Bank Deals - Best Rates and Deals: September 2006

Bank Deal Summary for September 30, 2006
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E-LOAN shook up the internet banking world this week with its new 5.50% APY online savings account. It requires an initial deposit of at least $5k. But after the initial deposit, your balance can fall below $5k and you'll still earn 5.50% APY with no monthly fees (see post). It's not exactly a no-minimum savings account, but it's close.

The next closest competitor of E-LOAN is AmTrustDirect which raised the rate of its e-Money Market Account from 5.26% to 5.30% APY. Similar to E-LOAN it has an initial deposit requirement but no minimum balance requirements. However, its minimum deposit requirement is only $1k without any other strings (see post).

Another online savings account rate increase this week was at Zions Bank which raised the rate of its Internet Money Market Account from 5.13% to 5.24% APY (see post).

For big-time savers, Kaiser Federal Bank started a new savings account available nationally that pays 6% APY for balances of over $75k. It's a California-based bank that hasn't really set up this new account to be easy to open and manage for those outside of California. But according to the CSR, it is available nationally (see post).

You can now get a high yield money market account at Bank of America thanks to the merger of MBNA into Bank of America. MBNA had partnered with many organizations to offer a high yield money market account. Most of these accounts have been changed over to BofA's low yield savings account, however, the high yield MMA is still available for AAA and NEA members. The top rate is currently 5.36% APY for balances over $50k (see post).

The news wasn't all good this week for savings accounts. EmigrantDirect just dropped rates on its savings account from 5.15% to 5.05% APY (see post). Most other savings account rates remained the same this week. Corus Bank was another exception with its money market account rate falling from 4.93% to 4.88% APY. This account is indexed to the 91-day T-Bill so it indicates that we may see further rate drops at other banks in the near future.

For CDs, rates continue to trend down. CD rates dropped this week at GMAC Bank, UmbrellaBank, Everbank, Imperial Capital, Netbank, ETrade and Countrywide. Most drops continued to be in longer terms, however, there were a few with terms under one year. Penfed Credit Union also had a rate drop on thier 6-percent CDs. The new rates are only around 5.42% APY on the 3-to-5 year CDs. These 6% CDs last month were a surprise since Penfed historically has mostly offered very high yield long-term CDs at the start of the year. Hopefully, these will return in January.

In addition to savings accounts, E-LOAN also helped give a boost to CD rates this week. It's offering competitive CD rates of 5.60% to 5.75% APY on terms from 6 months to 5 years.

There are still several 6% CDs available nationally. For short term, there's Everbank's 6.01% 3-month checking promo (see post). World Savings is still offering a 6.01% APY 7-month CD. It's an unadvertised branch-only special (see post). Patelco Credit Union has a 6% CD for terms of 12 to 23 months (see post) and Digital Credit Union still has its 6.00% APY 16-month CD (see post).

There were a few good local deals this week. Parkway Bank of Arkansas is offering a 6.01% checking account for balances up to $25k (see post). Arizona Holsum Credit Union is offering a 8.30% APY 8-month CD for a maximum $8k deposit (see post). For a complete list of these recent local CD deals, refer to my local CD list below. Remember that many of these deals don't last long. Please check if the rate is still active at the bank or credit union's website. If you see that a deal has ended, a comment is much appreciated.

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Sept 23rd, Sept 16th, Sept 9th, Sept 2nd, Aug 26th and Aug 19th.

As of September 30, 2006

Savings Accounts/Money Market Accounts:

E-LOAN - 5.50% ($5K min), my post
AmTrustDirect - 5.30% ($1K min), my post
UFB Direct - 5.27%, my post
AmboyDirect - 5.25%, my post ($25 bonus)
Apple Bank - 5.25%, my post
OneUnited - 5.25% (min $10), my post
Security Savings Bank - 5.25% (min $100), very small bank with no online banking, see post
FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
BankUnited - 5.25% (min $5K), my post
Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
Zions Bank - 5.24% (min $1K) (5.28% $50K+), offers 3.05% free checking, my post
Heritage Bank Online - 5.20% (min $1K), my post
CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 deal for exec. members)
Presidential - 5.12% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Domestic Bank - 5.06% MMA (min $2.5K), my post
EmigrantDirect - 5.05%, my post, (rate history)
HSBC Direct - 5.05%, offers checking, (rate history), my post
Citibank - 5.00%, requires checking account, my post
Washington Mutual - 5.00% (requires checking), my post
GMAC Bank - 5.00% MMA (min $500), my post
Tennessee Commerce Bank - 4.93% (min $10K), my post
Corus Bank - 4.88% MMA (min $10K to open)
CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
Self-Help Credit Union - 4.69% MMA (min $500), my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
MetLife Bank - 4.50% MMA (min $5K), my post ($50 bonus)
EverBank - 4.41% ($1.5K min), my post
ING Direct - 4.40%, my post ($25 bonus), (rate history)
Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
NetBank - 3.52% MMA ($500 min), requires checking, my post ($250 deal)
ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)

3-Month Certificates of Deposit:

EverBank - 6.01% ($1.5K min), checking account promo, see post
IndyMac Bank - 5.50% (min $5K), my post
Imperial Capital - 5.35%, ($2K min), my post
Charles Schwab - 5.30% (min $1K), my post
UFB Direct - 5.30% (min $8K)
Countrywide - 5.30% (min $10K), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
VirtualBank - 5.13% (min $10K), my post
UmbrellaBank.com - 5.10% (min $1K)
EverBank - 5.05% ($1.5K min)
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
ETrade Bank - 5.00% (min $1K), my post
GMAC Bank - 4.95% (min $500), my post
Corus Bank - 4.88% (min $10K)
Self-Help Credit Union - 4.73% (min $500), my post

6-Month Certificates of Deposit:

World Savings - 6.01% (7 month) (min $10K), branch-only, my post
Superior Savings - 5.60% (min $500)
E-LOAN - 5.60% ($10K min), my post
Corus Bank - 5.55% (min $10K)
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
IndyMac Bank - 5.55% (5 mo special offer) (min $5K), my post
Imperial Capital - 5.40%, ($2K min), my post
Countrywide - 5.35% (min $10K), my post
ETrade Bank - 5.30% (min $1K), my post
World Savings - 5.26% (5 months) (min $10K), new funds only, my post
EverBank - 5.25% ($1.5K min)
UFB Direct - 5.25% (min $8K)
EmigrantDirect - 5.20% (min $1K)
UmbrellaBank.com - 5.20% (min $1K)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
NetBank - 5.05% (min $1K)
ING Direct - 5.00%, my post
MetLife Bank - 5.00% ($1K min)
Wells Fargo - 5.00% (5 months) (min $5K), rate and min vary by state, my post
GMAC Bank - 4.95% (min $500), my post
Self-Help Credit Union - 4.73% (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)
IndyMac Bank - 5.60% (min $5K), my post
AmTrustDirect - 5.58% (min $1K) my post
FirstFedDirect - 5.55% (min $10K), my post
Imperial Capital - 5.40% ($2K min), my post
Countrywide - 5.40% (min $10K), my post
UmbrellaBank.com - 5.35% (min $1K)
EverBank - 5.25% ($1.5K min)
GMAC Bank - 5.20% (min $500), my post
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
World Savings - 5.76% 13-mo (min $10K), my post
E-LOAN - 5.70% ($10K min), my post
Western Financial Bank - 5.65% ($100 min)
FirstFedDirect - 5.64%, (min $10K) my post
Melrose CU - 5.61% (min $5K) my post
GTE FCU - 5.64% (min $500) (add-on feature) my post
Corus Bank - 5.63% (min $10K)
AmTrustDirect - 5.60% (min $1K) my post
Digital CU - 5.50% (11 month) (min $1K), my post
UmbrellaBank.com - 5.40% (min $1K)
Imperial Capital - 5.40% ($2K min), my post
IndyMac Bank - 5.40% (min $5K), my post
Countrywide - 5.40% (min $10K)
Mutual Bank - 5.35% (min $2.5K) my post
Transportation Alliance Bank - 5.34% ($1K min)
ETrade Bank - 5.30% (min $1K), my post
EverBank - 5.26% ($1.5K min)
GMAC Bank - 5.25% (min $500), my post
NetBank - 5.25% (min $1K), my post ($100 bonus)
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
UFB Direct - 5.25% (min $8K)
MetLife Bank - 5.25% ($1K min)
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
ING Direct - 5.10%, my post
Self-Help Credit Union - 4.92% (min $500), my post

16-Month Certificates of Deposit:

Digital CU - 6.00% 16-mo (min $500), my post
Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post

18-Month Certificates of Deposit:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
E-LOAN - 5.75% ($10K min), my post
AmTrustDirect - 5.50% (min $1K) my post
Mutual Bank - 5.40% (min $5K) my post
CapitalOne/Costco - 5.26% (min $5K, Costco members only)
Imperial Capital - 5.25% ($2K min), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
GMAC Bank - 5.20% (min $500)
ETrade Bank - 5.15% (min $1K), my post
Countrywide - 5.10% (min $10K)

36-Month Certificate of Deposit:

E-LOAN - 5.75% ($10K min), my post
Melrose CU - 5.72% (min $5K) my post
Fort Belvoir FCU - 5.64% (min $1K), my post
Mutual Bank - 5.60% (min $5K) my post
AmTrustDirect - 5.50% (min $1K) my post
Pentagon Federal CU - 5.41% (min $1K), my post
Transportation Alliance Bank - 5.34% ($1K min)
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
GMAC Bank - 5.20% (min $500)
ETrade Bank - 5.00% (min $1K), my post
Imperial Capital - 5.00% ($2K min), my post
Countrywide - 5.00% (min $10K)
Washington Mutual - 5.00% (min $1K)
Self-Help Credit Union - 4.90% (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
E-LOAN - 5.75% ($10K min), my post
Pentagon Federal CU - 5.42% (min $1K), my post
Transportation Alliance Bank - 5.34% ($1K min)
USA FCU - 5.33% (min $1K) my post
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
GMAC Bank - 5.20% (min $500)
Washington Mutual - 5.00% (min $1K) (47 months)
Countrywide - 5.00% (min $10K)
Self-Help Credit Union - 4.90% (min $500), my post

60-Month Certificate of Deposit:

Members Credit Union - 6.00% (min $2K), my post
Fort Belvoir FCU - 5.90% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
E-LOAN - 5.75% ($10K min), my post
Agriculture FCU - 5.65% (min $1K), my post
AmTrustDirect - 5.50% (min $1K) my post
Pentagon Federal CU - 5.42% (min $1K), my post
Transportation Alliance Bank - 5.34% ($1K min)
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
GMAC Bank - 5.20% (min $500)
VirtualBank - 5.15% (min $10K), my post
Imperial Capital - 5.15% ($2K min), my post
ETrade Bank - 5.00% (min $1K), my post
Countrywide - 5.00% (min $10K)
Self-Help Credit Union - 4.92% (min $500), my post

84-Month Certificate of Deposit:

Pentagon Federal CU - 5.42% (min $1K), my post
CapitalOne/Costco - 5.26% (min $5K, Costco members only)
EmigrantDirect - 5.20% (min $1K)
Countrywide - 5.00% (min $10K)

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

Money Magazine article on risk-free investments
Fidelity Money Market Fund - 5.02% 7-day yield ($100 bonus and other info)
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

[Edited 10/02/06: Removed 6.14% 48-mo CD at Fayette Savings Bank which had expired]

5.50% Now on All Balances for E-LOAN's Savings Account
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E-LOAN's savings account rate is now 5.50% APY for all balances, not just for balances over $5k. When it first launched this week on the 26th, the APY for balances under $5k was listed as 5.25%. This is now 5.50%. The $5,000 initial deposit requirement remains. Also note, based on information I received from an E-LOAN service representative, they may close your account if your balance falls below $500 for 90 days (see post for more details).

You have to wonder why this changed so quickly. The 5.25% APY for balances under $5k was nothing to sneeze at. Perhaps this change makes it easier for them to advertise without having a special note that states it's only 5.25% for smaller balances.

With EmigrantDirect's rate drop today, this E-LOAN savings account may become very popular. E-LOAN now leads Emigrant's rate by 0.45%. It's interesting to note that when EmigrantDirect first launched in January of 2005, it lead ING Direct's savings account rate by 0.65% (3.00% to 2.35%).

6.00% 6-Month CD at a Florida Bank (United Heritage)
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United Heritage Bank is offering a 6.00% APY 6-month certificate of deposit. The minimum is $1k and the maximum is $99k. New deposits are required. The offer is good through October 31, 2006. This special CD isn't listed at the bank's website, but was advertised in this week's Orlando Sentinel.

The bank has branches throughout Central Florida. However, the ad stated that this CD was available at the Sanford office which is about 20 miles north of Orlando. It's likely only a local deal.

United Heritage is a rather new bank that was established in 2001. It's FDIC insured. It has a 4 out of 5 stars safe and sound rating at Bankrate.com.

EmigrantDirect Down to 5.05%, Suffering from ING-itis?
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EmigrantDirect just dropped the rate on its AmericanDream Savings Account from 5.15% to 5.05% APY. The rate had been at 5.15% APY since July 28th.

Could this be a sign of things to come for savings account rates? Or maybe it's just an issue with Emigrant? Since the Fed stopped raising interest rates, other banks have pulled back some on savings account rates. CapitalOne's money market account rate fell from 5.00% to 4.80% in August. GMAC Bank's money market account was as high as 5.10% in late July. In early August it fell to 5.00% APY and has remained there. Corus Bank's money market account rate had been as high as 5.10% APY. It's now at 4.88% APY. It's indexed to the 91-Day US Treasury Bill discount rate. So the rate drop at Corus is indicative of the general short-term rate environment.

There are banks that have been keeping their savings account rates at 5.25% APY and higher. The problem could be with Emigrant. As I reported in August, Emigrant isn't having an easy time putting the internet deposits to work. Much of the deposits at EmigrantDirect aren't being used on loans but are sitting in low-yield short-term investments. Also, Emigrant hasn't been doing great with its financials. Its rating at Bankrate.com had fallen to 2 out of 5 stars around July (below industry average). It has improved in the last month. Currently, the Bankrate.com safe and sound rating is 3 out of 5 stars (performing).

Emigrant may also be suffering from ING-itis. That's an ailment that had happened to ING Direct when it had attracted so many customers and deposits that it could keep its rates low and hope that its fancy website would be enough maintain adequate deposits.

This may be a good time to consider opening a savings account at E-LOAN which just started a new savings account this week paying 5.50% APY for deposits over $5k. E-LOAN requires an initial deposit of $5k, but there are no fees if your balance falls below that (see post). If you can't do a large initial deposit, there's AmboyDirect, Apple Bank and UFB Direct with no-minimum online savings accounts at 5.25% APY.

2.75% Checking Account for Balances Under $25k (Parkway Bank)
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Update 10/24/09: The top yield has fallen to 2.75% APY. Refer to the bottom of the post for the rate history.

Parkway Bank has a high yield checking account called the Parkway Moneymaker that earns 2.75% APY for balances up to $25k. Balances over $25k earn 1.00% APY. Below are the full details of this account from the bank's website:


Enjoy these monthly benefits:

    * Balances up to $25,000.00 earn 2.75% APY
    * Balances over $25,000.00 earn 1.00% APY
    * All nationwide ATM charges refunded

By meeting these simple monthly requirements:

    * 10 MasterCard check card transactions
      (ATM transaction not included)
    * 1 direct deposit or ACH auto debit
    * Log on to Parkway Bank's internet banking once
    * Receive an electronic statement instead of a paper statement

With the Parkway MoneyMaker Account, you will always benefit from:

    * Only $100.00 required to open account
    * $1,000.00 overdraft privilege**
    * No service charges
    * No minimum balance
    * Unlimited check writing
    * Free ATM/Debit card upon approval
    * 90 days of free online bill pay***
    * Free internet banking

A branch visit appears to be required to open a new account. Branches are located in Arkansas.

The bank has been FDIC insured since 1970. It has a low safe and sound rating at Bankrate.com of 1 out of 5 stars (weak).

Thanks to the reader who informed me of this new checking account.

Rate History:
10/21/09: 2.75% APY up to $25K
08/20/09: 3.25% APY up to $25K
06/16/09: 3.50% APY up to $25K
04/06/09: 3.80% APY up to $25K
03/09/09: 3.91% APY up to $25K
11/05/08: 4.01% APY up to $25K; 1.00% APY over $25K
02/27/08: 4.51% APY up to $25K
09/29/06: 6.01% APY up to $25K; 1.50% APY over $25K

Labels: Arkansas, checking accounts, Parkway Bank, rewards checking accounts

6.00% Savings Account for $75k+ Deposits, Open to All (Kaiser Federal Bank)
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Kaiser Federal Bank is offering a new savings account called the Dream Savings that may be a good deal for those with large deposits. It's a tiered savings account with a rate of 6.00% APY for balances over $75k. The APY for balances between $50k to $75k is 5.00% APY. The lowest rate is 2.02% APY for balances between $100 and $15k. There's no monthly service charge as long as the balance remains above $100 ($3/month otherwise). Below is the full rate tier structure:


Tier   Min Balance   APY
1      $100-$15k     2.02%
2      $15k-$30k     2.50%
3      $30k-$40k     3.00%
4      $40k-$50k     4.00%
5      $50k-$75k     5.00%
6      $75k+         6.00%

It's a brand new account so there's no yield history. According to customer service rep., it's expected to remain high for at least a month. As with all savings accounts, you never know how long the high yields will last. But at least there's only a small minimum balance requirement. Also, according to the CSR, the account is available to those outside of California. The account does have some downsides. A big one is a limit of one withdrawal per month. Below is a list of the account features based on the website and info from the CSR:

6.00% APY for balances of $75k
Minimum initial deposit is $100
Minimum balance to avoid $3/month fee is $100
Only 1 withdrawal per month permitted
No checks or ATM card available
Withdrawals can be done by requesting a check (no charge)
No ACH transfer system available
Allowed to make ACH debit initiated at another bank
Can be opened by phone or at a branch
No hard credit inquiry according to CSR during application
Similar savings account available in an IRA

The bank has branches in the California cities of Bellflower, Covina, Fontana, Harbor City, Los Angeles, Panorama City, Pasadena and Santa Clara.

The bank has been FDIC insured since 1999. It has a 4 out of 5 star safe and sound rating at Bankrate.com.

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

6.10% 18-Month / 6.00% 12-Month CD at a Colorado CU (College CU)
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College Credit Union is offering two share certificate specials: a 6.10% APY 18-month CD and a 6.00% APY 12-month CD. Both have a minimum of $500.

The field of membership includes anyone who works or lives in the city of Greeley and some surrounding areas. Greeley is about 30 miles north of Denver, Colorado.

The credit union is NCUA insured. It has $34 million in assets and over 4,000 members.

5.75% 8-Month CD at a Florida Bank (FBC)
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Florida Bank of Commerce is advertising a 5.75% APY 8-month certificate of deposit. The minimum is $1k and the maximum deposit is $95k. It requires new deposits. This promotional rate is available through October 20, 2006. This special is not listed at the bank's website. It was advertised in this week's Orlando Sentinel.

Branches are located in Orlando, Kissimmee and Lake Mary, Florida.

The bank is new and was just established last year. It's FDIC insured.

5.71% 8-Month CD at a Florida Bank (First Commercial)
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First Commercial Bank of Florida is advertising a 5.71% APY 8-month certificate of deposit. The minimum deposit is $10K, and maximum deposit limit is $99K. This CD special isn't listed at the bank's website, but was advertised in this week's Orlando Sentinel. The bank has branches in several Central Florida cities. The last special from this bank that I had reported on was in June when it was offering a 5.75% 18-month CD.

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

Update on E-LOAN's 5.50% Online Savings Account
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I received some additional information from the E-LOAN customer service rep today regarding their new online savings account. Some of these points are just a confirmation to what a commenter had mentioned in my previous post. These include:

No hard credit inquiry. The CSR said that they only use Experian to check for identity.
Only one link to an external account can be set up. This can be changed up to 4 times a year
No fees for ACH withdrawals - 6 per month allowed. No limit on deposits.
No inactivity fee or small balance fees.
If balance falls below $500 for 90 days, they may close your account
No IRA accounts for savings or CDs
No sign-up bonus

The account closure for 90 days of a balance below $500 is something to note. This shouldn't be a big deal. It may make rate chasing a little harder if they start lagging. Many EmigrantDirect or ING Direct customers just keep $1 in their accounts waiting for the next rate hike or promo. You won't be able to do that at E-LOAN. But even if they fall 50 basis points behind, you'll only lose $2.5 per year with the lower interest rate for a $500 balance.

The next thing to investigate is how long the ACH transfers take. Hopefully, it'll be quicker than HSBC's Online Savings Account and without any days of lost interest.

For more info on this savings account, refer to my previous E-LOAN post. I've updated it with this new info. Also, you may be interested in a detailed description of the account opening process that Nick provided at Punny Money. It seems to be one of the easiest online accounts to open.

AmTrustDirect Raises e-Money Market Account Rate to 5.30%
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AmTrustDirect just did a small rate bump on its e-Money Market account to 5.30% APY (from 5.26%). The APY applies to balances of $1 and higher. There are no minimum balance requirements, however, there is a minimum initial deposit requirement of $1,000. This is a new savings account that I first reported on in an August.

Currently, E-LOAN's new savings account has a big lead on yield (see post). However, AmTrustDirect has some better features such as the ability to link up to 6 additional accounts, the ability to fund the account by check and full phone access for account opening and service.

One of the downsides with AmTrustDirect's e-Money Market Account is a potential hard credit pull. However, a few who have opened this account have reported no hard pulls. Also, I have received definite confirmation that they no longer do hard credit pulls for opening a CD.

For more information on AmTrustDirect, please refer to this August post. Also, many commenters have provided their experiences with this e-Money Market account in this post.

Zions Internet Money Market Account Now 5.24%
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Zions Bank increased the rate on its Internet Money Market account from 5.13% to 5.24% APY yesterday. This account has a minimum of $1,000 to earn this APY. However, there are no monthly fees to worry about if your balance falls below $1K. Note, this account doesn't offer check writing. They do offer a high yield checking account with no monthly service fees.

Zions Bank has been keeping this money market rate competitive. The last rate hike was in August.

Zions also offers the Deseret Money Market Account that now pays up to 5.28% APY. This money market account has some advantages over the Internet Money Market Account as I described in a previous post. The main downside with Zions Bank seems to be the lack of a good ACH transfer system.

6.17% 36-to-60 Month CDs at Fort Belvoir FCU (Open to All)
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Fort Belvoir FCU just increased the rates on its share certificates. 6.17% APY is now available on CD terms from 36, 48 and 60 months. The minimum deposit is $1,000. These are also avilable in an IRA. The early withdrawal penalty is 180 days for all terms. The CDs can be opened by mail.

Fort Belvoir had been offering rates as high as 6.43% APY on a 60-month CD for much of this year. The rates had declined last month to under 6%. I'm glad to see the rates have gone back over 6%.

You can be eligible to join by being a member of Friends of MNBP. This is one of the eligible groups in the credit union's field of membership. There's a minimum $15 fee for joining Friends of MNBP. Readers have mentioned that the credit union does require verification from the group in order to process the credit union membership application.

Fort Belvoir's FOM also includes all active duty or retired member of the US Armed Forces and those living or working in Southeastern Fairfax County or North Woodbridge, Virginia.

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

The credit union is NCUA insured with $221 million in assets and 25K members. It has a 4-star rating from Bauer Financial.

10.00% 6-Month CD at a Pennsylvania CU - $10K Max (Discovery FCU).
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Discovery FCU is offering a promotional 10.00% APY 6-month certificate of deposit. The minimum is $2.5K and the maximum deposit is $10K. Only one per member is allowed. It requires money new to the credit union. The CD is available as an IRA certificate. This offer ends 9/30/06.

This special CD has two nice features: a decent max of $10K and no required checking account, direct deposit, etc. With $10K at 10% for 6-months, you'll earn about $225 more than what you would earn in market competitive CD. Also, you should be able to open one for each member of your family since it's not restricted by household.

The bad news is that the credit union has a limited field of membership which only includes those who live, work, worship or attend school in Berks County, Pennsylvania. There are also some select employee groups that may allow you to be eligible. And as is the case for all credit unions, you can be eligible through an immediate family member.

Discovery FCU is located in Wyomissing, PA which is located between Philadelphia and Harrisburg.

The credit union is NCUA insured. It has almost $89 million in assets and 9,089 members.

Thanks to the readers who mentioned this special, and thanks to this FW thread.

8.30% 8-Month CD at an Arizona CU - $8K Max (Arizona Holsum)
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Arizona Holsum Credit Union is offering a special 8.30% APY 8-month certificate of deposit. The minimum is $800 and the maximum deposit is $8,000. It requires new money and an active checking account.

The maximum is not too bad at $8K. The 8.30% APY for 8 months can result in about an extra $160 over a competitive short term CD.

The field of membership includes those who live in the local community of the credit union. In addition to families, friends of members are also included. The branch is located in Phoenix.

The credit union is NCUA insured. It's a small credit union with $15 million in assets and 1,766 members.

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

New 5.50% Online Savings Account from E-LOAN
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Update 2/14/08: The current yield is 3.50% APY. Please check the bank's website for the latest rates.

For those newcomers who are getting into the online savings account business, this is the way to get attention. E-LOAN just launched a new online savings account that pays 5.50% APY on all balances. Based on E-LOAN's FAQ, it looks like a typical online savings account. The one downside compared to some others is a minimum opening balance requirement of $5K. However, there appears to be no monthly fees if the balance falls below $5K. Here's a summary of the FAQs:

Important general points about the savings account:

E-LOAN is a subsidiary of Banco Popular North America (BPNA), a New York state chartered bank insured by the FDIC (E-LOAN mentioned in annual report)
Minimum opening balance for a Savings Account is $5,000
Absolutely no fees (assume no fees for small balances or ACH transfers)
They only accept funds by ACH through your linked account. Deposits in the form of checks, wires or cash will be returned.
You can designate a beneficiary while opening your account.

Important Points about the linked account:

Your account can be linked to checking or savings accounts at another financial institution.
The typical trial deposit method is used to establish the linked account
For security purposes, they do not allow any withdrawals from your E-LOAN account to be made by an outside institution.
For your security, you may only change your linked account once every 30 days (use to be 4 times per year.)
Deposits and withdrawals pass between your linked funding account via the ACH, which usually takes 2-3 days to clear transfers.
Savings account withdrawals are limited to six per calendar month. However, you are free to make unlimited deposits into your online account from your linked account.
Only one link to an external account can be set up.
No fees for ACH withdrawals

Here are some additional points about the savings account that I received from the CSR:

No hard credit inquiry. The CSR said that they only use Experian to check for identity.
No inactivity fee or small balance fees.
If balance falls below $500 for 90 days, they may close your account
No IRA accounts for savings or CDs
No sign-up bonus

In addition to savings accounts, E-LOAN is also offering high yield certificates of deposits. These have a minimum deposit requirement of $10K. The 6-month CD APY is 5.60%. The one-year APY is 5.70%. All longer term CDs have an APY of 5.75%.

Bankrate.com gives Banco Popular 3 out of 5 stars for its safe and sound rating (performing). It is a major bank with over $12 billion in total assets.

It's nice to see a new major player in the online savings accounts. It's hard to say how long E-LOAN will remain on top of the interest rates. When Emigrant launched its online savings account in early 2005, the interest rate was way above its competitors at that time. But after a year, it started to lag others. I would think E-LOAN wouldn't have to stay on top too long since it already has name recognition. Building trust shouldn't be as difficult.

Even if E-LOAN doesn't stay on top, the more banks with high yield savings accounts, the better it will be for savers. It will put pressure on others to raise their rates. The only potential problem is that most people may have grown tired of opening a new savings account whenever a new rate leader comes forward. There are concerns with hard credit pulls which lowers credit scores. Also, there's concern about having your personal data in yet another financial institution which increases a chance that a mistake will be made in which your personal data will be compromised. But if we want to see rates staying competitive, we have to be willing to move. At least, these savings accounts are easy to set up and easy to move your money.

Thanks goes to Scott who mentioned this new savings account in the finding deals post.

[Edited on 6/06/07: 5.25% is current yield. Updated policy on change frequency of linked accounts.]
[Edited on 9/30/06: 5.50% now applies to all balances.]
[Edited on 9/27/06: Added details received from CSR.]

Labels: banks, E-LOAN, savings accounts

6.00% 20-Month CD at a Georgia CU - No Penalty (CGRCU)
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Central Georgia Regional Credit Union is offering a 6.00% APY 20-month share certificate. The minimum deposit is $10K. It allows a one-time withdrawal without penalties. The withdrawal can be any amount, but to earn interest, the balance must remain above $10K.

Unfortunately, the field of membership is narrow. It's primarily limited to select employee groups in the medical field of Georgia. See site for details. Branches are located in Macon, Georgia.

The credit union is NCUA insured. It has $24 million in assets and 8,830 members.

6.00% 13-Month CD at a Maryland CU - $25K Max (Mid-Atlantic)
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Mid-Atlantic FCU is offering a special 6.00% APY 13-month share certificate. The minimum deposit is $5K and the maximum is $25K per member. The deposit must be money new to the credit union. There is an early withdrawal penalty of 90 days of interest. The special is not available for IRA certificates.

The field of membership includes anyone who lives, works, worships or attends school in Montgomery County, Maryland.

The credit union is NCUA insured. It has $200 million in assets and 20,808 members.

5.54% 12-Month CD and $50 Gas Card at America's Christian CU
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America's Christian Credit Union is offering a certificate special with two competitive CDs and a $50 gas card for deposits of at least $5K. The certificates include a 5.38% APY 9-month CD and a 5.54% APY 12-month CD. Offer Expires 9/30/06 or until ACCU's $7 million cap is reached, whichever is first. Only one gas card per household.

This credit union often has certificate specials. The last one I reported on was in April.

The credit union's field of membership is based on membership in several Christian organizations. If you are not a member of these, you can still join by signing a statement of service and mailing it along with your membership documents.

A $25 initial deposit to the savings account and a one-time $5 membership fee is required for membership.

The credit union has branches near Los Angeles, Sacramento, California and in Wichita, Kansas.

The credit union is NCUA insured. It has 13,000 members and $204 million in assets.

High Yield CDs Return to Crestmark Bank - 5.60% 3-Month
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Crestmark Bank has again started offering several high rates on certificates of deposit. Every few months Crestmark comes out with high yield CDs. These only last for a couple of weeks, and then they stop accepting new funds. The best deals are on the short term CDs which range from 5.45% APY for a 30-day CD to 5.65% APY for a 12-month CD. The minimum deposit is $25K, and the maximum is $200K. They do not compound interest so the APY and APR are equivalent. The full list of rates are below:


Certificate of Deposit Rates
Term                Rate (APR)
30 days             5.45%
60 days             5.55%
90 days             5.60%
180 days            5.65%
270 days            5.65%
365 days            5.65%
545 days (18 mos.)  5.60%
730 days (2 yrs.)   5.60%
910 days (30 mos.)  5.40%
1095 days (3 yrs.)  5.40%
1275 days (42 mos.) 5.40%
1460 days (4 yrs.)  5.40%
1825 days (5 yrs.)  5.45%

The 90 day CD has a 2 month interest penalty for early withdrawals. The 180 day CD has a 3-month penalty and the 365 day CD has a 6-month penalty.

My last report on Crestmark was on June 1st. One interesting note about the rates is that the very short term rates increased by 0.30 to 0.40 while the 1-year rate remains the same at 5.65%. As has been the case at other banks, long term CD rates haven't improved any if at all in the last several months.

I had been uncertain about Crestmark since the website made it appear the CDs were only for businesses. When I contacted Crestmark, I was told that they do accept personal accounts. CDs can only be opened through the Troy, Michigan office. However, they can be opened by mail.

When you see the rate page with rates of 0%, I was told this meant that they were not accepting new funds. Hopefully, these latest rates will last for awhile.

The bank has been FDIC insured since 1996. Bankrate rates Crestmark as 3 out of 5 stars (performing). As of December 31, 2005, the bank had 143 million in total assets.

5.36% Money Market Account from Bank of America?
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Update 10/25/08: Bank of America no longer has AAA affiliated accounts. However, there are still NEA affiliated accounts. For the latest rates, refer to the the BofA/NEA webpage. For more details about these accounts, refer to this FW thread.

With the merger of MBNA and Bank of America, there was uncertainity over the high-yield money market accounts that MBNA had been offering through various groups. I had reported on these MBNA money market accounts in previous posts. All of these accounts except the one through AAA now have been converted to Bank of America's standard low rate money market account. However, the money market account through AAA seems to have retained the high yield.

The AAA Money Market Savings Account remains indexed to the Money Fund Report (MFR) Averages. For balances over $50K, the rate is equal to the MFR + 0.50 which is currently 5.36% APY. For balances between $10K and $50K, the rate is equal to MFR + 0.25 which is currently 5.10% APY. These are great rates, especially for an account that offers limited check writing. Below shows the full rate tier:


Daily Balance     Index      Rate     APY
Less than $2.5K   MFR-0.25   4.48%    4.57%
$2.5K to $10K     MFR        4.73%    4.83%
$10K to $50K      MFR+0.25   4.98%    5.10%
$50K and over     MFR+0.50   5.23%    5.36%

According to this FW thread this account can be linked to your Bank of America checking account for instant transfers. Also, it is reported that it requires an AAA membership, and a hard credit inquiry is done in the application even for current Bank of America customers. Also, there's a $10 monthly maintenance fee ($12 in Texas) for balances under $2.5K.

Many have reported difficulty in the online application. This may be due to the transitioning of the website to Bank of America. We should be able to get more information on this account later this week.

If you're interested in a $100 sign-up bonus for a Bank of America checking account (and additional bonuses), refer to this post.

Labels: Bank of America

5.80% 6-Month CD at a Phoenix Bank (Copper Star)
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Copper Star Bank is now advertising a 5.80% APY 6-month certificate of deposit. This is up from 5.75% when I reported on this last week. The minimum is $10K. The bank is also advertising a 5.30% APY Classic Savings Account with a $25K minimum. These were advertised in today's Arizona Republic. They are not listed at the bank's website.

Branches are located in Phoenix and Scottsdale, Arizona.

The bank has been FDIC insured since May of 2000.

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

5.75% 3-Month / 5.75% 9-Month CD at a Missouri Bank (St. Louis)
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St. Louis Bank is offering a special certificate of deposit with an APY of 5.75% on terms between 3 and 9 months. The minimum is $10K, and the funds must not already be on deposit at the bank. The special CD is listed at the bank's rates page. It was also advertised in today's St Louis newspaper. The ad is available online here.

The bank seems to have these CD specials often. In July it had a similar special with a 5.75% APY but it was just for a 3-month term.

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

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

Bank Deal Summary for September 23, 2006
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The Fed continued to hold steady on interest rates this week and most banks did the same. Signs continued to point to a slowing economy. The Fed funds rate is expected to remain at 5.25% for the rest of this year with rate cuts to begin sometime in 2007 (see CNN article).

It appears that the rising savings account and CD rates that we've seen over the last 2 years may be coming to an end. We may see many more weeks like this one in which there were no major rate increases in any online savings account. The best rate for savings accounts continues to be around 5.25%. UFB Direct, AmboyDirect, Apple Bank and One United Bank all offer no-minimum online savings accounts with a rate around 5.25% APY.

The trend of falling CD rates slowed some this week, but there still seems to be a trend downward. Most rate drops had been primarily in the long-term rates. There were more rates drops this week in terms of one year and under. Both ING Direct and Etrade lowered their 12-month CDs by 0.10%. Countrywide Bank lowered its 3-month and 6-month CD rates by about 0.05%. World Savings ended its 6.01% 15-month internet CD this week. The new internet special is a 5.76% APY 13-month CD.

Even though World Savings' six-percent internet CD ended, news of a new unadvertised, branch-only CD special came out this week. This new special is a 6.01% APY 7-month CD. It ends on October 21st (see post).

There are still several 6% CDs available nationally. For short term, there's Everbank's 6.01% 3-month checking promo (see post). NASA FCU has a 6.00% 7-month CD available through September 30th (see post). Patelco Credit Union has a 6% CD for terms of 12 to 23 months (see post) and Digital Credit Union still has its 6.00% APY 16-month CD (see post).

For long-term CDs, Pentagon FCU contines to have the best deal with its 6% 3-to-5 year CDs. However, Penfed will be changing rates on the 28th so these 6-percent CDs might not last long. One good thing about Penfed is that you can apply for membership and purchase a CD all online with no delay. This also includes joining the association that qualifies you for Penfed membership. I gave Penfed a try last week, and I was able to join and purchase a CD with no problems (see post).

There were a few good local deals this week. Central Progressive Bank in Louisiana is offering a 7.00% APY 45-day CD with no apparent maximum deposit limit or required checking account (see post). Ohio HealthCare FCU is offering a 6.53% APY 60-month CD (see post) and Metro Credit Union of Michigan is offering a 6.50% APY 60-month CD (see post). For a complete list of these recent local CD deals, refer to my local CD list below. Remember that many of these deals don't last long. Please check if the rate is still active at the bank or credit union's website. If you see that a deal has ended, a comment is much appreciated.

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Sept 16th, Sept 9th, Sept 2nd, Aug 26th, Aug 19th and Aug 12th.

As of September 23, 2006

Savings Accounts/Money Market Accounts:

UFB Direct - 5.27%, my post
AmTrustDirect - 5.26% ($1K min), my post
AmboyDirect - 5.25%, my post ($25 bonus)
Apple Bank - 5.25%, my post
OneUnited - 5.25% (min $10), my post
Security Savings Bank - 5.25% (min $100), very small bank with no online banking, see post
FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
BankUnited - 5.25% (min $5K), my post
Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
Heritage Bank Online - 5.20% (min $1K), my post
EmigrantDirect - 5.15%, my post, (rate history)
CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 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
UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Domestic Bank - 5.06% MMA (min $2.5K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
Tennessee Commerce Bank - 5.01% (min $10K), my post
Citibank - 5.00%, requires checking account, my post
Washington Mutual - 5.00% (requires checking), my post
GMAC Bank - 5.00% MMA (min $500), my post
Corus Bank - 4.93% MMA (min $10K to open)
CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
Self-Help Credit Union - 4.69% MMA (min $500), my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
MetLife Bank - 4.50% MMA (min $5K), my post ($50 bonus)
EverBank - 4.41% ($1.5K min), my post
ING Direct - 4.40%, my post ($25 bonus), (rate history)
Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
NetBank - 3.52% MMA ($500 min), requires checking, my post ($250 deal)
ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)

3-Month Certificates of Deposit:

EverBank - 6.01% ($1.5K min), checking account promo, see post
IndyMac Bank - 5.50% (min $5K), my post
UmbrellaBank.com - 5.36% (min $1K)
Imperial Capital - 5.35%, ($2K min), my post
Charles Schwab - 5.30% (min $1K), my post
UFB Direct - 5.30% (min $8K)
Countrywide - 5.30% (min $10K), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
VirtualBank - 5.13% (min $10K), my post
EverBank - 5.10% ($1.5K min)
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
ETrade Bank - 5.00% (min $1K), my post
GMAC Bank - 4.95% (min $500), my post
Corus Bank - 4.93% (min $10K)
Self-Help Credit Union - 4.75% (min $500), my post

6-Month Certificates of Deposit:

World Savings - 6.01% (7 month) (min $10K), branch-only, my post
NASA FCU - 6.00% (7 month) (min $5K), my post
Superior Savings - 5.60% (min $500)
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)
UmbrellaBank.com - 5.45% (min $1K)
IndyMac Bank - 5.45% (7 mo) (min $5K), my post
Imperial Capital - 5.40%, ($2K min), my post
Countrywide - 5.35% (min $10K), my post
ETrade Bank - 5.35% (min $1K), my post
EverBank - 5.30% ($1.5K min)
World Savings - 5.26% (5 months) (min $10K), new funds only, my post
UFB Direct - 5.25% (min $8K)
EmigrantDirect - 5.20% (min $1K)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
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 - 4.78% (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)
IndyMac Bank - 5.60% (min $5K), my post
AmTrustDirect - 5.58% (min $1K) my post
FirstFedDirect - 5.55% (min $10K), my post
UmbrellaBank.com - 5.50% (min $1K)
Imperial Capital - 5.40% ($2K min), my post
Countrywide - 5.40% (min $10K), my post
GMAC Bank - 5.30% (min $500), my post
EverBank - 5.30% ($1.5K min)
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
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:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
Melrose CU - 5.82% (min $5K) my post
World Savings - 5.76% 13-mo (min $10K), my post
Western Financial Bank - 5.65% ($100 min)
FirstFedDirect - 5.64%, (min $10K) my post
UmbrellaBank.com - 5.50% (min $1K)
GTE FCU - 5.64% (min $500) (add-on feature) my post
AmTrustDirect - 5.60% (min $1K) my post
Corus Bank - 5.60% (min $10K)
Imperial Capital - 5.45% ($2K min), my post
ETrade Bank - 5.40% (min $1K), my post
Digital CU - 5.50% (11 month) (min $1K), my post
BankUnited - 5.50% (min $5K), my post
IndyMac Bank - 5.40% (min $5K), my post
Countrywide - 5.40% (min $10K)
GMAC Bank - 5.35% (min $500), my post
NetBank - 5.35% (min $1K), my post ($100 bonus)
Mutual Bank - 5.35% (min $2.5K) my post
Transportation Alliance Bank - 5.34% ($1K min)
EverBank - 5.30% ($1.5K min)
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
UFB Direct - 5.25% (min $8K)
MetLife Bank - 5.25% ($1K min)
ING Direct - 5.10%, my post
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
Self-Help Credit Union - 5.04% (min $500), my post

16-Month Certificates of Deposit:

Digital CU - 6.00% 16-mo (min $500), my post
Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post

18-Month Certificates of Deposit:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
AmTrustDirect - 5.50% (min $1K) my post
Mutual Bank - 5.40% (min $5K) my post
CapitalOne/Costco - 5.35% (min $5K, Costco members only)
GMAC Bank - 5.30% (min $500)
Imperial Capital - 5.30% ($2K min), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
ETrade Bank - 5.25% (min $1K), my post
Countrywide - 5.20% (min $10K)

36-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Melrose CU - 5.72% (min $5K) my post
Fort Belvoir FCU - 5.64% (min $1K), my post
Mutual Bank - 5.60% (min $5K) my post
AmTrustDirect - 5.50% (min $1K) my post
Transportation Alliance Bank - 5.34% ($1K min)
GMAC Bank - 5.30% (min $500)
ETrade Bank - 5.25% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
Imperial Capital - 5.20% ($2K min), my post
Countrywide - 5.15% (min $10K)
Washington Mutual - 5.00% (min $1K)
Self-Help Credit Union - 4.89% (min $500), my post

48-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Melrose CU - 5.77% (min $5K) my post
Fort Belvoir FCU - 5.75% (min $1K), my post
Transportation Alliance Bank - 5.34% ($1K min)
USA FCU - 5.33% (min $1K) my post
GMAC Bank - 5.30% (min $500)
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
Countrywide - 5.15% (min $10K)
Washington Mutual - 5.05% (47 months) (min $1K)
Self-Help Credit Union - 4.90% (min $500), my post

60-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Members Credit Union - 6.00% (min $2K), my post
Fort Belvoir FCU - 5.90% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
Agriculture FCU - 5.65% (min $1K), my post
AmTrustDirect - 5.50% (min $1K) my post
GMAC Bank - 5.35% (min $500)
Transportation Alliance Bank - 5.34% ($1K min)
ETrade Bank - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
Imperial Capital - 5.15% ($2K min), my post
Countrywide - 5.15% (min $10K)
Self-Help Credit Union - 4.94% (min $500), my post

84-Month Certificate of Deposit:

CapitalOne/Costco - 5.46% (min $5K, Costco members only)
Pentagon Federal CU - 5.32% (min $1K), my post
EmigrantDirect - 5.20% (min $1K)
Countrywide - 5.15% (min $10K)

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

Money Magazine article on risk-free investments
Fidelity Money Market Fund - 5.01% 7-day yield ($100 bonus and other info)
Paypal Money Market Fund - 5.03% 7-day yield (1% cashback debit MasterCard)
FW Thread on Treasury Bills
I Bond Rate Starting May 2006, I Bond Article, I Bonds as CD Alternatives
SmartMoney Brokerage Survey

5.90% 5-Month CD at an Alabama CU (Legacy FCU)
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Legacy Community FCU is offering a 5.90% APY 5-month certificate of deposit. The minimum is $500. The rate is available for both a regular and IRA CD. A branch visit is required to open an account.

The field of membership includes anyone who lives, works, worships, or attends school in the 7-County Birmingham-Hoover Metro area. That includes the Central Alabama counties of Jefferson, Shelby, Blount, St. Clair, Walker, Chilton and Bibb. Membership requires a $25 deposit into a savings account.

The credit union is NCUA insured. It has $189 million in assets and 38,460 members.

Thanks to the reader who emailed me this special.

5.80% 10-Month CD at a California CU (Tech CU)
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Technology Credit Union (Tech CU) is offering a 5.80% APY 10-month certificate. The minimum deposit is $1K. The maximum limit is $500K per member. The offer is available for business and personal accounts. New money is required.

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

My last report on this credit union was back in July when it was offering a 5.75% 7-month CD. This credit union seems to have regular CD specials.

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

Thanks to the reader who emailed me this special.

6.25% 6-Month CD at a Montana CU (Missoula FCU).
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Missoula FCU is offering a 6.25% APY 6-month certificate of deposit. The minimum is $500. The offer is good from 9/25/06 to 9/29/06 only.

The field of membership includes anyone who lives or works in Lake, Missoula, or Ravalli counties of Montana. A $5 deposit into the savings account is required for membership.

The credit union has 6 branches located in Missoula, Montana which is near the Idaho border.

The credit union is NCUA insured. It has $220 million in assets and over 39,000 members.

6.00% 10-Month CD at a Colorado CU (BCS)
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BCS Community Credit Union has a 10-month certificate of deposit special with an APY of 6.00%. The minimum is $5K, and it requires new money. Dividends are paid quarterly. Offer expires 10/05/06.

In addition to this CD special, the credit union is still offering 6.00% CDs with terms of 36 and 60 months. I had first reported on these in May. The 36-month CD has a $25K minimum requirement and requires new money. The 60-month CD has a $500 minimum deposit. These are available for both regular and IRA accounts. The 60-month CD use to allow additional deposits during the term. I don't see any info on this now, so they may have ended this feature.

The credit union's field of membership includes those who live, work or worship within the City of Wheat Ridge, Colorado. Also it also includes employees of Burlington Northern Santa Fe, Union Pacific Railroad and Amtrak.

The credit union is NCUA insured. It's a small credit union with assets of $17 million and 2,600 members.

5.90% 11-Month CD at a California CU (American River HealthPro)
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American River HealthPro Credit Union is having a President's Special Certificate promotion. The CD special has a maximum APY of 5.90% for deposit between $50K and $100K. A 5.80% APY is available for deposits between $1K and $10K and 5.85% for deposits between $10K and $50K. 50% of the money must be new to the credit union.

The field of membership includes anyone who lives or works in Sacramento, Placer, El Dorado and Yolo counties.

Branches are located in the California cities of Rancho Cordova, Sacramento and Carmichael.

The credit union is NCUA insured. It has $225.5 million in assets and 22,678 members.

6.25% 60-Month CD at a Utah CU (Pacific Rails)
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Pacific Rails Credit Union has several high yield certificates that have additonal bonus rates for higher deposits. The standard rates have a $1K minimum and the rates range from 5.00% APY for a 6-month CD to a 5.75% APY for a 60-month CD. A 0.50% rate bonus is available for deposits of $95K. This results in a 6.25% APY 60-month CD and a 6.00% APY 30-month CD. Smaller rate bonuses are available for deposits between $25K and $75K.

The field of membership includes residents of Salt Lake County, Utah. Also members of a Catholic parish in Utah are also eligible. A $25 deposit into a regular share savings account is required for membership.

The main office is located in Salt Lake City, Utah.

The credit union is NCUA insured. It's a small credit union with $16 million in assets and 2,561 members.

6.24% 6-Month CD at an Ohio CU (Fremont)
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Fremont FCU is offering a 6.24% APY 6-month certificate of deposit as part of its 60th anniversary. The minimum is $1,000 with no maximum deposit limit. The 6.24% APY applies to Premier Club Members. You must be over 50 and have the Premier Checking. There's still a high rate of 6.14% APY for those not in the Premier Club.

The field of membership includes anyone who lives, works, worships or attends school in Sandusky County. The credit union has three branches in Fremont, Ohio which is about 20 miles southeast of Toledo.

The credit union is NCUA insured. It has $109 million in assets and 15,272 members. In addition to federal insurance through NCUA, the credit union also has private insurance through ESI which provides an additional $250K coverage per member.

6.00% 6-Month CD at a Florida Bank (United Heritage)
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United Heritage Bank is offering a 6.00% APY 6-month certificate of deposit. The minimum is $1K and the maximum balance is $99K. Applies to new deposits only. This is available only at the Sanford, Florida branch. Offer is available for consumer accounts opened through October 31, 2006. This special is not listed at the bank's website. It was advertised in yesterday's Orlando Sentinel.

United Heritage Bank has branches through out Central Florida. Pleae note, however, that this 6% special is only available at the Sanford branch which is about 20 miles north of Orlando.

The bank has been FDIC insured since 2001. Bankrate.com give the bank 4 out of 5 stars (sound).

5.85% 7-Month CD at an Illinois Bank (First Suburban)
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First Suburban National Bank is offering a special 5.85% APY 7-month certificate of deposit. The minimum is $1,000. Direct Deposit Checking is required. The APY is reduced to 5.40% without Direct Deposit Checking.

Branches are located in the Illinois cities of Broadview, Crestwood, Glendale Heights, Maywood and Chicago.

The bank has been FDIC insured since 1943.

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

6.14% 60-Month CD at an Ohio CU (Emery)
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Emery FCU is offering a 6.14% APY 60-month certificate. The minimum deposit is $500. There's also a decent 15-month CD special with a yield of 5.61%. It has a $1K minimum and requires new money. An additional 0.25% rate is available on fixed rate CDs for those 50 years of age and older. The credit union also has a 30-month variable CD with a current yield of 6.40% APY. This one isn't eligible for the extra 0.25%.

The field of membership is primarily based on Select Employee Groups. There is a long list of companies. It also states that if your company is not listed and you would like to join, you should contact the credit union. Perhaps there are some easy ways to qualify.

Branches are located in the Ohio cities of Cincinnati, Fairfield and Mason.

The credit union is NCUA insured. It has $92 million in assets and 12,578 members.

Thanks goes to Victor who mentioned these CDs in the finding deals post.

6.00% 18-Month CD at a North Carolina CU (Riegelwood)
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Riegelwood FCU is offering a 6.00% APY 18-month certificate of deposit. The minimum is $10K. The early withdrawal penalty is 90 days of interest.

The field of membership is primarily based on a few select employee groups. See site for details. The office is located in Riegelwood, North Carolina which is about 20 miles west of Wilmington.

The credit union is NCUA insured. It has $66 million in assets and almost 7,000 members.

Thanks goes to Victor who mentioned these CDs in the finding deals post.

7.00% 12-Month CD at a Pennsylvania CU - $2K Max (Erie FCU).
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Erie FCU is offering a 7.00% APY 12-month certificate of deposit as part of its 70th anniversary celebration. It has a minimum and maximum deposit of $2,000. Only one CD allowed per member. It's also available in IRA accounts. The offer ends on September 30, 2006 (pdf of promo).

The $2K max is low but at least it doesn't require a checking account. Also, it's not restricted to one per household, but one per member. So your spouse can open one also. Compared to a 5% savings account, two $2K CDs at 7% would earn about $80 more.

The field of membership includes those who live, work or attend school in Erie County, PA.

The credit union is NCUA insured. It has $229 million in assets and 30,000 members.

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

6.01% 7-Month Branch-Only CD Special at World Savings
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World Savings has come out with a new unadvertised branch-only CD special. A reader mentioned that he had received a mailer in the San Francisco area. I tried to confirm this at World's toll-free number, but the CSR stated that she wasn't aware of branch specials (a change from previous times). I then called a Florida branch, and the CSR was able to confirm that it was also available at their branch. I wasn't able to confirm all of the details. Here are the details provided by the reader. It seems consistent with their previous secret specials:

6.01% APY (5.84% interest rate)
7-month term
$10,000 minimum deposit
$100,000 maximum deposit
Requires money new to WS
Ends 10/21/06
in-branch only. Not listed nor available on the web

I've participated in a few of these previous CD promotions at my local branch and never had a problem receiving the special CD. However, I've read about people who had problems in receiving the special CD. Sometimes, the staff may not be aware with these promotions. I recommend to first call the branch and verify the promotion.

Since this CD special is branch-only, many may not be able to take advantage of it. World has branches in Arizona, California, Colorado, Florida, Kansas, Illinois, Nevada, New Jersey, New York and Texas.

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

For those not near a branch and are unable to participate, the highest yield available online at World Savings is a 5.76% APY 13-month CD. See post for more details.

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

6.53% 60-Month CD at an Ohio CU (Ohio HealthCare)
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Ohio HealthCare FCU has a new promotion in which they add 33 basis points to the interest rates of their share certificates in celebration of the credit union's 33rd birthday. I had reported on this credit union's 60-month CD in August. It had an interest rate of 6.00% and an APY of 6.18%. This rate is still valid, so with the bonus rate added on, the rate becomes 6.33% with an APY of 6.53%. The minimum deposit for this is $5,000. This is considered the Jumbo certificate which is way below the typical jumbo level at other places. Non-jumbo CDs have a minimum of $500 with yields about 0.15% less. IRA Share certificates have the same yields as the Jumbo certificates with only a $250 minimum.

For those lucky enough to already be a member of this credit union, you can get an additional bonus of up to 0.15% based on the number of years of membership.

Unfortunately, the field of membership is narrow. It's primarily employee based with eligible groups related to Ohio health care. It also includes volunteers of those health care groups.

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.

Thanks to Gary who mentioned this special.

5.70% 7-Month CD at a California CU (Water and Power)
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Water and Power Community Credit Union is offering a 5.70% APY 7-month share certificate. The minimum deposit is $1,000. New money is required. The offer ends on October 31, 2006. The special is listed on credit union's home page and was advertised in today's LA Daily News.

The field of membership includes those who live, work, attend school or worship in many communities within the greater Los Angeles area, San Fernando Valley and portions of the San Gabriel Valley. Relatives of the above also are eligible along with a long list of Select Employee Groups.

Branches are located in Los Angeles, Sun Valley, Westchester, Montebello, and Granada Hills.

The credit union is NCUA insured. It has $419 million in assets and almost 52,000 members.

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

5.50% 3-Month CD at IndymacBank
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Indymac Bank is offering a 5.50% APY 3-month internet certificate of deposit. It also has a competitive 9-month CD with an APY of 5.60%. The minimum is $5K.

Indymac has been offering good deals on its short-term CDs for a while. Their best deals use to be their 7-month CDs which often had rates higher than the 1-year CD.

The early withdrawal penalty for the CDs of terms under a year is 1 month of interest. The CD will automatically renew for the same term. They have a 7-day grace period in which you can withdraw the funds after maturity without penalty. Refer to my previous post for more info on Indymac and their CDs.

I've noticed some problems in the last two days with Indymac's website. If the Indymac link doesn't work, please try again later.

7.00% 7-Month CD at a San Diego CU - $2.5K Max.
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San Diego County Credit Union is having a special this week for its members. They're offering a 7.00% APY 7-month certificate. The deposit must be $2,500. Only one CD per household. This is only available through September 23, 2006.

The 7% gives you about 1.5% over a market leading short-term CD. With a $2.5K deposit for 7-months, you'll get an extra $22. It's not a lot, but at least this does not require a checking account.

The field of membership includes all who live or work in San Diego or Riverside Counties. The credit union has 23 branches in Southern California.

The credit union is NCUA insured. It's a large credit union with $3.3 billion in assets and over 174K members.

7.00% 45-Day CD at a Louisiana Bank (CPB)
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Central Progressive Bank is offering a 7.00% APY 45-day certificate of deposit. The minimum is $500 and there doesn't seem to be a maximum. It requires money new to the bank.

You won't earn a lot on this short term over a high yield savings account. For a $50K deposit, you'll earn about $114 more than would you would earn at EmigrantDirect. But at least there doesn't seem to be any hoops to jump through like checking accounts or direct deposit.

It appears that you must visit a branch to open this CD. They bank has branches in several cities of eastern Louisiana.

The bank has been FDIC insured since 1967. Bankrate.com give the bank 4 out of 5 stars (sound).

Credit for this find goes to eMoneyCentral.

Amboy Direct Premium Online Savings Account Bonus Update
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I received several emails today from those interested in Amboy Direct's $25 referral bonus for the Premium Savings Account but were concerned about the $3,000 balance requirement. It wasn't clear if it requires a $3,000 initial deposit or if the $3,000 could be transfered later after the account is opened. So I emailed Amboy Direct today and asked about this. Here's the reply I received:

Your friend may open the account with as little as $1.00. He can then transfer additional funds into the account to maintain the minimum balance of $3,000.00 to earn the $25.00 bonus. The bonus is payable after he meets the minimum for three months.

So if you don't have $3K yet to make an initial deposit, that's no problem. You can transfer more later to reach the $3K balance requirement. It'll just take you longer to get the $25 bonus.

It's hard to say if Amboy will maintain the top rates. Currently, the rate is 5.25% APY. Their history only goes back to April. So far they've been very competitive. The account does have some downsides such as it only can be linked to one external account. But the account does have many nice features so it might be a savings account that you'll want to keep for the long term. For more info on Amboy Direct and this bonus, please review my previous post. If you want the bonus, please email me your first and last name to bankdeals@gmail.com. Be sure to specify a request for Amboy.

It's always a good idea to check these online banks for yourself. I've forgotten to give my usual FDIC/Bankrate research on Amboy in previous posts. So here's the info:

Amboy Direct is a division of Amboy National Bank. Amboy National Bank has been FDIC insured since 1934. Note that the URL at the FDIC page only has the URL for Amboy National Bank (AmboyBank.com) and not AmboyDirect.com. However, AmboyBank.com has a link to AmboyDirect.com (left menu) so you can prove it's legitimate. Bankrate.com gives Amboy 4 out of 5 stars (sound).

Rate Drop on World Savings' Internet CD Special
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World Savings came out with a new internet CD special. It's a 5.76% APY 13-month certificate of deposit. The minimum is $10K and the maximum is $100K. New funds are required. This seems to replace the 6.01% 15-month CD that came out on August 31st. The 6.01% CD didn't last long.

This internet CD must be opened online, and it's not available at the branches. It must be funded by check. You can either mail the check or deposit it at a branch.

World still has some decent branch CD specials with rates that range from 5.56% to 5.66% APY for an 8-month term. The rates vary by state.

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).

5.75% 6-Month CD at a Phoenix Bank (Copper Star).
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Copper Star Bank is advertising a 5.75% APY 6-month certificate of deposit. The minimum is $10K. It has an add-on feature that allows additional deposits during the term of at least $1K. The bank is also advertising a 5.25% APY Classic Savings Account with a $25K minimum. These were advertised in yesterday's Arizona Republic. They are not listed at the bank's website.

Branches are located in Phoenix and Scottsdale.

The bank has been FDIC insured since May of 2000.

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

[Edit 9/24/06: See new post for a new 5.80% 6-month CD and 5.30% savings account]

6.00% 12-Month CD at a Minnesota CU (TFCU)
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Teacher FCU is offering a 6.00% APY 12-month certificate. The minimum is $500 and the maximum deposit is $100K. A checking account with direct deposit is required. Without checking and direct deposit, the APY is 5.50%.

The field of membership includes anyone who lives, works, worships or attends school in Minneapolis or St. Paul or are related to someone who does.

Branches are located in the Minnesota cities of Apple Valley, Golden Valley, Maple Grove, Renville, Roseville and St. Cloud.

The credit union is NCUA insured. It has $499 million in assets and 50,577 members.

6.17% 19-Month CD at an Indiana CU (Steel Parts)
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Steel Parts FCU is offering a special 6.17% APY 19-month share certificate. The minimum deposit is $500.

The field of membership includes anyone who lives, works, worships or attends school in the Indiana counties of Tipton or Clinton.

Branches are located in Tipton, Elwood and Frankfort, Indiana. These cities are about 30 miles north of Indianapolis.

The credit union is NCUA insured. It has $66.5 million in assets and over 13K members.

6.50% 60-Month / 6.25% 33-Month CD at a Michigan CU (Metro)
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Metro Credit Union is offering four special certificates. These include a 6.50% APY 60-month CD, a 6.25% 33-month CD, a 6.00% APY 22-month CD and a 5.75% APY 11-month CD. All have a minimum deposit of $500. Money must be new to the credit union.

The field of membership includes those associated with many schools and select employer groups in the area of Warren, Michigan. Also, anyone over the age of 55 who lives in Macomb County or neighboring counties and receive retirement benefits is eligible. There's a one-time $5 membership fee to join.

Branches are located in Warren and Sterling Heights, Michigan which are just north of Detroit.

The credit union is NCUA insured. It has $180 million in assets and over 26,000 members.

5.75% 8-Month CD at a California CU (OCTFCU)
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OCTFCU is offering a promotional 5.75% APY 8-month share certificate. The minimum deposit is $500. The CD allows a one-time additional deposit up to the initial opening balance. The additional deposit will not affect the rate or maturity date. This special is very similar to what they offered in July but with a longer term.

OCTFCU also has competitive rates on its standard CDs. For a $50K minimum, rates range from 5.05% APY for a 3-month CD to 5.75% APY for a 60-month CD. Other rates are available for smaller and larger minimum deposits.

The field of membership is primarily employer based. Eligible employers include most schools in Southern California. See website for further details. There is a $15 one-time membership fee which seems expensive since it can be done online.

Branches are located throughout Southern California including the cities of Ahaheim, Irvine, Cerritos, Fullerton, Cypress and Santa Ana.

OCTFCU is NCUA insured. It's a large credit union with over $6.5 billion in assets and almost 342K members.

$77 Checking Account Bonus at TCF Bank
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TCF Bank is offering a $77 Visa gift card when you open a new TCF checking account with direct deposit. Accounts must be opened by September 29, 2006 and direct deposit must post by December 15, 2006. Minimum opening deposit of $25 is required for personal accounts and $100 for small business accounts. This bonus is not listed at TCF Bank's website. It was advertised in today's edition of The Denver Post. It is available online here.

TCF Bank has a Totally Free Checking Account with no minimum balance requirements or monthly service charges.

The bank has branches in Colorado, Illinois, Indiana, Michigan, Minnesota and Wisconsin.

I'm not sure if they do a hard credit pull when you open the account. Refer to this FW hard pull thread.

You may be able to use ACH transfers in place of direct deposit. Refer to this FW ACH/direct deposit thread.

Joining Penfed and Purchasing a Money Market Certificate
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This week I went through the process of becoming a member at Pentagon Federal Credit Union (Penfed) and purchasing a 3-year 6% APY Money Market Certificate. I wouldn't suggest putting all of your money into a long-term CD, but with long-term rates falling over the last couple of months, locking some of your money into a 6% CD is something to consider. These 6% Penfed CDs are guaranteed to last through September 27th. After that, it's hard to say if they'll continue. I thought it would be useful to describe the application process. One thing that's nice with Penfed is that the membership application and purchasing a CD can all be done online. The process went smoothly for me.

Penfed Online Membership Application

If you are not eligible to join through various military affiliations, you can become eligible by joining the NMFA association with a one-time fee of $20. Joining NMFA and Penfed can be done at the same time all online.

You might want to first see if you are eligible without NMFA membership by starting here.

If you're not already eligible, you'll end up at this page where you can join both the NMFA and Penfed online at the same time.

After agreeing to the terms, it takes you to the funding page. Unfortunately, you can only fund the NMFA membership and a Penfed savings account with a credit card. They make it clear that the funding of the savings account will be considered a cash advance. However, you only have to fund it with $5, so it shouldn't be much of a cash advance fee.

You then select your PIN number. They give you the membership number.

Once the application is complete, it informs you that they'll be mailing the account opening materials to your home address. It took 3 days for it to reach my home. It contains a signature card for you to sign and a postage-paid envelope.

Even though the application states that your share account will not be valid until they receive your signed form, you can immediately access your account with the PIN you just selected and the membership number they provided.

Purchasing a CD Online

Once you log in, you can select the option from the main menu to open an account. From here you can purchase a CD (what Penfed calls a Money Market Certificate).

Some of the options provided by the online CD application include:

Beneficiaries for a POD account.
One of three interest payment options. These options include adding it back to the principal, depositing into your Penfed account or sending you a check.
One of three payment options at maturity. You can have it automatically renew, have it transfered to your Penfed account or request a check be sent to you.
One of two ways to fund the CD online: ACH transfer from another financial institution or by credit card

The ACH transfer option allows you to choose your checking or savings account of another financial institution. You have to enter the bank's routing number and your account number of that bank. The other option is to use a credit card. Both funding options have a limit of $10K. I was told that this can be extended if you call. I'm not sure about these details.

I definitely didn't want to be hit with a cash advance fee on a large amount, so I chose the ACH transfer option and used a high yield savings account as the source. This way the money will continue to earn a high rate of interest until it's debited.

At the end of the application, it states that the certificate agreement will be mailed within 5-7 business days.

In addition to purchasing the CD online, you can fill out the application and mail it in along with your check. You can also purchase it over the phone. Refer to Penfed's Money Market Certificates page for more details and refer to my previous post for more general information on Penfed and these CDs.

Bank Deal Summary for September 16, 2006
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The 5.25% savings account club expanded this week. I now list 9 savings accounts with an APY of 5.25% or higher. The new ones this week include Amboy Direct, Apple Bank and UFB Direct. Amboy and Apple raised their rates from 5.15% to 5.25% APY. UFB Direct raised its rate from 5.20% to 5.27% APY. All three of these have no minimum balance requirements. Amboy Direct even has a $25 refer-a-friend bonus.

Next Wednesday the Fed will meet, and the consensus is that they'll hold steady again on rates. Many expect the Fed will likely hold the target federal funds rate at 5.25% for the rest of the year. Then in 2007, some are predicting the Fed will start cutting the funds rate. It all depends on how much the housing market and the economy slow down and inflation remains in check (see CNN article).

If the Fed continues to pause, we may not see any higher rates on savings accounts. The 5.25% APY may be about the peak. For CDs, we may already be past the peak. The trend of falling CD rates continued this week at several banks. CD rates declined at GMAC Bank, UmbrellaBank, FirstFedDirect, Everbank, Imperial Capital, Etrade and IndyMac Bank. Most of the declines continued to be in terms of one year and longer, however, there were a few 3-month to 9-month rate declines.

You still have a chance to lock in some high rates. Several banks and credit unions continue to offer 6% CDs. These include World Savings' 6.01% APY 15-month CD (see post), Patelco Credit Union's 6% 12-to-23-month CD (see post) and Pentagon FCU's 6% 3-to-5 year CD (see post). And for those who want a six percent short term CD, Everbank's 3-month 6.01% checking account promo continues (see post). If you want a term between 3 months and 12 months, a new CD came out this week at NASA FCU. It's offering a special 6% APY 7-month CD. NASA FCU is another credit union that anyone can join via an association membership (see post).

There weren't any great local CD specials this week, but a few from the week before are still available. For a complete list of these recent local CD deals, refer to my local CD list below.

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Sept 9th, Sept 2nd, Aug 26th, Aug 19th, Aug 12th and Aug 5th.

As of September 16, 2006

Savings Accounts/Money Market Accounts:

UFB Direct - 5.27%, my post
AmTrustDirect - 5.26% ($1K min), my post
AmboyDirect - 5.25%, my post ($25 bonus)
Apple Bank - 5.25%, my post
OneUnited - 5.25% (min $10), my post
Security Savings Bank - 5.25% (min $100), very small bank with no online banking, see post
FirstFedDirect - 5.25% (min $1K) (closed to CA residents), my post
BankUnited - 5.25% (min $5K), my post
Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
Heritage Bank Online - 5.20% (min $1K), my post
EmigrantDirect - 5.15%, my post, (rate history)
CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 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
UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
MyBankingDirect - 5.10% MMA (min $5K), my post
Mutual Bank - 5.10% MMA (min $5K), my post
Domestic Bank - 5.06% MMA (min $2.5K), my post
HSBC Direct - 5.05%, offers checking, (rate history), my post
Tennessee Commerce Bank - 5.03% (min $10K), my post
Citibank - 5.00%, requires checking account, my post
Washington Mutual - 5.00% (requires checking), my post
GMAC Bank - 5.00% MMA (min $500), my post
Corus Bank - 4.93% MMA (min $10K to open)
CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
Self-Help Credit Union - 4.69% MMA (min $500), my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
MetLife Bank - 4.50% MMA (min $5K), my post ($50 bonus)
EverBank - 4.41% ($1.5K min), my post
ING Direct - 4.40%, my post ($25 bonus), (rate history)
Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
NetBank - 3.52% MMA ($500 min), requires checking, my post ($250 deal)
ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)

3-Month Certificates of Deposit:

EverBank - 6.01% ($1.5K min), checking account promo, see post
IndyMac Bank - 5.40% (min $5K), my post
Countrywide - 5.37% (min $10K), my post
UmbrellaBank.com - 5.36% (min $1K)
Imperial Capital - 5.35%, ($2K min), my post
UFB Direct - 5.30% (min $8K)
Charles Schwab - 5.30% (min $1K), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
VirtualBank - 5.13% (min $10K), my post
EverBank - 5.10% ($1.5K min)
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
ETrade Bank - 5.00% (min $1K), my post
GMAC Bank - 4.95% (min $500), my post
Corus Bank - 4.93% (min $10K)
Self-Help Credit Union - 4.75% (min $500), my post

6-Month Certificates of Deposit:

NASA FCU - 6.00% (7 month) (min $5K), my post
Superior Savings - 5.60% (min $500)
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)
UmbrellaBank.com - 5.45% (min $1K)
IndyMac Bank - 5.45% (7 mo) (min $5K), my post
Imperial Capital - 5.40%, ($2K min), my post
Countrywide - 5.40% (min $10K), my post
ETrade Bank - 5.35% (min $1K), my post
EverBank - 5.30% ($1.5K min)
World Savings - 5.26% (5 months) (min $10K), new funds only, my post
UFB Direct - 5.25% (min $8K)
EmigrantDirect - 5.20% (min $1K)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
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 - 4.80% (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)
AmTrustDirect - 5.58% (min $1K) my post
FirstFedDirect - 5.55% (min $10K), my post
UmbrellaBank.com - 5.50% (min $1K)
Imperial Capital - 5.40% ($2K min), my post
Countrywide - 5.40% (min $10K), my post
GMAC Bank - 5.30% (min $500), my post
EverBank - 5.30% ($1.5K min)
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
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:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
Melrose CU - 5.82% (min $5K) my post
Western Financial Bank - 5.65% ($100 min)
FirstFedDirect - 5.64%, (min $10K) my post
UmbrellaBank.com - 5.50% (min $1K)
GTE FCU - 5.64% (min $500) (add-on feature) my post
AmTrustDirect - 5.60% (min $1K) my post
Corus Bank - 5.60% (min $10K)
Imperial Capital - 5.45% ($2K min), my post
ETrade Bank - 5.50% (min $1K), my post
Digital CU - 5.50% (11 month) (min $1K), my post
BankUnited - 5.50% (min $5K), my post
IndyMac Bank - 5.40% (min $5K), my post
Countrywide - 5.40% (min $10K)
GMAC Bank - 5.35% (min $500), my post
NetBank - 5.35% (min $1K), my post ($100 bonus)
Mutual Bank - 5.35% (min $2.5K) my post
Transportation Alliance Bank - 5.34% ($1K min)
EverBank - 5.30% ($1.5K min)
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
UFB Direct - 5.25% (min $8K)
MetLife Bank - 5.25% ($1K min)
ING Direct - 5.20%, my post
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
Self-Help Credit Union - 5.05% (min $500), my post

15/16-Month Certificates of Deposit:

World Savings - 6.01% 15-mo (min $10K), my post
Digital CU - 6.00% 16-mo (min $500), my post
Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post

18-Month Certificates of Deposit:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
AmTrustDirect - 5.50% (min $1K) my post
Mutual Bank - 5.40% (min $5K) my post
CapitalOne/Costco - 5.35% (min $5K, Costco members only)
GMAC Bank - 5.30% (min $500)
Imperial Capital - 5.30% ($2K min), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
ETrade Bank - 5.25% (min $1K), my post
Countrywide - 5.20% (min $10K)

36-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Melrose CU - 5.72% (min $5K) my post
Fort Belvoir FCU - 5.64% (min $1K), my post
Mutual Bank - 5.60% (min $5K) my post
AmTrustDirect - 5.50% (min $1K) my post
Transportation Alliance Bank - 5.34% ($1K min)
GMAC Bank - 5.30% (min $500)
ETrade Bank - 5.25% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
Imperial Capital - 5.20% ($2K min), my post
Countrywide - 5.15% (min $10K)
Washington Mutual - 5.05% (min $1K)
Self-Help Credit Union - 5.05% (min $500), my post

48-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Melrose CU - 5.77% (min $5K) my post
Fort Belvoir FCU - 5.75% (min $1K), my post
Transportation Alliance Bank - 5.34% ($1K min)
USA FCU - 5.33% (min $1K) my post
GMAC Bank - 5.30% (min $500)
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
Countrywide - 5.15% (min $10K)
Self-Help Credit Union - 5.06% (min $500), my post
Washington Mutual - 5.05% (47 months) (min $1K)

60-Month Certificate of Deposit:

Members Credit Union - 6.17% (min $2K), my post
Pentagon Federal CU - 6.00% (min $1K), my post
Fort Belvoir FCU - 5.90% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
Agriculture FCU - 5.65% (min $1K), my post
AmTrustDirect - 5.50% (min $1K) my post
GMAC Bank - 5.35% (min $500)
Transportation Alliance Bank - 5.34% ($1K min)
ETrade Bank - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
Imperial Capital - 5.15% ($2K min), my post
Countrywide - 5.15% (min $10K)
Self-Help Credit Union - 5.08% (min $500), my post

84-Month Certificate of Deposit:

CapitalOne/Costco - 5.46% (min $5K, Costco members only)
Pentagon Federal CU - 5.32% (min $1K), my post
EmigrantDirect - 5.20% (min $1K)
Countrywide - 5.15% (min $10K)

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

Money Magazine article on risk-free investments
Fidelity Money Market Fund - 5.00% 7-day yield ($100 bonus and other info)
Paypal Money Market Fund - 5.02% 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

7.00% 7-Month CD at a California CU - $2.5K Max (USE)
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USE Credit Union is having a 70th anniversary promotion with a special a 7.00% APY 7-month certificate of deposit. It requires an exact deposit of $2,500. The money must be new to the credit union. A $100 minimum deposit in a USE Checking Account and a separate $5.00 Ownership Share Account (money held on deposit) are also required. Due to the low maximum, it's not a great deal. The credit union also has a 5.75% APY 18-month CD. I had reported on both of these deals in June. At that time the 18-month CD had an APY of 6%. This 5.75% CD has a minimum deposit of $5K. It has the same new-money and checking account requirement as the 7% CD. It also states that it "may not be combined with other offers." One nice feature about the 5.75% CD is that you are allowed additional deposits of $1,000 or greater before maturity. This can be a useful hedge against falling interest rates.

The field of membership includes all those who live, work or worship in any of the California counties of Alameda, Sacramento, San Diego, Santa Clara or Yolo. In addition there's a long list of eligible employers and organizations. Members of the KPBS, Public Broadcasting Station, San Diego, CA are also eligible to join. Basic membership is available for $45.

Membership and account applications can be done online. There's a $10 membership fee and a $5 deposit is required in a no-interest, no-fee account.

Branches are located in California cities of San Diego, La Jolla, La Mesa, Chula Vista, San Jose, Davis, Berkeley, Oakland and Sacramento.

USE Credit Union is NCUA insured. It has $792 million in assets and 73K members.

Thanks to the reader who emailed me info on this promotion.

6.00% 7-Month CD at a Credit Union Open to All (NASA FCU).
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NASA Federal Credit Union is offering a special 6.00% APY 7-month certificate. The minimum deposit is $5K and the money must be new to the credit union. The offer ends on 9/30/2006.

The credit union also just started offering a new program for its Visa Check Card that pays 5 cents per signature transaction or 2 cents per PIN transaction. The reward is capped at $250/year and will disburse automatically at the end of each year. This seems better than WAMU's debit card program.

In addition to many select employee groups, the credit union's field of membership includes several associations in which anyone can join. The National Space Society is one. The general membership cost is $20. Membership application for the credit union can be done online or can be printed and mailed. A $5 minimum deposit to your savings account is required for membership.

Branches are located in Maryland, Washington DC and Virginia.

The credit union is NCUA insured. It has $763 million in assets and over 65K members.

Credit for this find goes to the FW CD thread.

UmbrellaBank Raises Tiered Rates on Money Market Account
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UmbrellaBank created new rate tiers on its Pot O'Gold Money Market Account. Balances from $5K to $25K now earn 5.15% APY (up from 5.10% APY). The rates on higher balances also increased by about 5 basis points. The current rate is 5.20% APY for balances between $25K and $50K, and 5.25% APY for balances over $50K. The APY for balances between $1K and $5K remains at 5.10%. Balances below $1K only earn 0.60% APY and a $10 monthly fee is charged.

Unlike Amboy Direct or EmigrantDirect, UmbrellaBank's money market account offers limited check writing (first order of checks are free). For a check writing account, UmbrellaBank's money market account is one of best in terms of high rates and reasonably low minimums. The others to consider are GMAC Bank with a current APY of 5% and a $500 min or CapitalOne with a current APY of 4.80% and a $100 min. GMAC Bank has the advantage of an easy ACH bank-to-bank transfer system. UmbrellaBank still lacks this feature.

The trend of falling long term CD rates continues. UmbrellaBank's CD rates with terms over 3 months fell by 10 to 20 basis points. Below shows how the rates have changed:


Term    Old APY   New APY    Increase
3 Month   5.35%     5.36%    +0.01
6 Month   5.57%     5.45%    -0.12
9 Month   5.60%     5.50%    -0.10
1 Year    5.67%     5.50%    -0.17
1.5 Year  5.50%     5.35%    -0.15
2 Year    5.45%     5.30%    -0.15
2.5 Year  5.45%     5.25%    -0.20
3 Year    5.45%     5.25%    -0.20
4 Year    5.45%     5.25%    -0.20
5 Year    5.45%     5.25%    -0.20

UmbrellaBank had done a good job at resisting lower CD rates. The old rates had held up for over two months since July 11th.

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

Thanks to the commenter who mentioned the new rates in the finding deals post.

6.00% 13-Month CD at an Oregon CU (Unitus)
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Unitus Community Credit Union is offering a 6.00% APY 13-month special certificate. The minimum is $500. Additional deposits of $100 or more are allowed during the term. The 6.00% APY requires a checking account, debit card and verified receipt of direct deposit ($250 minimum). Without direct deposit, the avialable APY is 5.75%. Without the checking acocunt the APY is 5.50%.

The field of membership includes those who live or work in the Oregon counties of Multnomah, Washington, Clackamas, Marion, Polk or Yamhill. A $5 deposit into a prime share savings account is required for membership.

Branches are located in Portland, Salem, Clackamas and Beaverton.

The credit union is NCUA insured. It has $640 million in assets and almost 57,000 members.

6.00% 9-Month / 6.00% 18-Month CD at a California CU (Valley First)
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Valley First Credit Union is offering special certificates with rates as high as 6.00% APY. You can choose any term from 9 months to 18 months. There are 5 rate tiers. The highest is 6.00% APY with a $50K mininum deposit. The others include 5.90% APY with a $40K min, 5.80% $30Kmin, 5.70% $20K min and a 5.60% $10K min.

The field of membership includes those who live, work, worship or attend school in the California counties of San Joaquin or Stanislaus. Also, you can be eligible to join through Select Employer Groups located in San Joaquin, Stanislaus and Fresno County. Membership requires a $25 deposit into your savings account and a $1 one-time membership fee. Branches are located in Modesto, Oakdale, Turlock and Fresno.

The credit union is NCUA insured. It has almost $263 million in assets and 45.4K members.

Apple Bank's Grand Yield Direct Savings Account Now 5.25%
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Update 4/19/09: The current rate is 2.05% APY. There's now a minimum initial deposit of $2,500, but no minimum balance requirements after it's opened.

Apple Bank for Savings' new online savings account called the Grand Yield Direct Savings Account had a rate increase today to 5.25% APY (from 5.15%). Apple Bank just started this online savings account in July. It follows the typical online savings account model with only $1 minimum and online linking to an external account for ACH transfers.

Now with UFB Direct, Amboy Direct and now Apple Bank all offering 5.25% APY or higher, will HSBC or EmigrantDirect respond? If the Fed continues its interest rates pause next week, there may not be much movement. With a rate within 0.10% or 0.20%, those banks may feel they're close enough so most customers won't feel it's worth it to move their money.

Below are some details about this Grand Yield Direct Savings Account:

From the learn more page and the FAQ page:

The minimum balance is $1 with the full interest paid on all balances
There are no monthly service charges
Money is available through links with external accounts. They also have a deposit-by-mail feature.
Initial deposit can be done by ACH or by mailing a check
Statements are mailed monthly if there is account activity and quarterly if no activity.
Joint accounts can be set up
Interest is compounded daily and credited to your account each month.

According to the bank's customer service representative:

There's no hard credit pull, only ChexSystem is used (he didn't sound too sure).
There's no sign-up bonus
There's no fees for standard outgoing ACH transfers. Next-day transfers have a $10 fee
ATM cards and checks are not available.

A reader reported the following during his signup process:

Took 3 days for the initial deposit to be debited by ACH from his external checking account.
A temporary password is sent by snail mail before you can log in. This took 9 days after the money was debited from the checking account.
Once the letter arrives, you can sign up for online banking and access your account.
Another day is required before external transfers are available.
External transfers are handled by CashEdge with no apparent limits on the number of external accounts.
The trial deposit method is used to verify the external links
The tool-free number for customer service is 800-588-5871.

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

[Update 4/6/07: The Grand Yield Direct Account now requires a $2,500 minimum initial deposit. However, after the initial deposit, there are no minimums to earn the maximum interest or to avoid monthly fees.]

Labels: banks, Grand Yield Direct, savings accounts

5.80% 24-Month / 5.60% 6-Month CD at a Texas CU (Resource One)
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Resource One Credit Union is offering high rates on several terms of its BumpUP and JumpUP certificates of deposit. These include a 5.60% APY 6-month CD, a 5.80% APY 24-month CD and a 5.85% APY 60-month CD. Several other terms are available. The minimum deposit is $1K. At least half of the money to fund the CD must be new money. The JumpUp CDs offer an additional 0.10% interest rate but require $90K minimum deposit.

The BumpUP CD allows for a one-time bump-up in the rate during the certificate term. The JumpUP CD has two opportunities to jump up. These features are often not useful with these special CDs since it's easy for the institution to offer other special CDs rather than these same CDs at higher rates. Nevertheless, these CD rates are very competitive regarless of this bump-up feature.

Resource One's field of membership includes those who live or work in Dallas or Northwest Harris (Houston) counties. There are also Select Employee Groups through which you can be eligible. See site for details. Membership application is available online. A minimum deposit of $25 into the share savings account is required for membership.

The credit union has branches in the Texas cities of Dallas, Garland, Grand Prairie, Irving, Mesquite and Houston.

Resource One is NCUA insured. It has $238 million in assets and almost 43,000 members.

10% 12-Month CD at a New York CU - $2K Max (Palisades)
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Palisades Federal Credit Union has several certificate specials. The first is a 10% APY 12-month term certificate. The minimum is $500 and the maximum deposit is $2K. There are several hoops required to jump through related to a checking account and direct deposit. The $2K at 10% for 1 year will result in about $90 over what you would earn in a typical high yield CD. Below are the details from the promotional page:

You must open a new PFCU checking account with new direct deposit equal to or greater than 50% of your paycheck into the new checking account at the time the term certificate is opened. Your direct deposit must commence within 60 days of term certificate opening or term certificate will revert to a simple savings account at the current savings account annual percentage rate and yield. You must also buy first order of checks at the time of account opening. This offer is also open to any PFCU member referring a new or existing member who opens a new PFCU checking account with new direct deposit into it as stated previously. Dividends payable at maturity. Early withdrawal is a refund of only the opening balance.

The credit union also has additional 6-percent CD promotions. One is a 6.25% APY 11-month term certificate. This has a minimum deposit of $50K and also requires checking with direct deposit. The APY for a smaller minimum of $500 is 6.00%. The APY without the checking and direct deposit is 5.50%.

Another CD special is a 6.00% APY 24-month term certificate. Just like the previous special, this requires a $50K minimum along with checking and direct deposit, and lower rates are available for smaller deposits and with no checking/direct deposit requirement.

The field of membership includes anyone who lives, works, worships or attends school in Rockland County, New York. A $5 deposit into a savings account is required for membership.

It has one public branch located in Pearl River, New York which is just north of New Jersey near the Hudson River.

The credit union is NCUA insured. It has $130 million in assets and 8,468 members.

Amboy Direct Raises Premium Savings Account Rate to 5.25%
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Amboy Direct just raised the rate on its no-minimum Premium Online Savings Account from 5.15% to 5.25% APY. Amboy has a history of keeping the rates on this account competitive since it started back in April.

This account has several nice features including: can be set up entirely online, no hard credit pull in the application and a $25 refer-a-friend bonus. The main downside is that you can only link one external account, and they don't allow you to make debits from links created at external accounts. Refer to this post for more info on this account.

I now have an account and can send you a referral (email me at bankdeals@gmail.com with your first and last name). Be sure to include a request for Amboy. The big downside of this refer-a-friend bonus is that it requires a $3,000 balance for 90 days. After this bonus period ends, you will receive $25 and the client who made the referral will receive $10. If this account didn't have a top rate, this bonus might not be worthwhile. For more info on Amboy's refer-a-friend bonus, please see this post

UFB Direct: the Top Low-Min Savings Account at 5.27%
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UFB Direct raised the rate on its High Yield Money Market Savings account from 5.20% to 5.27% APY. It's now the highest rate no-minimum online savings account. Security Savings Bank had been the leader with its 5.40% APY $100-minimum savings account (see post), but yesterday, the bank dropped the rate from 5.40% to 5.25% APY.

It has been almost one month since UFB Direct made the big jump in the rate of this savings account. For much of this year the rate had remained around 4.50% APY. Currently, the rate is 27 basis points higher than the Jumbo Money Market Account rate. So this seems like a temporary promotion, but with no minimums, there's not much of a risk. You can always transfer your money if the rate falls.

According to several customers, the bank does do a hard credit pull. I had reported no hard pull based on info I received from the bank's customer service rep who indicated that UFB only runs a soft credit pull with Equifax, not a hard credit pull. As one of the commenters stated, CSRs are often wrong about this.

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

Not all deposit rates went up at UFB Direct. Long termn CD rates went down again. The rates on all terms over 1 year decreased from 5.20% to 5.15% APY. So the yield curve continues to get more inverted.

[Edit on 9/16/06: Updated info on hard pull]

6.16% 60-Month CD at a South Carolina CU - IRA $50K+ (SAFE FCU)
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SAFE Federal Credit Union is offering high rates on its 60 month ceritificates for both regular and IRA accounts. The IRA CD with a minimum $50K deposit has an APY of 6.16%. The regular CD equivalent has an APY of 5.92%. There are also a $1K and $100K rate tier:


                  $1K min $50K min  $100K min
IRA 60-month CD   5.90%      6.16%       6.27%
regular 60-mo CD  5.65%      5.92%       6.02%

The credit union has had high CD yields since I first posted on it last February.

The field of membership includes those who live in the following South Carolina counties: Lee, Clarendon, Sumter, Kershaw, Florence, Richland and Lexington. There's also over 500 Select Employer Groups. Contact the credit union for details about other ways to qualify.

The credit union has branches in the South Carolina cities of Sumter, Bishopville, Camden, Columbia, Florence and Lexington.

SAFE Federal Credit Union is NCUA insured. It has assets over $477 million and has over 99,000 members.

5.98% 30-Month CD at a Virginia Bank (Farmers)
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Farmers Bank is offering a 5.98% APY 30-month special certificate of deposit. The minimum is $5K. The bank also has a competitive rate on its standard 60-month CD of 5.88% APY which has a $1K minimum.

Branches are located in Windsor, Smithfield, and Suffolk, Virginia. According to the bank representative, they do not offer products to people out of state.

The bank has been FDIC insured since 1934. Bankrate.com gives the bank a financial rating of 4 out of 5 stars (sound).

8.00% 7-Month CD at a Michigan CU - $2.5K Max (Consumers).
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Consumers Credit Union is offering a special 7-month certificate with an APY of 8.00% for deposits between $500 and $2.5K. An APY of 6.00% is available for deposits between $2.5K and $10K, and an APY of 5.75% is available for deposits between $10K and $100K. A new checking account is required. This special applies to both regular and IRA CDs.

You can consider this like a checking account bonus. They do have a Free Checking Account. The extra amount you would earn over a market leading CD of 5.50% would be: $36 for $2.5K, $29 for $10K and $146 for $100K. I would assume they would not allow you to open multiple 8% CDs.

The field of membership includes those who live, work, worship or attend school in Michigan counties of Allegan, Barry, Branch, Calhoun, Kalamazoo, Ottawa, St. Joseph, Van Buren, Kent, Cass or Berrien. A $25 minimum deposit into a share savings account is required for membership.

The credit union is NCUA insured. It has $186 million in assets and 24.5K members.

Credit for this find goes to this SlickDeals thread.

6.43% 36-Month / 6.16% 14-Month CD at an Alabama CU (Energon)
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Energen Credit Union is offering a 6.43% APY 36-month and a 6.16% APY 14-month share certificate. The 14-month requires new money. Engergen has some nice CD features. They allow additional deposits into the CDs. The early withdrawal penalty is only 2 months of interest for terms of greater than 12 months.

Unfortunately, the field of membership is limited to a few Select Employer Groups (Energen/Energen Resources/Alagasco Corporation). Family are also eligible, and the they do have a broad definition of family that includes cousins, uncles, aunts, nieces and nephews.

Branches are located in Birmingham and Montgomery, Alabama.

The credit union is NCUA insured. It's a small credit union with $14.8 million in assets and 2.3K members. It has a 5 out of 5 star rating at BauerFinancial.

Thanks goes to Victor who mentioned these CDs in the finding deals post.

6.00% 5-Month CD at a Wisconsin Bank (Wauwatosa).
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Wauwatosa Savings Bank is having a grand opening special with a 6.00% APY 5-month certificate of deposit. The minimum is $5K and the maximum deposit is $50K with a limit of one per household. The offer is only good at the bank's new Franklin branch. It requires an active checking account, and the money must be new to the bank. The offer ends 9/16/06. This special is not listed at the bank's website. It was advertised in the Milwaukee newspaper. The ad is available online here.

The bank has been FDIC insured since 1939.

6.00% 24-Month CD at a Florida CU (FSU)
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Florida State University Credit Union is offering a 6.00% APY 24-month share certificate. The minimum deposit is $1K. Other terms also have very competitive rates. These include a 5.80% APY 18-month CD and a 5.85% APY 36-month CD.

These CDs have several nice features. First, the early withdrawal penalty is less than the average penalty. It's only 90 days of interest. Usually it's 180 days for terms of over 1 year. Second, the grace period is 20 days in which you can close a CD after maturity without penalty. A 10 day grace period is more typical. The 24-month and 36-month CDs have a "Step Up" feature that allows you request a higher rate if interest rates rise. The 18-month and shorter term CDs allow additional deposits to be made. All CDs all available for IRA accounts.

An additional 25 basis points is available on any CD for those who qualify for the Champions' Choice Checking Account with Platinum Level or the Alumni Advantage Checking Account. The Platinum Level requires a qualifying product or service in at least one of 3 categories (deposit, loan and e-service). This can include a CD, a credit card and e-Statements. The Alumni Advantage Checking requires you to be a paying member of the FSU Alumni Association. See rates and fees page for details.

The field of membership primarily includes FSU students, faculty and staff and other Select Employer Groups associated with FSU. Branches are located in Tallahassee and Crawfordville, Florida.

The credit union is NCUA insured. It has $68 million in assets and over 10K members.

6.00% 14-Month CD at an Arizona CU (Desert Schools)
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Desert Schools Federal Credit Union is offering a 6.00% APY 14-month certificate. The minimum deposit is $500. It requires money new to the credit union. This promotional certificate is available until 10/17/06. This special CD doesn't seem to be listed at the credit union's website. A reader had mentioned this, and I've just confirmed it from a credit union rep.

The field of membership includes those who live, work, worship or attend school in the Arizona counties of Maricopa, Pinal or Gila. Branches are located in several cities around Arizona.

The credit union is NCUA insured. It's a large credit union with $2.7 billion in assets and 329K members.

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

5.77% 7-Month CD at a North Dakota/Arizona Bank (First International Bank and Trust)
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First International Bank and Trust is offering a special 5.77% APY 7-month certificate of deposit. The minimum is $2.5K. The special is available with a qualified checking or savings account.

It appeared that accounts could be opened online, but after contacting the bank, I was told that you had to visit a branch to open an account.

The bank is based in North Dakota, but it also has branches in Arizona. It has been FDIC insured since 1934. Bankrate.com gives the bank a financial rating of 4 out of 5 stars (sound).

[Edit: Modified account opening requirement by branch visit only]

6.30% 15-Month CD at a Georgia Bank (Bank of Ellijay).
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The Bank of Ellijay is offering a 6.30% APY 15-month certificate of deposit. The minimum is $10K. It requires the opening of a free checking with interest account or a personal money market account or premium money market account. This is a limited time offer.

The bank is located in Ellijay, Georgia which is about 40 miles north of Atlanta.

It's a new bank that has only been FDIC insured since April, 2006.

6.48% 24-Month CD at a California CU - IRA Variable (CAHP)
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CAHP Credit Union is offering a 6.48% APY variable-rate IRA CD with a term of 728 days. The minimum deposit is $2K. The variable rate is updated quarterly and is equal to the 3-month Treasury Bill rate plus a 1.50% margin. Additional deposits are allowed at any time but will not change the maturity date.

The field of membership is primarily limited to those associated with public safety in California.

The credit union is not NCUA insured. It is privately insured by ASI.

This is similar to the variable-rate IRA CD from Western FCU that I posted on last week. At least this has a more understandable index that it's based upon. The big downside with this, however, is the narrow FOM and the lack of federal insurance.

Thanks goes to Victor who mentioned this credit union in the finding deals post.

6.35% 7-Month CD at a Tennessee CU (Eastman).
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Eastman Credit Union is offering a CD with an APY of between 6.00% and 6.35%. The term is 7 months and the minimum deposit is $2.5K. A 6.35% APY requires a new or existing Beyond Free Checking Account with direct deposit or automatic debit and application online. Without the online application, the APY is 6.25%, and without the checking account the APY is 6.00%.

This certificate special is listed both at the credit union's website and in the Knoxville News Sentinel. The ad is available online here, and according to the ad the special ends Tuesday, September 12th. Also, it states that you must live, work, worship, attend school, or own/operate a business in Sevier County to qualify. Since the special is listed on the website, it seems reasonable to assume that anyone in their field of membership would qualify. The FOM includes those who live, work or attend school in several other counties in the northeast part of Tennessee. Counties in southwest Virginia and Harrison and Gregg Counties in Texas are also included. There's also a long list of Select Employer Groups.

Branches are located in Tennessee, Virginia, Texas, South Carolina and Arkansas.

The credit union is NCUA insured. It's a large credit union with $1.6 billion in assets and over 81K members.

6.00% 10-Month CD at a Kansas CU (Central Star)
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Central Star Credit Union is advertising a 6.00% APY 10-month certificate of deposit. The minimum is $5K. It's also available as a Roth and IRA certificate. The offer expires 9/29/06. This special CD isn't listed at the credit union's website. It was advertised in today's edition of The Wichita Eagle. The ad is available online here.

The field of membership includes those who live, work or do business in the Kansas counties of Sedgwick, Butler, Harvey, McPherson or Saline. Also eligible are those affiliated with Raytheon Aircraft Company.

Branches are located in Wichita and Haysville, Kansas.

The credit union is NCUA insured. It has $52 million in assets and 8,361 members.

Bank Deal Summary for September 9, 2006
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There were a few hikes in savings account rates this week. ING Direct did a bump from 4.35% to 4.40% APY. With so many savings account rates over 5%, you would think ING would have at least bumped it up to 4.50%. Perhaps they're keeping rates low in preparation for another Save Up Sale. It never hurts to be optimistic :-).

There were two rate hikes this week at online banks that are not as well known as ING but have much more competitive rates. First, Heritage Direct Online increased the rate on its savings account from 5.06% to 5.20% APY. This might be a decent choice for an online bank except for its $1K minimum. Under $1K you earn no interest, and more importantly, get charged $10 a month in fees (see post). AmTrustDirect bumped its new online savings account from 5.15% to 5.26% APY. This too has a $1K minimum, however, it's only for the initial deposit. After the initial deposit, you don't have to worry about balance requirements or monthly fees. The only problem with AmTrustDirect is a hard credit pull (see post).

There wasn't much movement in CD rates this week. A few banks continued the trend of dropping rates, especially long term. These include EmigrantDirect, AmTrustDirect and Washington Mutual. At least the 6% special CDs that started the week before continued this week at World Savings (see post), Patelco Credit Union (see post) and Pentagon FCU (see post). And for those who want a six percent short term CD, Everbank's 3-month 6.01% checking account promo continues (see post).

Although there weren't many new national CD deals this week, there were a few hot local deals. Often banks or credit unions will have a CD teaser rate that may require a checking account. These are a loss leader with the hope that you'll become a long-term customer. If you can avoid getting burned by fees on the checking accounts, you can make out well on these deals. Sometimes these teaser CD rates can be as high as 10%, but usually there's a cap on the deposit. The lower the cap, the less enticing the offer. There were several of these CD specials around the country this week that had relatively high caps. These include a 10% 12-month CD in Houston with a $5K max deposit (see post), a 7% 7-month CD in Ohio with a $100K max deposit (see post) and a 7.25% 7-month CD in New York and Pennsylvania with a $100K max deposit (see post). There were also many others with maximum deposits of $1K and $2K. For a complete list of these recent local CD deals, refer to my local CD list below.

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums of $10K or less. Previous weekly summaries are available for Sept 2nd, Aug 26th, Aug 19th, Aug 12th, Aug 5th and July 29th.

As of September 9, 2006

Savings Accounts/Money Market Accounts:

Security Savings Bank - 5.40% (min $100), very small bank with no online banking, see post
AmTrustDirect - 5.26% ($1K min), 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
UFB Direct - 5.20%, my post
Heritage Bank Online - 5.20% (min $1K), my post
AmboyDirect - 5.15%, my post ($25 bonus)
EmigrantDirect - 5.15%, my post, (rate history)
Apple Bank - 5.15%, my post
CapitalOne/Costco - 5.14% MMA (min $5K, Costco members only, $25 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
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
HSBC Direct - 5.05%, offers checking, (rate history), my post
Tennessee Commerce Bank - 5.02% (min $10K), my post
Citibank - 5.00%, requires checking account, my post
Washington Mutual - 5.00% (requires checking), my post
GMAC Bank - 5.00% MMA (min $500), my post
Corus Bank - 4.97% MMA (min $10K to open)
CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
Self-Help Credit Union - 4.69% MMA (min $500), my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
EverBank - 4.41% ($1.5K min), my post
ING Direct - 4.40%, my post ($25 bonus), (rate history)
MetLife Bank - 4.25% MMA (min $5K), my post ($50 bonus)
Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
ebank - 4.00% MMA ($1K min, rate for $10K-25K balance), offers checking
NetBank - 3.52% MMA ($500 min), requires checking, my post ($250 deal)
ETrade Bank - 3.25% (min $1K to avoid fees/$5K for APY), my post ($50 bonus)

3-Month Certificates of Deposit:

EverBank - 6.01% ($1.5K min), checking account promo, see post
Imperial Capital - 5.40%, ($2K min), my post
IndyMac Bank - 5.40% (min $5K), my post
Countrywide - 5.37% (min $10K), my post
UmbrellaBank.com - 5.35% (min $1K)
UFB Direct - 5.30% (min $8K)
Charles Schwab - 5.30% (min $1K), my post
FirstFedDirect - 5.26% (min $10K), my post
Western Financial Bank - 5.25% ($100 min)
VirtualBank - 5.13% (min $10K), my post
EverBank - 5.10% ($1.5K min)
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
ETrade Bank - 5.00% (min $1K), my post
Corus Bank - 4.97% (min $10K)
GMAC Bank - 4.95% (min $500), my post
Self-Help Credit Union - 4.75% (min $500), my post

6-Month Certificates of Deposit:

Superior Savings - 5.60% (min $500)
UmbrellaBank.com - 5.57% (min $1K)
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
World Savings - 5.26% (5 months) (min $10K), new funds only, my post
EverBank - 5.25% ($1.5K min)
UFB Direct - 5.25% (min $8K)
EmigrantDirect - 5.20% (min $1K)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
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 - 4.78% (min $500), my post

9-Month Certificates of Deposit:

Washington Business Bank - 6.00% ($1K min), see post
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)
FirstFedDirect - 5.60% (min $10K), my post
AmTrustDirect - 5.58% (min $1K) my post
Imperial Capital - 5.48% ($2K min), my post
Countrywide - 5.40% (min $10K), my post
GMAC Bank - 5.35% (min $500), my post
EverBank - 5.35% ($1.5K min)
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
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:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
Melrose CU - 5.82% (min $5K) my post
FirstFedDirect - 5.71%, (min $10K) my post
UmbrellaBank.com - 5.67% (min $1K)
Western Financial Bank - 5.65% ($100 min)
GTE FCU - 5.64% (min $500) (add-on feature) my post
AmTrustDirect - 5.60% (min $1K) my post
Corus Bank - 5.60% (min $10K)
Imperial Capital - 5.50% ($2K min), my post
ETrade Bank - 5.50% (min $1K), my post
Digital CU - 5.50% (11 month) (min $1K), my post
BankUnited - 5.50% (min $5K), my post
IndyMac Bank - 5.45% (min $5K), my post
GMAC Bank - 5.40% (min $500), my post
Countrywide - 5.40% (min $10K)
NetBank - 5.35% (min $1K), my post ($100 bonus)
EverBank - 5.35% ($1.5K min)
Mutual Bank - 5.35% (min $2.5K) my post
Transportation Alliance Bank - 5.34% ($1K min)
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
UFB Direct - 5.25% (min $8K)
MetLife Bank - 5.25% ($1K min)
ING Direct - 5.20%, my post
EmigrantDirect - 5.20% (min $1K)
VirtualBank - 5.15% (min $10K), my post
Self-Help Credit Union - 5.02% (min $500), my post

15/16-Month Certificates of Deposit:

World Savings - 6.01% 15-mo (min $10K), my post
Digital CU - 6.00% 16-mo (min $500), my post
Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post

18-Month Certificates of Deposit:

Patelco Credit Union - 6.00% ($1K min), not NCUA insured, my post
AmTrustDirect - 5.50% (min $1K) my post
Mutual Bank - 5.40% (min $5K) my post
GMAC Bank - 5.35% (min $500)
Imperial Capital - 5.35% ($2K min), my post
CapitalOne/Costco - 5.35% (min $5K, Costco members only)
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
ETrade Bank - 5.25% (min $1K), my post
Countrywide - 5.20% (min $10K)

36-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Melrose CU - 5.72% (min $5K) my post
Fort Belvoir FCU - 5.64% (min $1K), my post
Mutual Bank - 5.60% (min $5K) my post
AmTrustDirect - 5.50% (min $1K) my post
GMAC Bank - 5.35% (min $500)
Transportation Alliance Bank - 5.34% ($1K min)
ETrade Bank - 5.25% (min $1K), my post
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
Imperial Capital - 5.20% ($2K min), my post
Countrywide - 5.15% (min $10K)
Washington Mutual - 5.05% (min $1K)
Self-Help Credit Union - 5.04% (min $500), my post

48-Month Certificate of Deposit:

Pentagon Federal CU - 6.00% (min $1K), my post
Melrose CU - 5.77% (min $5K) my post
Fort Belvoir FCU - 5.75% (min $1K), my post
GMAC Bank - 5.35% (min $500)
Transportation Alliance Bank - 5.34% ($1K min)
USA FCU - 5.33% (min $1K) my post
Agriculture FCU - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
Countrywide - 5.15% (min $10K)
Self-Help Credit Union - 5.05% (min $500), my post
Washington Mutual - 5.05% (47 months) (min $1K)

60-Month Certificate of Deposit:

Members Credit Union - 6.17% (min $2K), my post
Pentagon Federal CU - 6.00% (min $1K), my post
Fort Belvoir FCU - 5.90% (min $1K), my post
Melrose CU - 5.82% (min $5K) my post
Agriculture FCU - 5.65% (min $1K), my post
AmTrustDirect - 5.50% (min $1K) my post
GMAC Bank - 5.35% (min $500)
Transportation Alliance Bank - 5.34% ($1K min)
ETrade Bank - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
VirtualBank - 5.15% (min $10K), my post
Imperial Capital - 5.15% ($2K min), my post
Countrywide - 5.15% (min $10K)
Self-Help Credit Union - 5.07% (min $500), my post

84-Month Certificate of Deposit:

CapitalOne/Costco - 5.46% (min $5K, Costco members only)
Pentagon Federal CU - 5.32% (min $1K), my post
EmigrantDirect - 5.20% (min $1K)
Countrywide - 5.15% (min $10K)

High Rates with Conditions - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Savings Account/CD Alternatives

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

Heritage Direct Online Savings Account Now 5.20%
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Heritage Bank Online increased the rate on its savings account from 5.06% to 5.20% APY. The last rate hike was about two months ago. Since I first reported on this online savings account in April, the rates have remained competitive.

The main problem with this online savings account is that if your balance falls below $1K, there's a $10 monthly fee and you earn no interest. Also, there's no ATM or check writing. So it really doesn't have much advantage over Emigrant Direct. It's going to have to offer much higher rates to make up for the $1K minimum.

Heritage Bank Online is run by Heritage Bank N.A. of Spicer, Minnesota which is FDIC insured. Bankrate.com rates this bank as 4 of 5 stars (financially sound).

6.25% 36-Month CD at a South Dakota CU (Watertown)
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Watertown Employees Federal Credit Union lists several high yield long-term certificates. These include a 6.25% APY 36-month CD, a 6.15% APY 30-month CD, a 6.00% APY 24-month CD and a 5.75% APY 18-month CD. The minimum deposit for all is $2.5K. The early withdrawal penalty is 90 days of interest.

The field of membership includes those who live, work, worship or attend school in Codington County, South Dakota which is about 80 miles north of Sioux Falls.

The credit union is NCUA insured. It's a small credit union with $10.8 million in assets and 2,102 members.

AmTrustDirect Raises e-Money Market Account Rate to 5.26%
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AmTrustDirect just raised the rate of its e-Money Market account from 5.15% to 5.26% APY. The APY applies to balances of $1 and higher. There are no minimum balance requirements, however, there is a minimum initial deposit requirement of $1,000. This is a new savings account that I first reported on in an August. It seems to have many nice features such as ACH transfer capability. Some of the drawbacks include no ATM card or check writing. Also, there may be a hard credit pull. Refer to my August post for more information about this account.

There was also a minor CD rate change at AmTrustDirect. The 12-month rate went from 5.68% to 5.60% APY. Other rates remain the same. Their longer term CD rates had already fallen from 5.68% to 5.50% over the last few weeks which was similar to the rate drops seen at many other banks. In July I was told that they ended the practice of pulling hard credit pulls for CD applications. However, a reader just informed me that there was a hard credit pull made on his Equifax credit report after he had opened a CD. So you should probably assume that a hard credit pull will be done. I'm looking into this to see if that is the official policy.

6.56% 36-Month CD at a Multi-State CU - Variable IRA (Western).
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Western FCU is offering a 6.56% APY 36-month variable IRA certificate. The minimum deposit is $1K. There's also a 6.00% APY 18-month variable IRA certificate. I was told the rate is based on the WesCorp floating certificate rate as published on the 15th business day of the month. It'll be interesting to see if this high rate remains on the next rate update. The penalty for early withdrawal is 90 days of interest.

The field of membership is open to Surfride Foundation members which is open to everyone. A $25 fee is required to join Surfrider as a regular member. Western has a long list of Select Employer Groups in which you can be immediately eligible to join.

Branches are located in Arizona, Arkansas, California, Colorado, Texas, Utah, Virginia and Washington.

Western is NCUA insured. It's a large credit union with over $1 billion in assets and almost 120K members.

9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
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Elevations Credit Union is offering a 9% APY 9-month certifcate. The minimum deposit is $1K and the maximum is $2K per member. A checking account is required. A free checking account is allowed for new members. Current members must open a dividend bearing checking account. There's also a 5.27% APY 7-month certificate with a $5K minimum without restrictions.

Since the checking account is required, you can think of this 9% CD like a checking account bonus. Having $2K in a 9% CD for 9 months would result in about $50 over what you would earn in a market leading 9-month CD.

The field of membership includes all students, faculty, staff and alumni association members of the University of Colorado system. Residents of Boulder County who are 50 years of age and older may join by becoming a member of the 50 and Better Club. There's also a long list of Select Employer Groups. Membership requires a $25 minimum deposit into a savings account.

Branches are located in Boulder, Longmont and Lafayette, Colorado.

The credit union is NCUA insured. It has $673 million in assets and 75K members.

6.25% 24-Month CD at a North Carolina CU (United Services)
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United Services Credit Union is offering a 6.25% APY 24-month and a 6.00% APY 12-month FLEX certificates of deposit. The minimum is $5K and the maximum deposit is $100K. The credit union also has a high yield Tiered Money Market account with an APY of 5.70% for balances over $50K. The minimum deposit is $2.5K. Balances between $2.5K and $15K earn 4.70% APY.

The FLEX CD has many nice features. It's a fixed rate CD with dividends paid monthly or at maturity. You're allowed a one time withdrawal of money without penalty. Up to 50% can be withdrawn as long as a minimum $5K balance remains. Members can add additional money at any time and can do a one time bump in interest rate at any time between the first 6 months and the last 3 months of the term.

The field of membership is primarily limited to Select Employer Groups which include employees of any medical facility or medically related group in the Asheville, NC area and surrounding counties of Western North Carolina. Membership requires a one-time fee of $5 and a minimum $25 deposit into a share savings account. Membership application can be submitted online.

The credit union is NCUA insured. It has $30 million in assets and almost 9,000 members. It has a 5 out of 5 star rating (superior) at Bauer Financial.

Thanks to Victor who mentioned this credit union in the finding deals post.

10% 12-Month CD at a Houston CU - $5K Max (Smart Financial).
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Smart Financial Credit Union is having a special at its new Sugar Land branch. They're offering a 10% APY 12-month certificate of deposit. The minimum is $1K and the maximum is $5K per member. It's only available at the new Sugar Land branch which is located southwest of Houston, Texas. No checking account is required. The special expires on September 30th.

The special is not listed at the credit union's website. It was mentioned on the FW CD thread. I called to confirm and to obtain additional details.

The $5K max makes this a very good deal. This results in about an extra $225 over what you could get with a market leading 12-month CD. If you can open one for each member of your family, you'll add another $225 for each.

The credit union's field of membership includes those who live in Harris and Montgomery County, Texas. Also, there's a long list of Select Employee Groups. A minimum $5 deposit into a savings account is required for membership.

The credit union is NCUA insured with 78,000 members and $334 million in assets.

6.25% 61-Month CD at a Michigan CU - Open To All (Telcom)
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Telcom Credit Union is offering a 6.25% APY 61-month certificate. The minimum deposit is $2.5K. This 6.25% rate requires a checking account and direct deposit. You can still get 6% without the checking account and direct deposit. The 0.25% bonus rate is available on all of the CDs with a checking account and direct deposit. The CD is also available on IRA accounts. The early withdrawal penalty equals 180 days of interest.

The field of membership is open to everyone by virture of a $2 donation to the Salvation Army Bed and Bread Program.

Branches are located in Novi, Southfield and Canton, Michigan.

The credit union is NCUA insured. It has $372 million in assets and almost 29K members.

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

10% 12-Month CD at a Maryland CU - $1K Max (First Financial)
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First Financial FCU is offering a 10% APY share certificate for up to 12 months. The maximum deposit is $1,000. It requires a checking account with direct deposit. The special CD can only be opened during September or October. Only a limited number of certificates are available.

Just like the Philadelphia bank special that I reported on yesterday, this special is essentially a checking account bonus. The 10% 12-month CD with $1K results in about $45 over what you would earn in a market leading one year CD.

The field of membershp is primarily employer based. In addition to Select Employer Groups, volunteers and students in the State of Maryland can also be eligible.

Branches are locatd in the Maryland cities of Lutherville, Catonsville, Baltimore, Eldersburg, Owings Mills and Westminster.

The credit union is NCUA insured. It has $542 million in assets and 54K members.

6.00% 12-Month CD at a Michigan CU (Peoples Trust)
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Peoples Trust Credit Union is offering a 6.00% APY 1-year savings certificate. The

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