Checking Account Bonus (MIDFLORIDA) read and submit comments for this post

MIDFLORIDA Credit Union is advertising a 6.00% APY 6-month certificate special. The minimum deposit is $1K and the maximum is $100K per household. New money only. The CD is not listed at the credit union's website. It was advertised in today's Tampa Tribune. The ad is available online here.

The credit union is also offering a $50 gas card for opening a new free checking account. A $500 opening deposit is required and the checking account must remain active for 6 months. This checking account could be useful after the CD matures. Just have the money deposited into the checking account. Then you can withdraw the money by transferring it to a linked online savings account.

The field of membership includes those who live, work, worship or attend school in the Florida Counties of Polk, Highlands, Okeechobee, Hardee or Sumter. To open any type of account with MIDFLORIDA, you must open a share account with a minimum of $5.

Branches are locatd in the Florida cities of Arcadia, Auburndale, Bartow, Haines City, Lake Wales, Lakeland, Okeechobee, Sebring, Wauchula and Winter Haven.

The credit union is NCUA insured. It has $987 million in assets and 115,000 members.

6.14% 13-Month / 6.14% 48-Month CD at a Carolina CU (Founders) read and submit comments for this post

Founders Federal Credit Union is offering a 6.14% APY 13-month and 48-month share certiciate. The minimum deposit is $500. It's available as a regular or IRA CD.

I had last reported on this credit union in June when it was offering a 5.61% 9-month CD.

The field of membership includes those who live, work or worship in Chester and Chesterfield counties of South Carolina. The cities of Wellford and Duncan are also included. In addition, there's a long list of eligible companies and organizations.

Founders has branches in the South Carolina counties of Chester, Chesterfield, Lancaster, Spartanburg and York, in Mecklenburg County, North Carolina and in Dane County, Wisconsin.

The credit is NCUA insured with $1.1 billion in assets and 150K members.

Bank Deal Summary for August 26, 2006 read and submit comments for this post

Falling rates for long term CDs continued this week. Long term CD rates dropped at AmTrustDirect, Countrywide, GMAC Bank, Transportation Alliance Bank and several others. For the most part, short term rates held steady. A few banks had slight increases. AmTrustDirect raised its 6-month and 9-month CDs by 0.08% to 5.50% and 5.58% APY. FirstFedDirect raised its savings account rate from 5.17% to 5.25% APY for a minimum balance of $1K (see post). Countrywide Bank reduced the minimum balance required to receive 5.25% APY on its savings account from $50K to $10K (see post).

Rising short term rates and falling long term rates have created many examples of inverted yield curves. Several banks now have money market rates higher than 5-year CD rates. Countrywide is one example with a 5.25% savings account and a 5.15% 5-year CD. UFB Direct is another example with a no-minimum savings account at 5.26% and a 5-year CD at 5.25%.

Even though CD rates overall have gone down, there continues to be a few CD specials with rates of 6% and higher. Washington Mutual is still offering its special 6.00% APY 13-month CD in several states (see post). Digital Credit Union still has a 6.00% APY 16-month CD. Anyone is eligible to join this credit union (see post). Members Credit Union is another one that anyone can join. It continues to offer a 6.17% 60-month CD (see post).

Unfortunately, World Savings' 6.01% 9-month CD ends today. Some people have reported that World is extending this special another week. This likely depends on your local branch. The CSR at my local branch in Texas said it'll be ending today. World is still offering an internet CD that's close to 6% (5.91% 13-month CD).

If you're lucky, there'll be a local CD deal in which you can get a 6-percent-plus CD. Chartway Credit Union started another CD promotion this week with a 6.25% 18-month CD (see post). It's not as good as its old 8% CD promo, but it's still a good deal. Citibank continues to offer a 6% 6-month CD for Texans. Refer to my local CD deals section below for more of these.

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. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Aug 19th, Aug 12th, Aug 5th, July 29th, July 22nd and Jul 15th.

As of August 26, 2006

Savings Accounts/Money Market Accounts:

• Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
• UFB Direct - 5.26%, (5.26% $50K+) offers checking, my post
• OneUnited - 5.25% (min $10), my post
• FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
• BankUnited - 5.25% (min $5K), my post
• Countrywide - 5.25% (min $10K), my post
• AmboyDirect - 5.15%, my post ($25 bonus)
• EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
• Apple Bank - 5.15%, my post
• AmTrustDirect - 5.15% ($1K min), my post
• CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $50 deal for exec. members)
• Zions Bank - 5.13% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
• Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Domestic Bank - 5.11% MMA (min $2.5K), my post
• Tennessee Commerce Bank - 5.07% (min $10K), my post
• Corus Bank - 5.10% MMA (min $10K to open)
• 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
• Heritage Bank Online - 5.06% (min $1K), my post
• HSBC Direct - 5.05%, offers checking, (rate history), 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
• Washington Mutual - 5.00% (requires checking), my post
• GMAC Bank - 5.00% MMA (min $500), my post
• Ascencia Bank - 4.75% (min $50), my post
• Self-Help Credit Union - 4.75% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• EverBank - 4.41% ($1.5K min), 5.51% 3-mo checking account promo, my post
• ING Direct - 4.35%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
• Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
• NetBank - 3.52% MMA ($500 min), requires checking, my post ($175 deal)
• ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)

3-Month Certificates of Deposit:

• UFB Direct - 5.36% (min $8K)
• UmbrellaBank.com - 5.35% (min $1K)
• Charles Schwab - 5.35% (min $1K), my post
• 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
• VirtualBank - 5.13% (min $10K), my post ($20 bonus)
• Corus Bank - 5.10% (min $10K)
• EverBank - 5.10% ($1.5K min)
• ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• GMAC Bank - 4.95% (min $500), my post
• Self-Help Credit Union - 4.76% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• UmbrellaBank.com - 5.57% (min $1K)
• World Savings - 5.51% (5 months) (min $10K), new funds only, my post
• FirstFedDirect - 5.51% (min $10K), my post
• Western Financial Bank - 5.50% ($100 min)
• Citibank - 5.50% (min $500), 6% for Texas, my post
• AmTrustDirect - 5.50% (min $1K) my post
• Corus Bank - 5.50% (min $10K)
• ETrade Bank - 5.46% (min $1K), my post
• Imperial Capital - 5.45%, ($2K min), my post
• IndyMac Bank - 5.45% (7 mo) (min $5K), my post
• Countrywide - 5.40% (min $10K), my post
• EverBank - 5.35% ($1.5K min)
• 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
• UFB Direct - 5.30% (min $8K)
• 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)
• GMAC Bank - 5.00% (min $500), my post
• Self-Help Credit Union - 4.81% (min $500), my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• World Savings - 5.61% (8 months) ($10K min), branch-only, my post
• Western Financial Bank - 5.60% ($100 min)
• UmbrellaBank.com - 5.60% (min $1K)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• FirstFedDirect - 5.60% (min $10K), my post
• AmTrustDirect - 5.58% (min $1K) my post
• Imperial Capital - 5.50% ($2K min), my post
• Countrywide - 5.40% (min $10K), my post
• GMAC Bank - 5.40% (min $500), my post
• Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
• EmigrantDirect - 5.35% (min $1K)
• EverBank - 5.35% ($1.5K min)
• ING Direct - 5.05%, my post
• Wells Fargo - 5.00% (min $5K), rate and min vary by state, my post

12-Month Certificates of Deposit:

• Washington Mutual - 6.00% (13 mo) (min $1K), branch only, not all states, my post
• World Savings - 5.91% (13 mo) (min $10K), my post
• Melrose CU - 5.82% (min $5K) my post
• FirstFedDirect - 5.71%, (min $10K) my post
• AmTrustDirect - 5.68% (min $1K) my post
• UmbrellaBank.com - 5.67% (min $1K)
• Western Financial Bank - 5.65% ($100 min)
• GTE FCU - 5.64% (min $500) my post
• Corus Bank - 5.60% (min $10K)
• Imperial Capital - 5.60% ($2K min), my post
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• ETrade Bank - 5.50% (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
• IndyMac Bank - 5.45% (min $5K), my post
• GMAC Bank - 5.45% (min $500), my post
• Countrywide - 5.40% (min $10K)
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• EverBank - 5.35% ($1.5K min)
• Ascencia Bank - 5.35% (min $500), my post
• EmigrantDirect - 5.35% (min $1K)
• Mutual Bank - 5.35% (min $2.5K) my post
• Transportation Alliance Bank - 5.34% ($1K min)
• UFB Direct - 5.30% (min $8K)
• MetLife Bank - 5.25% ($1K min)
• ING Direct - 5.20%, my post
• Self-Help Credit Union - 5.08% (min $500), my post

16-Month Certificates of Deposit:

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

18-Month Certificates of Deposit:

• Washington Mutual - 6.00% (min $1K), branch only, not all states, my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• AmTrustDirect - 5.50% (min $1K) my post
• Imperial Capital - 5.50% ($2K min), my post
• CapitalOne/Costco - 5.46% (min $5K, Costco members only)
• ETrade Bank - 5.45% (min $1K), my post
• GMAC Bank - 5.40% (min $500)
• Mutual Bank - 5.40% (min $5K) my post
• Countrywide - 5.20% (min $10K)

36-Month Certificate of Deposit:

• Melrose CU - 5.72% (min $5K) my post
• Fort Belvoir FCU - 5.64% (min $1K), my post
• AmTrustDirect - 5.60% (min $1K) my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Mutual Bank - 5.60% (min $5K) my post
• Imperial Capital - 5.40% ($2K min), my post
• GMAC Bank - 5.40% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• Pentagon Federal CU - 5.31% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Countrywide - 5.15% (min $10K)
• Self-Help Credit Union - 5.13% (min $500), my post

48-Month Certificate of Deposit:

• Melrose CU - 5.77% (min $5K) my post
• Fort Belvoir FCU - 5.75% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• GMAC Bank - 5.40% (min $500)
• Transportation Alliance Bank - 5.34% ($1K min)
• 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
• Countrywide - 5.15% (min $10K)
• Self-Help Credit Union - 5.14% (min $500), my post

60-Month Certificate of Deposit:

• Members Credit Union - 6.17% (min $2K), my post
• Fort Belvoir FCU - 5.90% (min $1K), my post
• Melrose CU - 5.82% (min $5K) my post
• AmTrustDirect - 5.65% (min $1K) my post
• Agriculture FCU - 5.65% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• VirtualBank - 5.44% (min $10K), my post ($20 bonus)
• GMAC Bank - 5.40% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Imperial Capital - 5.40% ($2K min), my post
• Transportation Alliance Bank - 5.34% ($1K min)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Self-Help Credit Union - 5.15% (min $500), my post
• Countrywide - 5.15% (min $10K)

84-Month Certificate of Deposit:

• CapitalOne/Costco - 5.59% (min $5K, Costco members only)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Countrywide - 5.15% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.00% 3-month intro rate on Money Market account
• 6.00% 60-months CD with $25K min
• 5.68% Money Market Account with $250K initial deposit
• 5.51% 3-month intro rate on checking account
• 5.40% Money Market Account with $25K min
• 5.33% Money Market Account with $50K at MBNA
• 5.25% Money Market Account with $25K min
• 5.25% Savings Account with $50K min

Checking and Saving Accounts at Local Banks/Credit Unions

• 6.00% Checking till March 2007 (Florida)
• 5.50% Money Market Account for 3 months (New York)
• 5.50% Money Market Account for 3 months at Banco Popular (CA)
• 5.25% no-minimum online savings account (New York)
• 5.25% low-minimum online savings account (California)
• 5.15% Savings Account (Massachusetts)
• 5.00% Money Market Account (Washington State)
• 5.00% Money Market Account (Wisconsin)
• 5.00% savings account (Pennsylvania)

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

Terms of 60 Months and Over

• 6.20% 60-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.18% 60-Month CD at a Ohio CU (Ohio HealthCare)
• 6.17% 60-Month CD at a North Carolina CU (open to all)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 60-Month CD at a Florida Bank (First State)
• 6.00% 60-Month CD at a Illinois CU - Open to All (Oak Trust)
• 5.92% 60-Month CD at a Texas CU (Greater Texas FCU)

Terms of 24 Months to Under 60 Months

• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Massachusetts CU (MBTA Employees)
• 6.17% 24-Month CD at a Iowa/Alabama CU (Cornerstone)
• 6.14% 48-Month CD at a Minnesota CU (Lake State)
• 6.05% 24-Month CD at a Nashville CU (MPD)
• 6.01% 45-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.00% 30-Month CD at a Florida Bank (Peoples First)
• 6.00% 36-Month CD at a Iowa Bank (Prime-Based)
• 6.00% 25-Month CD at a Nevada CU (Clearstar)
• 6.00% 25-Month CD at a Kansas Bank (Freedom Bank)
• 6.00% 36-Month CD at a Illinois Bank (First Bank of Highland Park)
• 6.00% 24-Month CD at a Ohio CU (Millstream Area)
• 6.00% 36-Month CD at a North Carolina/Virginia CU (Marine FCU)
• 6.00% 24-Month CD at a Virginia Bank (Goochland)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Philadelphia Bank ($1K Max)
• 7.19% 18-Month CD at a California CU ($7K max)
• 7.00% 12-Month CD at a Texas CU - DATCU ($2.5K max)
• 6.25% 18-Month CD at a Multi-State CU (Chartway)
• 6.25% 18-Month CD at a North Carolina CU (ElecTel)
• 6.25% 18-Month CD at a Multi-State CU (Navy Federal)
• 6.17% 12-Month CD at a Texas CU (Abilene Teachers FCU)
• 6.05% 12-Month CD at a Multi-State CU (Operating Engineers)
• 6.01% 12-Month CD at a California CU (CoastHills)
• 6.00% 12-Month CD at a Georgia Bank (Alpha)
• 6.00% 15-Month CD at a Florida Bank (Peoples First)
• 6.00% 12-Month CD at a Idaho CU (Idaho Central)
• 6.00% 19-Month CD at a Virginia Beach CU (NMA)
• 6.00% 13-Month CD at a California CU (Sacramento)
• 6.00% 18-Month CD at a South California Bank
• 6.00% 18-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 13-Month CD at a New York WaMu Branch
• 6.00% 15-Month CD at a Massachusetts Bank (East Boston Savings)
• 6.00% 15-Month CD at a Multi-State CU (Chartway)
• 6.00% 18-Month CD at a California CU ($25K max)
• 6.00% 12-Month CD at a Chicago Bank (First Eagle)
• 6.00% 12-Month CD at a New York Bank (LibertyPointe)
• 6.00% 13-Month CD at a Florida Bank (Synovus)
• 6.00% 15-Month CD at a Vermont CU (NorthCountry)
• 6.00% 13-Month CD at a Philadelphia Bank (Republic First)
• 5.92% 17-Month CD at a California CU
• 5.85% 12-Month CD at a Utah CU (Family First)
• 5.85% 12-Month CD at a Texas Bank (Century)
• 5.85% 15-Month CD at a TX/CO Credit Union (Security Service)
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 15-Month CD at a Florida CU (Achieva)
• 5.75% 12-Month CD at a Massachusetts CU

Terms of Under 12 Months

• 10.47% 7-Month CD at a Virginia CU - $2K Max (BayLands)
• 10.00% 7-Month CD at a California CU - $1K Max (Wescom)
• 10.00% 10-Month CD at a Massachusetts CU ($2.5K max)
• 8.00% 8-Month CD at a California CU ($5K max)
• 7.19% 6-Month CD at a California CU ($7K max)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.45% 7-Month CD at a California CU (KeyPoint)
• 6.25% 9-Month CD at a Nevada CU (WestStar)
• 6.25% 9-Month CD at a California CU ($5K max)
• 6.15% 7-Month CD at a Kentucky CU (Fort Knox)
• 6.14% 9-Month CD at a Virginia CU (Dominion)
• 6.00% 6-Month CD a Citibank Texas
• 6.00% 6-Month CD at a Georgia Bank (Alpha)
• 6.00% 7-Month CD at a Illinois CU (CEFCU)
• 6.00% 9-Month CD at a Washington State Bank
• 6.00% 11-Month CD at Arizona State Credit Union
• 6.00% 6-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 3-Month CD at a California CU (Missions FCU)
• 6.00% 6-Month CD at a Texas Bank
• 6.00% 11-Month CD at a Georgia CU ($10K max)
• 6.00% 6-Month CD at a Pennsylvania CU
• 6.00% 6-Month CD at a California Bank ($25K min)
• 5.92% 11-Month CD at a Georgia Bank (Cherokee)
• 5.85% 7-Month CD at a California CU (The Golden 1)
• 5.80% 11-Month CD at a California CU (SAFE)
• 5.76% 11-Month CD at a Wisconsin Bank (Superior Savings)
• 5.75% 6-Month CD at a California CU (SAFE)
• 5.75% 5-Month CD at a California CU (OCTFCU)
• 5.75% 9-Month CD at a New York Bank (LibertyPointe)
• 5.75% 6-Month CD at a Massachusetts CU
• 5.75% 3-Month CD at a Missouri Bank (St. Louis)
• 5.75% 7-Month CD at a California CU (Tech CU)
• 5.75% 7-Month CD at a Colorado Bank (ABC)
• 5.70% 9-Month CD at a New York CU (Bethpage)
• 5.70% 6-Month CD at a Tennessee Bank (BankEast)
• 5.65% 8-Month CD at a California CU (Premier America)
• 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
• 5.60% 7-Month CD at a North East Bank (Hudson City Savings)
• 5.60% 6-Month CD at a Virginia Bank (Millennium Bank)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Paypal Money Market Fund - 5.04% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting May 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

6.25% 18-Month CD at a North Carolina CU (ElecTel) read and submit comments for this post

ElecTel Cooperative Credit Union is offering a 6.25% APY 18-month certificate of deposit. The minimum is $2.5K and the maximum deposit is $100K. It requires money new to the credit union.

The field of membership includes select employee groups of electric and telephone cooperatives in North Carolina, Virginia, Maryland, Delaware, Tennesee and West Virgina. Also, membership is open to member-consumers of Piedmont EMC. The FOM seems to allow all family members to be eligible, not just immediate family. A $25 minimum deposit into a savings account is required for membership.

The credit union has branches in Raleigh and Hillsborough, North Carolina.

The credit union is NCUA insured. It has $29.5 million in assets and 7,362 members.

6.17% 24-Month CD at an Iowa/Alabama CU (Cornerstone) read and submit comments for this post

Cornerstone Credit Union is offering a 6.17% APY 24-month certificate. It's available as a regular CD or an IRA CD. The minimum deposit is $1K. The penalty for early withdrawal is 3 months of interest.

The field of membership is primarily limited to select employee groups. The credit union has branches in Des Moines, Iowa and Birmingham, Alabama.

Cornerstone is NCUA insured. It's a small credit union with $14.5 million in assets and just under 5,000 members.

$25 Bonus Now Available for Amboy Direct's 5.15% Premium Savings Account read and submit comments for this post

Amboy Direct now offers a $25 referral bonus for its new Premium Savings Account. Amboy's eSavings Account has long offered a $25 refer-a-friend bonus and a $50 sign-up bonus. However, this eSavings Account has never had competitive rates. Currently, it only has an APY of 4.28% for balances over $3K. Balances under $3K only earn 1%. On the other hand, the Premium Savings Account now earns 5.15% APY for balances over $1. Since Amboy started this Premium Savings Account back in April, the rate has remained very competitive.

The only problem with this refer-a-friend bonus is that it has the same requirement as the eSavings Account bonus in that it requires the friend to maintain a minimum $3K balance for 90 days. After this bonus period ends, the friend will receive $25 and the client who made the referral will receive $10.

Refer to this previous post for the features of this Premium Savings Account. With a history of high rates and no minimum requirements or monthly fees, this account may be something to keep for the long term. The $25 bonus just makes it a better deal.

I've just received a referral for this Premium Savings Account from a friend. The link in the email goes to the Premium Savings application page. The email comes with a reference code which needs to be entered into the application. The email confirms that the account earns 5.15% on balances over $1. Also it confirms that you need to keep a minimum balance of $3K for 90 days to receive the $25. It also states "Only one promotional account per household.".

My friend is willing to send out more referrals. Just send me an email at bankdeals@gmail.com with your full name, and I'll forward your request to him. Once I open my account, I'll be able to send you a referral directly.

Washington Mutual's Savings Account Now 5.00% read and submit comments for this post

Washington Mutual raised the rate on its new Savings Account from 4.75% to 5.00% APY. As I mentioned in this post, this rate is only available to those who open a WaMU Free Checking account through this online application page. For those who already have a WaMu checking account, many people have reported being able to get this high yield savings account by opening an additional checking account through this application page.

This deal now looks better than Citibank's 5% savings account which also requires a checking account. In my opinion, WaMu's free checking account has many better features than Citibank's free checking account. The only thing to worry about at WaMu is if this competitive savings account rate will last. Citibank has a longer track record.

Also note, WaMu has a 6.00% APY 13-month CD special available in many states (see post).

Last Two Days to Open World Savings 6.01% 9-Month CD read and submit comments for this post

Tomorrow is the last day for World Savings' unadvertised 6.01% APY 9-month certificate of deposit special. Refer to this post for the details.

A reader mentioned that World is advertising a 5.61% APY 8-month CD in Southern California. Like the 6.01% special, it has a $10K minimum, however, it does not require new money. This is listed at their branch rates page for Orange County zipcodes. For Texas, the rate is a little lower at 5.56% APY.

World still is offering two nice internet CDs: 5.51% APY 5-month CD and a 5.91% APY 13-month CD.

Countrywide's Savings Account Now 5.25% with only $10K Min read and submit comments for this post

Countrywide Bank lowered the minimum to receive the 5.25% APY on their Savingslink savings account. It use to require $50K. Now it's only $10K. Balances below $10K still earn 4.50% APY. Countrywide first reached 5.25% for $50K balances back in June.

Savingslink is a new savings account at Countrywide. I first mentioned it in this May 19th post. It's very similar to other online savings accounts. There are no minimum balance requirements and no monthly fees. You can link up to 3 external accounts, and all links can be done online. One important note regarding Countrywide is that it has been reported that it does a hard credit pull for every new account that you open.

One interesting note regarding interest rates at Countrywide is how inverted the yields are now. Countrywide has followed many other banks in the last month and lowered its CD rates. Maturities of 6 to 12 months now earn 5.40% APY. However, CDs with terms between 30 months and 84 months now only earn 5.15% APY. All CDs have a minimum of $10K. So now you can earn a higher rate on a liquid savings account over a 5-year CD.

6.00% Checking Account Promo at a Florida Bank - $10K Min read and submit comments for this post

Old Southern Bank is offering a 6.00% APY (5.84% interest rate) on its Investment Checking Account. It requires a minimum of $10K. The rate is guaranteed through March 15, 2007. Unlike a money market account, this checking account allows unlimited monthly transactions. If the average balance falls below $10K, the rate falls to 0.50% and a monthly fee of $25 is charged. Account is for individuals and sole proprietors only.

This special checking account is available only at the bank's Clermont and Orlando, Florida offices.

Old Southern Bank is a new bank that has just been FDIC insured since this April.

Bank of America's New Online CD read and submit comments for this post

Bank of America just launched what it calls its "High Yield CD". It's a 10-month certificate of deposit with rates as high as 5.20% APY. Compared to other banks, this rate is nothing special, but for a Bank of America CD, this is a big improvement. This CD requires a minimum of $10K and must be opened online.

Rates vary by state. The highest that I've found is 5.20% APY in Illinois. 5.15% APY is available in New York. 5.00% APY is available in Texas, Florida and California. 4.95% APY is available in Colorado and Virginia. The lowest rate that I've found is 4.50% in Georgia.

Perhaps this is Bank of America's first step to compete with the latest CD deals from other major banks such as Washington Mutual's 6% 13-month CD special or Citibank's 6% 6-month CD special (6% in Texas, 5.50% elsewhere).

The next thing I hope to see from BofA would be a truely free checking account similar to what Washington Mutual now offers. BofA's free checking accounts like its MyAccess Checking account require direct deposit to avoid monthly fees. Note, there are ways around these fees (see post on checking account bonus).

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

6.27% 60-Month / 6.17% 36-Month CD at a Florida Bank (Coastal Community Bank). read and submit comments for this post

Coastal Community Bank has several high yield long term certificates of deposits. These include a 6.27% APY 60-month CD, a 6.17% APY 36-month CD, a 5.90% APY 12-month CD and a 5.64% APY 12-month CD. The minimum deposit is $1K.

Branches are located in Panama City, Apalachicola and other cities in the Florida Panhandle. It appears you have to visit the branch to open an account.

The bank has been FDIC insured since 1934. Its financial rating by Bankrate.com is 4 out of 5 stars (sound).

FirstFedDirect Savings Account Now 5.25% read and submit comments for this post

FirstFedDirect increased the yield on its Internet Advantage Savings Account from 5.17% to 5.25% 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.

I first reported on this account last December when First Federal Bank of California first launched this online bank. The rates have remained competitive. The last rate increase to 5.17% was on July 18th. One issue with this bank is that it does a hard credit pull through Equifax in the application process. In the online application, there is a checkbox that must be checked to authorize this.

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.

6.00% 11-Month CD at Arizona State Credit Union read and submit comments for this post

Arizona State Credit Union is offering a 6.00% APY 11-month certificate of deposit. The minimum is $25K with no maximum. Money must be new to the credit union. The early withdrawal penalty is 30 days of interest. There's also a 5.21% APY 121-day CD (about 4 months) with a $10K minimum deposit. This 6% CD isn't listed at the credit union's website. It was advertised in this morning's Arizona Republic. I also received additional details on this special from the customer service representative.

The field of membership includes those who reside in any of several Arizona counties. Also, there are several select employer groups. In addition to family members, friends of existing members are eligible. This is the first time I've seen this easy eligibility requirement.

Membership requires a minimum $5 deposit in the savings account. Membership can be opened by mail. This requires the application and a photocopy of photo ID to be notarized.

Branches are located in several cities of Arizona including Phoenix, Flagstaff, Tucson, Prescott and Safford.

The credit union is NCUA insured. It has $974 million in assets and almost 124K members.

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

5.70% 6-Month CD at a Tennessee Bank (BankEast) read and submit comments for this post

BankEast is offering a 5.70% APY 6-month certificate of deposit. The minimum is $1K. The term is actually 6 months plus an additional 16 days. This special is not listed at the bank's website. It was advertised in today's Knoxville News Sentinel. The ad is available online here.

The bank has branches in Knoxville, Maryville, Gainesboro and Seymour, TN.

BankEast has been FDIC insured since 1968. It's rated 3 out of 5 stars by Bankrate.com (performing).

Chase $10 Bonus for New Bill Pay Customers read and submit comments for this post

Chase is offering $10 for checking account customers who pay three bills using Chase Online Bill Pay. Here's the promotional page. The three online payments must be made by 10/31/06. Offer is limited to new Chase Online Bill Pay households.

This is similar to the Bank of America online banking bonus that I mentioned yesterday. The bonus isn't much. But for those who already have an account, it can be easy money.

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

6.14% 48-Month CD at a Minnesota CU (Lake State) read and submit comments for this post

Lake State FCU is offering savings certificates with APYs has high as 6.14% on terms between 48 and 72 months. A 1% bump in the published CD rates is available with the credit union's special 1% coupon. The 30-month CD would also be a good deal with a rate of about 5.88% APY. The minimum is $1K. A checking account is required. The offer expires September 30, 2006.

The field of membership includes those who work, worship, own real estate, or attend school in any of the Minnesota counties of Pine, Chisago, Carlton, Isanti or Kanabec. Branches are located in Moose Lake, Hinckley, Sandstone and North Branch, MN.

Lake State FCU is NCUA insured. It has $164 million in assets and 16.6K members.

6.50% 13-Month CD Special at a SAFE CU Branch in California. read and submit comments for this post

SAFE Credit Union is having a new branch promotion at its Granite Bay location this Saturday, August 26th. The credit union will be offering a 6.50% APY 13-month certificate. It's only available for one day at the branch. The minimum deposit is $10K and there is no maximum. At least 50% of the deposit has to be new money from another institution.

For those who can't make it to this branch on Saturday, there is still a decent CD special that I had just posted about today. It's a 5.75% CD with terms that range from 6 to 60 months.

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.

Thanks to the reader who mentioned this special in the finding deals post and the other reader who gave another confirmation.

$15 Online Banking Offer from Bank of America read and submit comments for this post

Bank of America is offering a $15 bonus for enrolling in online banking. The offer ends September 1st. Here's the link to the promotion. You must have a Bank of America checking account to be eligible for the bonus. The money will be directly deposited into your Bank of America checking account by October 31, 2006.

I had done this promotion back in June. I already had a Bank of America checking account and just had to enroll in the online banking. I didn't have to make a payment. The bonus was suppose to be deposited in my checking account by the start of August. When it wasn't deposited, I sent them a message and within a week the bonus was deposited. This is similar to previous deals I've done with BofA. So be sure to follow up with them.

Bank of America currently has a $100 sign-up bonuses for a personal checking and a $50 bonus for a savings account. Refer to this Bank of America bonus post for more info.

Thanks to the commenter who mentioned this latest $15 bonus in the finding deals post.

6.00% 24-Month CD at an Ohio CU (Millstream Area) read and submit comments for this post

Millstream Area Credit Union is offering a 6.00% APY 24-month certificate. There is a $5K minimum deposit requirement and the money must be new to the credit union.

The field of membership includes residents of Hancock County of Ohio. The credit union has two branches in the city of Findlay, Ohio which is located about 50 miles south of Toledo.

This credit union is not insured by NCUA and instead is privately insured by American Share Insurance (ASI) which is the same company that insures Patelco Credit Union.

5.75% 6-Month CD at a California CU (SAFE) read and submit comments for this post

SAFE Credit Union is offering a special 5.75% APY on its SelectTerm Plus Certificates. There's a minimum $10K deposit for regular CDs and a $25 minimum for IRA certificates. You have a choice of terms from 6 months to 60 months. It requires at least 50% of the funds to be money new to the credit union. The APY without this new money requirement is 5.43%.

I had last reported on this credit union in July when it was offering a 5.80% 11-month CD. This credit union has regularly offered very good CD specials.

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.

5.92% 60-Month CD at a Texas CU (Greater Texas FCU) read and submit comments for this post

Greater Texas Federal Credit Union has a special offer for their share certificates with terms of 12 months and longer. You can get an additional 0.25% on the standard published rates. The APY ranges from 5.92% for a 60-month CD, 5.76% for a 42-month CD, 5.71% for a 36-month CD and a 5.65% for a 12-month CD. All have a minimum deposit of $1K. The bonus requires that the money be new to the credit union.

The early withdrawal penalty equals interest from half of the CD term for the amount to be withdrawn. Partial withdrawals won't close the CD as long as the balance remains above $1K.

The credit union's field of membership includes residents of Bryan-College Station, Bastrop, East or Central Travis County or Central Hidalgo County areas. Branches are located in Austin, Arlington, Bastrop, Bryan, College Station, Dallas, Edinburg, Houston and San Antonio.

The credit union is NCUA insured. It has $255 million in assets and over 60K members.

$50 Checking Account Bonus at a Washington DC Bank read and submit comments for this post

WashingtonFirstBank is offering a $50 bonus for opening a Direct Deposit Checking Account. A $100 minimum opening deposit is required. The offer isn't listed at the bank's website, but is being advertised at the local branches in Washington DC area. You have to open the account at one of the branches.

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

5.85% 15-Month CD at a TX/CO Credit Union (Security Service) read and submit comments for this post

Security Services FCU is offering a 15-month CD special with rates that range from 5.85% to 6.00% APY. The 6.00% APY certificate requires a $100K deposit. A 5.95% APY requires $50K, 5.90% requires $25K and 5.85% requires $500. These CDs are not listed at the credit union's website but were advertised in the Colorado Springs Gazette. The ad is available online here. According to the CSR, these specials are planned to continue through the end of the year. There is a maximum early withdrawal penalty of 180 days of interest. The minimum penalty is 60 days whether the interest is earned or not.

The field of membership includes those who live, work or worship in Texas counties of Medina, Atascosa, Uvalde or South Bexar in addition to other areas. In Colorado the eligible counties include El Paso, Pueblo and Denver. There are several employee groups and church groups which can also qualify you for membership. Membership requires a $5 minimum deposit into a share savings account.

Branches are located in the Texas cities of San Antonio, Schertz and Boerne, and in the Colorado cities of Colorado Springs, Denver, Fountain and Pueblo.

The credit union is NCUA insured. It's a large credit union with over $3.8 billion in assets and almost 600K members.

6.00% 3-Month CD at a California CU (Missions FCU). read and submit comments for this post

Missions Federal Credit Union is offering a 6.00% APY 3-month certificate. The minimum deposit is $10K, and it requires money new to the credit union. The CD was advertised in SignOnSanDiego.com, and it's also shown on the credit union's dividend rates pdf page.

The field of membership includes those who live, worship, work or attend school in San Diego County, California.

Mission Fed is NCUA insured. It's a large credit union with almost $2 billion in assets and over 134K members.

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

6.25% 18-Month / 6.00% 15-Month CD at a Multi-State CU (Chartway) read and submit comments for this post

Chartway FCU has started back up another CD promotion. There's a 6.25% APY 18-month certificate and a 6.00% APY 15-month certificate (pdf of rate schedule). The minimum deposit is $10K and the maximum is $250K per household. Preferred Plus, Elite 50 Plus or Premier Checking is required. The CDs are available without the checking account at rates 0.25% less. These CDs are also available in an IRA.

This is similar to the special that was ended in early August. The rates are the same, but the terms are 5 months longer. With the interest rates going down, the longer terms may be an advantage. Unfortunately, there are no new 8% CD promo. The 8% CD promo ended in July.

The preferred Plus and the Elite 50 Plus checking accounts have a $10/month fee for balances under $2.5K. The Premier Checking Account has a $20/month fee for balances under $5K and a $20/month fee without direct deposit.

I was informed by a reader that Chartway does a hard credit pull when you open an account.

The field of membership includes those who live, work, worship or go to school in a defined geographic area served by the credit union's Virginia, Florida, Rhode Island and Texas branches. There are other ways to qualify for membership. Contact Chartway for details.

Branches are located in Virginia, Georgia, Rhode Island, North Carolina, Texas, Florida, Ohio and New Jersey.

Chartway is NCUA insured with $1.1 billion in assets and 156K members.

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

6.00% 15-Month CD at a Massachusetts Bank (East Boston Savings) read and submit comments for this post

East Boston Savings Bank is offering a 6.00% APY 15-Month certificate of deposit. The minimum deposit is $5K. This special is only for personal accounts and requires that you have a money market account with a $2.5K balance and new or existing checking or savings account.

The bank has a free checking account so that requirement isn't too bad. However, the $2.5K in a money market account has a significant effect on the total return since the rate of the money market account is only 2.78% APY for balances between $2.5K and $10K. Consequently, this CD special isn't that great for small CD balances. For example, If you deposit $20K into the CD and $2.5K into the money market account and assuming the MMA remains at 2.78%, the average return on the $22.5K balance would only be about 5.64%. The larger the CD balance, the closer the average gets to 6%. For a $100K CD balance, the average return of the 102.5K would be about 5.92%.

The money market account (and thus this CD special) is only available to Massachusetts residents.

The bank has branches in East Boston, Lynnfield, Melrose, Peabody, Revere, Saugus and Winthrop.

East Boston Savings Bank has been FDIC insured since 1991. The bank is rated 4 out of 5 stars by Bankrate.com (sound).

10% 7-Month CD at a California CU - $1K Max (Wescom). read and submit comments for this post

Wescom Credit Union is having a grand opening special only for this week in which it's offering a 10% APY 7-month certificate. The minimum and maximum deposit is $1,000. Only one CD per member. The offer ends on Saturday, August 26 and is available only at the credit union's Monrovia branch. A $50 signup bonus for a new checking account with direct deposit is also available. The $15 credit union membership fee will be waived during this week.

The $1K maximum deposit hurts this deal. Earning 10% on $1K for 7 months results in about $29 over keeping it an account earning 5%. However, each member of you family could open one which would make it a little better deal.

The field of membership includes those who live, work, worship or attend school in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara or Ventura counties.

Monrovia is located on the northern side of Los Angeles. The credit union has dozens of branches around southern California.

Wescom is NCUA insured. It's a large credit union with $3.4 billion in assets and almost 273K members.

Credit for finding this deal goes to FW member Waffles.

5.60% 7-Month CD at a North East Bank (Hudson City Savings) read and submit comments for this post

Hudson City Savings Bank is offering a 5.60% APY 7-month ceritificate of deposit. The minimum deposit is $500.

On the CD page, it states that bank by mail deposits are welcome but only on long term CDs. A 7-month CD is probably not considered a long term CD.

Branches are located in New Jersey, New York and Connecticut.

5.60% 7-month CD may not be a great rate but it is one of the highest rates available on 6-to-7 month CDs. VirtualBank and Superior Savings are both offering 5.60% APY on 6-month terms. IndyMac had been offering a 5.60% 7-month CD, but it has just gone down to 5.45%.

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

CD Ladders and Brokerage CDs read and submit comments for this post

An article in today's St. Louis Post-Dispatch discusses some useful strategies for a CD investor. In addition to CD laddering, it looks at brokerage CDs. One advantage of brokerage CDs is that you can spread your money among many banks as part of one brokerage account and stay within the FDIC limits. This can simplify your record keeping. Also, you can often get better rates than available from local banks.

The main problem with brokerage CDs is if you have to make an early withdrawal. In that case you would have to sell the CD in the secondary market. You could lose some principal as this guy experienced. If you keep the maturities short, this shouldn't be an issue. Charles Schwab is currently offering a 5.35% APY 3-month CD.

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

6.17% 12-Month CD at a Texas CU (Abilene Teachers FCU) read and submit comments for this post

Abilene Teachers FCU is offering a 6.17% APY 12-month certificate of deposit. The minimum is $500. An APY of 6.38% is available for a jumbo certificate with a $100K minimum deposit.

The field of membership includes those who live, work or worship in selected areas of Taylor or Callahan counties of Texas. There's also a long list of select employee groups.

The credit union is NCUA insured. It has $173.6 million in assets and over 22,000 members.

Update on the GE Money Savings Account $25 Signup Bonus read and submit comments for this post

GE is still offering a $25 bonus for opening its online savings account. I had first posted on this last May. The promo codes that I had first posted had expired. Thanks to FW member hair, several new promo codes have been found. The promo code EMPL03 seems like a good one for the $25. It's valid for accounts opened by 12/31/06. Just enter this code into the box on the right of the GE Money Savings home page. When you select go, a new page will give the promotional details.

You have to maintain a minimum balance of $500 for the first 30 days after your account is opened to qualify for the bonus. The $25 bonus will be provided 30 days after eligibility requirements are met. From my call last May with the CSR, I was told there is no hard credit pull. This seems to be confirmed my members on the FW thread.

The only problem with this savings account is that the rate is currently only 4.50% APY for balances over $4K. Balances under $4K earn only 1.75% APY. However, there are no monthly fees. So it seems like an easy $25. The signup process is done all online with the 2 trial deposit method to link an external account. Currently, the linked account can only be a checking account and not a savings account.

Bank Deal Summary for August 19, 2006 read and submit comments for this post

Rates on CDs with terms of 6 months and longer continued to fall at many banks and credit unions last week. CD rate drops were seen at Corus Bank, GMAC Bank, UFB Direct, Imperial Bank and others. Even before the Fed's decision to pause, the signs of a slowing economy were pulling down the long term rates. Many banks have responded quickly by reducing rates on most CD terms especially the longer ones. However, money market rates and 3-month CD rates have held. This has created many instances of inverted yield curves in which the short term rates are higher than the longest term rates. A good example of this is at UFB Direct in which the APY of the 3-month CD is 5.38% where as the APY of the 5-year CD is 5.25%.

There were a few bright spots for savers this week. Rates on savings accounts haven't started to trend down. There was one large rate hike at UFB Direct. Its no-minimum savings account had a major rate bump from 4.50% to 5.26% APY (see post). It's questionable if this is just a short-term promo-type rate bump or a rate that'll hold or at least remain competitive with the leaders. For most of the summer and spring, UFB Direct had remained around 4.50%.

We saw another new online savings account this week. It was launched by AmTrustDirect, and the rate is a very competitive 5.15% APY. It has no balance requirements; however, there is an initial deposit minimum of $1K (see post). AmTrustDirect has been offering CDs online since April. It's one of the few online banks that haven't lowered the CD rates in the last month. This account can be useful to those interested in the CDs, and it should keep pressure on the EmigrantDirect and the others to keep the savings account rates high.

One surprise with week was from Washington Mutual. They began a 6.00% CD special in many states. There's a 13-month term that requires new money and an 18-month term for existing customers. This is a branch-only special that's not advertised on their website. The offer is available through August (see WaMu post).

For those not in states with a WaMu 6% CD special, you can still get a 6.01% 9-month CD at World Savings branches. This special lasts through August 26 (see World Savings post).

For those who can't get the 6% from WaMu or World Savings, there are some other options still available. The Bank of Goochland in Virginia is offering a 6.00% APY 24-month CD. It's available to those outside Virginia, and it can be funded by mail (see post). If you or your family have affiliation with the Navy, you can join the Navy Federal Credit Union and get a 6.25% APY 18-month CD (see post). Members Credit Union is still offering 6.17% APY 60-month CD. Anyone can be eligible to join by becoming a member of an association with a one-time fee of $36. I had first posted on this credit union in early July. I had forgotten to mention this in the last month. Now with CD rates retreating, these longer term high yield CDs are looking more appealing.

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. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Aug 12th, Aug 5th, July 29th, July 22nd, Jul 15th and July 8th.

As of August 19, 2006

Savings Accounts/Money Market Accounts:

• Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
• UFB Direct - 5.26%, (5.26% $50K+) offers checking, my 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
• EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
• Apple Bank - 5.15%, my post
• AmboyDirect - 5.15%, my post
• AmTrustDirect - 5.15% ($1K min), my post
• CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $50 deal for exec. members)
• Zions Bank - 5.13% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
• Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Tennessee Commerce Bank - 5.12% (min $10K), my post
• Domestic Bank - 5.11% MMA (min $2.5K), my post
• Corus Bank - 5.10% MMA (min $10K to open)
• 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
• Heritage Bank Online - 5.06% (min $1K), my post
• HSBC Direct - 5.05%, offers checking, (rate history), 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
• GMAC Bank - 5.00% MMA (min $500), my post
• Washington Mutual - 4.75% (requires checking), my post
• Ascencia Bank - 4.75% (min $50), my post
• Self-Help Credit Union - 4.75% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
• EverBank - 4.41% ($1.5K min), 5.51% 3-mo checking account promo, my post
• ING Direct - 4.35%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• 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 ($50 bonus)

3-Month Certificates of Deposit:

• UFB Direct - 5.38% (min $8K)
• UmbrellaBank.com - 5.35% (min $1K)
• Charles Schwab - 5.35% (min $1K), my post
• 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
• VirtualBank - 5.13% (min $10K), my post ($20 bonus)
• Corus Bank - 5.10% (min $10K)
• EverBank - 5.10% ($1.5K min)
• ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• GMAC Bank - 4.95% (min $500), my post
• Self-Help Credit Union - 4.76% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• IndyMac Bank - 5.60% (7 mo) (min $5K), my post
• UmbrellaBank.com - 5.57% (min $1K)
• 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
• Imperial Capital - 5.50%, ($2K min), my post
• UFB Direct - 5.50% (min $8K)
• Corus Bank - 5.50% (min $10K)
• ETrade Bank - 5.46% (min $1K), my post
• Countrywide - 5.45% (min $10K), my post
• AmTrustDirect - 5.42% (min $1K) my post
• EverBank - 5.40% ($1.5K min)
• 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
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• NetBank - 5.05% (min $1K)
• Wells Fargo - 5.05% (7 month) (min $5K), rate and min vary by state, my post
• ING Direct - 5.00%, my post
• MetLife Bank - 5.00% ($1K min)
• GMAC Bank - 5.00% (min $500), my post
• Self-Help Credit Union - 4.83% (min $500), my post
• Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

• World Savings - 6.01% ($10K min), branch-only, my post
• 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)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• FirstFedDirect - 5.60% (min $10K), my post
• Imperial Capital - 5.52% ($2K min), my post
• AmTrustDirect - 5.50% (min $1K) my post
• Countrywide - 5.45% (min $10K), my post
• GMAC Bank - 5.40% (min $500), my post
• EverBank - 5.40% ($1.5K min)
• Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
• EmigrantDirect - 5.35% (min $1K)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• Washington Mutual - 6.00% (13 mo) (min $1K), branch only, not all states, my post
• World Savings - 5.91% (13 mo) (min $10K), my post
• Melrose CU - 5.82% (min $5K) my post
• IndyMac Bank - 5.70% (min $5K), my post
• 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)
• Corus Bank - 5.65% (min $10K)
• GTE FCU - 5.64% (min $500) my post
• Imperial Capital - 5.60% ($2K min), my post
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Transportation Alliance Bank - 5.55% ($1K min)
• ETrade Bank - 5.50% (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
• UFB Direct - 5.50% (min $8K)
• BankUnited - 5.50% (min $5K), my post
• Countrywide - 5.45% (min $10K)
• GMAC Bank - 5.45% (min $500), my post
• NetBank - 5.40% (min $1K), my post ($100 bonus)
• EverBank - 5.40% ($1.5K min)
• Ascencia Bank - 5.35% (min $500), my post
• EmigrantDirect - 5.35% (min $1K)
• Mutual Bank - 5.35% (min $2.5K) my post
• MetLife Bank - 5.25% ($1K min)
• ING Direct - 5.20%, my post
• Self-Help Credit Union - 5.12% (min $500), my post
• American Partners - 5.00% (min $1K), my post

16-Month Certificates of Deposit:

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

18-Month Certificates of Deposit:

• Washington Mutual - 6.00% (min $1K), branch only, not all states, my post
• AmTrustDirect - 5.68% (min $1K) my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Imperial Capital - 5.55% ($2K min), my post
• CapitalOne/Costco - 5.51% (min $5K, Costco members only)
• ETrade Bank - 5.45% (min $1K), my post
• GMAC Bank - 5.40% (min $500)
• Mutual Bank - 5.40% (min $5K) my post
• Countrywide - 5.30% (min $10K)
• American Partners - 5.00% (min $1K), my post

36-Month Certificate of Deposit:

• Melrose CU - 5.72% (min $5K) my post
• AmTrustDirect - 5.68% (min $1K) my post
• Fort Belvoir FCU - 5.64% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Mutual Bank - 5.60% (min $5K) my post
• Transportation Alliance Bank - 5.55% ($1K min)
• Imperial Capital - 5.45% ($2K min), my post
• GMAC Bank - 5.40% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Self-Help Credit Union - 5.15% (min $500), my post
• Countrywide - 5.25% (min $10K)

48-Month Certificate of Deposit:

• Melrose CU - 5.77% (min $5K) my post
• Fort Belvoir FCU - 5.75% (min $1K), my post
• AmTrustDirect - 5.68% (min $1K) my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Transportation Alliance Bank - 5.53% ($1K min)
• GMAC Bank - 5.40% (min $500)
• 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
• Countrywide - 5.25% (min $10K)
• Self-Help Credit Union - 5.15% (min $500), my post

60-Month Certificate of Deposit:

• Members Credit Union - 6.17% (min $2K), my post
• Fort Belvoir FCU - 5.90% (min $1K), my post
• Melrose CU - 5.82% (min $5K) my post
• AmTrustDirect - 5.68% (min $1K) my post
• Washington Mutual - 5.65% (min $1K), my post
• Agriculture FCU - 5.65% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Transportation Alliance Bank - 5.53% ($1K min)
• GMAC Bank - 5.45% (min $500)
• Imperial Capital - 5.45% ($2K min), my post
• VirtualBank - 5.44% (min $10K), my post ($20 bonus)
• ETrade Bank - 5.40% (min $1K), my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Countrywide - 5.25% (min $10K)
• Self-Help Credit Union - 5.16% (min $500), my post

84-Month Certificate of Deposit:

• Washington Mutual - 5.65% (83 months) (min $1K), my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Countrywide - 5.25% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.00% 3-month intro rate on Money Market account
• 6.00% 60-months CD with $25K min
• 5.68% Money Market Account with $250K initial deposit
• 5.51% 3-month intro rate on checking account
• 5.40% Money Market Account with $25K min
• 5.33% Money Market Account with $50K at MBNA
• 5.25% Money Market Account with $25K min
• 5.25% Savings Account with $50K min

Checking and Saving Accounts at Local Credit Unions

• 5.50% Money Market Account for 3 months (New York)
• 5.50% Money Market Account for 3 months at Banco Popular (CA)
• 5.25% no-minimum online savings account (New York)
• 5.25% low-minimum online savings account (California)
• 5.15% Savings Account (Massachusetts)
• 5.00% Money Market Account (Washington State)
• 5.00% Money Market Account (Wisconsin)
• 5.00% savings account (Pennsylvania)

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

Terms of 60 Months and Over

• 6.20% 60-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.18% 60-Month CD at a Ohio CU (Ohio HealthCare)
• 6.17% 60-Month CD at a North Carolina CU (open to all)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 60-Month CD at a Florida Bank (First State)
• 6.00% 60-Month CD at a Illinois CU - Open to All (Oak Trust)

Terms of 24 Months to Under 60 Months

• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Massachusetts CU (MBTA Employees)
• 6.05% 24-Month CD at a Nashville CU (MPD)
• 6.01% 45-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.00% 30-Month CD at a Florida Bank (Peoples First)
• 6.00% 36-Month CD at a Iowa Bank (Prime-Based)
• 6.00% 25-Month CD at a Nevada CU (Clearstar)
• 6.00% 25-Month CD at a Kansas Bank (Freedom Bank)
• 6.00% 36-Month CD at a Illinois Bank (First Bank of Highland Park)
• 6.00% 36-Month CD at a North Carolina/Virginia CU (Marine FCU)
• 6.00% 24-Month CD at a Virginia Bank (Goochland)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Philadelphia Bank ($1K Max)
• 7.19% 18-Month CD at a California CU ($7K max)
• 7.00% 12-Month CD at a Texas CU - DATCU ($2.5K max)
• 6.25% 18-Month CD at a Multi-State CU (Navy Federal)
• 6.05% 12-Month CD at a Multi-State CU (Operating Engineers)
• 6.01% 12-Month CD at a California CU (CoastHills)
• 6.00% 12-Month CD at a Georgia Bank (Alpha)
• 6.00% 15-Month CD at a Florida Bank (Peoples First)
• 6.00% 12-Month CD at a Idaho CU (Idaho Central)
• 6.00% 19-Month CD at a Virginia Beach CU (NMA)
• 6.00% 13-Month CD at a California CU (Sacramento)
• 6.00% 18-Month CD at a South California Bank
• 6.00% 18-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 13-Month CD at a New York WaMu Branch
• 6.00% 18-Month CD at a California CU ($25K max)
• 6.00% 12-Month CD at a Chicago Bank (First Eagle)
• 6.00% 12-Month CD at a New York Bank (LibertyPointe)
• 6.00% 13-Month CD at a Florida Bank (Synovus)
• 6.00% 15-Month CD at a Vermont CU (NorthCountry)
• 6.00% 13-Month CD at a Philadelphia Bank (Republic First)
• 5.92% 17-Month CD at a California CU
• 5.85% 12-Month CD at a Utah CU (Family First)
• 5.85% 12-Month CD at a Texas Bank (Century)
• 5.80% 12-Month CD at a Partners Bank
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 15-Month CD at a Florida CU (Achieva)
• 5.75% 12-Month CD at a Massachusetts CU

Terms of Under 12 Months

• 10.47% 7-Month CD at a Virginia CU - $2K Max (BayLands)
• 10.00% 10-Month CD at a Massachusetts CU ($2.5K max)
• 8.00% 8-Month CD at a California CU ($5K max)
• 7.19% 6-Month CD at a California CU ($7K max)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.45% 7-Month CD at a California CU (KeyPoint)
• 6.25% 9-Month CD at a Nevada CU (WestStar)
• 6.25% 9-Month CD at a California CU ($5K max)
• 6.15% 7-Month CD at a Kentucky CU (Fort Knox)
• 6.14% 9-Month CD at a Virginia CU (Dominion)
• 6.00% 6-Month CD a Citibank Texas
• 6.00% 6-Month CD at a Georgia Bank (Alpha)
• 6.00% 7-Month CD at a Illinois CU (CEFCU)
• 6.00% 9-Month CD at a Washington State Bank
• 6.00% 6-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 6-Month CD at a Texas Bank
• 6.00% 11-Month CD at a Georgia CU ($10K max)
• 6.00% 6-Month CD at a Pennsylvania CU
• 6.00% 6-Month CD at a California Bank ($25K min)
• 5.92% 11-Month CD at a Georgia Bank (Cherokee)
• 5.85% 7-Month CD at a California CU (The Golden 1)
• 5.80% 11-Month CD at a California CU (SAFE)
• 5.76% 11-Month CD at a Wisconsin Bank (Superior Savings)
• 5.75% 5-Month CD at a California CU (OCTFCU)
• 5.75% 9-Month CD at a New York Bank (LibertyPointe)
• 5.75% 6-Month CD at a Massachusetts CU
• 5.75% 3-Month CD at a Missouri Bank (St. Louis)
• 5.75% 7-Month CD at a Georgia Bank (American United)
• 5.75% 7-Month CD at a California CU (Tech CU)
• 5.75% 7-Month CD at a Colorado Bank (ABC)
• 5.70% 9-Month CD at a New York CU (Bethpage)
• 5.65% 8-Month CD at a California CU (Premier America)
• 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
• 5.60% 6-Month CD at a Virginia Bank (Millennium Bank)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Paypal Money Market Fund - 5.01% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting May 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

HSBC Smart Package Signup Bonus - Valued at $179 read and submit comments for this post

HSBC is offering one free night and breakfast for two at Marriott hotels for opening an HSBC Smart Package account that includes an Interest Checking account by 9/30/06 and either setting up direct deposit or depositing at least $3,000 by 10/31/06. Unlike several past HSBC promos, this one is being advertised from HSBC's main webpage. According to the FAQs, there are no blackout dates when the award is not valid. The only issue may be that this award is valued at $179 which will be reported to the IRS and included on your HSBC 1099.

I had signed up for the Smart Package earlier this year when the signup bonus was $50 cash. They seemed to have simplified the options a little with only one interest checking account advertised. There's a $8 monthly maintenance fee that's waived with direct deposit or a $3,000 combined balance. The balance in your Online Savings Account qualifies. That's important since you earn practically no interest (currently only 0.15%) in this checking account. There's a $25 closing fee if you close the account within 6 months.

One nice perk of this Interest Checking Account is that your first box of checks are free. I've found this checking account very useful in transfering money from my ING Direct account and other savings accounts. Since ING doesn't allow you to connect your HSBC Online Savings account to your ING account, the HSBC checking account makes it easy to connect to your ING account. You have to link the HSBC checking account from your ING account. You can then initiate a transfer at ING to the HSBC checking. Once the money is in the HSBC checking, you can immediately transfer it into the Online Savings account. I've often intiated the transfer on a Monday morning and the money is available in the HSBC checking account on Wednesday. The checking account also allows you to move money quicker than if you just used HSBC's Online Savings Account bank-to-bank transfer system. You can lose 2 to 4 days of interest using this transfer system.

In addition to the Interest Checking account, the Smart Package includes a Premium Money Market Plus account. I have no idea why anyone would want this savings account when HSBC offers the Online Savings Account. The current interest rate on the Premium Money Market Plus account is currently only 0.70% for the first $15K. It maxes out at 3.25% for balances over $75K. The Online Savings account earns 5.05% APY on balances over $1. The only reason why I can think that people may want this Premium MMA would be for those want to access it from branches and don't want to do any banking online.

I've heard that you may be able to qualify for the bonus without including this Premium MMA when you apply for the Smart Package. However, when I applied, I didn't want to risk the bonus, so I registered for all of the Smart Package Account features which includes the Interest Checking account, the Premium Money Market Plus and the HSBC Debit MasterCard. Since there are no balance requirements or monthly fees, there's no downside of having this Premium MMA.

Regarding hard credit inquiries, I did not see any show up on Equifax when I applied for the Online Savings or the checking. I'm not sure about the other two agencies. I haven't seen reports that HSBC does a hard pull for the checking or savings account.

6.00% 36-Month CD at an Illinois Bank (First Bank of Highland Park) read and submit comments for this post

First Bank of Highland Park is now offering a 6.00% APY 36-month certificate of deposit. The minimum is $5K. The early withdrawal penalty is 3 months of interest.

When I reported on this bank last Tuesday, the CD special was 6% for 48 months. A reader mentioned that the bank then discontinued all of the 6% CDs. As I mentioned in that previous post, the bank and its 6% CD were mentioned in this Bankrate.com article last Friday. So this may have caused the bank to changes things. But the reader informed me today that the bank has reinstated the 6% 36-month CD for Illinois residents. Note that it may end at any time.

The bank has two branches in the Chicago area. It's a small bank with $874 million in assets and with 61 employees. It has been FDIC insured since 1955.

6.14% 9-Month CD at a Virginia CU (Dominion). read and submit comments for this post

Dominion Credit Union is offering a 6.14% APY 9-month share certificate. The minimum deposit is $5,000. The offer is valid through August 31, 2006.

Unfortunately, Dominion has a restrictive field of membership that's primarily based on select employer groups that includes Dominion and Saxon Mortgage. Branches are located in Richmond, Virginia.

The credit union is NCUA insured. It has $132 million in assets and over 20,000 members.

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

6.00% 60-Month CD at an Illinois CU - Open to All (Oak Trust) read and submit comments for this post

Oak Trust Credit Union is offering a 6.00% APY 60-month certificate of deposit. The minimum is $25K. An APY of 5.50% is available for deposits between $10K and $25K. It's available as a regular or IRA CD.

The field of membership includes those who donate $1.00 to the Illinois Press Foundation. The membership application has a checkbox for this option. Those who live or work in the Illinois counties of DuPage, Kane, Will, DeKalb, Kendall and parts of Cook County are eligible without the donation. Membership requires a $5 deposit to the savings account. The membership application can be mailed or faxed.

Branches are located in Oakbrook Terrace, Sugar Grove and Villa Park, Illinois. There's also a branch in the Thomson-West facility in Eagan, Minnesota.

Oak Trust is NCUA insured. It's a small credit union with $60 million in assets and just under 10,000 members.

6.01% 12-Month IRA CD at a California CU (CoastHills) read and submit comments for this post

CoastHills Federal Credit Union is offering a promotional 6.01% APY IRA certificate of deposit. You can choose terms between 12 and 23 months. The minimum deposit is $500. The special is also available for regular CDs but with an APY of 5.75%.

The field of membership includes those who live, work, worship or attend school in the Central Coast community comprised of San Luis Obispo and North Santa Barbara counties of California.

The credit union is NCUA insured. It has almost $500 million in assets and 49,701 members.

6.00% 25-Month CD at a Kansas Bank (Freedom Bank) read and submit comments for this post

Freedom Bank is offering a 6.00% APY 25-month certificate of deposit. The minimum deposit is $10K. It requires an interest bearing checking account. Without the checking account the APY is 5.75%.

The Choice Checking has a $1K minimum to avoid fees. If your CD deposit is less than $23K and you don't need a checking account, you would be better off with the 5.75% CD.

Freedom Bank is a small one-branch bank located in Overland Park, Kansas. It's also a new bank that was just established on June 19, 2006. It's FDIC insured.

New 5.15% Online Savings Account at AmTrustDirect read and submit comments for this post

AmTrustDirect just launched a new online savings account account called the e-Money Market. The APY is 5.15% for balances of $1 and higher. There are no minimum balance requirements, however, there is a minimum initial deposit requirement of $1,000. AmTrustDirect is a new internet division of AmTrust which is under Ohio Savings Bank. It has been offering CDs online since April.

Below is a list of the good and bad features of this account. Some are from the bank's FAQ page and some are from my call with the CSR:

Positives

• No monthly maintenance fees or balance requirements
• Can be linked to checking or savings accounts (per CSR)
• Up to 6 external accounts can be linked
• External accounts can be linked online
• ACH transfers between linked accounts are free (per CSR)
• Monthly paper statements delivered by mail
• Can be used to fund an AmTrustDirect CD (per CSR)
• Money from closed CD can be moved into account (per CSR)

Negatives

• $1000 initial deposit required
• No ATM card
• No sign-up bonus (per CSR)
• Inactivity fee after 12 months. $20/year charge (per CSR)
• ACH transfers limited to $100K per day and $2.5M per month
• No check writing
• May do a hard credit pull. No hard credit pulls done for opening CDs

Ohio Savings Bank is rated 4 out of 5 stars at Bankrate.com (sound). The bank has over $16 billion in assets.

Thanks to Scott who mentioned this new money market account in the finding deals post.

[Edit: Check writing is not offered. Also, there may be a hard credit pull for opening the e-Money Market. The CSR was incorrect on these.]

6 Percent Certificate of Deposit Updates read and submit comments for this post

I've confirmed at my local Washington Mutual branch that you can also get a 6.00% APY 18-month certificate in addition to the 13-month. The 18-month CD doesn't require new money. As I mentioned in my previous post, WaMu is not offering 6% for these CDs in all states.

A reader informed me today that the Bank of Goochland in Virginia is still offering a 6.00% APY 24-month CD. I first reported on this special on July 19th. They do take out-of-state deposits. I was told that you can wire the funds and fax a letter of direction to facilitate account opening. The bank will then mail a signature card for you to get notarized.

Another reader mentioned that the Peoples First Community Bank in Florida has extended their 6% APY 15-month or 30-month CD special from August 11th to August 18th. To open an account at this bank, you must be present at a bank branch.

World Savings' 6.01% APY 9-month CDs are still available until August 26th. This is an in-branch special (see post). For those who don't live near a branch, you can open a 5.91% APY 13-month CD online at World Savings' website.

Navy Federal Still Offering 6.25% 18-month CD read and submit comments for this post

Navy Federal Credit Union is still offering a 6.25% APY 18-month certificate. The minimum deposit is $15K. This is available for both Share and IRA certificates. I first reported on this special in early July. The 18 months seemed long back then, but now with rates starting to fall, it's looking like an even better deal.

The field of membeship includes all active or retired Department of the Navy personnel. The membership application is available online. You may also be able to join if you have a family member who is in the Navy, on reserve or retired from the Navy even if they're not a Navy Federal member.

Navy Federal has branches around the US and the world..

Navy Federal is NCUA insured. It's the largest US credit union. It has over $25 billion in assets and over 2.7 million members.

5.85% 12-Month CD at a Texas Bank (Century) read and submit comments for this post

Century Bank is offering a 5.85% APY 12-month CD. There's a minimum deposit of $1K and it requires a new or existing Century Bank checking account. This special certificate of deposit is not listed at the bank's website. An ad with this special was published in the Dallas Morning News and is available online here.

Century Bank does offer a free checking account with no monthly balance requirements or monthly service charges.

My last report on Century Bank was on June 10th when they had a similar CD special with an APY of 5.50%.

Century Bank has branches primarily in the Dallas Texas area. Branches are also located in the Texas cities of Texarkana, Addison, Atlanta, Farmers Branch and New Boston.

Thanks to Bob who mentioned this in the finding deals post.

6.25% 9-Month CD at a Nevada CU (WestStar) read and submit comments for this post

WestStar Credit Union is offering a 6.25% APY 9-month certificate. The minimum is $25K. For a smaller minimum, you can still get a 6-percent-plus CD: 6.10% APY for a $10K minimum and 6.00% APY for a $500 minimum. Money new to the credit union is required.

The field of membership is limited to select employee groups. These include Gaming companies in Nevada and many others. It doesn't seem to include any organizations in which anyone could join. A minimum of $25 deposit in the primary share account is required for membership.

Branches are located in Las Vegas and Reno. WestStar is NCUA insured. It has over $182 million in assets and 34,787 members.

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

5.80% to 6.00% 13-Month CDs at Washington Mutual read and submit comments for this post

Several readers have reported seeing high yield 13-month CDs being advertised by Washington Mutual in several areas of the country. In Dallas, WaMu is advertising 6.00% APY. In Tampa, they're advertising 5.80% APY. In New York and New Jersey, they're advertising 6.00% APY. These special certificates are not listed at WaMu's website. According to the ad, the minimum is $1K and it requires new money.

Here are some of the important details in the fine print of the Dallas ad:

Offer available in Connecticut, Georgia, Illinois, New Jersey, New York and Texas... Bump-Rate feature allows you to increase your rate/APY once during the term to our standard rate/APY (posted in Financial Center) for a CD of similar account type, balance and term; rate/APY may not be changed to a promotional rate available in special offer. Account must be opened at a Financial Center or by calling 1-866-808-1396.

The Tampa ad with the 5.80% CD has similar details. It only lists Florida for the availability. Both the Tampa and Dallas ad state that the offer expires 8/31/06.

I'm not sure how useful the bump-rate feature will be. The current standard 13-month CD rate for a $1K minimum listed at their Traditional CD rate page is 3.30% APY. But with a 6.00% APY, it's not really needed especially with the latest pause on rate hikes by the Fed.

WaMu is becoming very competitive lately on savings products. On Saturday I reported on their new 4.75% no-minimum savings account that can be opened online with their checking account. Unlike Bank of America, WaMu's free checking account is entirely free and has many useful features like free checks. They've been offering this free checking account since March. In addition to this latest CD promotion, WaMu has been offering competitive long-term CDs (60 to 83 months) with yields of 5.65% to 5.75% APY.

Hopefully, this will help make the major banks like Bank of America more competitive. As of June 30, 2006, WaMu is the 6th largest bank in the United States by assets, valued at $343.1 billion.

UFB Direct's No-Min Savings Account Now 5.26% read and submit comments for this post

UFB Direct made a big bump to its no-minimum High Yield Money Market Savings Account today. The rate was increased from 4.50% to 5.26% APY which matches the rate of the Jumbo Money Market Account. It had been 4.50% since June 7th and has been around 4.50% for most of this year except for a period in March when the rate plummeted to 3.75%. In early April it came back close to 4.50% at 4.40%. So UFB Direct does have a record of some drastic and temporary rate changes. Luckily, it's in the right direction this time. Last August it was offering a $25 sign-up bonus for this account. Perhaps, they've decided to follow HSBC and ING and do a high rate promo this time. Since savings account rates are never guaranteed to last, they don't have to call it a promo.

On UFB Direct's website, I noticed they're making the most of the change in their Bankrate.com status. UFB Direct's parent, Union Federal Bank of Indianapolis, is now rated 4 out of 5 stars (sound). It had been as low as 1 star earlier this year. I had thought this improvement might have been due to their acquisition by Sky Financial Group, but this has not yet been completed and is not scheduled until this third quarter.

This High Yield Money Market Savings account has no minimum balance requirements and no monthly fees. It does not offer check writing, but it does come with an ATM card. UFB will reimburse up to $4.50 per statement period for ATM fees charged when using other banks' ATMs. If you want check writing, UFB Direct does offer a free checking account with no minimums.

The main problem with UFB Direct is the lack of an ACH bank-to-bank transfer system. So making deposits and withdrawals are not as convenient. However, it should be easy to link from other online banks like HSBC and GMAC Bank.

5.25% Money Market Account at Superior Savings of New England ($25K+) read and submit comments for this post

Superior Savings of New England, N.A. is offering a money market account called the Superior Money Market with an APY of 5.25% for balances of over $25K. The maximum balance is $500K. It must be opened with new money.

The bank doesn't have many details on its website, so I had to contacted Superior for the details. First, accounts may be opened by mail from any state. Once the account has been established, you can access it through the online banking application.

The Superior Money Market account earns no interest for the days that the balance falls below $25K. If the balance falls below $2.5K on any day during the statement cycle, there's a $10 monthly maintenance fee.

The money market account does have the typical money market checking writing privileges which allows 3 checks per statement cycle. The bank will provide for a starter set of checks. You'll have to pay for additional checks. They charge $14.10 for a box of 40.

Superior Savings has a good record of high yield money market accounts. The bank was one of the first to offer a 4.50% money market account back in October. Instead of just raising the rate of one money market account, it has created new ones. In March it started a 5% money market account called the Incredible MMA which required a $100K balance. Those who have their money in this Incredible MMA may not be able to move to this new Superior MMA since the site specifically says it requires new money. You might have to close the account, and transfer money out and back in.

Note, Superior is also offering a competitive 6-month CD with an APY of 5.60%. The minimum is $500.

The bank has two branches in Branford, Connecticut and in Bronx, New York. It has been FDIC insured since 1960.

6.00% 48-Month CD at an Illinois Bank (First Bank of Highland Park). read and submit comments for this post

First Bank of Highland Park is offering a 6.00% APY 48-month ceritificate of deposit. The minimum balance is $5K. It's also offering a 5.75% APY 36-month CD, a 5.50% APY 12-month CD and a 5.25% APY 8-month CD. All have the same $5K minimum. The early withdrawal penalty is 3 months of interest.

These specials are being offered for a limited time. Since the bank was just noted in a Bankrate.com article last Friday, it may not last long. The special has already changed. It use to be a 6% 5-year CD.

Another change I noticed to their website is that it states that it's available to Chicago Metropolitian area customers only. I received an email last week stating that they do accept customers throughout Illinois, and accounts can be opened by mail. Perhaps the Bankrate publicity is causing them to limit this.

The bank has two branches in the Chicago area. It's a small bank with $874 million in assets and with 61 employees. It has been FDIC insured since 1955.

10.47% 7-Month CD at a Virginia CU - $2K Max (BayLands). read and submit comments for this post

BayLands Federal Credit Union is offering a 10.47% APY 7-month share certificate. The maximum deposit is $2K. The minimum is $500. It's limited to one per member. You must have an S10E Share Draft Checking Account with direct deposit. The offer expires 8/31/06.

It would be better if the maximum allowed deposit were higher. I've seen a 10% rate offered with maximums of $5K in the past. With this maximum, the extra 5% you would get with this CD over a market competitive CD would result in about an extra $58 in 7 months.

The credit union also has some decent CD specials without maximums including a 5.59% APY 8-month CD with a $500 minimum, a 5.69% APY 17-month CD with a $75K minimum and a 5.69% APY 24-month CD with a $75K minimum.

The credit union's field of membership includes those living, working, worshiping or attending schools in the Virginia counties of Essex, Middlesex, Mathews, Gloucester, King and Queen, King William, New Kent, and James City.

The credit union is NCUA insured. It's a small credit union with $66 million in assets and 5,400 members.

Update on Washington Mutual's New High Yield Savings Account read and submit comments for this post

As I first reported on Saturday, Washington Mutual is offering a 4.75% no-minimum savings account when you open online its Free Checking account. It wasn't clear if this would be available for those who already have the checking account. I called WaMu this morning, and I was told that this 4.75% APY savings account is only available for those who don't already have the WaMu checking account.

The standard rate for the Statement Savings Account is only 0.40% APY for all balances. So this new promotion is a significant improvement even though it's still not as good as Citibank and HSBC. The 4.75% is available on all balances. It's shown on the Free Checking account application page.

As some commenters had mentioned in my previous post, it looks like this has been in the works at WaMu for awhile. And as I mentioned previously, WaMu seems to be low key on this so they don't create too much discontent with the current customers who have money earning only 0.40%. USA Today just had an article on WaMu's new advertising campaign for this free checking account. There doesn't seem to be any mention of this 4.75% savings account.

7% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service) read and submit comments for this post

Pacific Service Credit Union is still offering a 7% APY 6-month certificate for new members. The maximum deposit is $5K. The minimum is $1K for those over 21 and $100 for those 21 and under. I had first reported on this back in May.

Another decent certificate special being offered is a 5.50% 15-month CD with an add-on feature. There are no limits to the number of add-ons during the term. The minimum deposit is the same as above. Even though the rate is not great, it can be useful in an uncertain interest rate environment. Open the CD with the minimum and if interest rates drop, you can just add to this CD. They also have a 30-month add-on CD but this has a lower 5.25% APY. Self-Help Credit Union also offers this type of add-on CDs, however, their rates recently haven't been that high (see post).

The credit union's field of membership includes residents of the following California counties: Alameda, Contra Costa, Fresno, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo, Santa Clara, Solano or Sonoma.

Branches are located in San Francisco, Pleasant Hill and Fresno. The credit union is NCUA insured with 68,000 members and $1.07 billion in assets.

$50 Checking Account Bonus at a Wisconsin Bank (Anchor) read and submit comments for this post

AnchorBank is offering $50 for opening a free checking account. There are no direct deposit or minimum balance requirements. You must not already have a checking account at the bank. The minimum initial deposit is $100 and the account must remain open for 6 months. The offer expires 8/31/06.

AnchorBank's main office is located in Madison, Wisconsin. It has more than 50 branches throughout Wisconsin.

Credit for this find goes to this SlickDeals thread.

$50 Checking Account Bonus at a Missouri Bank (First National of St. Louis) read and submit comments for this post

First National Bank of St. Louis is still offering a $50 gift card for opening a free checking account. This is the same deal that I last reported on in June. The promotion is now listed at the bank's home page. The minimum to open an account is $50, but there is no minimum balance required to receive the incentive. The offer expires 10/31/06.

The nice thing about this checking account special is that there's no direct deposit or billpay requirement. The Free Checking Account has no minimum balance requirements and no monthly fees. However, if you get the debit card, you have to make at least 6 transactions a month to avoid a $2 per month fee. Also, the bank charges $5.95/month for Bill Pay.

The bank has 10 branches in St. Louis and in other Missouri cities.

5.85% 7-Month CD at a California CU (The Golden 1). read and submit comments for this post

The Golden 1 Credit Union just started a new certificate special. It's a 5.85% APY 7-month CD. There's a minimum deposit of $1K for a regular CD and $500 for an IRA. The maximum deposit is $250K per person. This seems to replace their CD special from last month which was a 6% 12-month CD.

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 update goes to the commenter who mentioned it in the finding deals post.

6.00% 25-Month CD at a Nevada CU (Clearstar) read and submit comments for this post

Clearstar Finacial Credit Union is offering a 6.00% APY 25-month certificate. The minimum deposit is $5K.

The field of membership includes those who live, work, worship, volunteer or attend school in the 13 northern Nevada counties. Membership requires a one-time fee of $5 and a minimum deposit of $25 into a savings account.

Branches are located in Reno and Sparks, Nevada.

The credit union is NCUA insured. It has about $155 million in assets and over 18,000 members.

10% 12-Month CD at a Philadelphia Bank ($1K Max). read and submit comments for this post

Abington Bank is offering a 10% APY 1-year certificate of deposit. The maximum deposit is $1,000 and it requires a new checking account. This special doesn't seem to be listed at the bank's website. It was advertised in today's Philadelphia Inquirer. The ad is available online here. According to the ad, it's only available at the bank's Warrington branch which is in the northern suburbs of Philadelphia.

You can think of this deal as a checking account sign-up bonus. The 10% 12-month CD for $1K results in about $45 over what you would earn in a market leading 1-year CD. The bank does offer a free checking account with no direct deposit requirements.

In addition to this one-time deal, the bank has an interesting product called the Flex Account which looks like a hybrid between a high-yield savings account and a CD. For a balance between $20K and $50K, you earn a rate equal to the fed funds rate (currently 5.25%). It allows one penalty-free withdrawal per month and additional deposits anytime. Balances between $1K and $20K earn the fed funds rate minus 0.10. Balances between $50K and $100K earn fed funds rate plus 0.10. See rates page for all tiers.

Another Chance at $200 Citibank Checking Account/Credit Card Deal read and submit comments for this post

Citibank has a new promotion code for its $200 checking account/credit card deal. This seems to be the same deal that I posted on in January. This new deal requires opening a Citi checking account by 8/31/06. The first $100 will be given after 120 days. The second $100 will be given 90 days after linking the checking account to a Citi credit card and paying the bill by transferring funds.

The new promotion code is MVR4. More details and a scan of the offer is at this FW thread. From the thread, it appears the best way to open the account is by phone at the number listed in the scan (1-866-335-1229).

It should be noted that many people reported problems in receiving the bonus from the previous promotion as indicated by this FW thread. I also know a friend who has yet to receive the bonus after many calls. However, several people have reported success with this promotion.

The Citibank EZ Checking Account qualifies for this deal and has the lowest requirements to avoid fees. These include either maintaining a $1,500 combined average balance during the statement period, making 2 bill payments, or direct deposit. The $1,500 balance can be met with the e-Savings account which can be opened once you have a checking account. The e-Savings account currently pays 5.00% APY (see post).

If you don't have a Citi credit card, there are a few that you can get which offer cash back and a sign-up bonus. Refer to this FW thread.

Bank Deal Summary for August 12, 2006 read and submit comments for this post

This week's big event was the Fed's decision to pause on interest rate hikes. Signs of a slowing economy was the main reason, and this seems to be why we're again seeing lower long-term CD rates this week. Long-term CD rates dropped at several banks including GMAC, VirtualBank, UFB Direct and Countrywide. Is it time to lock into a high yield long-term CD? A Bankrate article had some discussion on this issue (see post).

The only significant money market account rate hike was at Capital One's Costco money market account. The rate increased a little from 5.08% to 5.14% APY.

I was just notified by a reader today of a new high-yield savings account special being offered by Washington Mutual for customers signing up for their free checking account. It has only a $1 minimum with no monthly fees. The current rate is 4.75% APY which is not the best, but it is a decent rate for a no-minimum account. The combination of this savings account with WaMu's free checking account makes for a pretty good deal (see post).

The only good news for CDs this week was at World Savings. World introduced a new internet CD special which offers a 5.91% APY 13-month CD. Unlike the 6.01% APY 9-month CD, it's available to everyone through the website (see post).

For long-term CDs, Fort Belvoir Federal Credit Union has rates that range from 6.43% APY for a 5-year term to 6.17% APY for a 3-year term. I had posted about this credit union before but I hadn't noticed that there was an organization in its field of membership in which anyone can join. With a $15 membership fee for this organization, you can become eligible to join the credit union (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. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Aug 5th, July 29th, July 22nd, Jul 15th, July 8th and July 1st.

As of August 12, 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
• EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
• Apple Bank - 5.15%, my post
• AmboyDirect - 5.15%, my post
• CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $50 deal for exec. members)
• Zions Bank - 5.13% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
• Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Domestic Bank - 5.11% MMA (min $2.5K), my post
• Corus Bank - 5.11% MMA (min $10K to open)
• 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
• Tennessee Commerce Bank - 5.10% (min $10K), my post
• Heritage Bank Online - 5.06% (min $1K), my post
• HSBC Direct - 5.05%, offers checking, (rate history), 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
• GMAC Bank - 5.00% MMA (min $500), my post
• Washington Mutual - 4.75% (requires checking), my post
• Ascencia Bank - 4.75% (min $50), my post
• Self-Help Credit Union - 4.75% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• UFB Direct - 4.50%, (5.26% $50K+) offers checking, my post
• Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
• EverBank - 4.41% ($1.5K min), 5.51% 3-mo checking account promo, my post
• ING Direct - 4.35%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• 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 ($50 bonus)

3-Month Certificates of Deposit:

• Charles Schwab - 5.40% (min $1K), my post
• 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
• VirtualBank - 5.13% (min $10K), my post ($20 bonus)
• Corus Bank - 5.11% (min $10K)
• EverBank - 5.10% ($1.5K min)
• ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• GMAC Bank - 4.95% (min $500), my post
• Self-Help Credit Union - 4.77% (min $500), my post

6-Month Certificates of Deposit:

• Corus Bank - 5.64% (min $10K)
• Superior Savings - 5.60% (min $500)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• IndyMac Bank - 5.60% (7 mo) (min $5K), my post
• UmbrellaBank.com - 5.57% (min $1K)
• UFB Direct - 5.50% (min $8K)
• 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
• Imperial Capital - 5.50%, ($2K min), my post
• Countrywide - 5.45% (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
• NetBank - 5.05% (min $1K)
• Wells Fargo - 5.05% (7 month) (min $5K), rate and min vary by state, my post
• ING Direct - 5.00%, my post
• MetLife Bank - 5.00% ($1K min)
• GMAC Bank - 4.95% (min $500), my post
• Self-Help Credit Union - 4.83% (min $500), my post
• Western Financial Bank - 4.50% ($100 min)

9-Month Certificates of Deposit:

• World Savings - 6.01% ($10K min), branch-only, my post
• 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
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• FirstFedDirect - 5.60% (min $10K), my post
• AmTrustDirect - 5.50% (min $1K) my post
• Countrywide - 5.45% (min $10K), my post
• GMAC Bank - 5.40% (min $500), my post
• EverBank - 5.40% ($1.5K min)
• Security Savings Bank - 5.40% (min $1K), very small bank with no online banking, see post
• EmigrantDirect - 5.35% (min $1K)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• World Savings - 5.91% (13 mo) (min $10K), my post
• Melrose CU - 5.82% (min $5K) my post
• American Partners - 5.80% (min $1K), my post
• Corus Bank - 5.72% (min $10K)
• IndyMac Bank - 5.70% (min $5K), my post
• AmTrustDirect - 5.68% (min $1K) my post
• UmbrellaBank.com - 5.67% (min $1K)
• FirstFedDirect - 5.67%, (min $10K) my post
• Transportation Alliance Bank - 5.55% ($1K min)
• Imperial Capital - 5.65% ($2K min), my post
• Western Financial Bank - 5.65% ($100 min)
• Mutual Bank - 5.65% (min $2.5K) my post
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• GTE FCU - 5.64% (min $500) my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• ETrade Bank - 5.50% (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
• UFB Direct - 5.50% (min $8K)
• BankUnited - 5.50% (min $5K), my post
• Countrywide - 5.45% (min $10K)
• GMAC Bank - 5.45% (min $500), my post
• NetBank - 5.45% (min $1K), my post ($100 bonus)
• EverBank - 5.40% ($1.5K min)
• Ascencia Bank - 5.35% (min $500), my post
• EmigrantDirect - 5.35% (min $1K)
• MetLife Bank - 5.25% ($1K min)
• ING Direct - 5.20%, my post
• Self-Help Credit Union - 5.13% (min $500), my post

16-Month Certificates of Deposit:

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

18-Month Certificates of Deposit:

• American Partners - 5.80% (min $1K), my post
• AmTrustDirect - 5.68% (min $1K) my post
• Imperial Capital - 5.65% ($2K min), my post
• Mutual Bank - 5.65% (min $5K) my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• CapitalOne/Costco - 5.51% (min $5K, Costco members only)
• ETrade Bank - 5.45% (min $1K), my post
• GMAC Bank - 5.40% (min $500)
• Countrywide - 5.30% (min $10K)

36-Month Certificate of Deposit:

• Fort Belvoir FCU - 6.17% (min $1K), my post
• Mutual Bank - 5.80% (min $5K) my post
• Melrose CU - 5.72% (min $5K) my post
• AmTrustDirect - 5.68% (min $1K) my post
• Imperial Capital - 5.65% ($2K min), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• Transportation Alliance Bank - 5.55% ($1K min)
• GMAC Bank - 5.50% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Self-Help Credit Union - 5.25% (min $500), my post
• Countrywide - 5.25% (min $10K)

48-Month Certificate of Deposit:

• Fort Belvoir FCU - 6.27% (min $1K), my post
• Melrose CU - 5.77% (min $5K) my post
• AmTrustDirect - 5.68% (min $1K) my post
• Transportation Alliance Bank - 5.56% ($1K min)
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• GMAC Bank - 5.50% (min $500)
• USA FCU - 5.33% (min $1K) my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Self-Help Credit Union - 5.26% (min $500), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Countrywide - 5.25% (min $10K)

60-Month Certificate of Deposit:

• Fort Belvoir FCU - 6.43% (min $1K), my post
• Agriculture FCU - 6.00% (min $1K), my post
• Melrose CU - 5.82% (min $5K) my post
• VirtualBank - 5.44% (min $10K), my post ($20 bonus)
• AmTrustDirect - 5.68% (min $1K) my post
• Imperial Capital - 5.65% ($2K min), my post
• Transportation Alliance Bank - 5.57% ($1K min)
• Washington Mutual - 5.65% (min $1K), my post
• ebank - 5.60% (min $1K), 5.85% for ePremium checking customers
• GMAC Bank - 5.50% (min $500)
• ETrade Bank - 5.40% (min $1K), my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Self-Help Credit Union - 5.30% (min $500), my post
• Countrywide - 5.25% (min $10K)

84-Month Certificate of Deposit:

• Washington Mutual - 5.65% (83 months) (min $1K), my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Countrywide - 5.25% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.00% 3-month intro rate on Money Market account
• 5.68% Money Market Account with $250K initial deposit
• 5.51% 3-month intro rate on checking account
• 5.40% Money Market Account with $25K min
• 5.33% Money Market Account with $50K at MBNA
• 5.25% Savings Account with $50K min

Checking and Saving Accounts at Local Credit Unions

• 5.50% Money Market Account (New York)
• 5.50% Money Market Account for 3 months at Banco Popular (CA)
• 5.25% no-minimum online savings account (New York)
• 5.25% low-minimum online savings account (California)
• 5.15% Savings Account (Massachusetts)
• 5.00% Money Market Account (Washington State)
• 5.00% Money Market Account (Wisconsin)
• 5.00% savings account (Pennsylvania)

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

Terms of 60 Months and Over

• 6.60% 60-Month CD at a Maryland CU (NRL)
• 6.43% 60-Month CD at a Virginia CU (Fort Belvoir)
• 6.20% 60-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.18% 60-Month CD at a Ohio CU (Ohio HealthCare)
• 6.17% 60-Month CD at a North Carolina CU (open to all)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 60-Month CD at a Florida Bank (First State)

Terms of 24 Months to Under 60 Months

• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Massachusetts CU (MBTA Employees)
• 6.27% 48-Month CD at a Virginia CU (Fort Belvoir)
• 6.05% 24-Month CD at a Nashville CU (MPD)
• 6.01% 45-Month CD at a Iowa Bank (plus 6.35% Flex CD)
• 6.00% 36-Month CD at a North Carolina/Virginia CU (Marine FCU)
• 6.00% 24-Month CD at a Virginia Bank (Goochland)
• 6.00% 30-Month CD at a Florida Bank (Peoples First)
• 6.00% 36-Month CD at a Iowa Bank (Prime-Based)

Terms of 12 Months to Under 24 Months

• 8.00% 12-Month CD at a Texas CU ($1K max)
• 7.19% 18-Month CD at a California CU ($7K max)
• 7.00% 12-Month CD at a Texas CU - DATCU ($2.5K max)
• 6.25% 18-Month CD at a Multi-State CU (Navy Federal)
• 6.05% 12-Month CD at a Multi-State CU (Operating Engineers)
• 6.00% 18-Month CD at a California CU ($25K max)
• 6.00% 12-Month CD at a Chicago Bank (First Eagle)
• 6.00% 12-Month CD at a New York Bank (LibertyPointe)
• 6.00% 12-Month CD at a California CU (The Golden 1)
• 6.00% 13-Month CD at a Florida Bank (Synovus)
• 6.00% 15-Month CD at a Vermont CU (NorthCountry)
• 6.00% 13-Month CD at a Philadelphia Bank (Republic First)
• 6.00% 12-Month CD at a Georgia Bank (Alpha)
• 6.00% 15-Month CD at a Florida Bank (Peoples First)
• 6.00% 12-Month CD at a Idaho CU (Idaho Central)
• 6.00% 19-Month CD at a Virginia Beach CU (NMA)
• 6.00% 13-Month CD at a California CU (Sacramento)
• 6.00% 18-Month CD at a South California Bank
• 6.00% 18-Month IRA CD at a AZ/TX CU (TruWest)
• 6.00% 13-Month CD at a New York WaMu Branch
• 5.92% 17-Month CD at a California CU
• 5.85% 12-Month CD at a Utah CU (Family First)
• 5.80% 12-Month CD at a Partners Bank
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 15-Month CD at a Florida CU (Achieva)
• 5.75% 12-Month CD at a Massachusetts CU

Terms of Under 12 Months

• 10.00% 10-Month CD at a Massachusetts CU ($2.5K max)
• 8.00% 8-Month CD at a California CU ($5K max)
• 7.19% 6-Month CD at a California CU ($7K max)
• 6.45% 7-Month CD at a California CU (KeyPoint)
• 6.25% 9-Month CD at a California CU ($5K max)
• 6.15% 7-Month CD at a Kentucky CU (Fort Knox)
• 6.00% 6-Month CD a Citibank Texas
• 6.00% 6-Month CD at a Texas Bank
• 6.00% 11-Month CD at a Georgia CU ($10K max)
• 6.00% 6-Month CD at a Pennsylvania CU
• 6.00% 6-Month CD at a California Bank ($25K min)
• 6.00% 6-Month CD at a Georgia Bank (Alpha)
• 6.00% 7-Month CD at a Illinois CU (CEFCU)
• 6.00% 9-Month CD at a Washington State Bank
• 6.00% 6-Month IRA CD at a AZ/TX CU (TruWest)
• 5.92% 11-Month CD at a Georgia Bank (Cherokee)
• 5.80% 11-Month CD at a California CU (SAFE)
• 5.76% 11-Month CD at a Wisconsin Bank (Superior Savings)
• 5.75% 5-Month CD at a California CU (OCTFCU)
• 5.75% 9-Month CD at a New York Bank (LibertyPointe)
• 5.75% 6-Month CD at a Massachusetts CU
• 5.75% 3-Month CD at a Missouri Bank (St. Louis)
• 5.75% 7-Month CD at a Georgia Bank (American United)
• 5.75% 7-Month CD at a California CU (Tech CU)
• 5.75% 7-Month CD at a Colorado Bank (ABC)
• 5.70% 9-Month CD at a New York CU (Bethpage)
• 5.65% 8-Month CD at a California CU (Premier America)
• 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
• 5.60% 6-Month CD at a Virginia Bank (Millennium Bank)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Paypal Money Market Fund - 5.01% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting May 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

USAA Bank Update and Extra 1% Rate Special read and submit comments for this post

As I described in a previous post, USAA Bank has many nice features on its accounts and its online banking system. The banking products and services had been open to all. However, this was recently changed. Now to open a bank account, you must either have a military affiliation, be a current bank customer or be a resident of Bexar County, Texas.

For those who are eligible, a reader mentioned an unadvertised USAA special that's similar to what I first reported on last May. USAA will add an extra 1% to the listed rate of the Performance First Savings Account for balances of $50K and over. This extra rate is good for six months. The listed APY as of today is 5.17% for balances of $50K and over. So the APY with the bonus rate would be about 6.17%.

This Performance First Index Account has rates based on the Money Fund Report 7-day net simple yield. It has no monthly service fees or minimum balance requirements. There is an intial deposit requirement of $10K. Below is the current rate tier:

Balance             Stnd APY
$0 - $9,999         2.22%   
$10,000 - $24,999   4.80%   
$25,000 - $49,999   5.06%   
over $50,000        5.17%   

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

6.00% 13-Month CD at a New York WaMu Branch read and submit comments for this post

A reader reported that the Washington Mutual branch in Riverdale New York (at Johnson Ave.) is offering a 6.00% APY 13-month certificate of deposit. It has a bump rate feature. The branch requires that 75% of the opening balance be money new to WaMu.

This deal may only be for this one branch. The rate listed on WaMu's NY CD page is only 3.80% for deposits between $10K and $25K. Some other terms, however, remain competitive such as the 60-to-83 month term CD with an APY of 5.65% and a 5% APY 6-to-8 month CD.

Washington Mutual's New High Yield Savings Account read and submit comments for this post

It looks as if WAMU is following Citibank in offering a no-minimum high-yield savings account. The current rate is 4.75% APY which is not quite as good as Citibank's 5.00% APY. Like Citibank, you must open a checking account.

This 4.75% savings account offering is shown in the WaMu Free Checking account application page. The page provides a checkbox for this Statement Savings account with a 4.75% APY for deposits of over $1. It has no monthly fees and a minimum deposit of $1. It states you must apply for both accounts to take advantage of this offer so it doesn't look like those who already have a WaMu Free Checking account can open the Statement Savings account with this rate. I wasn't able to get through to a CSR today. I'll try again Monday. The standard rate for the Statement Savings Account is only 0.40% APY for all balances.

One thing that analysts were worried about Citibank's online savings account was that it would hurt profits since many current customers would move their money from the very low interest standard savings and checking accounts into this high-yield online savings accounts. So far I think Citi has reported that about a third of the deposits into the high-yield online savings accounts have been from current customers. If WaMu isn't going to allow current checking account customers to open this new account, this could be the reason. I don't see this savings account advertised anywhere on WaMu's website. So WaMu may be trying to carefully introduce it.

Citibank has shown for the last several months that it is intent to keep the savings account rate competitive. It's too early to know if WaMu will do the same thing. But with no minimum balance requirements, there's nothing to lose. For those mostly interested in a free checking account, WaMu may have the best deal. Unlike Citibank's checking, there are no minimum balance or direct deposit requirements. WaMu also gives free checks, free outgoing wire transfers, one free overdraft/NSF waiever per year and a reward debit card (see post). Now with a high-yield savings account connected to the free checking, there's another nice perk.

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

6% 6-Month / 6% 18-Month IRA CD at a AZ/TX CU (TruWest). read and submit comments for this post

Truwest Credit Union is offering a 6.00% APY IRA certificate. The 6% APY is available for terms of 6 months, 12 months and 18 months. The minimum deposit is $1K, and the maximum deposit is $250K per person or $500K per household. The money must be new to the credit union. The 6-month CD has a 90-day interest early withdrawal penalty. The longer term ones have a 180-day penalty. You must first open an IRA share savings account which doesn't have any minimum balance requirement.

The credit union's field of membership includes those who live in Maricopa County and parts of Pinal County, Arizona. Also, it includes those who live in Travis County and parts of Williamson County, Texas.

TruWest has branches in Phoenix, Mesa, Chandler and Scottsdale of Arizona and in Austin, Texas.

Bankrate's Article on 6% CDs - Hold Out for 7%? read and submit comments for this post

As you have seen from this blog, 6-percent CDs are available but they're not too easy to find. This Bankrate.com discusses this issue and whether it's time to lock into one of these CDs. I don't remember seeing a 6-percent CD listed at Bankrate in the last 5 years. Bankrate claims that it only lists CDs available nationwide so you don't see locally offered CDs.

The article mentioned a few local deals such as from USE Credit Union which I mentioned in this previous post and First Bank of Highland Park. USE had been offering a 6% 18-month CD. That's now been reduced to 5.75% APY. However, USE still has the 7% APY 7-month CD but this has a maximum deposit of $2.5K. First Bank of Highland Park has a 6% APY 5-year certificate of deposit with a $5K minimum. It's only available in Illinois.

The article also mentioned buying CDs at brokerages which provide an easy way to buy high-yield CDs at top rates from multiple institutions without having to open accounts at each bank. The article mentioned a 6% 60-month CD that had Charles Schwab recently offered. Currently, it does have a nice 5.40% 3-month CD (see post).

The big question is whether you should hold out for a 7% CD? One of the bank VPs interviewed thinks 7% may be too optimistic. He might be right. With the Fed pausing and with many banks lowering CD rates, it doesn't look like we'll see widespread 7% CDs anytime soon.

5.91% Internet CD at World Savings Bank read and submit comments for this post

World Savings is offering a 5.91% APY 13-month certificate of deposit on its website. This is an internet special that must be opened online. The minimum deposit is $10K and the maximum is $100K. New funds only.

The last internet CD special (5.51% 5-month CD) is still listed at World's internet rates page.

World's in-branch and unadvertsied 6.01% APY 9-month CD special is still available through August 26th (see post). The internet CDs have the advantage of being available to everyone. You don't have to live near one of World's branches which are limited to a handful of states.

CD Rates Drop Again at GMAC Bank read and submit comments for this post

GMAC Bank lowered the rates on all of its CD terms today by 5 basis points, which continues a three-week trend. At least the drop wasn't as severe as last week's. The 6-month CD now is only at 4.95% APY. Before last Friday, it had been 5.50% APY. GMAC's money market account remains at 5% APY.

6.00% 60-Month CD at a Florida Bank (First State) read and submit comments for this post

First State Bank continues to offer high yields on its long term certificates of deposit. The rates include a 6.00% APY 60-month CD with a $25K minimum, a 5.90% APY 60-month and 48-month CD with a $1K minimum and a 5.75% APY 36-month CD with a $1K minimum. These rates are the same as I reported back in May so hopefully these won't fall anytime soon.

A reader mentioned that the bank takes out of state deposits. You just need to mail a letter of direction, photocopy of driver's liences and your deposit check. The reader reported very good service.

The bank has six branches in the Florida cities of Sarasota, Seminole and St. Petersburg.

First State Bank has been FDIC insured since 1988. Bankrate gives the bank 4 out of 5 stars (sound).

6.05% 12-Month CD at a Multi-State CU (Operating Engineers) read and submit comments for this post

Operating Engineers FCU is offering a 6.05% APY 12-month share certificate. It has a $1K minimum deposit, half of which must be new to the credit union. Rate will automatically jump during the term if the standard credit union rate increases. Also, you have the option to add new money deposits during the term in increments of $500.

The credit union's field of membership is primarily based on union and employee groups.

Most of the credit union's branches are located in California. There are also branches in Hawaii, Nevada, Oregon and Utah.

The credit union is NCUA insured. It has $774 million in assets and almost 72,000 members.

Credit for this find goes to the FW CD thread.

$75 Checking Account Bonus at a Chicago Bank read and submit comments for this post

Washington Federal Bank is advertising a free $75 BP gas card to those who open a NOW Checking account with $250 minimum. You must keep the checking account open for at least 6 months or the gift card value will be debited from account at time of closing. A FW member posted this special at this FW thread. According to the member it was advertised in the August 10th Chicago Tribune. It's not listed at the bank's website.

The Now CheckingAccount has a $250 minimum to open the account and to avoid a minimum balance fee.

The bank also has a nice CD deal: 5.65% APY 12-month certificate of deposit with a $1K minimum.

5.76% 11-Month CD at a Wisconsin Bank (Superior Savings) read and submit comments for this post

Superior Savings Bank is offering a 5.76% APY 11-month certificate of deposit. The minimum is $10K. It also is offering a 5.51% APY 11-month CD with a smaller minimum of $2.5K. This special doesn't seem to be listed at the bank's website. It was advertised in the Duluth News Tribune. The ad is available online here. These CD specials are good through August 16th.

The bank has 3 Branches located around Superior, Wisconsin. Looks like this is only a local deal. The rates page states that they don't accept applications from outside the surrounding area unless there has been a previous account relationship on record.

Superior Savings Bank has been FDIC insured since 1951.

6.43% 60-Month / 6.27% 48-Month CD at a Virginia CU (Fort Belvoir). read and submit comments for this post

Fort Belvoir Federal Credit Union is still offering high rates on its longer term certificates. These include a 6.43% APY 60-month CD, a 6.27% APY 48-month CD and a 6.17% APY 36-month CD. The minimum deposit is $1K. The 36-month CD is also available in the Roth IRA. The early withdrawal penalty is 180 days for all terms. The CDs can be opened by mail.

I had repoerted on these 6% rates in June. With long term rates declining over the last few weeks, these CDs have become more attractive.

One thing to note about the credit union's field of membership is that it includes all active duty or retired members of the US Armed Forces regardless of military branch or duty station. In addition, it includes all those living, working, worhipping, or attending school in Southeastern Fairfax County, North Woodbridge, and Fort Belvoir, Virginia.

The credit union has branches in Woodbridge and Alexandria, Virginia and several in Fort Belvoir.

The credit union is NCUA insured with $220 million in assets and 24K members. It has a 4-star rating from Bauer Financial.

6.00% 18-Month CD at a South California Bank read and submit comments for this post

California Community Bank is offering a 6.00% APY 18-month and a 5.75% APY 12-month certificate of deposit. The minimum is $25K.

The bank has branches in Escondido and Vista, California which is about 25 miles north of San Diego. There's no mention on the site if CDs can be opened by mail or if they can accept out of state deposits.

The bank has been FDIC insured since 2003. Bankrate gives it a rating of 4 out of 5 stars (sound).

6.00% 36-Month CD at an Iowa Bank (Prime-Based) read and submit comments for this post

First American Bank is offering a 6.00% APY 36-month certificate of deposit with an APY that equals the Prime Rate minus 2.25%. It's called the Prime CD. The minimum deposit is $5K. It allows unlimited additional deposits of amounts of at least $1K. Also, you can withdraw without penalties up to 20% each year.

Note, the Prime Rate tends to follow the fed funds rate and remain 3% above it. With the latest fed rate pause, it might not go past 6% any time soon. But rates aren't likely to fall any time soon. So the 6% should hold for a while.

First American Bank has branches in several cities of Iowa include Des Moines, Iowa City and Sioux City. According the bank's service representative, they do accept out-of-state deposits, but require customers to visit a branch to open a CD.

This is similar to a CD from another Iowa bank that I posted on 10 days ago. First American's CD rate is a little lower but it does have more branches around Iowa State.

The bank has been FDIC insured since 1934.

CapOne/Costco Money Market Account Up to 5.14% read and submit comments for this post

The yield on Capital One/Costco Money Market account has increased to 5.14% APY from 5.08%. The last rate change on this account was on July 11th when it increased from 4.82% to 5.08%.

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

The trend of falling CD rates continues. Capital One/Costco CD rates went down a bit yesterday. The 18-month CD rate decreased from 5.57% to 5.51% APY.

CD Rates Go Down Again This Week at UFB Direct read and submit comments for this post

UFB Direct lowered the rates on most of its CD terms yesterday. Only the 3-month CD remained the same at 5.38%. All of the longer term CD rates went down from 0.07% to 0.19%. UFB Direct started lowering the CD rates last week. The following table shows how the rates have changed by term since late July.

Term      July APY   Aug 1 APY   Aug 8 APY
3-month     5.38%      5.38%      5.38%
6-month     5.57%      5.57%      5.50%
12-month    5.71%      5.69%      5.50%
24-month    5.71%      5.49%      5.40%
36-month    5.71%      5.47%      5.35%
60-month    5.71%      5.50%      5.40%

The 5-year CD rate is now only two basis points above the 3-month CD. With yesterday's Fed decision to pause due to signs of a slowing economy, I have a feeling this will keep a lid on the long term rates. The concerns about the slowing economy seems to be an important factor in keeping this inverted yield curve.

Not all banks are moving quickly to drop rates. Corus Bank kept its 6-month and 12-month CD rates the same yesterday for the second week in a row. They remain at a competitive 5.64% and 5.72% APY. The rate on Corus Bank's money market account went up one basis point to 5.11% APY.

Fed Decides to Pause: Effects on CDs and Savings Accounts? read and submit comments for this post

After more than two years of rate hikes, the Fed decided to pause at today's FOMC meeting. The signs of a cooling economy was the main factor. So what should savers do? The Fed did leave the door open for possible rate hikes in the future. So it might not be the end of higher rates.

This Bankrate article discusses some things to consider for both savers and borrowers. For CD investors, we may see the yield curve return to a more normal slope in which longer maturity CDs will have better yields over the shorter terms. But with concerns of a slowing economy, I think it's more likely that short term yields will fall more than the longer term yields will rise. Those concerns had been a factor for the inverted yield curve. Bankrate's suggestion is to stick with short maturities while keeping an eye on yields on all maturities and locking in on a 6-percent-plus CD when you find it.

There will be three more FOMC meetings this year (9/20, 10/24 and 12/12).

6.00% 13-Month CD at a California CU (Sacramento) read and submit comments for this post

Sacramento Credit Union is offering a 6.00% APY 13-month certificate. The minimum deposit is $10K. Maximum allowed deposit is $250K. I found this advertised in the Sacramento Bee. The ad is available online here. The credit union's rate page does list a 6.00% APY CD for the Liquid CD Current Bump Rate. No other details are provided.

Looks like there's a lot of competition among credit unions around Sacramento. The Golden 1 Credit Union is still offering a 6% 12-month CD (see post). Also, Patelco Credit Union has a 5.75% 8-month CD (see post).

Sacramento Credit Union's field of membership includes those who live and work in the California counties of El Dorado, Placer and Sacramento. There's also a large Select Employee Group in which you can be available.

There's a one-time membership fee of $5 and a deposit of at least $25 into a savings account is required.

The credit union is NCUA insured. It has over $317 million in assets and 29,000 members.

5.40% 3-Month CD from Charles Schwab read and submit comments for this post

Charles Schwab is offering a 5.40% APY 3-month certificate of deposit. The minimum deposit is $1,000. CDs you buy through Schwab are FDIC insured. Purchasing this CD requires that you have an IRA or brokerage account at Schwab.

Refer to my Sunday post for more info on brokered CDs.

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

6.18% 60-Month CD at an Ohio CU (Ohio HealthCare) read and submit comments for this post

Ohio HealthCare FCU is offering a 6.18% APY 60-month certificate. The minimum deposit is $5K. This is also available as an IRA share certificate with a minimum of $250.

The field of membership is primarily employee based with eligible groups related to Ohio health care. Membership requires a minimum $5 deposit into a savings account.

The credit union's main office is located in Dublin, Ohio.

The credit union is NCUA insured. It's a small credit union with $29 million in assets and almost 7,000 members.

5.92% 11-Month CD at a Georgia Bank (Cherokee) read and submit comments for this post

Cherokee Bank is offering a 5.92% APY 11-month certificate of deposit. The minimum is $1K. You can also get 6.18% APY for the same term with a minimum deposit of $100K. The offer expires August 31, 2006.

The bank has branches in Canton and Woodstock, Georgia.

Cherokee Bank has been FDIC insured since 1999. Bankrate.com gives it 3 out of 5 stars (performing).

US News Article on EmigrantDirect read and submit comments for this post

This US News article on EmigrantDirect doesn't mention the latest problems of Emigrant's website upgrade, but it does have some new insights into Emigrant's online growth and why it may have been downgraded by Bankrate.com to 2 stars. Here's a quote from the article:

The second problem many banks are now facing is what to do with all the new money. Milstein says Emigrant has originated loans on only about $2.5 billion of the nearly $7 billion taken in by his Internet arm, with the rest sitting in low-yielding short-term investments.

The bank saw its deposits increase from $6.1 billion to more than $10.6 billion in the 12 months from March 2005 but saw its net loans on those deposits increase by less than 12 percent. Meanwhile, its cost of funding those deposits increased, lowering the bank's return on equity for shareholders from 23.69 percent to 13.7 percent.

Perhaps Emigrant was hoping to bring in more loan money from its cash back credit card. I hope it can find a way to grow loans so it can still be able to offer high rates on the savings accounts and still be profitable. There's going to be pressure to lower the rates if profits decrease.

Website Update

I've been able to log in okay for the last several days, but the site still seems slow to me. The new account numbers at EmigrantDirect don't seem to have an effect in regards to old links. I've confirmed that my old link from HSBC savings to Emigrant savings still works. I pushed money from the HSBC account to Emigrant without problems. I've seen others confirm this also.

I've heard some people having problems creating new links from EmigrantDirect. The trial deposits could not be verified at Emigrant.

5.33% Money Market Account from MBNA ($15K+) read and submit comments for this post

MBNA is offering a 5.33% APY money market account for balances of $15K and over. Balances between $2.5K and $15K earn 5.07% APY. Balances between $1K and $2.5K earn 4.81% APY. As I first reported in June, the rates are based on the money fund report averages (MFR). The top rate is 0.50% above the MFR. MBNA has been offering this account through many different organizations including Motley Fool, AAA, Defenders of Wildlife, chemistry.org and AOPA. The first three currently have a rate tier that only offers the top rate for balances over $50K. AOPA and chemistry.org have the top rate tier with a balance of only $15K.

MBNA may not be indexing these rates with MFR for long. It's been reported in this FW thread that all of these money market accounts except for the AAA and NEA will no longer be linked to the MFR after 9/25/06. Unfortunately, the AAA money market account has a $50K balance requirement to get the top rate. There has been some questions about how long MBNA will maintain these accounts now that MBNA is part of Bank of America.

It appears that you don't have to be a member of one of these organizations to open this money market account. The money market account allows 3 checks per month. According to this FW thread the first 20 checks are free and there's no hard credit inquiry. One negative about this account is the lack of online banking and ACH transfer system. However, you can use another bank to make ACH transfers into or out of this account.

Thanks to reader who mentioned this latest info on MBNA.

6.43% 36-month CD at a Massachusetts CU (MBTA Employees). read and submit comments for this post

MBTA Employees Credit Union has several high yield certificates with terms of 1-year and longer. They're offering a 6.43% APY CD with terms of 36 months, 48 months and 60 months. Also, there's a 6.17% APY 24-month CD, a 5.90% APY 18-month CD and a 5.64% APY 12-month CD. The minimum deposit is $500. The early withdrawal penalty for the 1-year CD is 30 days of interest. The penalty for the longer terms is 3 months of interest which is below average.

For those over 50 years old, you can also get an additional 0.15% interest on these CDs with deposits over $10K.

The field of membership includes employees of the employees of the Massachusetts Bay Transportation Authority, the community of South Boston and MBTA-affiliated unions.

Branches are located in South Boston, Medford and Quincy.

The credit union is NCUA insured. It has over $176 million in assets and 14,000 members.

6.00% 9-Month CD at a Washington State Bank read and submit comments for this post

Washington Business Bank is offering a 6.00% APY 9-month certificate of deposit. The minimum is $1K.

It's a small one-branch bank located in Olympia, Washington. I've sent an email to see if you can open the CDs by mail.

The bank has been FDIC insured since 2002. Bankrate.com gives it 4 out of 5 stars (sound).

6.00% 7-Month CD at an Illinois CU (CEFCU) read and submit comments for this post

Citizens Equity First Credit Union (CEFCU) is offering a 6.00% APY 7-month certificate of deposit. The minimum is $5,000.

The field of membership includes those who live or work in the following Illinois counties: Fulton, Knox, Livingston, Logan, Macon, Marshall, Mason, McLean, Peoria, Putnam, Sangamon, Stark, Tazewell and Woodford. Employees of Caterpillar and other Select Employee Groups are also included.

A $1 one-time membership fee and a $25 minimum deposit into the savings account is required to join the credit union.

Branches are located in the Illinois cities of Bloomington, Canton, Chillicothe, Decatur, East Peoria, Germantown Hills, Morton, Normal, Pekin, Peoria, Springfield and Washington.

The credit union is NCUA insured. It's a large credit union with over $3 billion in assets and 227,000 members.

6.00% 19-Month CD at a Virginia Beach CU (NMA) read and submit comments for this post

NMA Federal Credit Union is offering a 6.00% APY 19-month certificate. There's a $10K minimum and funds must be new to the credit union.

The field of membership includes all those who work, live, worship or go to school in Norfolk or Virginia Beach. Also included are those connected with the military or a number of private companies. A $5 deposit into a savings account is required for membership.

The credit union has two branches in Virginia Beach and one in the Norfolk Naval Base.

The credit union is NCUA insured with $46 million in assets and 7,000 members.

6.00% 12-Month CD at an Idaho CU (Idaho Central) read and submit comments for this post

Idaho Central Credit Union is offering a 6.00% APY 1-year certificate of deposit. This special CD has a $5K minimum, and it requires money new to the credit union.

The field of membership includes most residents of Idaho. Membership requires a one-time $5 fee and a minimum deposit of $25 into the basic savings account.

Branches are located in the Idaho cities of Boise, Meridian, Eagle, Caldwell, Nampa, Twin Falls, Pocatello, Chubbuck, Blackfoot and Idaho Falls.

The credit union is NCUA insured. It has over $489 million in assets and over 54,000 members.

6.65% 12-Month Denver CD and Brokered CDs read and submit comments for this post

1st Financial Services LLC is advertising in Denver a 6.65% APY 12-month CD for the first $15K of deposit. Deposits between $15K and $100K qualify for 6.45%. There's a $5K minimum deposit. The ad is available online here. The company 1st Financial Services LLC is not a bank or credit union but a financial services firm. This CD appears to be a brokered certificate of deposit.

Financial firms advertising very high yield CDs are common. I don't have much experience with this, but with such high rates being advertised, it seems worthwhile to investigate. If these are brokered CDs, it can still be good deal. A general overview of brokered CDs is provided by Justin at the About's Banking/Loans blog. Here's a description of brokered CDs from the SEC site:

Although most investors have traditionally purchased CDs through local banks, many brokerage firms and independent salespeople now offer CDs. These individuals and entities, known as "deposit brokers", can sometimes negotiate a higher rate of interest for a CD by promising to bring a certain amount of deposits to the institution. The deposit broker can then offer these "brokered CDs" to their customers.

The main risk seems to be the potential loss if you need to sell before maturity. Instead of an early withdrawal penalty, you would sell the CD in the secondary market. The value that you can sell it for may be much less than you would expect as this guy experienced. In that case, a 10-year brokered CD was purchased and it turned out it was worth much less on the secondary market.

In the case of this 6.65% Denver CD, it may be a good deal. It's only 1 year so this should reduce the chance that you will need the money and have to take a loss by selling it on the secondary market. Also, if it is being issued by a FDIC insured bank as advertised, there should be no chance of loss if you keep below the FDIC limits.

There could be other issues. How many CDs are available at this high rate? I haven't reported too much on these deals since they seem to be a sort of a bait and switch advertisement. The high rate CD gets you into the office, and you're sold on other investment products. If you have experience with these advertised CD products and these financial firms, please leave a comment about how it went.

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

Bank Deal Summary for August 5, 2006 read and submit comments for this post

This week may have been a turning point for rates. At next week's FOMC meeting, signs are pointing to the first pause by the Fed in two years. Many banks have already responded. Most rate reductions have been in long-term CDs. This was evident last week also. However, reductions are now occurring on short-term rates. GMAC Bank was a big disappointment. GMAC's money market account fell from 5.10% to 5.00% APY yesterday. In addition, the largest CD rate drop was to the 6-month CD which fell from 5.50% to 5.00% APY. Money market account rate drops also occurred this week at Domestic Bank (5.16% to 5.11%) and Tennessee Commerce Bank (5.16% to 5.10%).

There were some good news for savers this week. Amboy Direct raised its no-minimum online savings account from 5.05% to 5.15% APY (see post). Zions Bank increased the rate on its Internet Money Market Account from 5.07% to 5.13% APY (see post). The rate on UFB Direct's Jumbo Money Market Account ($50K+) increased from 5.13% to 5.26% APY (see post).

CD rates didn't go down everywhere. VirtualBank increased rates on its CDs with terms of 3 to 12 months. The 6-month CD nows pays 5.60% APY. There were no rate increases to VirtualBank's long-term CDs, but at least the rates didn't drop. VirtualBank's 5-year CD currently pays 5.70% APY. With the potential for dropping rates, long-term CDs are starting to look better even if their rates are not much different from the short-term CD rates.

A very good CD deal began this week at World Savings. It's offering a new un-advertised 9-month CD with an APY of 6.01% (see post). This requires a branch visit to open, and unfortunately World isn't in every state. If you can't visit a branch, World still is offering a 5.51% APY 5-month CD online.

If you can't make it to World Savings, you still can get 6.00% at other places. Digital Credit Union has a special 6.00% APY 16-month CD (see post), and Agriculture FCU has a 6.00% APY 60-month CD (see post). Also Dime Bank is still offering a 6% 3-month money market promo (see post). These are available in all states. If you're lucky enough to live in the right place, there are many 6-percent-plus CDs available around the country. Refer to my local CD list here.

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. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for July 29th, July 22nd, Jul 15th, July 8th, July 1st and June 24th.

As of August 5, 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
• EmigrantDirect - 5.15%, (being raised to 5.15% on 7/28) my post, (rate history)
• Apple Bank - 5.15%, my post
• AmboyDirect - 5.15%, my post
• Zions Bank - 5.13% (min $1K) (5.23% $50K+), offers 3.05% free checking, my post
• Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Domestic Bank - 5.11% MMA (min $2.5K), 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)
• Tennessee Commerce Bank - 5.10% (min $10K), 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
• Citibank - 5.00%, requires checking account, my post
• CapitalOne - 5.00% (MMA has same rate, but with checks and ATM. $100 min.), my post
• GMAC Bank - 5.00% MMA (min $500), my post
• Ascencia Bank - 4.75% (min $50), my post
• Self-Help Credit Union - 4.75% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• UFB Direct - 4.50%, (5.26% $50K+) offers checking, my post
• Countrywide - 4.50% (min $1K), (5.25% $50K+) my post
• EverBank - 4.41% ($1.5K min), 5.51% 3-mo checking account promo, my post
• ING Direct - 4.35%, my post ($25 bonus), (rate history)
• MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
• 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 ($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
• VirtualBank - 5.13% (min $10K), my post ($20 bonus)
• EverBank - 5.10% ($1.5K min)
• Corus Bank - 5.10% (min $10K)
• ebank - 5.06% (min $1K), 5.31% for ePremium checking customers
• GMAC Bank - 5.00% (min $500), my post
• ETrade Bank - 5.00% (min $1K), my post
• Self-Help Credit Union - 4.86% (min $500), my post

6-Month Certificates of Deposit:

• Corus Bank - 5.64% (min $10K)
• Superior Savings - 5.60% (min $500)
• VirtualBank - 5.60% (min $10K), my post ($20 bonus)
• IndyMac Bank - 5.60% (min $5K), my post
• UmbrellaBank.com - 5.57% (min $1K)
• UFB Direct - 5.57% (min $8K)
• 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
• Imperial Capital - 5.50%, ($2K min), my post
• Countrywide - 5.50% (min $10K), my post