Penfed's Visa Platinum Cash Rewards Credit Card read and submit comments for this post

In addition to high yield CDs, Penfed also has a competitive cash-back credit card, the Visa Platinum Rewards Card. Penfed just improved it with a 5% cash back from gas purchased paid at the pump. All other purchases earn 1.25% cash back. If you are no longer earning 5% on everyday purchases on your old credit card (if you had a Citi Dividends card), this might be something to consider. One nice feature of this Penfed Visa Platinum card is that you are credited with cash rewards each month instead of having to wait for $50 or more to accrue in your account. The card has no annual fee, and unlike EmigrantDirect, you don't have to maintain a specific balance in your savings account to qualify for the cash back.

Note, you will incur a hard credit inquiry by applying for this credit card and for joining Penfed. A reader mentioned that Penfed doesn't initiate a new hard pull for 60 days after it does a hard pull. So if you sign up for the card within 60 days of joining, you should only be hit with one hard pull.

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. Refer to Penfed's How To Join page for more details. Fore more info on Penfed and their high yield CDs, please refer to my previous post.

Credit for finding this new 5% cash back feature goes to this FW thread.

5.65% 5-Month CD at a California CU (Chevron Valley) read and submit comments for this post

Chevron Valley Credit Union is offering a 5.65% APY 5-month certificate special. The minimum deposit is $5,000.

The field of membership includes those who live or work in Kern County, California. In addition to employees of ChevronTexaco, there are several other select employee groups in which you can be eligible to join. Also, relatives of credit union members are eligible. See site for details. Branches are located in Taft and Bakersfield, California.

The credit union is federally insured by the NCUA. It has $111 million in assets and 13,685 members.

Bank Deals Weekly Summary for December 30, 2006 read and submit comments for this post

This year ended with a bang for those looking for long-term CDs thanks to Pentagon Federal Credit Union (Penfed). Last Thursday, Penfed released its new rate of 6.25% APY for its CDs with terms of 3 to 7 years. This is about one percent higher than the best long term rates offered by most major banks (both online and brick-and-mortar). Long-term CD rates have slowly dropped for most of the second half of this year after the Fed stopped its rate hikes. No one can predict future rates, but many think we may see the Fed cut rates sometime next year. So this may be your last chance to lock in a six-percent-plus CD for several years. Please refer to my post for more info on Penfed and how to join.

Other than Penfed, this holiday season has been quiet for bank rate changes. The trend of falling long-term CD rates continues. In the last two weeks, CD rates have been cut at AmtrustDirect, ETrade, Corus Bank, VirtualBank, Ebank, La Jolla Bank and Transportation Alliance Bank. Most of the cuts have been in the long-term rates. There were a few exceptions. Countrywide Bank increased its 12 month CD rate from 5.10% to 5.20% APY. Also, Netbank increased its 6-month CD rate from 5.19% to 5.40% APY and its 12-month CD from 5.20% to 5.30% APY. Longer terms also had rate increases. If you're not already a Netbank customer, you can obtain an effective rate close to 6% on a 12-month term with a $15K deposit through Netbank's $100 bonus promotion which is still available (see post).

For savings accounts and money market accounts, rates are generally holding steady. OneUnited Bank increased the rate on its internet savings account from 5.25% to 5.30% APY. Unfortunately, it also raised its minimum deposit requirement from $10 to $1,000 (see post).

There remains some good deals at small local banks. Sometimes you'll find a small bank willing to open a CD by mail even if you live outside the state. Their policies on this often changes with time if they find they're unable to handle the demand. One of these small banks that is still accepting deposits by mail is Alpha Bank and Trust which is located near Atlanta, Georiga. Its current CD rates include a 6.00% APY 6-month CD, a 5.85% APY 12-month CD and 5.65% APY on all longer term CDs. (see post). Another small bank that seems to be still accepting deposits by mail is Garden City Bank located in Missouri. Its current CD rates include a 5.60% APY 13-month CD, a 5.64% APY 60-month CD and a 5.90% APY 72-month CD (see post). Thanks to the readers who have provided updates on the policies of these banks.

There remains many 6-percent-plus local CD deals. However, many are set to expire this month. I've tried to update my local CD list, but I likely have missed a few. If you see any that are out-of-date, your comments are appreciated.

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available for Dec 23rd (short version), Dec 16th, Dec 9th, Dec 2nd, Nov 25th, Nov 18th, Nov 11th and Nov 4th.

As of December 30, 2006

Savings Accounts/Money Market Accounts:

• Superior Savings - 5.50% MMA ($10K min), my post
• E-LOAN - 5.38% ($5K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.32%, my post
• iGobanking - 5.30%, my post
• Zions Bank - 5.30% MMA (min $1K) (5.34% $50K+), my post
• AmTrustDirect - 5.30% ($1K min), my post
• OneUnited - 5.30% (min $1K), my post
• Apple Bank - 5.27%, my post ($25 bonus)
• WTDirect - 5.26% ($10K min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• Presidential Bank - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Countrywide - 5.25% (min $10K), (5.40% $50K+) my post
• GMAC Bank - 5.20% MMA (min $500), my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
• MyBankingDirect - 5.10% MMA (min $5K), my post
• Mutual Bank - 5.10% MMA (min $5K), my post
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, offers checking (see $25 bonus post), my post
• ETrade Bank - 5.05%, my post ($50 bonus)
• Discover Bank - 5.05% MMA (min $10K)
• CapitalOne/Costco - 5.01% MMA (min $5K, Costco members only, $25 deal for exec. members)
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• Corus Bank - 4.99% MMA (min $10K to open)
• Tennessee Commerce Bank - 4.99% (min $10K), my post
• CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
• Self-Help Credit Union - 4.71% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• ING Direct - 4.50%, my post ($25 bonus), (rate history)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• EverBank - 4.41% ($1.5K min), 6.01% 3-mo promo, my post
• MetLife Bank - 4.40% 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 - 3.66% MMA ($500 min), requires checking, my post ($250 deal)

3-Month Certificates of Deposit:

• EverBank - 6.01% ($1.5K min), checking account promo, see post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• Countrywide - 5.40% (min $10K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• VirtualBank - 5.34% (min $10K), my post
• UFB Direct - 5.30% (min $8K)
• FirstFedDirect - 5.26% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• UmbrellaBank.com - 5.10% (min $1K)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• Charles Schwab - 4.99% (min $1K), my post
• Corus Bank - 4.99% (min $10K)
• Self-Help Credit Union - 4.98% (min $500), my post

6-Month Certificates of Deposit:

• NASA FCU - 5.80% (7 months) (min $15K), my post
• Superior Savings - 5.60% (min $500)
• AmTrustDirect - 5.46% (min $1K) my post
• FirstFedDirect - 5.46% (min $10K), my post
• BankUnited - 5.45% ($1K min)
• IndyMac Bank - 5.45% (min $5K), my post
• NetBank - 5.40% (min $1K)
• Tennessee Commerce Bank - 5.35% (min $5K)
• Corus Bank - 5.35% (min $10K)
• Imperial Capital - 5.35%, ($2K min), my post
• ETrade Bank - 5.35% (min $1K), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, my post
• VirtualBank - 5.31% (min $10K), my post
• iGobanking - 5.30% (min $500), my post
• Countrywide - 5.30% (min $10K), my post
• UFB Direct - 5.30% (min $8K)
• Self-Help Credit Union - 5.25% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• UmbrellaBank.com - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• E-LOAN - 5.15% ($10K min), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• ING Direct - 5.00%, my post
• Wells Fargo - 4.90% (5 months) (min $5K), rate and min vary by state, my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• AmTrustDirect - 5.41% (min $1K) my post
• FirstFedDirect - 5.41% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• Imperial Capital - 5.32% ($2K min), my post
• IndyMac Bank - 5.20% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K), my post
• VirtualBank - 5.18% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• ING Direct - 5.05%, my post
• Washington Mutual - 5.00% (min $1K)

12-Month Certificates of Deposit:

• AmboyDirect - 5.50% (min $10K), my post
• Digital CU - 5.50% (13 month) (min $500), my post
• AmTrustDirect - 5.41% (min $1K) my post
• UmbrellaBank.com - 5.40% (min $1K)
• Tennessee Commerce Bank - 5.40% (min $5K)
• Corus Bank - 5.35% (min $10K)
• FirstFedDirect - 5.35%, (min $10K) my post
• iGobanking - 5.30% (min $500), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Imperial Capital - 5.30% ($2K min), my post
• La Jolla Bank - 5.30% (min $10K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• IndyMac Bank - 5.25% (min $5K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• GMAC Bank - 5.20% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K)
• Self-Help Credit Union - 5.19% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• UFB Direct - 5.15% (min $8K)
• VirtualBank - 5.15% (min $10K), my post
• E-LOAN - 5.15% ($10K min), my post
• ING Direct - 5.10%, my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• Melrose CU - 5.09% (min $5K) my post
• ETrade Bank - 5.05% (min $1K), my post
• GTE FCU - 4.96% (min $500) (add-on feature) my post
• Mutual Bank - 4.80% (min $2.5K) my post

18-Month Certificates of Deposit:

• iGobanking - 5.30% (min $500), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• UmbrellaBank.com - 5.25% (min $1K)
• EmigrantDirect - 5.20% (min $1K)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• AmTrustDirect - 5.15% (min $1K) my post
• Imperial Capital - 5.15% ($2K min), my post
• CapitalOne/Costco - 5.14% (min $5K, Costco members only)
• GMAC Bank - 5.10% (min $500)
• E-LOAN - 5.05% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post

36-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• Agriculture FCU - 5.25% (min $1K), my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• EmigrantDirect - 5.20% (min $1K)
• Melrose CU - 5.20% (min $5K) my post
• Fort Belvoir FCU - 5.18% (min $1K), my post
• UmbrellaBank.com - 5.15% (min $1K)
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Mutual Bank - 5.10% (min $5K) my post
• AmTrustDirect - 5.00% (min $1K) my post
• GMAC Bank - 5.00% (min $500)
• Imperial Capital - 5.00% ($2K min), my post
• E-LOAN - 5.00% ($10K min), my post
• Self-Help Credit Union - 4.95% (min $500), my post
• Washington Mutual - 4.95% (min $1K), rates vary by state
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)

48-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• Fort Belvoir FCU - 5.29% (min $1K), my post
• Agriculture FCU - 5.25% (min $1K), my post
• Melrose CU - 5.25% (min $5K) my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• EmigrantDirect - 5.20% (min $1K)
• UmbrellaBank.com - 5.15% (min $1K)
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Self-Help Credit Union - 4.95% (min $500), my post
• Countrywide - 4.80% (min $10K)

60-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Agriculture FCU - 5.50% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.44% (min $1K), my post
• USA FCU - 5.38% (min $1K) my post
• Presidential Bank - 5.35% (min $1K)
• Members Credit Union - 5.34% (min $2K), my post
• Melrose CU - 5.30% (min $5K) my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• EmigrantDirect - 5.20% (min $1K)
• Transportation Alliance Bank - 5.15% ($1K min)
• UmbrellaBank.com - 5.15% (min $1K)
• VirtualBank - 5.15% (min $10K), my post
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Imperial Capital - 4.95% ($2K min), my post
• Self-Help Credit Union - 4.95% (min $500), my post
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)

84-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• EmigrantDirect - 5.20% (min $1K)
• CapitalOne/Costco - 5.14% (min $5K, Costco members only)
• Countrywide - 4.80% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.01% 3-month intro rate on checking account
• 6.00% 3-month intro rate on Money Market account
• 5.61% Savings Account with $25K+ balance
• 5.52% Money Market Account with $250K initial deposit
• 5.55% Money Market Account with $100K balance / 5.25% Business MMA
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+
• 5.25% Money Market Account with $25K min

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• 6.00% Checking Account up to $25k (Arkansas)
• 6.00% Money Market Account Intro Rate in New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.50% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.25% no-min online savings account and $50 Bonus (New York)
• 5.25% low-minimum online savings account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Checking Account at an Oklahoma Bank (Legacy)
• 4.75% Checking Account (Texas)

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

Terms of 60 Months and Over

• 6.37% 60-Month CD at a Maryland CU (MCT)
• 6.33% 60-Month CD at a North Carolina CU (Team and Wheel)
• 6.25% 60-Month CD at a New Jersey CU (Paragon)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.18% 60-Month CD at a DC Credit Union (GSA)
• 6.17% 60-Month CD at a Washington State CU (Spokane City)
• 6.05% 60-Month CD at a Ohio CU (TopMark)
• 6.00% 60-Month CD at a Ohio/Kentucky CU (Cinfed)
• 6.00% 60-Month CD at a Texas CU - IRA (Texas FCU)
• 6.00% 72-Month CD at a Ohio CU (ProMedica)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 5.98% 60-Month CD at a Texas CU (Coastal Community and Teachers)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.91% 60-Month CD at a Texas CU - $50K (Star of Texas)
• 5.90% 60-Month CD at a Michigan CU (Schools and Government)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.88% 60-Month CD at a Wyoming CU (First Education)
• 5.88% 60-Month CD at a Virginia Bank (Farmers)
• 5.86% 60-Month CD at a Virginia CU (Richmod Postal)
• 5.83% 60-Month CD at a Arizona CU (Honeywell Aerospace)
• 5.82% 60-Month CD at a Texas CU (Austin Telco)
• 5.80% 60-Month CD at a MI/AL/MO CU (Service 1)
• 5.80% 60-Month CD at a Arizona CU - IRA (Credit Union West)
• 5.75% 60-Month CD at a Wisconsin Bank (Cashton)
• 5.75% 60-Month CD at a Florida CU (Bay Gulf)
• 5.75% 120-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Georgia Bank (Piedmont)
• 5.75% 60-Month CD at a California Bank (Spectrum)
• 5.65% 60-Month CD at a Georgia Bank (Alpha)
• 5.65% 60-Month CD at a Colorado CU (Gateway)
• 5.60% 60-Month CD at a Florida CU (Suncoast Schools)
• 5.57% 60-Month CD at a California CU (Open to All)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.43% 36-Month CD at a Alabama CU (Energon)
• 6.25% 36-Month CD at a Illinois CU - Coverdell (First Northern)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 6.17% 48-Month CD at a Maryland CU (MCT)
• 6.17% 36-Month CD at a Maryland Bank - $100K Min (CommerceFirst)
• 6.17% 48-Month CD at a DC Credit Union (GSA)
• 6.11% 30-Month CD at a California CU (TFCU)
• 6.00% 50-Month CD at a Nevada CU (Greater Nevada)
• 6.00% 24-Month CD at a North Dakota CU (Burlington Northern)
• 6.00% 24-Month CD at a New York CU - $50K Min (Palisades)
• 6.00% 30-Month CD at a Florida CU - $100K (Tropical Financial)
• 5.88% 48-Month CD at a California CU (Butte)
• 5.87% 36-Month CD at a Virginia CU (Loudoun)
• 5.85% 40-Month CD at a Michigan CU (Schools and Government)
• 5.80% 35-Month CD at a Nevada CU (Greater Nevada)
• 5.80% 24-Month CD at a New York CU (Countryside Community)
• 5.75% 24-Month CD at a Texas CU (Texas Champions)
• 5.75% 36-Month CD at a North Dakota CU (Dakota Plains)
• 5.75% 48-Month CD at a New York CU (Countryside Community)
• 5.75% 36-Month CD at a Oregon CU (NW Preferred)
• 5.75% 50-Month CD at a Ohio CU (AP FCU)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.72% 24-Month CD at a Virginia CU - $50K (DuPont Fibers)
• 5.70% 30-Month CD at a Maryland Bank (Howard)
• 5.63% 36-Month CD at a California CU (Open to All)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.35% 15-Month CD at a California CU (Alisos)
• 6.07% 13-Month CD at a LA Credit Union (Financial Partners)
• 6.00% 12-Month CD at a Montana CU (Lincoln County)
• 6.00% 12-Month CD at a Dallas Bank - $125k min (ViewPoint)
• 6.00% 15-Month CD at a TX/CO Credit Union (Security Service)
• 6.00% 12-Month CD at a California CU (Ventura County)
• 6.00% 13-Month CD at a Texas CU (Air Force)
• 6.00% 12-Month CD at a New Jersey CU (Rutgers)
• 6.00% 12-Month CD at a Colorado Bank - IRA (Eastern Colorado)
• 6.00% 17-Month CD at a Massachusetts CU - IRA (M/A-Com)
• 5.95% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.90% 23-Month CD at a Minnesota CU (Honeywell)
• 5.88% 18-Month CD at a Multi-State CU (Chartway FCU)
• 5.80% 12-Month CD at a Florida Bank (Freedom Bank)
• 5.77% 19-Month CD at a Virginai CU (Newport)
• 5.75% 18-Month CD at a Miami CU (MPS)
• 5.75% 18-Month CD at a New York Bank (Park Avenue)
• 5.75% 12-Month CD at a California Credit Union (LA Times FCU)
• 5.75% 21-Month CD at a Indiana CU (Afena)
• 5.75% 12-Month CD at a Houston CU (Right Choice)
• 5.75% 12-Month CD at a North Dakota CU (Northern Tier)
• 5.75% 12-Month CD at a Georgia Bank (Piedmont)
• 5.75% 12-Month CD at a California Bank (Temecula Valley)
• 5.75% 13-Month CD at a Michigan CU (Hometown Community)
• 5.75% 20-Month CD at a Illinois CU - Open To All (Consumers)
• 5.75% 15-Month CD at a Georgia Bank (First Georgia Community)
• 5.75% 13-Month CD at a California CU - $90K (LBS Financial)
• 5.70% 12-Month CD at a New York CU (Countryside Community)
• 5.70% 23-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 12-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 22-Month CD at a Pennsylvania CU (Tri County Area)
• 5.65% 12-Month CD at a California Bank (Western Financial)
• 5.65% 15-Month CD at a Ohio Bank (The Grange Bank)
• 5.60% 12-Month CD at a Florida CU (Suncoast Schools)
• 5.60% 12-Month CD at a Florida Bank (Sunshine State Community)
• 5.60% 15-Month CD at a Utah CU (Mountain America)
• 5.50% 13-Month CD at a Washington State CU (GHCU)

Terms of Under 12 Months

• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)
• 10.00% 10-Month CD at a Philadelphia CU - $1K Max (American Heritage)
• 10.00% 10-Month CD at a Texas CU - $2.5K Max (Alamo FCU)
• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's)
• 6.14% 6-Month CD at a Ohio CU (Maumee Valley)
• 6.14% 6-Month CD at a Multi-State CU (USPS FCU)
• 6.03% 6-Month CD at a Oregon CU (Clackamas Community)
• 6.00% 6-Month CD at a Georgia Bank (Cornerstone)
• 6.00% 7-Month CD at a Connecticut CU (Dutch Point)
• 6.00% 7-Month CD at a North Dakota CU (North Star)
• 6.00% 6-Month CD at a Ohio CU (Toledo Area)
• 6.00% 6-Month CD at a New Jersey CU (Atlantic Health)
• 6.00% 3-Month CD at a New York CU (Advantage)
• 6.00% 6-Month CD at a Michigan CU (Huron River Area)
• 6.00% 5-Month CD at a Arizona Bank (Arizona Bank and Trust)
• 6.00% 6-Month CD at a Illinois/New Jersey/Indiana CU (Selfreliance)
• 6.00% 3-Month CD at a California CU (Meriwest)
• 6.00% 6-Month CD at a Ohio CU (Sharefax)
• 6.00% 6-Month CD at a Nevada CU (Moapa Valley)
• 6.00% 6-Month CD at a Georgia CU and $55 Checking Bonus (LGE FCU)
• 6.00% 4-Month CD at a Michigan CU (Huron River Area)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 6.00% 9-Month CD at a Florida CU (Florida Telco)
• 6.00% 6-Month CD at a Georgia Bank (Alpha)
• 6.00% 7-Month CD at a Colorado CU (Gateway)
• 6.00% 6-Month CD at a Georgia Bank (Midtown)
• 6.00% 6-Month CD at a New York CU (Hudson Valley)
• 6.00% 6-Month CD at a Ohio CU (STECU)
• 6.00% 8-Month CD at a California CU (San Mateo)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.83% 7-Month CD at a Washington DC CU (Interior FCU)
• 5.75% 9-Month CD at a Rhode Island CU (Wave)
• 5.75% 7-Month CD at a Oregon CU (SELCO)
• 5.75% 6-Month CD at a New York Bank (Park Avenue)
• 5.75% 6-Month CD at a New York Bank (Trustco)
• 5.75% 5-Month CD at a California/North Caralina CU (Alliance)
• 5.75% 6-Month CD at a California Bank (Temecula Valley)
• 5.75% 7-Month CD at a South Carolina CU (Palmetto Citizens)
• 5.75% 6-Month CD at a Illinois Bank (Town Center Bank)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 5.75% 11-Month CD at a TX/AZ CU (TruWest)
• 5.75% 7-Month CD at a TX/AZ CU (TruWest)
• 5.75% 7-Month CD at a Florida CU (Eastern Financial)
• 5.75% 6-Month CD at a California CU (Metro 1)
• 5.75% 7-Month CD at a California CU (OCTFCU)
• 5.75% 11-Month CD at a Michigan CU (Omni Community)
• 5.75% 6-Month CD at a Illinois Bank (Town Center Bank)
• 5.70% 11-Month CD at a Oregon CU and $100 Checking Bonus (Advantis)
• 5.65% 7-Month CD at a California Bank (First Private)
• 5.60% 7-Month CD at a Illinois Bank (Prairie Bank and Trust Co.)
• 5.60% 7-Month CD at a Texas Bank (Equity)
• 5.57% 9-Month CD at a Arizona CU (Altier)
• 5.50% 7-Month CD at a Washington State CU (GHCU)
• 5.50% 9-Month CD at a California Bank (Gilmore)

Savings Account/CD Alternatives

• Money Magazine article on risk-free investments
• Fidelity Money Market Fund - 5.05% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.03% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

Updates on Penfed and its 6.25% CDs read and submit comments for this post

Thanks to everyone who has left comments regarding Penfed. Several useful details have been provided. I thought it would be useful to consolidate this information into a new post. I was able to receive some confirmation of these by calling. But some details like hard credit pulls are not fully understood even by the CSRs, so please be aware that your experiences may differ.

For the main details of Penfed, joining Penfed and Penfed's new 6.25% CD, please refer to this post. Please refer to Penfed's website for the official details. Below is a list of additional details and observations that I received from readers along with my inputs:

• Funding the Savings Account - When I joined in September, only the credit card option was available to fund the share savings account online. Readers are reporting that you now can fund savings account with an ACH transfer or check in addition to a credit card. Also, you can use a debit/check card instead of a credit card to fund the savings account. Only $5 is the required minimum deposit for the savings account.
• Hard Credit Inquiry - A hard credit pull is done when you open your share savings account (when you join). I was told that no additional hard pulls are done for opening CDs. They will also do a hard pull for checking accounts, loans and credit cards. I just checked by credit report at Equifax and there was just one hard pull done by Penfed when I first joined. It did not show any hard pulls for the two CDs that I purchased so this seems to confirm what I was told by the CSR. One reader mentioned the following:

  A CSR confirmed today, that Hard credit pull is done to almost everyone opening CD by calling CSR and or opening online with amounts > 10K. Also, they run hard credit pull on every 9th or 10th customer as required by law, for quality control purposes.

  Another reader mentioned this:

  They do a hard pull for opening an account, but they use the same pull for 60 days. So if you bite the bullet and take the hard for opening a share account, they will use that same hard (ie not initiate a 2nd hard pull) for a credit card app. So anyone planning to apply for membership via a share account should seriously consider applying for the 1.25% credit card at the same time.

  Note, the hard pull may lower your FICO score by about 5 points. The effect should be removed in about 6 months.
• Avoiding the $20 Fee - You may qualify for Penfed membership without having to join NMFA (and paying the $20 fee) if you have an immediate family member who qualifies. The family member does not need to be a Penfed member. For example if your dad receives retirement benefits from the Army and isn't a Penfed member, you are eligible.
• How Quickly Can a CD be Opened - A reader asked if you have to return the signature card after you join before you can open a CD. I was able to open a CD in September before I sent back the signature card. You just need to be able to log in to open the CD online. A reader mentioned that he had to call to receive the PIN that allowed online access.
• Maximum Deposit - The maximum deposit when funding the CD using the online application is $10K. I was told that this cap is removed after you're a member for 6 months. You can go above this by opening the CD by phone. A reader reported opening a $100K CD by phone by giving the CSR his bank's routing number, his account number and check number.
• Special IRA Provisions - If you're over 59 1/2 years of age, you can change your IRA CD without penalty. A reader reported that he changed a 3.5% CD with a year left to a new 6.25% rate in a matter of minutes with no penalties.
• Safety - Bauer Financial's rating of Penfed is 5 out of 5 stars (superior) based on September 30, 2006 financial data. Bankrate.com's rating is 3 out of 5 stars (performing) and is also based on September 30, 2006 financial data. I'm not sure why there's this much discrepancy or how significant this is. As I mentioned before, Penfed is federally insured by the NCUA.
• How Long Will It Last? - A reader noted that Penfed has been coming out with very high long-term CD rates this time of year for the last 3 years, and this is likely the time of the year in which they build their funds. In the past these rates have continued for a few months into the new year.

Regarding the last point, Penfed came out last year with a 6% 7-year CD, a 5.75 5-year CD and a 5.50% 3/4-year CD at the end of December (see post). For comparison, the best 60-month CD that was listed at Bankrate.com at that time was 5.15%. Thus, the current 6.25% CD rate shouldn't be considered unusual. Based on history the rate should last for a few months. However, with more people using the internet for banking and interest rates likely to fall next year, there could be more demand for these CDs than what Penfed has experienced in the past. So you may not want to wait to after January.

6.25% 60-Month at a New Jersey CU (Paragon). read and submit comments for this post

Paragon FCU increased the rate of its 60-month certificate of deposit from 6.00% to 6.25% APY. This rate is listed both in the top specials and promotion table and in the bottom CD and IRA rate table. The top table has a minimum of $50K. The bottom rate table has a minimum of only $10K for a Super CD. Paragon has been offering a 6% CD for the last several months.

The field of membership includes those who live, work, worship, or attend school in Bergen or Passaic County, New Jersey. There are additional communities in New Jersey and Pennsylvania that are included. Also, there's a long list of schools, companies and organizations which can qualify you for membership. Membership requires a $25 deposit into a Share account.

If you don't qualify for membership at Paragon, I would recommend Penfed which is also offering 6.25% CDs (see post).

The credit union is NCUA insured. It has $377 million in assets and 58,240 members.

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

[Edit 1/6/07: The rate of this 60-month CD has gone down to 5.75% APY]

5.30% Savings Account at OneUnited, Now Requires $1K read and submit comments for this post

OneUnited Bank's rate on its UNITY Gold E-Savings account has recently been raised from 5.25% to 5.30% APY. However, I noticed it changed its minimum deposit requirement. It use to only require a $10 deposit. It now requires a $1,000 minimum opening deposit and to earn the stated APY.

Comments from readers regarding this bank and this savings account haven't been favorable. Many reported problems in the account opening, with customer service and with slow ACH transfers. Refer to this post for account details and this post for comments from readers.

The Bank is FDIC insured. Their safe and sound rating at Bankrate.com has gone down since June from 4 out of 5 stars (sound) to 3 out of 5 stars (performing).

5.70% 22-Month CD at a Pennsylvania CU (Tri County Area) read and submit comments for this post

Tri County Area FCU is offering a special 5.70% APY 22-month certificate. The minimum deposit is $500. Other specials include a 5.50% APY 16-month CD, a 5.30% APY 9-month CD and a 5.00% APY 4-month CD.

The field of membership includes those who live, work, worship or attends school in the counties of Berks, Chester or Montgomery. There's also a long list of select employee groups. See site for details. The main office is located in Pottstown, Pennsylvania.

The credit union is federally insured by the NCUA. It has $102 million in assets and 15,867 members.

It's Official: 6.25% CDs at Penfed read and submit comments for this post

[Update 6/14/07: For latest Penfed certificate rates, please see Penfed's rate table.]

Pentagon Federal Credit Union officially posted its new CD rates this morning, and as expected the long-term CD rates are 6.25% APY. This rate applies to terms of 3 years and over. Thanks to the readers who reported on this last week. It's interesting to note that Penfed mistakenly has 5.25% in their promotional ad. But if you look at the rate table, you'll see it actually states 6.25% APY with a dividend rate of 6.07%

Now the question is what is the best term. In a future post, I'll discuss some of the issues to consider. In this post, I'll describe Penfed and the CDs along with my experiences with joining Penfed and opening a CD last September.

Overview of Pentagon Federal Credit Union

• Safety - Pentagon Federal Credit Union (Penfed) is the third largest credit union in the nation in terms of total assets. It has $9.2 billion in assets and 714,855 members. It's federally insured by the NCUA (see its NCUA page which includes the web address). It currently has a 3 out of 5 stars (performing) safe-and-sound rating at Bankrate.com. This is down from 4 out of 5 stars when I posted on Penfed in September. Note, there are many ways to extend your insurance above $100K such as using payable on death accounts with qualifying beneficiaries. See this NCUA page for the official details.
• Eligibility - 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.
• How To Join - In September, I joined Penfed online. You can start the online application here. If you're not already eligible, you'll end up at a page where you can join both the NMFA and Penfed online at the same time. After agreeing to the terms, the application 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 (my Citi card didn't charge me.) 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. Note, Penfed has recently added extra login security so the initial login process may be a little different now.

Penfed CD Details

The official details of Penfed CDs (called Money Market Certificates) are available at the Penfed CD page and in the CD application (pdf). Some of the important points include:

• CD can be purchased online, by mail, or by phone
• Available as a regular CD, an IRA and a Coverdell Education Savings Certificate.
• The minimum deposit is $1,000 ($500 for Coverdell)
• The rates are effective through January 31, 2007 (as posted by Penfed). Readers report being told that these rates may last for 3 months
• The early withdrawal penalty is 180 days of interest for terms of 3 to 5 years. The penalty is 365 days for the 7 year CD. Note, if you redeem a 3, 4 or 5 year CD before 180 days, you'll only lose the interested earned up to that point. So the penalty won't eat into the principal (likewise for the 7 year CD.)
• Interest is compounded daily and credited monthly
• After the CD is opened, you may not add funds to the account until maturity date.
• Partial withdrawals are not permitted except for IRA accounts
• There are two choices for maturity. First is the automatic renewal option. This has no grace period. Second is the non-renewable option. You can request that they send you a check or transfer the money into your Penfed savings or checking account. This last option seems to be the best especially since you don't want to be locked into a Penfed CD during their low rate period. However, with the automatic renewal option, closing the CD that just renewed wouldn't result in much interest penalty. You would just lose interest for those days since it matured.

My Experiences with a Penfed CD

When I joined Penfed in September and opened a CD, the process went smoothly. I joined and purchased the CD online. Below is a description of the CD purchase process and some important points. Note, there may have been some changes between now and then.

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. I received mine and mailed it back without any problems.

Summary

This is a great opportunity for all those looking for a long-term CD. I wasn't expecting Penfed to be so generous with the rates especially since long-term CD rates have been falling so much in the last several months. The best 5-year CD rate currently listed at Bankrate.com is only 5.30% APY. I'm a little worried that this rate may be too good. Penfed is a large credit union that should be able to handle a large influx of deposits and new members. However, the rates are so much better than what's available elsewhere, even Penfed may have trouble and could end these 6.25% rates early.

5.65% 15-Month CD at an Ohio Bank (The Grange Bank) read and submit comments for this post

The Grange Bank is offering a special 5.65% APY 15-month certificate of deposit. The minimum is $1,000, and it requires money new to the bank. There's also a 5.55% APY 9-month CD with the same minimum deposit.

The bank is located in Columbus, Ohio. The website doesn't mention if the CD can be opened by mail. They do have a toll free number: (800) 270-8062.

The bank has been FDIC insured since 1999.

5.75% 6-Month CD at an Illinois Bank (Town Center Bank) read and submit comments for this post

Town Center Bank is still offering a 5.75% APY 6-month certificate of deposit special. I had first reported on this in November. According to the website, this offer is being extended to at least January 7, 2007. The minimum is $2,000, and it requires opening a checking account. When I contacted the bank in November, I was told by the CSR that both the CD and the checking account can be opened by mail even by those who live in other states.

Branches are located in Frankfort and New Lenox, Illinois which is just south of Chicago.

It's a newly established bank that has just been FDIC insured since September, 2006.

5.75% 11-Month CD at a Michigan CU (Omni Community) read and submit comments for this post

Omni Community Credit Union is offering a 11-month certificate of deposit special paying 5.75% APY. There's also a 5.50% APY 5-month CD.

The field of membership includes anyone who lives, works, worships or attends school in Branch, Barry, Calhoun, Eaton, Kalamazoo or St. Joseph County. Branches are located in Battle Creek, Sturgis, Three Rivers and Kalamazoo, Michigan.

The credit union is federally insured by the NCUA. It has $191 million in assets and 34,478 members.

5.50% 13-Month / 5.50% 7-Month CD at a Washington State CU (GHCU) read and submit comments for this post

GNCU is offering a special 5.50% APY share certificate or IRA. You have a choice of terms of 7, 10 and 13 months. The minimum deposit is $2,500 and the maximum deposit is $100K. Funds must be new to the credit union. The rates are effective through 12/31/06.

The field of membership includes anyone who lives or works in the state of Washington. You can also be eligible via select employer groups and family. See site for details. Branches are located in Seattle, Redmond and Tukwila, Washington.

The credit union is federally insured by the NCUA. It has $234 million in assets and 28,585 members.

5.50% 9-Month CD at a California Bank (Gilmore) read and submit comments for this post

Gilmore Bank is offering a 5.50% APY 9-month certificate of deposit. The minimum is $10K. It has a one-time option to step up the rate on the CD to a higher published interest rate being offered by Gilmore Bank on a 9-month Bump Up CD.

With rates trending down, this bump-up feature probably won't be useful. Nevertheless, it doesn't hurt.

The bank is located in Los Angeles, California. You must open the CD at the branch.

Gilmore Bank has been FDIC insured since 1955.

[Edit 12/27: Updated CD application requirement]

6.00% 8-Month CD at a California CU (San Mateo) read and submit comments for this post

San Mateo Credit Union is offering a special 6.00% APY 8-month certificate. The minimum deposit is $2K and the maximum deposit per member is $100K.

The field of membership includes those who live, work or attend school in San Mateo County. You can also be eligible via select employer groups and family. See site for details. Branches are located in Redwood City, San Mateo, South San Francisco and Dale City, California.

The credit union is federally insured by the NCUA. It has $564 million in assets and 59,682 members.

$100 Citibank Checking and e-Savings Account Bonus read and submit comments for this post

Citibank has another promotion for its e-Savings Account and EZ Checking accounts. Here's the Citibank promo page. The offer code is CS2P. You can apply online from the promo page or by calling 1-877-681-9200. Be sure to mention the code if you call. The offer ends 1/31/07.

This promo has one advantage over the $200 promo that I posted on in October. By signing up with this new one, it seems like you'll be free of any monthly fees regardless of balance. The one downside with this promo is that you have to make an initial deposit of $5K to qualify for the $100 bonus (only $1.5K is required for the older one). But with no balance requirements, you should be able to withdraw most of it. With a competitive interest rate of 5.00% APY in the e-Savings, you won't have to worry about losing much interest while the money is in the account. Note that Citibank does a hard credit inquiry in the application. Below is some of the important small print listed in the promo page:

To qualify for Free Citibank EZ Checking, you must apply online for both a new regular checking and e–Savings Account in the EZ Checking package by 12/31/2006. Your relationship package will then be free of monthly maintenance fees and per-check fees. Charges for other account-related services may apply. All accounts are subject to approval. Offer only available for first-time Citibank checking/deposit account customers, and is valid only once for any individual.

$100 offer is only available for first-time Citibank deposit (checking or savings product) account customers, and will be paid only once to any individual. Persons who currently have or at any time have had a deposit account at Citibank (or any of its predecessor banks) are not eligible. To receive this offer you must: 1.) make a single application for both a new regular checking and e-Savings Account in the EZ Checking package and open both accounts by 12/31/06 and fund the account with a minimum initial deposit of $5,000. $100 will be credited to your regular checking account within 90 days from the end of the statement period in which you met all of the above requirements.

Thanks to the reader who emailed me this new promo.

[Edit 12/30/06: Expiration date has been extended to 1/30/07.]

5.75% 7-Month CD at a California CU (OCTFCU) read and submit comments for this post

OCTFCU is offering a special 0.25% interest rate increase on a new or renewing share certificate or IRA certificate including currently available promotional CDs. The offer is good through 1/31/07. Limit one dividend rate increase per Membership.

Their current promotional share certificate is a 5.50% APY 7-month CD with a minimum of $500. So with the promo the rate will be around 5.75% APY. It allows additional deposits during the term up to the initial opening balance.

OCTFCU also has very competitive long term CDs with rates varying by term and by deposit amount. These include a 5.70% APY 5-year CD and a 5.50% APY 24-month CD with a minimum of $50K (see rate sheet). These rates are before the extra 0.25%.

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, but a reader mentioned several ways to get this reduced or waived in my previous post.

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

OCTFCU is federally insured by the NCUA. It's a large credit union with over $6.6 billion in assets and almost 349.5K members.

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

Bank Deals Summary for Dec 23, 2006 (Short Version) read and submit comments for this post

I'm going to have to keep my weekly update short today due to the holidays. I wish everyone happy holidays. Pentagon Federal Credit Union may be giving us a nice Christmas gift next week. Thanks to the investigations of several readers, we learned that Penfed may be coming out with a 6.25% APY CD with terms of 3 years to 7 years. Several readers have confirmed this with Penfed customer service reps, however, the rates won't become official and listed on Penfed's website until next Thursday. Penfed is open to all. For details about joining Penfed and opening a Penfed CD, please refer to my post in which I describe my experiences.

There weren't many rate changes this week. The few changes that did take place were rate drops. Corus Bank lowered its 6 and 12 month CDs from 5.40% to 5.35% APY. AmTrustDirect lowered its 9 month CD from 5.51% to 5.41% APY.

For local deals, Chartway FCU still has its 777 promotion (7% APY 7-month CD with a cap of $7K). The cap can be increased to $21K with referrals (see post). The Arizona Holsum Credit Union is still offering its 8.30% APY 8-month CD. A reader mentioned in this post that many outside of Arizona may be eligible if you call. However, it should be noted that it's a small credit union, and they may not be able to handle too many new members.

For a full list of rates, please refer to my last week's weekly summary. I'll try to be back to my normal weekly update next week.

6.00% 17-Month CD at a Massachusetts CU - IRA (M/A-Com) read and submit comments for this post

M/A Com Federal Credit Union is offering a 6.00% APY 17-month IRA certificate. Minimum is $100, and it requires contributions only.

The field of membership includes those who are members of Mothers Against Drunk Driving (MADD) or the Tewksbury Historical Society. You can also be immediately eligible via a communities where you live and select employee groups. See site for details. Branches are located in Lowell, Massachusetts.

The credit union is federally insured by the NCUA. It has $20.6 million in assets and 2,771 members.

5.60% 15-Month CD at a Utah CU (Mountain America) read and submit comments for this post

Mountain America Credit Union is offering a special 5.60% APY 15-month certificate. The minimum deposit is $1,000. The credit union also competitive long term CD rates including a 5.65% APY 60-month CD and a 5.55% APY 48-month CD.

The field of membership includes those who live in Salt Lake County, Duchesne County and parts of Wasatch and Uintah Counties, Utah. You can also be eligible via family and select employee groups. See site for details.

The credit union is NCUA insured. It has $1.9 billion in assets and 231,318 members.

6.25% CDs Coming to Penfed? read and submit comments for this post

There are rumors that Pentagon Federal Credit Union may be coming out with 6.25% certificates starting on December 28th and should be available for 3 months. A reader heard this from Penfed. The terms of these CDs are not known for sure but may be 3 to 5 years. As typical with Penfed, these should also be good for IRAs.

We'll have to wait for the 28th before we know for sure, but based on Penfed's history, they often come out with high rate CDs early in the year. Last year, Penfed came out with a 6% 7-year CD, a 5.75% 5-year CD and a 5.50% 3/4-year CD at the end of December (see post). For comparison, the best 60-month CD that was listed at Bankrate.com at that time was 5.15%.

I was worried that long-term CD rates had dropped so much lately that Penfed may feel they don't need to offer 6% CDs anymore to be competitve. So if we see 6.25% CDs, that would be great.

You may ask if you want to lock into a long-term CD when money market accounts are paying up to 5.50%. One reader made the very good point that these high yield online savings accounts could be a "clever ploy by the banks to cut risk" since they discourage people from locking into high rate CDs. When the Fed starts dropping rates, savings account rates will fall quickly and banks will have fewer high yield CDs to pay out.

The reader also makes a good point that you can always break a CD if rates do shoot up sometime in the future. Be sure always to check the early withdrawal penalty of a CD. Penfed's early withdrawal penalty is 180 days of interest for long-term CDs. If you break the CD before 180 days, you lose all the interest, but no money is taken from the principal. See my Bank CD Tool to see if it pays to break a CD.

Please refer to this post for info on Penfed CDs (please note that the rates in the old post are out-of-date but the CD info is still valid). For information about joining Penfed and opening a Penfed CD, please refer to this post.

Thanks to the reader who provided the Penfed info and the reader who provided the useful CD opinions.

5.72% 24-Month CD at a Virginia CU - $50K (DuPont Fibers) read and submit comments for this post

DuPont Fibers FCU is offering a 24-month Jumbo share certificate with a rate of 5.72% APY. The minimum deposit is $50K.

The field of membership is primarily based on select employeer groups. There's a long list of employers. See site for details. Branches are located in Richmod, Chester and Midlothian, Virginia.

The credit union is federally insured by the NCUA. It has $162 million in assets and 23,053 members.

Thanks to Richmod Bank Deals for mentioning this special in the finding bank deals.

6.00% 12-Month CD at a Colorado Bank - IRA (Eastern Colorado) read and submit comments for this post

The Eastern Colorado Bank is offering a 6.00% APY 12 month IRA certificate of deposit. The interest rate is 5.89% and the minimum is $500.

The bank has branches in Colorado Springs, Cheyenne Wells and Limon, Colorado. According to the customer service rep they can open the IRA by mail, and they do accept out-of-state deposits. For more info, contact their toll-free number at 1-800-831-2645.

The Eastern Colorado Bank has been FDIC insured since 1944. It has a safe and sound rating of 4 out of 5 stars (sound) at Bankrate.com.

6.00% 3-Month Money Market Account Promo Update at Dime read and submit comments for this post

[Update 3/18/07: The 6.00% special rate is no longer being offered.]

Dime Savings Bank is still offering the 6.00% APY 3-month promo on its Rewards Money Market account. I had reported on this back in July. Here's the new promo link. An animated banner on the bank's front page advertises this deal and has a link to this promo page. Note, the banner only shows up with IE and not Firefox.

The offer seems the same as what I reported in July. Here are some of the important details: The 6% APY is guaranteed for a 3-month period from the date of account opening. It applies to daily balances up to $250K for 3 full months. After the 3-months is over, the account will become a regular Rewards Money Market tiered rate account (2.50% for balances of $1K to $25K). Offer is limited to one account per household and is for new deposits only.

When I had contacted Dime Bank in July, I was told that you can close the account after 3 months without penalty. According to the customer service rep, they only do a ChexSystem check and no hard credit pull during the application.

Dime Savings has an online banking system but it doesn't have an ACH transfer system. The money market account does have check writing. Someone posted on this FW thread that if you want to link to this account from another institute, be sure to categorize this account as an "MMA Checking" account or at least a checking account, or Dime will reject the ACH transfer request.

Also note that Dime has been offering a 7% version of this promo to select customers (see this FW thread). Unfortunately, this one looks like it requires a customer unique code.

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

Thanks to jairocon who updated me on this promo.

6.00% Money Market Promo and 5.75% 9-Month CD at AmTrust Phoenix Branch read and submit comments for this post

AmTrust Bank is having a CD and Money Market Account special at its Ahwatukee Branch in the Phoenix Arizona area. They're offering a 5.75% APY 9-month certificate of deposit. The minimum is $1K. The money market promos include a 6.00% APY intro rate guaranteed for the first 180 days. Personal MMA requires a $50K minimum and Business MMA requires $1K minimum. All of these promos are good through 12/31/06, and they all require a branch visit.

Thanks to FW member jdixon who posted this deal in this Fatwallet thread.

AmTrust Bank is a division of Ohio Savings Bank which is FDIC insured. Ohio Savings Bank is rated 3 out of 5 stars at Bankrate.com (performing). This is down from 4 stars a few months ago.

What to Expect from CDs and Money Market Accounts in 2007? read and submit comments for this post

This Bankrate.com article gives some predictions by financial professionals about what to expect next year for CD and money market rates. One of the experts doesn't see much change in the short term rates and recommends against locking into a long-term CD that doesn't give much of a premium over the money market accounts. Another expert thinks the Fed is done and recommends those who have been buying short-term CDs should start to consider CDs with maturities from 2 to 3 years. He also recommends people consider more stock and mutual funds to their portfolio. Another expert recommends a barbell CD laddering approach in which most of your CD maturities are concentrated in the maturities of 1-year and under and in maturities of 4 and 5 years. With inverted yield curves, it's tempting to keep all your money liquid, but if the housing market tanks, the low interest rates of 2003 could return.

As you can see from these experts, there's no clear cut prediction. As usual, the best approach is an investment allocation that's based on your goals and tolerance for risk.

Thanks to the reader who mentioned this article in the comments.

6.00% 12-Month / 6.00% 6-Month CD at a Georgia Bank (Alpha) read and submit comments for this post

Alpha Bank and Trust has increased the yield of its 12-month CD from 5.75% to 6.00% APY. The 12-month IRA has a rate of 6.06% APY. The 6-month CD still has a 6.00% APY, and the long-term CDs remain at a very competitive 5.65% APY. The minimum deposit is $1K ($500 for an IRA). A reader noted that the bank typically makes rate changes on Mondays. The 12-month 6% started yesterday. The 6-month 6% started two weeks ago.

Several readers have confirmed that this bank does accept out-of-state deposits. Here is one description of what is required:

Customers who wish to open CDs by mail need to send letter containing term desired (e.g., 6 mth, 12 mth), city of birth, mother's maiden name, and name of employer -- along with notarized copy of drivers license and check for amount of deposit.

Please refer to the bank for official requirements. As I mentioned in last week's post, this bank has been offering high CD rates since I first reported on them in August. It's important to note that it's a small bank (one-branch bank near Atlanta). So rates and customer requirements could change quickly due to a large demand.

The bank just started business last May which likely explains the very competitive rates. It is FDIC insured.

Thanks to the readers who have provided their experience with this bank.

6.25% 6-Month CD at a Georgia Bank (Cornerstone). read and submit comments for this post

Cornerstone Bank is having a holiday promotion in which you can get an extra 0.25% on top of their current 6.00% APY 6-month certificate of deposit by bringing in a new unwrapped toy as a donation to their Toy Bank. The 6.25% CD toy promo is good through 12/31/06. The 6.00% CD promo is good through 2/28/07. The minimum deposit is $5K and the maximum is $100K. The offer is good for consumer (regular or IRA) and business accounts. There's also a 5.85% APY 11-month CD special with the same requirements as above.

The bank has branches in Atlanta and Sandy Springs, Georiga. From their website it's not clear if they require a branch visit to open the CD or if they accept out-of-state deposits. Please leave a comment if you are able to contact the bank.

The bank has been FDIC insured since 2001. It has a 4 out of 5 safe and sound rating (sound) at Bankrate.com.

[Edit 1/6/07: This 6.00% promotion ended early.]

6.00% 6-Month CD at an Ohio CU (STECU) read and submit comments for this post

State Transportation Employee Credit Union is offering a special 6.00% APY 6-month certificate. The minimum deposit is $5K, and it requires money new to the credit union.

The field of membership includes employees of the Ohio Department of Transportation and several other Ohio State departments and agencies. Also, anyone who resides, works, or worships in the greater Hilltop Community is eligible. See site for details (bottom of home page). Branches are located in Columbus, Ohio.

The credit union is federally insured by the NCUA. It has $29.7 million in assets and 8,768 members.

5.60% 12-Month CD at a Florida Bank (Sunshine State Community) read and submit comments for this post

Sunshine State Community Bank is offering a 5.60% APY 12-month certificate of deposit and a 5.50% APY 6-month CD. The minimum for both is $10K (see rate table).

The bank has branches in Port Orange and Holly Hill, Florida. It has been FDIC insured since 2000. The bank has a 4 out of 5 safe and sound rating (sound) at Bankrate.com.

Best 1-Year CD in the Nation?

This local deal is better than what's available nationally. My last week's bank deal summary lists 2 banks and one credit union with nationwide availability with an APY of 5.50% for a one year CD. Bankrate.com lists AmTrust Direct with the highest 12-month rate of 5.41% APY.

5.77% 19-Month CD at a Virginai CU (Newport) read and submit comments for this post

Newport News Shipbuilding Employees' Credit Union is offering some competitive certificate specials. The highest rate is a 5.77% APY 19-month CD. The others include a 5.51% APY CD with terms of either 8 months or 37 months. The minimum deposit is $2.5K. These special rates require maintaining a checking account with direct deposit. Without this relation, the rates are about 0.25% lower. These same specials are also available in an IRA certificate. The IRA minimum is $1K.

The field of membership includes those who live, work, worship, volunteer or attend school in the Virginia counties of Gloucester, Isle of Wight, James City, Southampton, Surry and York. See site for details.

The credit union is federally insured by the NCUA. It has $941 million in assets and 95,240 members.

6.00% 6-Month CD at a New York CU (Hudson Valley) read and submit comments for this post

Hudson Valley FCU is offering a special 6.00% APY 6-month certificate. The minimum deposit is $2K. This CD is also available as an IRA and a Jumbo CD.

The field of membership includes anyone who lives, works, worships, volunteers or attends school in Dutchess, Ulster or Orange County, New York.

The credit union is federally insured by the NCUA. It's a large credit union with $2 billion in assets and 184,043 members.

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

Bank Deal Summary for December 16, 2006 read and submit comments for this post

As anticipated the Fed held steady on the rates this week. There remains the general consensus that the Fed will start cutting rates around the middle of next year, and bond investors continue to anticipate a slowdown in the economy (see post). The result of all this is that savings account rates are remaining pretty much unchanged while CD rates (especially long term CD rates) continue to fall.

There were just a few rate changes on savings accounts this week. GMAC Bank lowered the rate of its Money Market Savings Account from 5.25% to 5.20% APY. Corus Bank's money market account rate fell from 4.98% to 4.91% APY. Countrywide had a rate increase on its Savingslink account. The new rate is only for balances of $50K+. The rate is now 5.40% APY, up from 5.30% (see post).

While many of the online banks were quick to drop their CD rates, many credit unions have been slow to drop their rates. Unfortunately, the credit unions are starting to catch up. There were several CD rate drops on the credit unions in my main list (which have easy membership). GTE FCU dropped its 1-year CD rate from 5.64% to 4.96% APY. Fort Belvoir FCU dropped their long-term CD rates by about 15 basis points, and Members Credit Union dropped its 60-month CD from 5.59% to 5.34% APY.

Navy FCU is one of the few credit unions that has not dropped its high yield long-term CD rates. It still has a 6% APY 7-year CD and a 5.70% APY 5-year CD for a $20K+ deposit. Based on the rate trends, don't expect this to last much longer. Unfortunately, Navy FCU doesn't have easy membership. You have to have some connection to the Navy (see post).

For those who think 7 years is a little long, NASA FCU is still offering a 5.80% APY 7-month CD (see post). Patelco Credit Union is still offering its 5.75% APY 8-month CD. This also has the nice feature of allowing additional deposits during the term. A reader just mentioned that Patelco is waiving the membership fee ($20) for December. Note, Patelco is privately insured by ASI and is not federally insured by NCUA (see post).

For local deals, Chartway FCU still has its 777 promotion (7% APY 7-month CD with a cap of $7K). The cap can be increased to $21K with referrals (see post).

There's another good local deal at MCT Federal Credit Union which is offering very high yields on long-term CDs. The best is a 6.37% APY 60-month CD with a deposit of $50K or more. A reader just noted a way that this can be increased by 0.50% (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 around $10K or less. Previous weekly summaries are available for Dec 9th, Dec 2nd, Nov 25th, Nov 18th, Nov 11th and Nov 4th.

As of December 16, 2006

Savings Accounts/Money Market Accounts:

• Superior Savings - 5.50% MMA ($10K min), my post
• E-LOAN - 5.38% ($5K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.32%, my post
• iGobanking - 5.30%, my post
• Zions Bank - 5.30% MMA (min $1K) (5.34% $50K+), my post
• AmTrustDirect - 5.30% ($1K min), my post
• Apple Bank - 5.27%, my post ($25 bonus)
• WTDirect - 5.26% ($10K min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• OneUnited - 5.25% (min $10), my post
• Presidential - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Countrywide - 5.25% (min $10K), (5.40% $50K+) my post
• GMAC Bank - 5.20% MMA (min $500), my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
• MyBankingDirect - 5.10% MMA (min $5K), my post
• Mutual Bank - 5.10% MMA (min $5K), my post
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, offers checking (see $25 bonus post), my post
• ETrade Bank - 5.05%, my post ($50 bonus)
• Discover Bank - 5.05% MMA (min $10K)
• CapitalOne/Costco - 5.01% MMA (min $5K, Costco members only, $25 deal for exec. members)
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• Corus Bank - 4.91% MMA (min $10K to open)
• Tennessee Commerce Bank - 4.98% (min $10K), my post
• CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
• Self-Help Credit Union - 4.71% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• ING Direct - 4.50%, my post ($25 bonus), (rate history)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• EverBank - 4.41% ($1.5K min), 6.01% 3-mo promo, my post
• MetLife Bank - 4.40% 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 - 3.66% MMA ($500 min), requires checking, my post ($250 deal)

3-Month Certificates of Deposit:

• EverBank - 6.01% ($1.5K min), checking account promo, see post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• VirtualBank - 5.44% (min $10K), my post
• Countrywide - 5.40% (min $10K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• UFB Direct - 5.30% (min $8K)
• FirstFedDirect - 5.26% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• UmbrellaBank.com - 5.10% (min $1K)
• Charles Schwab - 5.09% (min $1K), my post
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• Self-Help Credit Union - 4.98% (min $500), my post
• Corus Bank - 4.91% (min $10K)

6-Month Certificates of Deposit:

• NASA FCU - 5.80% (7 months) (min $15K), my post
• Superior Savings - 5.60% (min $500)
• AmTrustDirect - 5.46% (min $1K) my post
• FirstFedDirect - 5.46% (min $10K), my post
• BankUnited - 5.45% ($1K min)
• Tennessee Commerce Bank - 5.45% (min $5K)
• IndyMac Bank - 5.45% (min $5K), my post
• Corus Bank - 5.40% (min $10K)
• VirtualBank - 5.39% (min $10K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, my post
• Countrywide - 5.30% (min $10K), my post
• ETrade Bank - 5.30% (min $1K), my post
• UFB Direct - 5.30% (min $8K)
• Self-Help Credit Union - 5.25% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• UmbrellaBank.com - 5.20% (min $1K)
• NetBank - 5.19% (min $1K)
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• E-LOAN - 5.15% ($10K min), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• ING Direct - 5.00%, my post
• Wells Fargo - 4.90% (5 months) (min $5K), rate and min vary by state, my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• AmTrustDirect - 5.51% (min $1K) my post
• FirstFedDirect - 5.41% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• Imperial Capital - 5.32% ($2K min), my post
• VirtualBank - 5.28% (min $10K), my post
• IndyMac Bank - 5.20% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• ING Direct - 5.05%, my post
• Washington Mutual - 5.00% (min $1K)

12-Month Certificates of Deposit:

• Tennessee Commerce Bank - 5.50% (min $5K)
• AmboyDirect - 5.50% (min $10K), my post
• Digital CU - 5.50% (13 month) (min $500), my post
• AmTrustDirect - 5.41% (min $1K) my post
• Corus Bank - 5.40% (min $10K)
• La Jolla Bank - 5.40% (min $10K), my post
• UmbrellaBank.com - 5.40% (min $1K)
• FirstFedDirect - 5.35%, (min $10K) my post
• Imperial Capital - 5.30% ($2K min), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• IndyMac Bank - 5.25% (min $5K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• GMAC Bank - 5.20% (min $500), my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• EmigrantDirect - 5.20% (min $1K)
• Self-Help Credit Union - 5.16% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• UFB Direct - 5.15% (min $8K)
• VirtualBank - 5.15% (min $10K), my post
• E-LOAN - 5.15% ($10K min), my post
• ING Direct - 5.10%, my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• ETrade Bank - 5.10% (min $1K), my post
• Countrywide - 5.10% (min $10K)
• Melrose CU - 5.09% (min $5K) my post
• GTE FCU - 4.96% (min $500) (add-on feature) my post
• Mutual Bank - 4.80% (min $2.5K) my post

18-Month Certificates of Deposit:

• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UmbrellaBank.com - 5.25% (min $1K)
• AmTrustDirect - 5.15% (min $1K) my post
• Imperial Capital - 5.15% ($2K min), my post
• CapitalOne/Costco - 5.14% (min $5K, Costco members only)
• GMAC Bank - 5.10% (min $500)
• E-LOAN - 5.05% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post

36-Month Certificate of Deposit:

• First State Bank - 5.50% ($1K min), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Melrose CU - 5.20% (min $5K) my post
• Fort Belvoir FCU - 5.18% (min $1K), my post
• UmbrellaBank.com - 5.15% (min $1K)
• Mutual Bank - 5.10% (min $5K) my post
• AmTrustDirect - 5.00% (min $1K) my post
• GMAC Bank - 5.00% (min $500)
• Imperial Capital - 5.00% ($2K min), my post
• E-LOAN - 5.00% ($10K min), my post
• Washington Mutual - 4.95% (min $1K), rates vary by state
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)
• Self-Help Credit Union - 4.85% (min $500), my post

48-Month Certificate of Deposit:

• First State Bank - 5.50% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Fort Belvoir FCU - 5.29% (min $1K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Melrose CU - 5.25% (min $5K) my post
• UmbrellaBank.com - 5.15% (min $1K)
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Self-Help Credit Union - 4.84% (min $500), my post
• Countrywide - 4.80% (min $10K)

60-Month Certificate of Deposit:

• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Agriculture FCU - 5.50% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.44% (min $1K), my post
• USA FCU - 5.38% (min $1K) my post
• Presidential Bank - 5.35% (min $1K)
• Members Credit Union - 5.34% (min $2K), my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Melrose CU - 5.30% (min $5K) my post
• Transportation Alliance Bank - 5.27% ($1K min)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UmbrellaBank.com - 5.15% (min $1K)
• VirtualBank - 5.15% (min $10K), my post
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Imperial Capital - 4.95% ($2K min), my post
• Self-Help Credit Union - 4.84% (min $500), my post
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)

84-Month Certificate of Deposit:

• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• CapitalOne/Costco - 5.14% (min $5K, Costco members only)
• Countrywide - 4.80% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.01% 3-month intro rate on checking account
• 6.00% 3-month intro rate on Money Market account
• 5.61% Savings Account with $25K+ balance
• 5.50% Money Market Account with $250K initial deposit
• 5.55% Money Market Account with $100K balance / 5.25% Business MMA
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+
• 5.25% Money Market Account with $25K min

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• 6.00% Checking Account up to $25k (Arkansas)
• 6.00% Money Market Account Intro Rate in New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.50% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.25% no-min online savings account and $50 Bonus (New York)
• 5.25% low-minimum online savings account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Checking Account at an Oklahoma Bank (Legacy)
• 4.75% Checking Account (Texas)

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

Terms of 60 Months and Over

• 6.37% 60-Month CD at a Maryland CU (MCT)
• 6.33% 60-Month CD at a North Carolina CU (Team and Wheel)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.18% 60-Month CD at a DC Credit Union (GSA)
• 6.17% 60-Month CD at a Washington State CU (Spokane City)
• 6.05% 60-Month CD at a Ohio CU (TopMark)
• 6.00% 72-Month CD at a Ohio CU (ProMedica)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 60-Month CD at a New Jersey CU (Paragon)
• 6.00% 60-Month CD at a Ohio/Kentucky CU (Cinfed)
• 6.00% 60-Month CD at a Texas CU - IRA (Texas FCU)
• 5.98% 60-Month CD at a Texas CU (Coastal Community and Teachers)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.91% 60-Month CD at a Texas CU - $50K (Star of Texas)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.90% 60-Month CD at a Michigan CU (Schools and Government)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.88% 60-Month CD at a Virginia Bank (Farmers)
• 5.88% 60-Month CD at a Wyoming CU (First Education)
• 5.86% 60-Month CD at a Virginia CU (Richmod Postal)
• 5.83% 60-Month CD at a Arizona CU (Honeywell Aerospace)
• 5.82% 60-Month CD at a Texas CU (Austin Telco)
• 5.80% 60-Month CD at a Arizona CU - IRA (Credit Union West)
• 5.80% 60-Month CD at a MI/AL/MO CU (Service 1)
• 5.75% 60-Month CD at a California Bank (Spectrum)
• 5.75% 60-Month CD at a Wisconsin Bank (Cashton)
• 5.75% 60-Month CD at a Florida CU (Bay Gulf)
• 5.75% 120-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Georgia Bank (Piedmont)
• 5.65% 60-Month CD at a Georgia Bank (Alpha)
• 5.65% 60-Month CD at a Colorado CU (Gateway)
• 5.60% 60-Month CD at a Florida CU (Suncoast Schools)
• 5.57% 60-Month CD at a California CU (Open to All)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Alabama CU (Energon)
• 6.25% 36-Month CD at a Illinois CU - Coverdell (First Northern)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 6.17% 48-Month CD at a Maryland CU (MCT)
• 6.17% 36-Month CD at a Maryland Bank - $100K Min (CommerceFirst)
• 6.17% 48-Month CD at a DC Credit Union (GSA)
• 6.11% 30-Month CD at a California CU (TFCU)
• 6.00% 24-Month CD at a New York CU - $50K Min (Palisades)
• 6.00% 30-Month CD at a Florida CU - $100K (Tropical Financial)
• 6.00% 50-Month CD at a Nevada CU (Greater Nevada)
• 6.00% 24-Month CD at a North Dakota CU (Burlington Northern)
• 5.88% 48-Month CD at a California CU (Butte)
• 5.85% 40-Month CD at a Michigan CU (Schools and Government)
• 5.80% 24-Month CD at a New York CU (Countryside Community)
• 5.80% 35-Month CD at a Nevada CU (Greater Nevada)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.75% 24-Month CD at a Texas CU (Texas Champions)
• 5.75% 36-Month CD at a North Dakota CU (Dakota Plains)
• 5.75% 48-Month CD at a New York CU (Countryside Community)
• 5.75% 36-Month CD at a Oregon CU (NW Preferred)
• 5.75% 50-Month CD at a Ohio CU (AP FCU)
• 5.70% 30-Month CD at a Maryland Bank (Howard)
• 5.63% 36-Month CD at a California CU (Open to All)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Florida Bank - $1K Max (Atlantic Coast)
• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.35% 15-Month CD at a California CU (Alisos)
• 6.07% 13-Month CD at a LA Credit Union (Financial Partners)
• 6.00% 14-Month CD at a New Mexico CU - $100K (Kirtland)
• 6.00% 13-Month CD at a Texas CU (Air Force)
• 6.00% 12-Month CD at a New Jersey CU (Rutgers)
• 6.00% 12-Month CD at a Texas CU (Dallas)
• 6.00% 12-Month CD at a Montana CU (Lincoln County)
• 6.00% 12-Month CD at a Dallas Bank - $125k min (ViewPoint)
• 6.00% 15-Month CD at a TX/CO Credit Union (Security Service)
• 6.00% 12-Month CD at a California CU (Ventura County)
• 5.95% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.90% 23-Month CD at a Minnesota CU (Honeywell)
• 5.88% 18-Month CD at a Multi-State CU (Chartway FCU)
• 5.80% 12-Month CD at a Florida Bank (Freedom Bank)
• 5.75% 13-Month CD at a Michigan CU (Hometown Community)
• 5.75% 20-Month CD at a Illinois CU - Open To All (Consumers)
• 5.75% 15-Month CD at a Georgia Bank (First Georgia Community)
• 5.75% 13-Month CD at a California CU - $90K (LBS Financial)
• 5.75% 18-Month CD at a Miami CU (MPS)
• 5.75% 18-Month CD at a New York Bank (Park Avenue)
• 5.75% 12-Month CD at a California Credit Union (LA Times FCU)
• 5.75% 21-Month CD at a Indiana CU (Afena)
• 5.75% 12-Month CD at a Houston CU (Right Choice)
• 5.75% 12-Month CD at a North Dakota CU (Northern Tier)
• 5.75% 12-Month CD at a Georgia Bank (Piedmont)
• 5.75% 12-Month CD at a California Bank (Temecula Valley)
• 5.70% 23-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 12-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 12-Month CD at a New York CU (Countryside Community)
• 5.65% 12-Month CD at a California Bank (Western Financial)
• 5.60% 12-Month CD at a Florida CU (Suncoast Schools)

Terms of Under 12 Months

• 10.00% 10-Month CD at a New Jersey CU - $1K Max (Credit Union of New Jersey)
• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)
• 10.00% 10-Month CD at a Philadelphia CU - $1K Max (American Heritage)
• 10.00% 10-Month CD at a Texas CU - $2.5K Max (Alamo FCU)
• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 8.30% 8-Month CD at a Arizona CU - $8K Max (Arizona Holsum)
• 7.55% 3-Month CD at a California CU - $50K Max (Health Associates)
• 7.00% 7-Month CD at a Multi-State CU (Chartway FCU)
• 6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's)
• 6.30% 11-Month CD at a Maryland/DC/Philly CU (FedChoice)
• 6.14% 6-Month CD at a Multi-State CU (USPS FCU)
• 6.14% 6-Month CD at a Ohio CU (Maumee Valley)
• 6.03% 6-Month CD at a Oregon CU (Clackamas Community)
• 6.00% 4-Month CD at a Michigan CU (Huron River Area)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 6.00% 9-Month CD at a Florida CU (Florida Telco)
• 6.00% 6-Month CD at a Georgia Bank (Alpha)
• 6.00% 7-Month CD at a Colorado CU (Gateway)
• 6.00% 6-Month CD at a Georgia Bank (Midtown)
• 6.00% 7-Month CD at a Connecticut CU (Dutch Point)
• 6.00% 7-Month CD at a North Dakota CU (North Star)
• 6.00% 6-Month CD at a Ohio CU (Toledo Area)
• 6.00% 6-Month CD at a New Jersey CU (Atlantic Health)
• 6.00% 3-Month CD at a New York CU (Advantage)
• 6.00% 6-Month CD at a Michigan CU (Huron River Area)
• 6.00% 5-Month CD at a Arizona Bank (Arizona Bank and Trust)
• 6.00% 6-Month CD at a Illinois/New Jersey/Indiana CU (Selfreliance)
• 6.00% 3-Month CD at a California CU (Meriwest)
• 6.00% 6-Month CD at a Ohio CU (Sharefax)
• 6.00% 6-Month CD at a Nevada CU (Moapa Valley)
• 6.00% 6-Month CD at a Georgia CU and $55 Checking Bonus (LGE FCU)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.83% 7-Month CD at a Washington DC CU (Interior FCU)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 5.75% 11-Month CD at a TX/AZ CU (TruWest)
• 5.75% 7-Month CD at a TX/AZ CU (TruWest)
• 5.75% 7-Month CD at a Florida CU (Eastern Financial)
• 5.75% 6-Month CD at a California CU (Metro 1)
• 5.75% 9-Month CD at a Rhode Island CU (Wave)
• 5.75% 7-Month CD at a Oregon CU (SELCO)
• 5.75% 6-Month CD at a New York Bank (Park Avenue)
• 5.75% 6-Month CD at a New York Bank (Trustco)
• 5.75% 5-Month CD at a California/North Caralina CU (Alliance)
• 5.75% 6-Month CD at a California Bank (Temecula Valley)
• 5.75% 7-Month CD at a South Carolina CU (Palmetto Citizens)
• 5.75% 6-Month CD at a Illinois Bank (Town Center Bank)
• 5.70% 11-Month CD at a Oregon CU and $100 Checking Bonus (Advantis)
• 5.65% 7-Month CD at a California Bank (First Private)
• 5.60% 7-Month CD at a Illinois Bank (Prairie Bank and Trust Co.)
• 5.60% 7-Month CD at a Texas Bank (Equity)
• 5.57% 9-Month CD at a Arizona CU (Altier)

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 - 5.03% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

6.00% 6-Month CD at a Georgia Bank (Midtown) read and submit comments for this post

Midtown Bank Bank and Trust is offering a special 6.00% APY 6-month certificate of deposit (scroll down the bank's webpage to see offer). The minimum is $1K, and it requires a relationship offer with a checking account. Without the relationship requirement, the rate is 5.50% APY. The bank also has a 5.65% APY 1-year CD.

The bank is located in Atlanta, Georiga. I can't find on the website if they allow deposits by mail or by out-of-state customers. Being a small one-branch bank, it's likely only a local deal.

The bank is FDIC insured, and it has a safe and sound rating of 3 out of 5 stars (performing) at Bankrate.com.

Thanks to the reader who emailed me this special.

Countrywide's Savings Account Now 5.40% for $50K+ read and submit comments for this post

Countrywide Bank increased the rate on its Savingslink savings account from 5.30% to 5.40% APY for balances of $50K and over. The APY of 5.25% remains the same for balances from $10K to $50K. Balances under $10K now earn 4.00% APY. This had been 4.50% when I reported on this in August.

I first mentioned this Savingslink account in this May 19th post. It's very similar to other online savings accounts. You can fund the account online with an ACH transfer or by wire or check. There are no minimum balance requirements and no monthly fees. However, the minimum opening deposit is $1K. As of November 2006, you can only link one external account to your Savingslink account. They use to allow up to three. One important note regarding Countrywide is that it has been reported that it does a hard credit pull for every new account that you open.

Countrywide had just recently been advertising 5.50% APY 3-month certificate of deposit. However, this rate is now down to 5.40% APY. Countrywide's CD yield curve continues to be very inverted. The CDs with terms from 30 months to 84 months only have a rate of 4.80% APY.

Countrywide Bank is FDIC insured. It has a safe-and-sound rating of 3 out of 5 stars (performing) from Bankrate.com.

[Edit 12/16/06: Corrected the number of links that are now allowed to Savingslink]

6.14% 6-Month CD at a Multi-State CU (USPS FCU) read and submit comments for this post

The US Postal Service FCU is offering a special 6.14% APY 6-month share certificate. The minimum deposit is $250. The offer is available through 12/31/06. The credit union also has some competitive long-term CD rates. The CD's with terms of 18 months to 5 years have an APY of 5.35%. The IRA certificates have similar rates except for the 5-year which has a 5.61% APY.

The field of membership is primarily based on Select Employee Groups which includes the United States Postal Service and several other businesses in the areas the credit union serves. See site for details.

Branches are located in Washington DC, Maryland, Virginia, Pennsylvania and California.

The credit union is federally insured by the NCUA. It has $164 million in assets and 22,433 members.

5.86% 60-Month CD at a Virginia CU (Richmod Postal) read and submit comments for this post

Richmond Postal Credit Union has several high yield certificates. The highest is a 5.82% APY 5-year share certificate. CD's with terms from 36 months to 54 months have an APY of 5.61%. The minimum deposit is $500. These CD's are also available as an IRA certificate. The 12-month Jumbo CD also has a high rate. The $50K minimum Jumbo has an 5.61% APY. The $100K Century CD has an 5.86% APY.

These CD's have several nice features. First they allow you to select a term two months under or three months over the displayed terms. So the 5.86% 60-month CD would be available in terms from 58 months to 63 months. Second, a one time per year withdrawal of $500 or more is allowed, and a one time per year addition of $500 or more is allowed without penalty if the minimum deposit requirement is maintained. This second feature applies only to the share certificates and not the IRAs.

The field of membership includes those who live, work, worship, volunteer, or attend school in Richmond, Virginia. There are also several select employee groups including area postal employees and retirees. See site for details.

The credit union is federally insured by the NCUA. It has $74 million in assets and 9,423 members.

Thanks to Richmod Bank Deals who mentioned this credit union in the finding deals post.

5.50% 12-Month CD for Amboy Direct's Savings Account Customers read and submit comments for this post

Amboy Direct Online Savings Account customers can open a 5.50% APY 12-month certificate of deposit online. This CD isn't advertised at Amboy's website. You have to have a savings account. When you log in, a CD offer link will be listed at the botton. The CD application page seems to be publicly available, however, you need to enter your Amboy Direct account number to open the CD. According to the CSR, this CD is available to anyone who has a Premium Online Savings Account.

It appears the CD opening and closing process can all be done online. You just enter the amount of the deposit ($10K minimum, $50K maximum) and your Amboy's account number. The CD deposit will be transferred from your Amboy Direct account. Principal and interest will be transferred to your Amboy Direct account at maturity. The CD can also be opened by mail.

If you're interested in a 5.50% 1-year CD, you should consider this even if you're not interested in the savings account. Since the Premium Online Savings Account has no minimum balance requirements or fees, there's not much extra work or money required. Also, it has a very competitive 5.25% APY (5.35% for balances over $20K) and there's a $25 refer-a-friend sign-up bonus (see post).

Another promo that a reader just informed me about is on their Money Market Maximizer Account. According to the CSR, this is available only to new customers who had received the offer in the mail. It's not listed on their website. The promo is 6% APY for the first 3 months for balances from $30K to $100K. Offer expires 1/15/07.

The Best 1-year CD

A month ago, a 5.50% 1-year CD wasn't anything special. But with falling rates, it's now hard to find. The highest yielding 1-year CD listed at Bankrate.com is currently 5.41% APY at AmTrustDirect. In my weekly summary I had listed a 5.64% APY 12-month CD at GTE FCU which is widely available. However, GTE FCU just lowered this rate to 4.96% APY.

5.60% 60-Month / 5.60% 12-Month CD at a Florida CU (Suncoast Schools) read and submit comments for this post

Suncoast Schools FCU is offering 5.60% APY on all share certificates with terms from 12 to 60 months. The minimum deposit is $1K. Youth certificates have the same yield but with a $500 minimum.

The field of membership includes those with some affiliation with schools in the Florida counties of Charlotte, Citrus, Collier, Desoto, Glades, Hardee, Hendry, Hernando, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas and Sumter. Also, those 55 years and older who live in one of the above counties can be eligible by joining an association for a one-time fee of $5. See site for details.

The main office is located in Tampa, Florida with branches across Southwest Florida including the cities of Fort Myers and Naples. It's one of the nation's largest credit unions with over $5.3 billion in assets and 414,265 members. It's federally insured by the NCUA.

5.75% 6-Month CD at a California CU (Metro 1) read and submit comments for this post

Metro 1 Credit Union is offering a special 5.75% APY 6-month certificate of deposit. The minimum is $1K and the maximum is $100K. It requires new money. The offer expires on 12/23/06.

It's not advertised on the credit union's website. I had seen it mentioned at eMoneyCentral. I called to confirm. I was told it had been advertised in the ContraCostaTimes Newspaper.

The field of membership includes those who lives, works or worhips in Alameda, Contra Costa and Solano Counties, California. You can also be eligible through select employer groups and by family (including extended family). See site for details.

Branches are located in Antioch, Concord and Richmond, California. The credit union is federally insured by the NCUA. It has $188 million in assets and 19,777 members.

6.00% 12-Month CD at a New Jersey CU (Rutgers). read and submit comments for this post

Rutgers University Student and Alumni FCU is offering a special 6.00% APY 1-year certificate of deposit. The minimum deposit is $5K and the maximum is $99K.

The field of membership includes all students and alumnus of Rutgers University. Branches are located in New Brunswick and Newark, New Jersey.

The credit union is federally insured by the NCUA. It's a small credit union with $3.4 million in assets and 2,382 members.

[Update: CD special is no longer being offered as of 1/31/07]

Secret World Savings CD Specials? My Investigations.. read and submit comments for this post

It has been awhile since the last secret World Savings CD special. The last one that I heard about ended in October. World Savings has often had CD specials that are only advertised by mailers to specific customers. These are not listed on their website and aren't even advertised at their branches. Those who hear about the specials and specifically request them are typically allowed in on the deal.

Since I had a 5.51% World Savings CD mature today, I gave my local branch a call. In October World Savings was willing to match Citibank's 6% 6-month CD when my previous CD matured. I didn't have that luck this time. The best they would do was a 5.35% APY 7-month CD or a 5.25% 12-month CD. I did appreciated the fact that my matured CD had automatically renewed into their new 7-month branch special rather than one of their standard low-rate CD's.

I felt I could do better than their 5.35% 7-month special. I also felt I could do better than their 5.45% 4-month internet special. So I requested them to close the CD (I had 6 more days of grace period) and transfer the money into my checking account that I had with them. This transfer was done within an hour. I then logged on to my GMAC Bank account and then did an ACH transfer from this checking account to my GMAC money market account. I can keep the money at GMAC earning 5.25% APY until I choose to open a CD someplace else. I can then just write a GMAC check.

I also asked the service rep about these targeted CD specials. She mentioned that they haven't been offering these for some time. I suppose she may have chosen not to disclose the special, but without any info on a special, this was the best I could do. I asked if the lack of offers was due to Wachovia acquisition. She said that wasn't going to have any significant effect until 2008, and that it was due to the changing interest rate environment.

So if you receive one of these secret CD specials from World Savings, please email me or leave a comment here with the details. I'm afraid those 6% CD specials won't be coming back any time soon, but perhaps we'll see a 5.76% or at least a 5.51% special some time in the near future.

5.57% 9-Month CD at an Arizona CU (Altier) read and submit comments for this post

Altier Credit Union is offering a special 5.57% APY 9-month certificate of deposit. The minimum deposit is $5K, and it requires new money.

The field of membership includes those who live, work, worship or attend school in Maricopa County, Arizona and in several other Arizona zip codes. You can also be eligible through select employers and by family. In addition, any person who is sponsored by a member of the credit union is eligible. See site for details. Branches are located in Phoenix, Tempe, Mesa, Page and St. Johns.

The credit union is federally insured by the NCUA. It has $192 million in assets and 29,549 members.

Thanks to Michael for emailing me this special.

Best 9-Month CD's

A few months ago, I wouldn't have noted a 5.57% CD. However, rates have fallen. Currently, the best 9-month CD listed at Bankrate.com is 5.51% APY at AmTrustDirect. For those in Maricopa County and parts of Pinal County, Arizona, also note that TruWest Credit Union has a 5.75% CD special with terms of 7 months, 9 months and 11 months (see post).

6.00% 60-Month CD at a New Jersey CU (Paragon). read and submit comments for this post

Paragon FCU is still listing a 6.00% APY 60-month certificate of deposit. The minimum deposit for this rate is $10k. I had last posted on this in October. The 6.00% CD is also available in a Roth or Traditional IRA.

Paragon also has a checking account bonus. Open a checking account with direct deposit of $100 or add direct deposit to an existing checking account and receive a $50 Toys R Us gift card. An initial $100 deposit is required. This offer expires on 12/31/06.

The field of membership includes those who live, work, worship, or attend school in Bergen or Passaic County, New Jersey. There are additional communities in New Jersey and Pennsylvania that are included. Also, there's a long list of schools, companies and organizations which can qualify you for membership. Membership requires a $25 deposit into a Share account.

The credit union is NCUA insured. It has $376 million in assets and 56,744 members.

[Edit 12/30/06: The rate has gone up to 6.25%. See new post for more info.]

5.75% Long-Term Annuity CDs at a Missouri CU (Alliance) read and submit comments for this post

Alliance Credit Union is offering a special type of certificate of deposit called a Fixed-Term Annuity CD. Unlike most annuities sold, this one is more like a CD. It's offered through the credit union and not through any insurance company, so funds are federally insured by the NCUA.

This Annuity CD acts like a CD except that monthly payments consist of both interest and principal so the payments are a fixed amount for the entire term. When the term is over, all of the CD balance and interest have been paid. Terms range from 5 years to 20 years. The current rate and APY is 5.75% (see rate table). The minimum deposit is $10K. The early withdrawal penalty is 180 days of interest.

The credit union's FAQ on these CDs has many of the details. One note about this Annuity CD is that you can transfer an existing IRA into this CD.

The field of membership includes those who reside or work in St. Charles or St. Louis County of Missouri. You may also be eligible via work or family. See site for details.

The credit union is federally insured by the NCUA. It has $117 million in assets and 18,373 members.

Fed Holds As Expected - Effect on Savings Accounts? CD's? read and submit comments for this post

The Fed held the fed funds rate at 5.25% today. This is the fourth straight meeting it had held the rate steady. The last rate hike was on June 29th (see fed funds rate history).

This CNN article has some a good overview of today's meeting and what we may see in the future. One economist was quoted as saying:

There really was nothing much new here. The Fed still expects the economy to bounce back although there was a little more attention to the softening of the housing market.

The consensus seems to be that rates will continue to hold steady until mid next year when we may see the Fed start cutting rates.

With the fed funds rate holding steady, short term rates on savings accounts should also hold steady. However, we may see some more declines in CD rates. The CNN article ended with the following:

Some bond investors seem to be betting that the economy is weakening and that the Fed should be lowering rates to stave off the risk of a significant slowdown. The fed funds rate is currently higher than the 10-year bond rate and other long-term rates. This phenomenon is known as an inverted yield curve and has typically been a predictor of a recession.

5.60% 7-Month CD at a Texas Bank (Equity) read and submit comments for this post

Equity Bank is advertising a 5.60% APY 7-month certificate of deposit. The minimum opening deposit is $1,000. This special is not listed at the bank's website. It was advertised in today's Dallas Morning News. The ad is available online here.

The bank is located in Dallas, Texas. Their phone number is 214-237-3170. According to their website, two of their branches have been acquired by Franklin Bank.

The bank is FDIC insured. The sell-off of their two branches may be an indication of some weakness. This is also supported by their 2 out of 5 safe-and-sound rating at Bankrate.com (below industry average).

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

6.00% 7-Month / 5.65% 60-Month CD at a Colorado CU (Gateway) read and submit comments for this post

Gateway Credit Union is offering current members a 6.00% APY 7-month certificate of deposit. The minimum is $5,000. You must have established membership on or before 12/1/06 and have a Share Account and at least one additional active product. For those who are not yet members, they have very competitive rates on the standard long-term certificates which don't have the established membership restriction. These include a 5.65% APY 60-month CD, 5.60% APY 54-month/48-month CD and a 5.55% APY 42-month CD.

Gateway has just merged with Westerra Credit Union which also lists the same high yield CD's and also has a special 5.55% APY 12-month CD with a $10K minimum.

The Gateway field of membership is open to members of the Consumers United. It's a nonprofit association which seems to be open to anyone who pays the membership fee of $5. In addition to membership in this association, you can be eligible to join the credit union if you live within certain zip codes of Colorado. See site for details. Westerra's FOM seems to be primarily based on select employee groups.

Branches are located in Aurora and Centennial, Colorado. Westerra branches are located in Denver, Colorado Springs, Lakewood and Centennial.

Gateway is now operating through Westerra Credit Union which is federally insured by the NCUA.

5.63% 36-Month / 5.57% 60-Month CD at a California CU (Open to All). read and submit comments for this post

Western FCU has some competitive rates on long-term certificates. These include a 5.57% APY 60-month CD and a 5.49% APY 48-month CD. The minimum deposit is $2.5K. They also have a 5.63% APY 36-month jumbo CD with a minimum of $100K. These rates are available as regular or IRA certificates. The early withdrawal penalty is 90 days of interest. These can be opened by mail.

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. The Friends of Hobbs is another organization via which you can be eligible to join Western FCU. The credit union also 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 $1.1 billion in assets and almost 117.6K members.

[Edit 1/6/07: Rates have gone down some, but are still competitive.]

6.00% 60-Month CD at a Utah CU (Family First) read and submit comments for this post

Family First FCU is still listing several high yield long-term certificates of deposit. These include a 6% APY 5-year CD, a 5.75% APY 4-year CD and a 5.59% APY 3-year CD. All have a minimum of $500, and an early withdrawal penalty of 90 days of interest. These are also available for Individual Retirement Accounts.

This credit union has a track record of high CD rates. I first reported on them last February. My last post on them was in August.

The credit union's field of membership includes anyone who lives, works or attends school in Utah County. Utah County is located 44 miles south of Salt Lake City. The County Seat is the city of Provo. Also note, you can be eligible to join if you have a family member who meets the above criteria. The family member doesn't already have to be a member of the credit union.

The credit union is federally insured by the NCUA. It has $146.5 million in assets and over 27,234 members.

6.00% 72-Month CD at an Ohio CU (ProMedica) read and submit comments for this post

ProMedica FCU is offering a 6.00% APY 72 month certificate of deposit. The minimum is $500. Interest compounds and is paid monthly. The penalty for early withdrawal is 180 days of interest.

Unfortunately, the field of membership is narrow. It's primarily limited to those associated with the ProMedica Health System and family members. The main office is located in Toledo, Ohio.

The credit union is federally insured by the NCUA. It has $28 million in assets and 6,211 members.

6.00% 6-Month / 5.65% 60-Month CD at a Georgia Bank (Alpha) read and submit comments for this post

Alpha Bank and Trust is still offering a 6.00% APY 6-month certificate of deposit and several other high yield CD's including a 5.75% APY 12-month CD and a 5.65% APY CD for all terms longer than 12 months. The minimum is $1K. They also have high yield IRA CD's including a 12-month 5.80% APY and a 5.71% APY for longer terms. IRAs have a $500 minimum.

I had reported on this bank last August and October. As I mentioned in the October post, I've received mixed messages from this bank concerning account opening requirements. A reader in October stated that he was able open a CD from this bank by mail, and he was from outside of Georgia. The bank had requested a notorized copy of his driver's license.

Alpha Bank and Trust is a one-branch bank located in Alpharetta, Georgia which is in the northeast suburbs of Atlanta.

The bank just started business last May which likely explains the very competitive rates. It is FDIC insured.

6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's) read and submit comments for this post

Los Angeles Firemen's Credit Union is offering a 4 month 6.70% APY IRA certificate. New money is required.

The field of membership includes active and retired full-time, paid, professional firefighters within the State of California. See site for details. The main office is located in Pasadena, California.

The credit union is not federally insured by the NCUA. It is privately insured by the ASI. You can confirm that they're listed in the ASI's database here.

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

5.75% 60-Month CD at a California Bank (Spectrum) read and submit comments for this post

Spectrum Bank is offering a 5.75% APY 60-month certificate of deposit. The minimum is $1K. It's available as both a regular CD and an IRA CD. The 3-year CD is also competitive at 5.50% APY.

The bank has branches at Irvine and Montebello, California. The website doesn't specify if CDs can be opened by mail and if they accept out-of-state deposits. I've sent them a message asking about this.

The bank has been federally insured by the FDIC since 1955. It has a 4 out of 5 star safe-and-sound rating at Bankrate.com.

5.80% 60-Month CD at an Arizona CU - IRA (Credit Union West) read and submit comments for this post

Credit Union West is offering a 5.80% APY 5-year IRA certificate. The minimum deposit is $50K for this rate. A 5.75% APY CD is available for a minimum deposit of $10K. The regular 60-month certificate is also competitive with an APY of 5.55% for $50K minimum and 5.50% for $10K.

The field of membership includes anyone who lives, works, or worships in Maricopa County, Arizona. Branches are located in Glendale, Avondale, Phoenix, Peoria and Surprise.

The credit union is federally insured by the NCUA. It has $291 million in assets and 30,544 members.

5.80% 24-Month CD at a New York CU (Countryside Community) read and submit comments for this post

Countryside Community FCU is offering a special 5.80% APY 24-month certificate. The minimum deposit is $10K or $1K for those with an existing Countryside checking account. This is a December special which replaces the 5.75% 48-month and 5.70% 12-month CD specials that I posted on in November.

The field of membership includes those who live, work, worship or attend school in Onondaga County, New York. The credit union is located in East Syracuse.

Countryside Community FCU is federally insured by the NCUA. It has 6,371 members and $88.6 million in assets.

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

Farmers Bank is still offering a 5.88% APY 60-month special certificate of deposit. The minimum is $1,000. I had first reported on this CD in September.

Branches are located in Windsor, Smithfield, and Suffolk, Virginia. When I called last September, I was told that 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).

10% 10-Month CD at a New Jersey CU - $1K Max (Credit Union of New Jersey). read and submit comments for this post

The Credit Union of New Jersey has a special 10% APY 10-month certificate. The minimum and maximum deposit is $1,000. Only one CD is availalbe per account number. It requires a checking or money market account. They do offer a free checking account. This CD offer lasts through December 30, 2006. New money is required.

Due to the $1K cap, it's not a great deal. You can make about $42 more than keeping it in a 5% savings account (assuming no changes in rates for the next 10 months).

The field of membership includes those who live, work or worship in the Ewing Township. There's also a long list of select employer groups. Family members are also eligible, and note, they include aunts, uncles, in-laws and cousins.

The credit union is NCUA insured. It has $209 million in assets and 34,577 members.

Bank Deal Summary for December 9, 2006 read and submit comments for this post

There were more disappointments this week for savers. First, E-LOAN dropped the rate on its savings account. At least the new rate is still very competitive at 5.38% APY for all balances. Most of the other savings account rates are holding with some minor changes. Looks like competition may be helping. UFB Direct raised the rate on its no-minimum savings account from 5.28% to 5.32% APY which just beats out the new iGoBanking for the top no-minimum savings account. For those with over $25K, a new online savings account at Gloucester County FSB may be the best savings account deal. It's a tiered account with a top rate of 5.61% APY for balances over $25K. Please see this post for more info.

Unlike savings account rates which are generally holding, CD rates continue to fall with the largest drops continuing to be on long-term rates. Rates fell this week at UFB Direct, Countrywide, Mutual Bank, ETrade, La Jolla, AmTrustDirect and GMAC Bank. The yield curve continues to grow more inverted. An example includes Countrywide which increased its 3-month CD rate to 5.50% APY but also decreased its 3-to-7-year CD rates from 5% to 4.80% APY. ETrade is almost as inverted with a 5.30% APY 6-month CD and a 4.80% APY CD for terms of 2 to 5 years.

The best CD rates now are mostly from credit unions. Note, the main lists below include only credit unions with national availability. All except Navy FCU can be joined via membership into an organization with a small one-time fee. Out of the top nine institutions with 5-year CD's at or over 5.30% APY, only two are banks.

Many may be hoping for a 6% long-term CD at Penfed. They do have a history of offering a very high yield long term CD around the start of the New Year. At the start of this year, Penfed offered a 6% 7-year CD and a 5.75% 5-year CD (see post). At the time the best 5-year CD rates were only around 5.15%.

For local deals, Chartway Credit Union has started back up a new CD promo that's almost as good as what they offered last summer. It's a 7% APY 7-month CD with a cap of $7K. New members are allowed one of these. However, current members must refer a new member to be eligible for this CD. Up to three of these $7K CD's can be opened with 3 new member referrals. Chartway is a large credit union with branches in several states. Please see my post for more info or to request a referral.

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

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available for Dec 2nd, Nov 25th, Nov 18th, Nov 11th, Nov 4th and Oct 28th.

As of December 9, 2006

Savings Accounts/Money Market Accounts:

• Superior Savings - 5.50% MMA ($10K min), my post
• E-LOAN - 5.38% ($5K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.32%, my post
• iGobanking - 5.30%, my post
• Zions Bank - 5.30% MMA (min $1K) (5.34% $50K+), my post
• AmTrustDirect - 5.30% ($1K min), my post
• Apple Bank - 5.27%, my post ($25 bonus)
• WTDirect - 5.26% ($10K min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• OneUnited - 5.25% (min $10), my post
• GMAC Bank - 5.25% MMA (min $500), my post
• Presidential - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• Countrywide - 5.25% (min $10K), (5.30% $50K+) my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• UmbrellaBank.com - 5.10% MMA (min $1K) (5.15% $5K+), offers checking, my post
• MyBankingDirect - 5.10% MMA (min $5K), my post
• Mutual Bank - 5.10% MMA (min $5K), my post
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, offers checking (see $25 bonus post), my post
• ETrade Bank - 5.05%, my post ($50 bonus)
• Discover Bank - 5.05% MMA (min $10K)
• CapitalOne/Costco - 5.01% MMA (min $5K, Costco members only, $25 deal for exec. members)
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• Corus Bank - 4.98% MMA (min $10K to open)
• Tennessee Commerce Bank - 4.93% (min $10K), my post
• CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
• Self-Help Credit Union - 4.71% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• ING Direct - 4.50%, my post ($25 bonus), (rate history)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• EverBank - 4.41% ($1.5K min), 6.01% 3-mo promo, my post
• MetLife Bank - 4.40% 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 - 3.66% MMA ($500 min), requires checking, my post ($250 deal)

3-Month Certificates of Deposit:

• EverBank - 6.01% ($1.5K min), checking account promo, see post
• Countrywide - 5.50% (min $10K), my post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• VirtualBank - 5.44% (min $10K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• UFB Direct - 5.30% (min $8K)
• FirstFedDirect - 5.26% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• UmbrellaBank.com - 5.10% (min $1K)
• Charles Schwab - 5.09% (min $1K), my post
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• Corus Bank - 4.98% (min $10K)
• Self-Help Credit Union - 4.97% (min $500), my post

6-Month Certificates of Deposit:

• NASA FCU - 5.80% (7 months) (min $15K), my post
• Merrill Lynch - 5.65% (min $25K), my post
• Superior Savings - 5.60% (min $500)
• AmTrustDirect - 5.51% (min $1K) my post
• IndyMac Bank - 5.50% (min $5K), my post
• FirstFedDirect - 5.46% (min $10K), my post
• BankUnited - 5.45% ($1K min)
• Corus Bank - 5.42% (min $10K)
• VirtualBank - 5.39% (min $10K), my post
• Imperial Capital - 5.35%, ($2K min), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, my post
• Countrywide - 5.30% (min $10K), my post
• ETrade Bank - 5.30% (min $1K), my post
• UFB Direct - 5.30% (min $8K)
• Self-Help Credit Union - 5.20% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• NetBank - 5.20% (min $1K)
• UmbrellaBank.com - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• E-LOAN - 5.15% ($10K min), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• ING Direct - 5.00%, my post
• Wells Fargo - 4.90% (5 months) (min $5K), rate and min vary by state, my post

9-Month Certificates of Deposit:

• Patelco Credit Union - 5.75% ($1K min) (8 months), not NCUA insured, my post
• AmTrustDirect - 5.51% (min $1K) my post
• FirstFedDirect - 5.41% (min $10K), my post
• UmbrellaBank.com - 5.35% (min $1K)
• Imperial Capital - 5.32% ($2K min), my post
• VirtualBank - 5.28% (min $10K), my post
• IndyMac Bank - 5.25% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.05% ($1.5K min)
• ING Direct - 5.05%, my post
• Washington Mutual - 5.00% (min $1K)

12-Month Certificates of Deposit:

• GTE FCU - 5.64% (min $500) (add-on feature) my post
• Digital CU - 5.50% (13 month) (min $500), my post
• Corus Bank - 5.42% (min $10K)
• AmTrustDirect - 5.41% (min $1K) my post
• La Jolla Bank - 5.40% (min $10K), my post
• UmbrellaBank.com - 5.40% (min $1K)
• FirstFedDirect - 5.35%, (min $10K) my post
• Imperial Capital - 5.30% ($2K min), my post
• IndyMac Bank - 5.30% (min $5K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• EverBank - 5.25% ($1.5K min)
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• EmigrantDirect - 5.20% (min $1K)
• UFB Direct - 5.20% (min $8K)
• GMAC Bank - 5.15% (min $500), my post
• VirtualBank - 5.15% (min $10K), my post
• E-LOAN - 5.15% ($10K min), my post
• ING Direct - 5.10%, my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• ETrade Bank - 5.10% (min $1K), my post
• Countrywide - 5.10% (min $10K)
• Melrose CU - 5.09% (min $5K) my post
• Self-Help Credit Union - 5.02% (min $500), my post
• Mutual Bank - 4.80% (min $2.5K) my post

18-Month Certificates of Deposit:

• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UmbrellaBank.com - 5.25% (min $1K)
• CapitalOne/Costco - 5.16% (min $5K, Costco members only)
• AmTrustDirect - 5.15% (min $1K) my post
• Imperial Capital - 5.15% ($2K min), my post
• GMAC Bank - 5.05% (min $500)
• E-LOAN - 5.05% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post

36-Month Certificate of Deposit:

• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.34% (min $1K), my post
• Pentagon Federal CU - 5.31% (min $1K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Melrose CU - 5.20% (min $5K) my post
• UmbrellaBank.com - 5.15% (min $1K)
• Mutual Bank - 5.10% (min $5K) my post
• AmTrustDirect - 5.00% (min $1K) my post
• GMAC Bank - 5.00% (min $500)
• Imperial Capital - 5.00% ($2K min), my post
• E-LOAN - 5.00% ($10K min), my post
• Washington Mutual - 4.95% (min $1K), rates vary by state
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)
• Self-Help Credit Union - 4.74% (min $500), my post

48-Month Certificate of Deposit:

• First State Bank - 5.50% ($1K min), my post
• Fort Belvoir FCU - 5.44% (min $1K), my post
• USA FCU - 5.33% (min $1K) my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• Agriculture FCU - 5.25% (min $1K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Melrose CU - 5.25% (min $5K) my post
• UmbrellaBank.com - 5.15% (min $1K)
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Countrywide - 4.80% (min $10K)
• Self-Help Credit Union - 4.73% (min $500), my post

60-Month Certificate of Deposit:

• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Fort Belvoir FCU - 5.60% (min $1K), my post
• Members Credit Union - 5.59% (min $2K), my post
• Agriculture FCU - 5.50% (min $1K), my post
• First State Bank - 5.50% ($1K min), my post
• USA FCU - 5.38% (min $1K) my post
• Presidential Bank - 5.35% (min $1K)
• Pentagon Federal CU - 5.32% (min $1K), my post
• Melrose CU - 5.30% (min $5K) my post
• Transportation Alliance Bank - 5.27% ($1K min)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UmbrellaBank.com - 5.15% (min $1K)
• VirtualBank - 5.15% (min $10K), my post
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• GMAC Bank - 5.00% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Imperial Capital - 4.95% ($2K min), my post
• ETrade Bank - 4.80% (min $1K), my post
• Countrywide - 4.80% (min $10K)
• Self-Help Credit Union - 4.75% (min $500), my post

84-Month Certificate of Deposit:

• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.32% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• CapitalOne/Costco - 5.16% (min $5K, Costco members only)
• Countrywide - 4.80% (min $10K)

High Rates with Conditions - Open to All

• 10% Savings Account for kids ($500 max)
• 6.01% 3-month intro rate on checking account
• 6.00% 3-month intro rate on Money Market account
• 5.61% Savings Account with $25K+ balance
• 5.45% Money Market Account with $250K initial deposit
• 5.55% Money Market Account with $100K balance / 5.25% Business MMA
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+
• 5.25% Money Market Account with $25K min

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• 6.00% Checking Account up to $25k (Arkansas)
• 6.00% Money Market Account Intro Rate in New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.50% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.25% no-min online savings account and $50 Bonus (New York)
• 5.25% low-minimum online savings account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Checking Account at an Oklahoma Bank (Legacy)
• 4.75% Checking Account (Texas)

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

Terms of 60 Months and Over

• 6.33% 60-Month CD at a North Carolina CU (Team and Wheel)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.18% 60-Month CD at a DC Credit Union (GSA)
• 6.17% 60-Month CD at a Washington State CU (Spokane City)
• 6.05% 60-Month CD at a Ohio CU (TopMark)
• 6.00% 60-Month CD at a Ohio/Kentucky CU (Cinfed)
• 6.00% 60-Month CD at a Texas CU - IRA (Texas FCU)
• 5.98% 60-Month CD at a Texas CU (Coastal Community and Teachers)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.91% 60-Month CD at a Texas CU - $50K (Star of Texas)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.90% 60-Month CD at a Michigan CU (Schools and Government)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.88% 60-Month CD at a Wyoming CU (First Education)
• 5.83% 60-Month CD at a Arizona CU (Honeywell Aerospace)
• 5.82% 60-Month CD at a Texas CU (Austin Telco)
• 5.80% 60-Month CD at a MI/AL/MO CU (Service 1)
• 5.75% 60-Month CD at a Wisconsin Bank (Cashton)
• 5.75% 60-Month CD at a Florida CU (Bay Gulf)
• 5.75% 120-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Pennsylvania CU (Diamond)
• 5.75% 60-Month CD at a Georgia Bank (Piedmont)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.66% 36-Month CD at a Virginia CU (Loudoun)
• 6.43% 36-Month CD at a Alabama CU (Energon)
• 6.25% 36-Month CD at a Illinois CU - Coverdell (First Northern)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 6.17% 48-Month CD at a Maryland CU (MCT)
• 6.17% 36-Month CD at a Maryland Bank - $100K Min (CommerceFirst)
• 6.17% 48-Month CD at a DC Credit Union (GSA)
• 6.11% 30-Month CD at a California CU (TFCU)
• 6.00% 24-Month CD at a New York CU - $50K Min (Palisades)
• 6.00% 30-Month CD at a Florida CU - $100K (Tropical Financial)
• 6.00% 50-Month CD at a Nevada CU (Greater Nevada)
• 6.00% 24-Month CD at a North Dakota CU (Burlington Northern)
• 5.88% 48-Month CD at a California CU (Butte)
• 5.85% 40-Month CD at a Michigan CU (Schools and Government)
• 5.80% 35-Month CD at a Nevada CU (Greater Nevada)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.75% 24-Month CD at a Texas CU (Texas Champions)
• 5.75% 36-Month CD at a North Dakota CU (Dakota Plains)
• 5.75% 48-Month CD at a New York CU (Countryside Community)
• 5.75% 36-Month CD at a Oregon CU (NW Preferred)
• 5.75% 50-Month CD at a Ohio CU (AP FCU)
• 5.70% 30-Month CD at a Maryland Bank (Howard)

Terms of 12 Months to Under 24 Months

• 10.00% 12-Month CD at a Florida Bank - $1K Max (Atlantic Coast)
• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.35% 15-Month CD at a California CU (Alisos)
• 6.07% 13-Month CD at a LA Credit Union (Financial Partners)
• 6.00% 14-Month CD at a New Mexico CU - $100K (Kirtland)
• 6.00% 13-Month CD at a Texas CU (Air Force)
• 6.00% 12-Month CD at a Texas CU (Dallas)
• 6.00% 12-Month CD at a Montana CU (Lincoln County)
• 6.00% 12-Month CD at a Dallas Bank - $125k min (ViewPoint)
• 6.00% 15-Month CD at a TX/CO Credit Union (Security Service)
• 6.00% 12-Month CD at a California CU (Ventura County)
• 5.95% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.90% 23-Month CD at a Minnesota CU (Honeywell)
• 5.88% 18-Month CD at a Multi-State CU (Chartway FCU)
• 5.80% 12-Month CD at a Florida Bank (Freedom Bank)
• 5.75% 13-Month CD at a Michigan CU (Hometown Community)
• 5.75% 20-Month CD at a Illinois CU - Open To All (Consumers)
• 5.75% 15-Month CD at a Georgia Bank (First Georgia Community)
• 5.75% 13-Month CD at a California CU - $90K (LBS Financial)
• 5.75% 18-Month CD at a Miami CU (MPS)
• 5.75% 18-Month CD at a New York Bank (Park Avenue)
• 5.75% 12-Month CD at a California Credit Union (LA Times FCU)
• 5.75% 21-Month CD at a Indiana CU (Afena)
• 5.75% 12-Month CD at a Houston CU (Right Choice)
• 5.75% 12-Month CD at a North Dakota CU (Northern Tier)
• 5.75% 12-Month CD at a Georgia Bank (Piedmont)
• 5.75% 12-Month CD at a California Bank (Temecula Valley)
• 5.70% 23-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 12-Month CD at a California Bank - IRA (Mid-State)
• 5.70% 12-Month CD at a New York CU (Countryside Community)
• 5.65% 12-Month CD at a California Bank (Western Financial)

Terms of Under 12 Months

• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)
• 10.00% 10-Month CD at a Philadelphia CU - $1K Max (American Heritage)
• 10.00% 10-Month CD at a Texas CU - $2.5K Max (Alamo FCU)
• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 8.30% 8-Month CD at a Arizona CU - $8K Max (Arizona Holsum)
• 7.55% 3-Month CD at a California CU - $50K Max (Health Associates)
• 7.00% 7-Month CD at a Multi-State CU (Chartway FCU)
• 6.30% 11-Month CD at a Maryland/DC/Philly CU (FedChoice)
• 6.14% 6-Month CD at a Ohio CU (Maumee Valley)
• 6.03% 6-Month CD at a Oregon CU (Clackamas Community)
• 6.00% 4-Month CD at a Michigan CU (Huron River Area)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 6.00% 9-Month CD at a Florida CU (Florida Telco)
• 6.00% 7-Month CD at a Connecticut CU (Dutch Point)
• 6.00% 7-Month CD at a North Dakota CU (North Star)
• 6.00% 6-Month CD at a Ohio CU (Toledo Area)
• 6.00% 6-Month CD at a New Jersey CU (Atlantic Health)
• 6.00% 3-Month CD at a New York CU (Advantage)
• 6.00% 6-Month CD at a Michigan CU (Huron River Area)
• 6.00% 5-Month CD at a Arizona Bank (Arizona Bank and Trust)
• 6.00% 6-Month CD at a Illinois/New Jersey/Indiana CU (Selfreliance)
• 6.00% 3-Month CD at a California CU (Meriwest)
• 6.00% 6-Month CD at a Ohio CU (Sharefax)
• 6.00% 6-Month CD at a Nevada CU (Moapa Valley)
• 6.00% 6-Month CD at a Georgia CU and $55 Checking Bonus (LGE FCU)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.83% 7-Month CD at a Washington DC CU (Interior FCU)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 5.75% 11-Month CD at a TX/AZ CU (TruWest)
• 5.75% 7-Month CD at a TX/AZ CU (TruWest)
• 5.75% 7-Month CD at a Florida CU (Eastern Financial)
• 5.75% 9-Month CD at a Rhode Island CU (Wave)
• 5.75% 7-Month CD at a Oregon CU (SELCO)
• 5.75% 6-Month CD at a New York Bank (Park Avenue)
• 5.75% 6-Month CD at a New York Bank (Trustco)
• 5.75% 5-Month CD at a California/North Caralina CU (Alliance)
• 5.75% 6-Month CD at a California Bank (Temecula Valley)
• 5.75% 7-Month CD at a South Carolina CU (Palmetto Citizens)
• 5.75% 6-Month CD at a Illinois Bank (Town Center Bank)
• 5.70% 11-Month CD at a Oregon CU and $100 Checking Bonus (Advantis)
• 5.65% 7-Month CD at a California Bank (First Private)
• 5.60% 7-Month CD at a Illinois Bank (Prairie Bank and Trust Co.)

Savings Account/CD Alternatives

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

5.61% Online Savings Account for $25K+ (Gloucester County Federal Savings Bank) read and submit comments for this post

Gloucester County Federal Savings Bank is offering an online savings account called the CyberSaver with a maximum rate of 5.61% APY for balances over $25K. Balances under $25K and over $500 only earn 3.03% APY. Balances between $100 and $500 earn 1.00%. The highest rate is earned for the first 90 days after account opening regardless of balance.

I wasn't able to contact their customer service so I don't have any more details than the limited details provided by their website. It appears to be available to people in any state. I first found out about it from Bankrate.com's national MMA rates. The banks listed here usually have national availability.

In the online application you can make the initial deposit by an ACH transfer from your current checking or savings account. Also, you can use your Visa or MasterCard (but beware of possible cash advance fees by your credit card company).

The account comes with an ATM card. It appears that the bank doesn't have an ACH system for transfering money after you open the account. It states that you'll soon be able to transfer money between accounts at any other bank.

There appears to be no monthly fees. There only fee on this account that I can see is a $15 fee for teller-assisted transactions.

This is a small bank that seems to be just getting into the online savings account business. It has 5 offices in New Jersey and 68 employees. So you may want to wait to let them work out the glitches and finish the major online features like ACH transfers. Although by that time, they may no longer offer such a high savings account rate. The bank is federally insured by the FDIC. It has a safe and sound rating of 3 out of 5 stars (performing) at Bankrate.com.

3.61% Checking Account at AL/TN/MS Bank (CB&S Bank) read and submit comments for this post

Update 11/09/09: The top yield has fallen to 3.61% APY.

CB&S Bank is offering a new checking account called the Star Rewards Checking. It pays 3.61% APY on balances up to $25K (0.75% over) and provides automatic reimbursements of all ATM fees if the following requirements are met:

• 10 debit card purchases
• 1 direct deposit or ACH auto debit
• receive electronic statements

Other features of the account regardless of monthly requirements include:

• $100 minimum initial deposit
• No minimum balance requirements
• No monthly service charge

When I contacted the bank in 2006, I was told that no hard credit pulls are done; only ChexSystem is used when you open this account.

The CSR stated that you must visit a branch to open an account. Branches are located in several cities of Alabama, Tennessee and Mississippi.

The bank is federally insured by the FDIC.

Rate History:
11/01/09: 3.61% APY up to $25K; 0.75% over; 0.15% base
03/27/08: 4.41% APY up to $25K
12/09/06: 5.61% APY up to $25K; 1.01% over

Edit 7/18/09: Updated post with newer format.
Edit 2/22/09: Citizens Bank has changed its name to CB&S Bank.

5.90% 60-Month CD at a Nevada CU - $75K (Clark County) read and submit comments for this post

Clark County Credit Union has several high rate certificates. The highest rate is a 5.90% APY 60-month CD. The 12-month, 24-month and 36-month CD's have an APY of 5.64%. These rates require the member to be in the Diamond Rewards level. According to the CSR, you can qualify for this by opening a CD with a minimum $75K deposit. So effectively, these rates have a minimum deposit requirement of $75K.

The field of membership includes members of public radio (KNPR 88.9 and KCNV 89.7). Anyone can me a member of KNPR via a $40 one-time donation (see KNPR's membership page). According to the CSR, they do accept membership applications by mail. It requires a notarized signature. Note, they do a hard credit pull and require your credit score to be above 550. Please contact the credit union for more info. Their toll-free number is 1-800-748-6885).

One important note about this credit union is that it's not federally insured by the NCUA. Instead, the credit union is privately insured by ASI. They include a page describing this insurance. You can confirm that they're listed in the ASI's database here.

Thanks to FW member traderprofit who mentioned this credit union in the FW CD Thread.

6.00% 9-Month CD at a Florida CU (Florida Telco). read and submit comments for this post

Florida Telco is offering a 6.00% APY 9-month certificate of deposit. The minimum is $5,000, and it requires new money. The credit union also has a special 3-month CD with a 5.50% APY.

The field of membership includes those who live or work in the Florida counties of Duval, Clay, Nassau, Baker or St. Johns. Branches are located in Jacksonville and Orange Park, FL.

The credit union is federally insured by the NCUA. It has $354 million in assets and 38,855 members.

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

[Edit 1/1/07: This special is no longer listed at the credit union's website.]

Interest Rate Direction for 2007? read and submit comments for this post

With a stronger-than-expected job report released today (see article), we may see a slowdown in the recent trends of falling CD rates. It seems likely that the Fed funds rate will stay at 5.25% at the next Fed meeting on December 12. If strong job growth continues, this could lead to rising wage inflation and perhaps a return to the rate hikes in 2007.

This article from yesterday quoted an economist who predicted the Fed Funds rate to fall to 4.5% by the fourth quarter of 2007 due to a slowing economy.

From history, it looks as if we are at a peak in the rate cycle, and with long-term CD's continuing to fall (GMAC Bank just dropped their CD rates today), perhaps it's a sign to lock into some high yield long-term CD's. If you do lock into long-term CD's, be sure to check on the early withdrawal penalties. If the economy surprises the banks and continues to grow, we could see high CD rates come back again next year. If the early withdrawal penalty is small enough, it may be worth it to break the CD and jump on the new offer. The average penalties for long-term CD's tend to be 6 months of interest. A 3-month penalty is sometimes available. Watch out for those that penalize you for half the CD term. That can be 30 months of interest on a 5-year CD.

5.75% 13-Month CD at a California CU - $90K (LBS Financial) read and submit comments for this post

LBS Financial Credit Union has several certificate specials. The one with the highest yield is a 5.75% APY 13-month CD with a minimum deposit of $90K. Lower rates are available for smaller deposits. An APY of 5.50% is available for a $2.5K minimum deposit. The credit union also has 7-month CD's with a maximum APY of 5.50% for a $90K deposit. These special share certificates allow an additional one time deposit of $1K or more during the certificate term. New money is required.

The field of membership includes those who reside or work or have an immediate family member who lives or works in Orange or Riverside County, or in one of several cities in Los Angeles County. See site for details.

The credit union is federally insured by the NCUA.

5.75% 30-Month CD at an Ohio CU (CINCO) read and submit comments for this post

CINCO Family Financial Center Credit Union has some nice December certificate specials. These include a 5.75% APY 30-month CD, a 5.65% 20-month CD and a 5.50% APY 10-month CD. The minimum deposit is $500.

The field of membership includes those who live, work, worship or attend school in Hamilton, Butler or Clermont County, Ohio. See site for details. Branches are located in Cincinnati, Ohio and Lawrenceburg, Indiana.

The credit union is federally insured by the NCUA.

5.75% 7-Month CD at a Florida CU (Eastern Financial) read and submit comments for this post

Eastern Financial Florida Credit Union is having a special 5.75% APY 7-month certificate of deposit. The minimum is $500. The 5.75% APY requires a net direct deposit into your savings account or checking account of at least $500 a month. Without direct deposit the APY is 5.50%.

The field of membership includes those who live or work in Miami-Dade, Broward, Palm Beach, Hillsborough or Pinellas County, Florida.

The credit union is federally insured by the NCUA.

5.88% 11-Month CD at an Illinois CU (Jeff-Co Schools) read and submit comments for this post

Jeff-Co Schools FCU is offering a special 5.88% APY 11-month certificate of deposit. The interest rate is 5.75%. The minimum balance is $20K.

The field of membership includes employees and students of all public schools in Jefferson and Hamilton Counties. See site for details. The main office is located in Mount Vernon, Illinois.

The credit union is federally insured by the NCUA. It's a small credit union with $5.2 million in assets and 1,364 members.

UFB Direct: The Top No-Min Savings Account at 5.32% read and submit comments for this post

UFB Direct appears intent to remain the rate leader for a no-minimum savings account. Yesterday they raised the rate of their High Yield Money Market Savings Account from 5.28% to 5.32% APY. This just beats out newcomer, iGobanking.com which launched its no-min online savings account last week with a rate of 5.30% APY (see post). For more info on UFB Direct and this savings account, please refer to this previous post. I hope more online banks will want to compete for this title.

AltaOne Credit Union's CD Matching Program read and submit comments for this post

AltaOne Federal Credit Union has a special CD matching program called the Match Rate Plus. They'll top the rate of a current CD that you have by 0.25. In addition, they'll reimburse you for the early withdrawal penalty. The AltaOne term share certificate must be the same term and at least the same balance as your current share certificate or certificate of deposit as shown on a current statement from another financial institution. A receipt or statement showing penalty is required.

I don't see any exclusions about internet banks or credit unions like Penfed. So if you have a 6% Penfed CD, it looks like they should give you 6.25%. Before you close a CD, I would get confirmation from the credit union that they will not exclude your specific financial institution.

The field of membership includes people who live, work, worship, volunteer, have a business or attend school in Mono, Inyo or Kern Counties and selected communities in Northern San Bernardino county of California. See site for details.

The credit union is federally insured by the NCUA. It has $463.4 million in assets and 41,839 members.

Thanks to the reader who emailed me this special.

5.75% 7-Month / 5.75% 11-Month CD at a TX/AZ CU (TruWest). read and submit comments for this post

TruWest Credit Union is offering a special 5.75% APY certificate. You can choose terms of 7 months, 9 months or 11 months. The minimum deposit is $1K and the maximum is $250K. A one-time penalty free withdrawal is allowed. New money is required. A reader forwarded me this offer she received in the email. I called and was able to confirm. I was told by the CSR that the offer is not being advertised to the general public since it's targeted to Freescale employees. However, I was told that if you specifically mention this CD and you are a credit union member, they will allow you to open one (seems similar to World Savings' secret CD policy).

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

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

The credit union is federally insured by the NCUA. It has $749 million in assets and 66,563 members.

Thanks to the reader who emailed me this special.

6.00% 6-Month CD at a Missouri CU (American Eagle) read and submit comments for this post

American Eagle Credit Union is offering a special 6.00% APY 6-month certificate to new members only who live near either the Des Peres or O'Fallon, Missouri branches. The minimum deposit is $1K and the maximum is $50K. This is not listed on the credit union's website. It was mentioned on the FatWallet CD thread. I called the credit union at 877-325-2848 and received additional details. The promo code NEW6CD was mentioned on the FW thread, but the CSR described it even without mentioning this code. But she did say it's only for new members and only available for members who live near the Des Peres or O'Fallon branches. Both of these cities are located west of St. Louis.

The field of membership includes those who live or work in St. Louis, St. Charles, Franklin or Jefferson County, Missouri. There are also other areas and several select employer groups in which you can be eligible to join. See site for details.

The credit union is federally insured by the NCUA. It has $841 million in assets and 91,293 members. Note, American Eagle Credit Union is a division of the Anheuser-Busch Employees' Credit Union.

Thanks to the FW member itsausername for sharing this deal on the FatWallet CD thread.

E-LOAN's Savings Account Rate Drops to 5.38% read and submit comments for this post

Today E-LOAN lowered the rate of its online savings account from 5.50% to 5.38% APY. At least E-LOAN didn't start a tier structure like their CD rates. The 5.38% APY is good for all balances. E-LOAN's savings account rate had been at 5.50% since its launch back in late September. E-LOAN's CD rates held steady this week with no drops. For the last month, their CD rates had major reductions. The 3-year to 5-year rates had been as high as 5.75% APY before November. Now they're at 5.00% for balances under $50K.

I've read that E-LOAN may have based the savings account rate on the LIBOR rate. The LIBOR rate has been in decline over the last few months. Also, E-LOAN's savings account has been very successful in attracting deposits. E-LOAN had reported that the first 5 weeks after the launch, it had received more than $754 million in online deposits with 18,132 accounts. That was above E-LOAN's goal for this year. This has to be a factor in their rates.

For those disappointed in E-LOAN due their rate drops or recent issues or those who are not yet E-LOAN customers, you may want to consider other savings account options:

There's still a 5.50% savings account available at Superior Savings (see post). It requires a $10K balance, but it has advantages over E-LOAN's savings account such as limited check writing.

You may also want to consider Amboy Direct's Premimum Savings Account (see post) or the Grand Yield Direct savings account (see post). Both are no minimum savings accounts without fees and have rates between 5.25% and 5.35% APY. Also, both have a $25 sign-up bonus.

Another good choice is Zion's Deseret Money Market Account which currently has a 5.30% APY good for balances over $1K (see post). Like Superior Savings' money market, it has limited check writing. The only problem with both Zions and Superior Savings is a lack of an ACH system that allows easy bank-to-bank transfers.

Finding Local Credit Union Deals read and submit comments for this post

Here's a tip about how to find local credit union deals. The Credit Union National Association has a very useful locator tool. Just enter your zip code and all of the nearby credit unions will be shown. Some other locators will just show the credit unions which are based in your city. This one shows credit unions that may be based elsewhere but also have branches in your area. I'm afraid there's no easy way to find deals from the list it shows. You can get the web address of each credit union by clicking on the detail button. Then you'll have to search each credit union's website to see the deals they offer. That's how I found the 5.91% CD deal in my previous post.

If you do find a good local deal, please be sure to let me know by commenting in the finding deals post. Thanks!

5.91% 60-Month CD at a Texas CU - $50K (Star of Texas). read and submit comments for this post

The Star of Texas Credit Union is offering several high yields on its long-term certificates. The highest rate is 5.91% APY for the 60-month Jumbo CD which has a $50K minimum deposit. The APY for a $1K minimum is 5.65%. The rates of the Jumbo 48-month and 36-month CD are 5.65% and 5.49% APY.

The website doesn't provide many details about the field of membership. I called yesterday and was told that the FOM includes employees of the Texas Employment Commission and their family members. Also, those who reside within 10 miles from credit union's branch are also eligible. The branch is located in Austin, Texas.

The credit union is NCUA insured. It has $25.6 million in assets and 3,973 members.

6.00% 30-Month CD / 6.00% 15-Month at a Florida CU - $100K (Tropical Financial) read and submit comments for this post

Tropical Financial Credit Union has several high yield certificates. The best rates are Jumbo certificates with a minimum deposit of $100K. They list a 6.00% APY CD for terms of 270 days, 15 months, 21 months and 30 months. The Jr. Jumbo certificates with a $50K minimum deposit have rates of 5.75% APY and the regular certificate with a $500 minimum have rates of 5.25% APY.

The field of membership includes those who live or work in parts of Miami-Dade, Broward, Palm Beach and Sarasota Counties. See site for details. Branches are located throughout South Florida including the cities of Coral Springs, Jupiter, Lake Park, Fort Lauderdale, Miami, Sarasota and West Palm Beach.

The credit union is NCUA insured. It has $666 million in assets and 66,328 members.

6.18% 36-Month CD at an Arizona CU - $50K (Arizona Holsum) read and submit comments for this post

Arizona Holsum Credit Union has several high yield share certificates. This includes a 6.18% APY 3-year CD, a 5.88% APY 2-year and 1-year CD. These require a $50K minimum deposit. The rates are 0.25% less for a $10K minimum. These CDs are also available as an IRA with an extra 0.10% rate.

In addition to these standard rates, the credit union is still listing a 8.30% APY 8-month CD with a maximum deposit of $8K. It requires new money and an active checking account. I had posted on this special back in September. A reader had mentioned that the best checking account to get is the Enhanced Checking since it has no monthly fees. Also it was mentioned that the credit union does pull your credit in the account opening.

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 1,779 members.

Update on the Citibank $200 Checking Account Promotion read and submit comments for this post

Update 9/11/07: Some readers have reported being told this MGCH offer is over. However, I called Citibank at 1-877-624-9600 and was told it's still good through 12/31/07. So "your miles may vary".

The Citibank $200 checking account promotion should still be available. The offer was listed as being valid through March 31, 2007. I first posted on it in October 16. You get the first $100 for opening a regular checking account (EZ Checking is eligible) and funding it with at least $1,500 within 60 days of account opening. To get the second $100 you either have to sign up and use direct deposit for 6 consecutive months OR pay 2 bills a month for 6 consecutive months at citibankonline.com. A scan of the offer is available at this SlickDeals thread. This is available only to first-time Citibank checking/deposit account customers. Also note, you do get a hard credit inquiry for opening the checking account.

I gave this promo a try and applied for the EZ Checking on October 16th over the phone (1-866-810-9043). I did not have to visit any branch. It is important to mention the promo code MGCH. The customer service rep took my information over the phone. You have the option to fund the account with an ACH transfer or by check. I chose funding it with a check. Here's a timeline of the account opening:

• 10/21 - Received the ATM card and PIN in the mail
• 10/23 - Received welcome package and signature card in the mail. Account number included.
• 10/24 - Mailed back signature card and check for $1,500
• 11/05 - Used PIN and account number to gain online access. Opened the 5% e-Savings account. Transfered most of money into e-Savings account (probably could have done this sooner).
• 11/09 - Received first free order of checks in the mail
• 12/01 - Received the first $100 bonus credited to the checking account!
• 8/20/07 - Received the second $100 bonus after sending message asking about it (via their online messaging system). The 6 monthly direct deposits began in December.

Last month I started using the direct deposit to qualify for the second $100. But this will take 6 months. So far it has gone well, and I'm happy with my first $100 bonus. I know others haven't been as lucky with previous Citibank promotions (see post). I don't believe you have to maintain $1,500 in the account. It's only for the intial deposit. But to avoid monthly fees on the EZ Checking you need either a combined average balance of $1,500, or use direct deposit or make two monthly bill payments online or by phone. Please refer to this Citibank page for more EZ Checking account details.

$25 Checking Account Bonus at Wachovia in MS/TN/AL read and submit comments for this post

Wachovia is offering a $25 sign-up bonus for opening a Free Checking account by January 7, 2007. Here's the promo page. There's a $100 minimum initial deposit requirement. The Free Checking account has no monthly service fees, no minimum balances, and no direct deposit requirements. According to this FW thread Wachovia does do a hard credit inquiry for opening a checking account. This offer is only available to residents of Tennessee, Alabama or Mississippi.

The bonus is not that much, but it's nice in that there are no apparent hoops to jump through like direct deposit. Credit for this find goes to FW member zook83 who posted it on this FW thread.

5.60% 7-Month CD at an Illinois Bank (Prairie Bank and Trust Co.) read and submit comments for this post

Prairie Bank and Trust Co. is offering a 5.60% APY 7-month certificate of deposit. The minimum is $5,000.

A reader provided the following details based on a converstion with the bank:

No checking requirement, however, CD can only be opened at bank locations (all in IL), according to rep I spoke to by phone. Promotion started last week, should continue for another one or two weeks, but there's no specified expiration date, according to this rep.

Branches are located in the Illinois cities of Bridgeview, Plainfield, Mokena and Chicago.

The bank has been FDIC insured since 1992.

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

6.00% 13-Month CD at a Texas CU (Air Force) read and submit comments for this post

Air Force FCU is offering a special 6.00% APY 13-month share certificate. The minimum deposit is $1K. It allows unlimited additional deposits at any time during the term.

The field of membership is primarily related to being a member of the US Armed Forces or an employee working at the Lackland Air Force Base. See site for details. Branches are located in San Antonia, Texas.

The credit union is NCUA insured. It has $231.5 million in assets and 37,392 members.

6.00% 14-Month CD at a New Mexico CU - $100K (Kirtland). read and submit comments for this post

Kirtland FCU has a special 14-month share certificates with rates as high as 6.00% APY. The 6.00% APY requires a $100K minimum deposit, 5.70% APY requires a $50K minimum and a 5.60% APY requires a $10K minimum. This also requires a checking account with direct deposit. Without the checking account and direct deposit, the rates are 0.25% less. The rates are effective through 12/30/06.

The field of membership includes military and civilian personnel assigned to Kirtland Air Force Base, U.S. Reserve Forces and members of the Air & Army National Guard throughout New Mexico, defense-related Select Employee Groups (SEGs), as well as military retirees. Family members are also eligible for KFCU membership. See site for the full details. Branches are located in Albuquerque, New Mexico.

The credit union is NCUA insured. It has $389 million in assets and 34,933 members.

6.17% 60-Month CD at a Washington State CU (Spokane City). read and submit comments for this post

Spokane City Credit Union is still listing a 6.17% APY (6.00% interest rate) 60-month certificate. The minimum deposit is $25K, and the money must be new to the credit union. There's also still high rates for a 48-month CD of 5.90% APY and for a 36-month CD of 5.64% APY. Interest is compounded and credited monthly. I had first reported on this credit union and these rates in October.

The field of membership includes anyone who lives, works, worships or goes to school in the State of Washington. Even though it's available to all state residents, there's only one branch located in Spokane.

The credit union is NCUA insured. It has $24 million in assets and 4,379 members.

Thanks to the reader who mentioned this continuation of these rates.

[Edit 1/1/07: These rates are no longer listed at the credit union's website]

5.70% 12-Month / 5.70% 23-Month CD at a California Bank - IRA (Mid-State) read and submit comments for this post

Mid-State Bank and Trust is offering a 5.70% APY IRA certificate with terms from 12 to 23 months. Minimum balance is $50. Offer is good on new IRAs, rollovers, or transfers from other institutions. Offer ends December 31, 2006. This promotion is not listed at the bank's website. It was advertised in the Ventura County Star. The ad is available online here. Their phone number is 800-473-7788.

Branches are located on the Central California coast. The bank is FDIC insured.

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

6.00% 4-Month CD at a Michigan CU (Huron River Area). read and submit comments for this post

Huron River Area Credit Union has changed their 6% CD special from a 6 month term to a 4 month term. The APY remains at 6.00% and the minimum deposit at $5K. According to the disclosure page, this new offer expires December 30, 2006. I had first reported on this 6% CD special last month.

It appears anyone is eligible to join the credit union by enrolling in the organization Learn & Earn Credit.org. In addition, the field of membership includes select employer groups and other affiliations in the Washtenaw, Livingston, Wayne, Oakland, and Macomb counties. Please refer to their membership page for more details. Credit union membership requires a minimum $6 deposit into your regular savings account.

According to the CSR, you can apply for membership and the CD by mail. The application requires a notarized signature and a copy of your ID. Please refer to this credit union page to request more info.

Branches are located in the Michigan cities of Ann Arbor, Chelsea, Auburn Hills, Centerline, Howell and Brighton.

The credit union is NCUA insured. It's a moderate size credit union with $312 million in assets and over 39k members.

Thanks to the reader who mentioned this update.

5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank) read and submit comments for this post

Commercebank is offering a 5.75% APY 3-month certificate of deposit. The minimum is $1,000 with no maximum limit. It requires opening an Optima checking accout which is a free checking with no monthly fees or balance requirements. This special isn't listed at the bank's website. Credit for this find goes to the FW CD thread. I called for additional details and was told that this promotion starts today and will likely last at least 2 to 3 weeks.

The CSR mentioned that you must visit a branch to open this CD. It is available at all of the branches. The branches are located in Miami, Florida; Houston, Texas; and New York, New York. Their toll free customer support number is 1-888-629-0810.

The bank has been FDIC insured since 1979. It has a safe and sound rating of 3 out of 5 stars (performing) at Bankrate.com.

7.00% 7-Month / 5.88% 18-Month CD at a Multi-State CU (Chartway FCU). read and submit comments for this post

Chartway FCU has some nice certificate specials (see rate pdf). The first is a 7.00% APY 7-month premimum certificate. Both the minimum and maximum deposit is $7K. It's available to new members and existing members when they refer a new member who joins and the new member opens either a prime share account and the 7% certificate, or opens a prime share and checking account with direct deposit of $500+ per month. Limit of up to 3 certificates per member.

This is very similar to Chartway's 8% CD promotion last June except that new members don't have to get a referral. Feel free to use this post if you're already a member and are looking for someone who would like to be referred. If you know of ways that a member can be eligible to join Chartway, this may help you get new members. If you refer 3 new members, that's $21K at 7% for 7 months which would be about $183 over what you would earn from a 5.50% 7-month CD.

In addition to this 7% CD, Chartway also has a good CD deal that doesn't require referrals. It's a 5.88% APY 18-month certificate of deposit. The minimum is $10K and the maximum is $250K per household. Preferred Plus, Elite 50 Plus or Premier Checking is required. Without one of these checking accounts, the CD rate is 0.25% less.

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

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

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

Chartway is NCUA insured with $1.2 billion in assets and 162K members.

[Edit 12/30/06: These CD promotions seems to have ended as of Dec 30, 2006]

6.00% Money Market Account Intro Rate at American Bank of New Jersey Bank - $50K+ read and submit comments for this post

Update: This special is no longer available. Please check with the bank for the latest rates and specials.

American Bank of New Jersey is having a grand opening special at its new branch in Verona, New Jersey (see pdf of offer). They're offering a 6.00% APY intro rate on their American Spirit Money Market account. The 6% is guaranteed to last until 3/31/07. After that date it reverts to the standard applicable rate/APY. The money market account is a tiered account with the following tiers: 6% APY for $50K+, 5.25% APY for $25K to $50K, 4.50% for $2.5K to $25K and no interest for balances under $2.5K. The top 3 tiers are free of the $25 monthly fee and receive surcharge free ATM access at all foreign ATMs. It requires new money only.

This is only available at the Verona branch. Also, according to the CSR, you can open this account through December. There's no closing fee if closed after 6 months. The money market account does have limited check writing and the first book of checks are free.

There's also a checking account promo with a top rate of 4.50% APY with similar tiers as the money market account. In addition, there's a $50 sign-up bonus with direct deposit.

Verona is located about 8 miles north of Newark. The bank is FDIC insured.

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

5.75% 15-Month CD at a Georgia Bank (First Georgia Community) read and submit comments for this post

First Georgia Community Bank is still offering a special 5.75% APY 15-month certificate of deposit. The minimum deposit is $500. It's also offering a 5.00% APY CD with a term of 30 to 89 days. I had first reported on this special in June. I called last week and confirmed that it's still available. According to the CSR, the rates are usually updated only once a quarter. The early withdrawal penalty is 6 months of intererst. They do require a branch visit to open the CD unless you already have an account with them.

The bank has branches in Locust Grove, Jackson and Covington, Georgia which are about 30 miles east and southeast of Atlanta.

The bank has been FDIC insured since 1997. It has a 4 out of 5 star safe and sound rating at Bankrate.com.

5.75% 20-Month CD at an Illinois CU - Open To All (Consumers) read and submit comments for this post

Consumers Credit Union is offering four CD specials. The best rate is a 5.75% APY 20-month Jumbo CD. The 10-month Jumbo CD has an APY of 5.50%. The minimum deposit for the Jumbo CD is $100K. The APYs for a minimum deposit of $250 is 5.50% for a 20-month CD and a 5.25% for a 10-month CD. These CD rates are 25 basis points higher than what the credit union was offering when I reported on this special last April.

You can become eligible for membership by joining the Consumers Cooperative Association which requires a one-time, non-refundable $5.00 fee.

The credit union has 5 branches located in the North Chicago area.

One important note about this credit union is that it's not federally insured by the NCUA. Like Patelco it is insured privately by American Share Insurance. You can verify their ASI insurance and their financials at this link. One good thing about ASI is that it insures deposits up to $250K per account.

6.05% 60-Month CD at an Ohio CU (TopMark). read and submit comments for this post

TopMark FCU has several high yield long-term certificates. These include a 6.05% APY 60-month CD, a 5.90% APY 48-month CD and a 5.75% 36-month CD. These rates require members to be in the Prestige Club. To be in this club members must be 50 years or older and have direct deposit or $1K on deposit in a TopMark savings account. The minimum deposit is $10K. For those not in the Prestige Club, the rates are 0.25% lower. These have a minimum deposit of $5K. There's also a 5.50% APY 17-month certificate special with a $5K minimum deposit. The Prestige Club bonus does not apply to specials.

The field of membership includes those who live, work, worship or attend school in Allen and Auglaize counties, Ohio. Membership is also open to the immediate family or household members of the primary member. Branches are located in Lima, Ohio.

The credit union is NCUA insured. It has $13.5 millioin in assets and 3,637 members.

[Edit 1/6/07: The CD rates have gone down. The best rate now is 5.27% APY for a 60 month term.]

5.75% 13-Month CD at a Michigan CU (Hometown Community) read and submit comments for this post

Hometown Community Credit Union is offering a 5.75% APY 13-month certificate. The minimum deposit is $2,500. It's available through December 31, 2006.

The field of membership includes those who live, work or attend school in parts of Oakland and Wayne County of Michigan. Retirees who live in or belong to a retirement organization in the county of the credit union's main office or in neighboring counties are also eligible. See site for details. The main office is located in Novi, Michigan with a branch office in Livonia.

The credit union is NCUA insured. It has $37 million in assets and 5,749 members.

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

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

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

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

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

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

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

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

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

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

As of December 2, 2006

Savings Accounts/Money Market Accounts:

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

3-Month Certificates of Deposit:

• EverBank - 6.01% ($1.5K min), checking account promo, see post
• Imperial Capital - 5.50%, ($2K min), my post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• VirtualBank - 5.44% (min $10K), my post