The Fed Holds Steady - Effect to Savings Accounts and CDs? read and submit comments for this post

The Fed kept the target federal funds rate at 5.25% today, and it looks like this hold pattern will continue. One analyst was quoted in this CNN article as saying "I feel like the Fed is going to be on hold. I think they'll probably do nothing for the whole year."

So what does this mean for savings accounts and CDs? We should see some higher rates. For much of the second half of last year, the pundits were all expecting the Fed to cut rates at least twice this year. With expectations of a slowing economy, long-term CD rates went down most everywhere. Now we're seeing CD rates creeping up. I would expect this to continue.

Financial experts quoted in this Wallstreet Journal Article (via post-qazette.com) are now recommending moving more money into short-term CDs (6 months and less) and money market accounts. However, the article mentions the risk in this. If rates fall, your returns will also fall. That's where CD ladders can come in handy to give you a mix of liquidity and protection against falling rates. One financial advisor is now recommding ladders with maturities from 3 months to 15 months rather than 1 to 5 years.

Thanks to the reader who mentioned this Wallstreet Journal article.

5.62% 11-Month CD at an Alabama Bank (The Peoples) read and submit comments for this post

The Peoples Bank of Coffee County has a CD special with a term of 11 months and an APY of 5.62%. The minimum deposit is $1,000 and there is no apparent maximum deposit. It's only available as a regular CD and not an IRA.

I called yesterday and confirmed that this special is still available. The service representative wasn't sure how long it would last. The rep stated that they intend for the CD to be opened at a branch. Branches are located in the southern Alabama cities of Elba, New Brockton and Enterprise.

The bank has been FDIC insured since 1995.

5.61% 12-Month / 5.61% 18-Month CD at a DC/MA CU (Transportation) read and submit comments for this post

Transportation FCU is offering a special 5.61% APY term share certificate. You can select terms from 12 to 18 months. The minimum deposit is $500.

Field of membership is primarily based on select employer groups. These include the Department of Homeland Security, Transportation Security Administration and the US Coast Gaurd. Other employers listed are in the areas of Washington DC and Boston, Massachusetts. Membership requires a minimum $5 deposit into a share savings account. Branches are located in Washington DC and in Cambridge, MA.

The credit union is federally insured by the NCUA. It has $144.8 million in assets and 18,018 members.

6.30% 14-Month CD at a Virginia CU - IRA (Apple) read and submit comments for this post

Apple Federal Credit Union is offering a promotional 6.30% APY 14-month IRA certificate. The minimum deposit is $500. The credit union also has competitive Jumbo CD rates including a 5.75% APY 60-month CD and a 5.50% APY 12-month CD. These have a minimum of $50K.

The website listed the IRA special as a January promotion so I was worried this may soon be gone, but I called and the representative said that this should last into February although she didn't know how long.

The field of membership is primarily limited to select employment groups. There is a long list of employers. A minimum deposit of $5 to the savings account is required for membership.

Apple FCU is located in Fairfax, Virginia and has additional branches in Centreville, Falls Church, Herndon, Manassas, Alexandria, Springfield, Stafford, Winchester, Woodbridge and Washington, DC.

The credit union is federally insured by the NCUA. It has $873.7 million in assets and 79,549 members.

When is a CD Rate Too Good to Be True? Verifying FDIC or NCUA Membership read and submit comments for this post

If you see a website advertising a very high rate on a certificate of deposit or something else that looks like a bank account, you should first determine if the website is from a FDIC or NCUA insured institution. Both FDIC and NCUA are agencies of the US federal government. FDIC covers banks and NCUA covers credit unions.

Not only do FDIC and NCUA provide protection for depositors against bank/credit union failures, but also ensure a level of standards. Being a member of FDIC or NCUA ensures that the institution meets a long list of regulations (see FDIC regulations and NCUA regulations). Many of these regulations are designed to protect customers. Foreign banks may be legitimate, but it's hard to know what standards they are required to follow.

For most of my posts, I include a link to the FDIC or NCUA page which shows the government information about the institution. One important piece of information is the URL of the institution. This can help verify that the website really belongs to the institution. Just click on my FDIC or NCUA link on the bottom of the posts.

If you're trying to determine if a bank is FDIC insured, go to the FDIC's Bank Find Page.

For credit unions, go to the NCUA's Find a Credit Union Page.

A few credit unions are not insured by the NCUA. All of these that I'm aware of have private insurance by ASI. These are legitimate credit unions. You can verify that a credit union is ASI insured from the ASI's Credit Union Search Page.

[Edit 1/31/08: Updated ASI info. Patelco Credit Union is no longer privately insured by the ASI. It's now federally insured by the NCUA.]
[Edit 2/08/09: Updated URL to ASI search page.]
[Edit 5/28/09: Updated URLs to NCUA pages.]

Citibank Drops e-Savings Account Rate to 4.75% - Other Citibank and Online Banking News read and submit comments for this post

Citibank lowered the rate on its e-Savings account from 5.00% to 4.75% APY. The 5% yield had lasted since June of 2006. Last year it seemed Citibank was serious in keeping the rate on e-Savings competitive. I guess they have changed their minds.

It's interesting to note Citibank lowered the rate on the same day its parent Citigroup announced plans to buy Prudential's Egg bank (see BusinessWeek article.) Egg bank is a British bank which is the world's largest stand-alone online bank.

The rate drop won't help Citibank compete in the online savings accounts. HSBC received more publicity on its 6% savings account promo in this CNN article. Here's an interesting quote about how HSBC Direct is doing in attracting customers:

HSBC Direct has attracted about 300,000 customers with $7 billion in deposits since it launched in 2005. By comparison, ING Direct, the largest direct bank in the U.S., has more than 4 million customers and more than $60 billion in assets.

I would have thought HSBC Direct would have caught up to ING Direct by now, but they're still way behind.

The article also quoted an official at Citibank Direct saying "it closely monitors market conditions and the competitive landscape when setting rates." As the article states, savers tend to be loyal and if a bank can stay close to the top, they'll be able to keep most customers. Perhaps Citibank feels 4.75% is close enough.

Thanks goes to Max who mentioned this rate update in the finding deals post.

Netbank Raises CD Rates Again - 5.45% 1-to-2 Year read and submit comments for this post

Update 9/28/07: NetBank closed by the FDIC. See post more details.

Netbank raised rates again this week on all of its CDs. The 12-month, 18-month and 24-month CDs all have an APY of 5.45%. All other terms have an APY of 5.40%. The minimum deposit is $1,000.

Thanks to the readers who left comments in my last week's post on Netbank. People seemed to have both good and bad experiences with Netbank. Some of the negatives include:

• The accounts have no ACH ability
• CSRs are often not aware of the internet promotions
• Several fees (see Netbank's fee page) including $7.50 for account closure ($25 if closed within 6 months), $5/month fee for 12 months of inactivity on accounts, $5/month for 3 months of inactiviy for bill pay in checking account for balances under $3K.
• The CDs are slow to open compared to ING Direct CDs

The positives include:

• Most readers report receiving the bonuses
• Many readers were satisfied with the customer service
• You can initiate ACH transfers from your outside bank accounts to deposit/withdraw from your Netbank accounts

Netbank is still advertising the $250 new account bonuses ($75 for a new money market, $75 for a new checking and up to $100 for a CD). For the last year, it has been advertised at this Drugstore.com page. Here's Netbank's promo page. Please refer to my previous Netbank bonus post for more info. Also note that the CSR's often are not aware of these specific promotions. But as I mentioned, many people have successfully received them.

Another downside with Netbank is that they don't have the best financials. In fact their current safe and sound rating at Bankrate.com is only of 1 out of 5 stars (weak). Perhaps they're trying to counter the bad ratings by raising rates. But the bank is FDIC insured. You can check the information on this FDIC page.

Thanks goes to shrazzy for commenting on these new CD rates.

$50 Checking Account Bonus at Wachovia read and submit comments for this post

Update 4/2/07: This bonus has been extended to 4/24/07. See new post for more info.

Wachovia is offering a $50 bonus for opening a free checking account. The nice thing about this bonus is that it doesn't require direct deposit. The main requirement is a $100 initial deposit. Another nice thing is that it's paid in cash to your account (although there's some delay - 60 days from the offer's expiration date which is 04/01/07). You can apply online, by phone or by visiting a branch (be sure to bring a copy of the promo page). The promo code is FRNA.

Here's the link to Wachovia's promotional page. There's also a link to this page on Wachovia's home page.

Wachovia's free checking account has the basic components of free checking: no minimum balance requirements, no monthly fees, etc. It doesn't seem to offer all the perks of WaMu's Free Checking Account (my post) or Compass' Free Checking Account (my post). The main negative of this deal seems to be the potential hard credit inquiry (according to this FW thread.)

Thanks goes to Max who mentioned this deal in the finding deals post. More info is also available on this FW thread.

5.50% 6-Month / 5.50% 60-Month CD at a Washington DC Bank (Adams National) read and submit comments for this post

Adams National Bank is offering 5.50% APY on its certificates of deposit for all terms from 6 to 60 months. The minimum deposit is $1,000. Money must be new to the bank.

This special has been going on for the last several months. I called the bank and confirmed that it's still available. The CSR did not know how much longer it will last. Some other details that I received from the CSR is that it's not available in an IRA. Also, you can open the CD by mail. The application is available at the what's new page. She said that you must live in the Virginia, Maryland or Washington DC area.

The bank has been FDIC insured since 1978.

Thanks goes to Will who posted this special in the finding deals post.

5.92% 6-Month / 5.92% 3-Month CD at a Georgia Bank (First Coweta). read and submit comments for this post

First Coweta Bank is offering 5.92% APY on three special certificates of deposit with terms of 1, 3 and 6 months. The minimum deposit is $500.

I called the bank last Friday and was told that they expected this special to last through this week although the CSR couldn't say for sure. They may be able to open this by mail. Please check with them for more details (contact page). The bank has branches in Newnan and Whitesburg, Georgia.

The bank has been FDIC insured since it was established in 2004.

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

[Update: The rate is no longer listed at the bank's website as of 1/30/07]

5.65% 6-Month CD at a Georgia Bank (Columbus Community) read and submit comments for this post

Columbus Community Bank is advertising a 5.65% APY 6-month certificate of deposit. It has a minimum of $5,000, and it requires the opening of an additional new account. Without the new account, the APY is 5.50%. The special doesn't seem to be listed at the bank's website. It was advertised on 1/24 in the Ledger-Enquirer newspaper. The ad is available online here.

The bank is located in Columbus Georgia. It's a new bank that was just established in October 2006. It's FDIC insured.

HSBC's 6% Savings Account Promo Update and $25 Checking Account Bonus read and submit comments for this post

For those who want all the details about HSBC's new 6% APY new-money special, please refer to my yesterday's post. Readers have left some important points to consider about this deal.

First, be careful when you move your money if you initiate a transfer using HSBC's transfer system. As I noted in my previous post, you lose at least 2 days of interest during transfers. However, if you initiate the transfers later in the week, it can be 4 or more days due to the weekends. So the best time to initiate transfers is on Monday or Tuesday.

It has been over a year since I signed up for this savings account. When I signed up, I was able to complete the application entirely online without having to send anything in. However, a reader noted that when he recently applied online, he was sent an email from HSBC requesting that he send a copy of a phone bill or other document verifying his address. In the application he specified living at the address for over 4 years and his phone number is listed in the phone book.

Here's the link to the Terms and Conditions for the savings account (pdf). A reader noted that there is a $25 fee if the account is closed within 6 months. Since there's no minimum balance requirements, you can just keep $1 in the account to keep it open. Then you can wait for the next promotion.

$25 Bonus for HSBC Free Checking Account

You may be able to get a $25 cash bonus if you apply for a HSBC Free Checking Account with an HSBC Debit MasterCard with PayPass. Here's the link to the promo page. Offer expires March 12, 2007. Thanks to FW member Westapher317 who posted the deal on this FW thread,

Last year I opened the HSBC checking account for a $50 bonus. I received the bonus without any problems. I did have to mail in a signature card. Please refer to this previous post for the details. I did not get a hard credit pull when I opened the account.

One important note regarding the Free Checking account is that if the account is inactive for 3 consecutive months, the account will be converted to Basic Banking which has a $3/month maintenance fee regardless of balance.

Update on Penfed's 6.25% CDs read and submit comments for this post

There are only three more days left for Pentagon Federal Credit Union's 6.25% CDs. This rate will likely go down on February 1st. For more info on Penfed and these CDs, please refer to this post.

I just opened another 6.25% CD online today at Penfed. One important change that I noticed in the application is that the maximum deposit allowed for funding from another bank is now $25,000 instead of just $10,000. I've heard that the $10K cap is removed after being a member for 6 months, but I've only been a member for only about 4 months. So I assume this change applies to everyone.

The maximum deposit by funding with a credit card remains at $10K. Be careful about this option. You never know when your credit card company may decide to charge you a cash advance fee.

The third option to fund the CD online is by transferring the money from your Penfed savings acocunt. There is no cap listed for this option. A reader made the good point that this can be an easy way to fund the CD online without any cap. Just do an ACH push of your money into the Penfed savings account from your other bank. Then you can fund the CD without any problems. I haven't done this so I don't know if there could be any complications. Also note that many banks can take 2 or more days for an ACH transfer to complete.

Readers have also mentioned that they've opened the CD by phone and did not have any deposit cap. If you're worried about opening this CD before Thursday, I suggest contacting Penfed. The CSR should be able to provide you with the best options.

5.65% 7-Month CD at a Dallas Bank (Jefferson) read and submit comments for this post

Jefferson Bank is advertising a special 5.65% APY 7-month certificate of deposit. The minimum deposit is $10K and the maximum is $250K per household. Funds must be new to the bank. The offer expires at the end of February 12, 2007. This 5.65% APY special doesn't seem to be listed at the bank's website. The rates page does list a promotional 5.40% APY 7-month special. This 5.65% special was advertised in today's Dallas Morning News. The ad is available online here.

Branches are located in Dallas, Mesquite, Rockwall and Red Oak, Texas. It has been FDIC insured since 1996.

5.75% 24-Month / 5.50% 12-Month CD at a New York CU (Buffalo Metropolitan) read and submit comments for this post

Update: CD rates have fallen. Please check the credit union's website for the latest rates.

Buffalo Metropolitan FCU is offering a 5.75% APY 2-year and a 5.50% APY 1-year share certificate. The minimum deposit is $500.

Field of membership includes those who live, work, worship or attend school in Erie County, New York. See site for details. The main branch is located in Buffalo.

The credit union is federally insured by the NCUA. It has $48.3 million in assets and 14,880 members.

5.75% 24-Month / 5.40% 12-Month CD at a Texas CU (United SA) read and submit comments for this post

United SA Federal Credit Union is offering two certificate specials. The first is a 5.75% APY 24-month CD and the second is a 5.40% APY 12-month CD. The minimum deposit is $500, and it requires new money. The offer is available to February 22, 2007.

Field of membership includes those who live, work, worship, attend school in Bexar County, Texas. See site for additional ways to be eligible to join. A minimum balance of $5 in the savings account is required for membership. United SA is located in San Antonio, TX.

The credit union is federally insured by the NCUA. It has $203.6 million in assets and 27,294 members.

Bank Deals Weekly Summary for January 27, 2007 read and submit comments for this post

HSBC added some excitement this week with its new 6% savings account promo. New deposits at HSBC's Online Savings Account will earn 6% APY until April 30th. All other deposits will continue to earn the regular yield of 5.05% APY. It's very similiar to what ING Direct did last year with its Winter Save Up Sale. Perhaps we'll see other banks try to match this promo. It has been awhile since we've seen anything new at EmigrantDirect. We probably won't see any new savings account promo at ING since they'll be publicly launching their new Electric Orange Checking Account on February 1st (see post). For more info on this HSBC promo, please refer to my HSBC 6% post.

For those with a GMAC money market account, the HSBC deal may look extra nice. GMAC Bank dropped the rate again this week on its money market savings account. The yield is now 5.00% APY (down from 5.10%). However, GMAC's CD rates held steady. There were several banks that raised their CD rates this week. The CD rate hike seemed to be most common for 1-year terms. AmTrustDirect raised the 1-year CD rate to 5.41% APY. ETrade Bank and Netbank raised their 1-year CD rates to 5.40% APY.

Next week the Fed will meet again. Expectations are that they'll hold steady. Last year, most expected the Fed to start cutting rates by middle this year. Now some economists think the Fed may actually start hiking rates again. This MarketWatch article has a good discussion on future rates.

With future rates possibly heading up and with a 6% savings account promo, long-term CDs no longer look as appealing, although Penfed's 6.25% APY is hard not to like. This rate continues to be available for terms from 3 to 7 years. New rates will be posted on February 1st, and the rumor is that they'll drop to 6% APY. So time may be running out for this deal. Please refer to my 6.25% CD Penfed post for more info.

If Penfed's 6.25% CDs end next week, you'll still be able to get a 6.25% CD at Navy FCU (NFCU) which just started a 6.25% APY 7-year CD this week. Unlike Penfed, they don't offer this rate for any shorter terms. For those who prefer short term CDs, NFCU's CSRs have mentioned that NFCU is planning to launch a 6% APY 15-month CD promo starting February 5th. The only bad thing about NFCU is that not everyone can join. You must have some connection to the Navy. Please refer to my Navy FCU 6% CD post for more info.

For local CD deals, please refer to the local CD list. I've reviewed many of them and removed those no longer available. However, I can't go through all of them. Please check with the bank or credit union's website to confirm availability. If you find any that are out-of-date, a comment would be 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 Jan 20th, Jan 13th, Jan 6th, Dec 30th, Dec 23rd (short version), Dec 16th, Dec 9th and Dec 2nd.

As of January 27, 2007

Savings Accounts/Money Market Accounts:

• Superior Savings - 5.50% MMA ($10K min), my post
• Geauga Savings Bank - 5.45% ($25K min), see post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.31%, 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
• E-LOAN - 5.25% ($5K 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
• CapitalOne/Costco - 5.20% MMA (min $5K, Costco members only, $25 deal for exec. members)
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• Discover Bank - 5.14% MMA (min $10K)
• Corus Bank - 5.12% MMA (min $10K to open)
• MyBankingDirect - 5.10% MMA (min $5K), my post
• Mutual Bank - 5.10% MMA (min $5K), my post
• Tennessee Commerce Bank - 5.07% (min $10K), my post
• EmigrantDirect - 5.05%, my post, (rate history)
• HSBC Direct - 5.05%, (6% new money promo) offers checking, my post
• ETrade Bank - 5.05%, my post
• Citibank - 5.00%, requires checking account, my post
• Washington Mutual - 5.00% (requires checking), my post
• ebank - 5.00% Checking ($2.5K min), my post
• CapitalOne - 5.00% (MMA has same rate, but with checks and ATM. $100 min.), my post
• GMAC Bank - 5.00% MMA (min $500), my post
• UmbrellaBank.com - 5.00% MMA (min $1K) (5.15% $50K+), offers checking, my post
• Self-Help Credit Union - 4.68% 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
• NetBank - 3.75% 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
• VirtualBank - 5.50% (min $10K), my post
• Imperial Capital - 5.45%, ($2K min), my post
• IndyMac Bank - 5.35% (min $5K), my post
• UFB Direct - 5.30% (min $8K)
• Countrywide - 5.30% (min $10K), my post
• FirstFedDirect - 5.26% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• Corus Bank - 5.12% (min $10K)
• 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
• UmbrellaBank.com - 5.00% (min $1K)
• Self-Help Credit Union - 4.98% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• Imperial Capital - 5.50%, ($2K min), my post
• FirstFedDirect - 5.46% (min $10K), my post
• IndyMac Bank - 5.45% (min $5K), my post
• VirtualBank - 5.44% (min $10K), my post
• AmTrustDirect - 5.36% (min $1K) my post
• NetBank - 5.35% (min $1K)
• Corus Bank - 5.35% (min $10K)
• World Savings - 5.35% (7 months) (min $10K), branch-only, 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 - 5.28% (min $500), my post
• HSBC Direct - 5.25% (min $1K), new money only
• ETrade Bank - 5.25% (min $1K), my post
• Tennessee Commerce Bank - 5.20% (min $5K)
• EmigrantDirect - 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
• UmbrellaBank.com - 5.10% (min $1K)
• ING Direct - 5.00%, my post
• Wells Fargo - 4.80% (5 months) (min $5K), rate and min vary by state, my post

9-Month Certificates of Deposit:

• World Savings - 5.45% (10 months) (min $10K), my post
• FirstFedDirect - 5.41% (min $10K), my post
• Countrywide - 5.40% (min $10K), my post
• AmTrustDirect - 5.37% (min $1K) my post
• Imperial Capital - 5.32% ($2K min), my post
• NASA FCU - 5.25% (8 months) (min $5K), my post
• GMAC Bank - 5.25% (min $500), my post
• IndyMac Bank - 5.20% (min $5K), my post
• EmigrantDirect - 5.20% (min $1K)
• VirtualBank - 5.18% (min $10K), my post
• EverBank - 5.15% ($1.5K min)
• UmbrellaBank.com - 5.15% (min $1K)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• AmboyDirect - 5.50% (min $10K), my post
• AmTrustDirect - 5.41% (min $1K) my post
• ETrade Bank - 5.40% (min $1K), my post
• NetBank - 5.40% (min $1K), my post ($100 bonus)
• FirstFedDirect - 5.35%, (min $10K) my post
• IndyMac Bank - 5.35% (min $5K), my post
• Tennessee Commerce Bank - 5.33% (min $5K)
• Imperial Capital - 5.33% ($2K min), my post
• Self-Help Credit Union - 5.31% (min $500), my post
• EverBank - 5.30% ($1.5K min)
• UFB Direct - 5.30% (min $8K)
• Corus Bank - 5.30% (min $10K)
• iGobanking - 5.30% (min $500), my post
• Melrose CU - 5.30% (min $5K) my post
• La Jolla Bank - 5.30% (min $10K), my post
• GMAC Bank - 5.30% (min $500), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• Mutual Bank - 5.25% (min $2.5K) my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K)
• UmbrellaBank.com - 5.20% (min $1K)
• 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
• GTE FCU - 4.96% (min $500) (add-on feature) my post

14/15-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• Kinecta FCU - 5.55% (15 months) (min $1K), my post
• NASA FCU - 5.35% (14 months) (min $1K), my post

18-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• NetBank - 5.40% (min $1K), my post ($100 bonus)
• iGobanking - 5.30% (min $500), my post
• GMAC Bank - 5.25% (min $500)
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• AmTrustDirect - 5.15% (min $1K) my post
• E-LOAN - 5.05% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Imperial Capital - 5.00% ($2K min), my post
• Mutual Bank - 4.85% (min $5K) my post
• UmbrellaBank.com - 4.75% (min $1K)

36-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• First State Bank - 5.35% ($1K min), my post
• Mutual Bank - 5.30% (min $5K) my post
• Agriculture FCU - 5.25% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• Melrose CU - 5.20% (min $5K) my post
• Self-Help Credit Union - 5.16% (min $500), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• GMAC Bank - 5.15% (min $500)
• Fort Belvoir FCU - 5.13% (min $1K), my post
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• AmTrustDirect - 5.00% (min $1K) my post
• E-LOAN - 5.00% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• Countrywide - 5.00% (min $10K)
• Washington Mutual - 4.95% (min $1K), rates vary by state
• Imperial Capital - 4.95% ($2K min), my post
• UmbrellaBank.com - 4.75% (min $1K)

48-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• First State Bank - 5.35% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• Agriculture FCU - 5.25% (min $1K), my post
• Melrose CU - 5.25% (min $5K) my post
• Fort Belvoir FCU - 5.23% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• Self-Help Credit Union - 5.15% (min $500), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• GMAC Bank - 5.15% (min $500)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• E-LOAN - 5.00% ($10K min), my post
• Countrywide - 5.00% (min $10K)
• UmbrellaBank.com - 4.75% (min $1K)

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
• Fort Belvoir FCU - 5.39% (min $1K), my post
• USA FCU - 5.38% (min $1K) my post
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• First State Bank - 5.35% ($1K min), my post
• Presidential Bank - 5.35% (min $1K)
• Melrose CU - 5.30% (min $5K) my post
• EmigrantDirect - 5.20% (min $1K)
• Self-Help Credit Union - 5.17% (min $500), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• VirtualBank - 5.15% (min $10K), my post
• GMAC Bank - 5.15% (min $500)
• Members Credit Union - 5.13% (min $2K), my post
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• ETrade Bank - 5.05% (min $1K), my post
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• E-LOAN - 5.00% ($10K min), my post
• Countrywide - 5.00% (min $10K)
• Imperial Capital - 4.95% ($2K min), my post
• UmbrellaBank.com - 4.75% (min $1K)

84-Month Certificate of Deposit:

• Navy FCU - 6.25% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 6.25% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.00% (min $10K)

High Rates with Conditions / Large Balances - Open to All

• 10% Affinity Savings Account for kids ($500 max)
• 6.01% Everbank 3-month intro rate on checking account
• 6.00% HSBC Savings Account New Money Promo
• 6.00% Dime 3-month intro rate on Money Market account
• 5.60% Money Market Account with $250K initial deposit
• 5.40% Personal and Business Money Market Account with $100K balance
• 5.36% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• $7.50% Checking/Savings Account up to $500 (Washington State)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% 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)
• 5.35% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.05% 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)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.06% 60-Month CD at a Tennessee CU (MPD Community)
• 6.00% 72-Month CD at a Ohio CU (ProMedica)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 80-Month CD at a Ohio CU (Sharefax)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 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 Florida Bank (Surety)
• 5.81% 60-Month CD at a Utah CU (Deseret First)
• 5.80% 60-Month CD at a Arizona CU - IRA (Credit Union West)
• 5.75% 60-Month CD at a California Bank (Spectrum)
• 5.75% 60-Month CD at a Georgia Bank (Peachtree)
• 5.70% 84-Month CD at a Missouri CU (Neighbors)
• 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)

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)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 6.15% 24-Month CD at a Florida CU (South Florida)
• 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% 24-Month CD at a Colorado CU (Colorado Springs)
• 5.80% 24-Month CD at a New York CU (Countryside Community)
• 5.80% 24-Month CD at a Massachusetts CU (Central One FCU)
• 5.80% 41-Month CD at a New Jersey CU (Tri-Co)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.75% 24-Month CD at a Virginia CU (Bronco)
• 5.72% 24-Month CD at a Virginia CU - $50K (DuPont Fibers)
• 5.64% 24-Month CD at a Ohio CU (Sharefax)
• 5.64% 35-Month CD at a Virginia CU (Baylands)
• 5.55% 27-Month CD at a New Jersey CU (Tri-Co)
• 5.50% 36-Month CD at a St. Louis CU (Gateway Metro)

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)
• 6.05% 13-Month CD at a Florida CU (South Florida)
• 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)
• 6.00% 18-Month CD at a Minnesota Bank - IRA (Park State)
• 6.00% 12-Month CD at a California CU Continues (Ventura County)
• 6.00% 12-Month CD at a North Carolina CU (Carolina Postal)
• 5.90% 12-Month CD at a Utah CU - and Other High Rates (Pacific Rails)
• 5.87% 16-Month CD at a Maryland CU (MCT)
• 5.86% 12-Month CD at a Washington State CU - Variable (Cascade Forest Products)
• 5.81% 12-Month CD at a Ohio CU - $100K+ (CSE)
• 5.80% 12-Month CD at a Massachusetts CU (Central One FCU)
• 5.80% 18-Month CD at a Colorado CU (Colorado Springs)
• 5.77% 19-Month CD at a Virginai CU (Newport)
• 5.75% 12-Month CD at a Georgia Bank (Alpha)
• 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% 14-Month CD at a Alabama CU (Tuscaloosa)
• 5.75% 18-Month CD at a Missouri CU (Postal and Community)
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 12-Month CD at a Virginia CU (Bronco)
• 5.75% 12-Month CD at a Houston CU Continues - (Right Choice)
• 5.75% 12-Month CD at a California/Nevada CU (1st United Services)
• 5.74% 18-Month CD at a Missouri Bank (Eagle)
• 5.72% 12-Month CD at a Wisconsin CU - and a $50 Checking Bonus (Royal)
• 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)
• 5.70% 18-Month CD at a Utah CU (Cyprus)
• 5.70% 15-Month CD at a Missouri CU (Kilowatt)
• 5.70% 12-Month CD at a Minnesota CU (SMW)
• 5.65% 15-Month CD at a Ohio Bank (The Grange Bank)
• 5.65% 12-Month CD at a Georgia Bank (Peachtree)
• 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)
• 5.60% 12-Month CD at a Utah CU (Deseret First)
• 5.56% 13-Month CD at a South Carolina Bank (Bank of Anderson)
• 5.55% 13-Month CD at a Utah Credit Union (Tooele)
• 5.55% 15-Month CD at a California CU - Open To All (Kinecta)
• 5.51% 13-Month CD at a South Dakota CU (Sentinel)
• 5.50% 13-Month CD at a Washington State CU (GHCU)
• 5.50% 12-Month CD at a Texas Bank (Century)
• 5.50% 12-Month CD at a Massachusetts Bank (Needham Cooperative)
• 5.50% 16-Month CD at a New York CU (Bethpage)
• 5.50% 15-Month CD at a Missouri CU (Neighbors)
• 5.50% 12-Month CD at a Maryland/Virginia/DC Bank (Washington First)
• 5.39% 15-Month CD at a Philadelphia Bank (Asian Bank)

Terms of Under 12 Months

• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank Continues - $2.5K Max (Flagstar)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's)
• 6.19% 6-Month CD at a California CU (LA FCU)
• 6.15% 7-Month CD at a Kentucky CU Continues (Fort Knox)
• 6.14% 6-Month CD at a Multi-State CU (USPS FCU)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 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)
• 6.00% 10-Month CD at a Michigan CU (Lake Michigan)
• 6.00% 4-Month CD at a Michigan CU - Update (Huron River Area)
• 6.00% 3-Month CD at a Virginia CU (Arlington Virginia)
• 5.92% 11-Month CD at a New York / Pennsylvania CU (Visions)
• 5.92% 6-Month CD at a New York / Pennsylvania CU (Visions)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.75% 6-Month CD at a Georgia Bank (Alpha)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 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)
• 5.75% 6-Month CD at a Georgia Bank (Integrity)
• 5.75% 3-Month CD at a California CU (San Jose)
• 5.75% 6-Month CD at a California CU (San Jose)
• 5.70% 7-Month CD at a Iowa Bank (American Bank)
• 5.65% 5-Month CD at a California CU (Chevron Valley)
• 5.65% 9-Month CD at a Arizona CU (Arizona Federal)
• 5.65% 11-Month CD at a Missouri CU (River Region)
• 5.60% 7-Month CD at a Illinois Bank (Prairie Bank and Trust Co.)
• 5.60% 7-Month CD at a Texas Bank (Equity)
• 5.60% 11-Month CD at a Maryland CU (Point Breeze)
• 5.60% 6-Month CD at a Texas CU (San Antonio)
• 5.58% 4-Month CD at a Arizona CU (Vantage West)
• 5.58% 3-Month CD at a Arizona CU (Vantage West)
• 5.57% 9-Month CD at a Arizona CU (Altier)
• 5.55% 8-Month CD at a California CU - IRA (San Diego County)
• 5.55% 11-Month CD at a California CU (LA Financial)
• 5.50% 7-Month CD at a Washington State CU (GHCU)
• 5.50% 9-Month CD at a California Bank (Gilmore)
• 5.50% 11-Month CD at a Florida Bank (Platinum)
• 5.50% 6-Month CD at a California/Nevada CU (1st United Services)
• 5.50% 9-Month CD at a Florida CU (Achieva)
• 5.40% 9-Month CD at a Chicago Bank (Builders)
• 5.35% 11-Month CD at a Chicago Bank (Park National)
• 5.35% 8-Month CD at a New York CU (Bethpage)

Bank Account Alternatives

• Money Magazine article on risk-free investments
• Vanguard Prime Money Market Fund - 5.10% 7-day yield
• Fidelity Money Market Fund - 5.03% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.02% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

HSBC Direct's New 6.00% Savings Account Promo read and submit comments for this post

Update: The savings account promo has ended. Please see HSBC Direct's website for the latest rates and promotions. Features of the Online Savings Account are described below and are still current.

HSBC Direct started a new promotion duplicating what ING Direct did last year with its Winter Save Up Sale. HSBC is offering a 6.00% APY in its Online Savings Account on all new money deposited from January 29 to April 30, 2007. Old money will continue to earn the 5.05% APY. This applies to both current and new customers.

HSBC has a special FAQ for this promotion. For those who keep most of their liquid money elsehwhere, this can be a good deal. Just transfer the money in and that new money will earn 6% APY (5.84% interest rate). However, if you've been keeping most of your money in this Online Savings Account already, you'll get stuck with the 5.05% APY. Also note if you withdraw money, this will reduce the amount that earns 6%.

So if you have $10K in there now and you make another $10K deposit, you'll earn 6% APY on that second $10K and 5.05% APY on the first $10K. If you withdraw $10K, you'll earn only 5.05% on the remaining $10K. HSBC calls this the Last in First Out calculation of New Money interest.

HSBC Online Savings Account Overview

For those who don't yet have an account with HSBC Direct, this might be a good time to open one. Even without the promotion, it has some nice features although there are some downsides. Here's my list of both:

Positives

• Standard rates have remained competitive
• No minimum balance requirements
• ATM card available for savings account
• Bank-to-Bank ACH transfer system allows unlimited links to external accounts
• Links to external accounts can be set up online and verified with trial deposits. No checks need to be mailed in.
• Checking accounts are available. The checking accounts can appear with your savings account in your account page and online transfers can be done between them.
• No hard credit pulls. I didn't get a hard pull when I opened the Online Savings Account in 2005.
• Security Key and the virtual keyboard should reduce the risk of hackers accessing the account

Negatives

• Not the best standard rates in its history
• No sign-up bonuses currently available. There have been many in the past
• Slow ACH transfers to and from other banks. Transfers can take a minimum of 3 days with 2 days of no interest. For example, I specified a withdrawal at HSBC on January 16th for money to be transfered to EmigrantDirect. It was debited from my HSBC account on the 17th. It didn't show up at EmigrantDirect until the 19th.
• Security Key and the virtual keyboard requires another password that must be remembered and makes the account login longer.

How Much is Safe to Deposit?

According to HSBC's FAQs, you can deposit up to $2 million dollars into HSBC's Online Savings Account (I haven't tested this out :-). For those who may want to deposit more than $100K, keep in mind that you can extend the FDIC insurance coverage over $100K with a joint account. Here's an example provided at the FDIC webpage regarding joint accounts:

A husband and wife could have up to $200,000 in one or more joint accounts at the same insured bank and the deposits would be fully insured.

You can also extend coverage over $100K with Payable-On-Death accounts and In-Trust-For accounts with qualifying beneficiaries. This FDIC webpage provides the details. According to the HSBC FAQ's, you can designate one beneficiary per account:

Once the account is set up, send us a BankMail with your child's name. You are welcome to open as many accounts as you like, but each account can list only one beneficiary.

In addition to listing a qualified beneficiary, the account must also be titled with a term such as payable-on-death, in-trust-for or as-trustee-for to qualify for the additional insurance. I couldn't find any documents at HSBC regarding this so I called. The CSR said that savings account would NOT have this account title. I'm not sure if she exactly understood the issue, so I'll follow up with BankMail. As it looks now, joint accounts seems to be the only way that will extend your coverage over $100K for the HSBC Online Savings Account.

The importance of FDIC insurance coverage for a bank like HSBC is debatable. HSBC Direct is part of the HSBC Holdings plc which is one of the largest banking groups in the world (see background). The US arm is HSBC Bank USA, N.A. It's FDIC insured. One interesting note is that it currently only has a 2 out of 5 star safe-and-sound rating at Bankrate.com.

Early Withdrawals from IRA CDs (Penfed vs. Navy FCU) read and submit comments for this post

Some banks and credit unions provide a nice feature to IRA certificates in that they allow penalty free withdrawals of an IRA CD for those over 59 1/2 years old. It's important to note that this feature is not provided by all banks and credit unions.

Pentagon Federal Credit Union is one place that does have this early withdrawal feature for IRAs. For those over 59 1/2, you can close a CD without penalties. Once closed, you're free to open a new CD at a higher rate. Several readers have noted that this CD upgrade can be done with a phone call. It's important to note this applies only to the IRA certificates and only for those over 59 1/2. Here's a quote of the official details on page 15 of Penfed's IRA documentation:

The penalties described above will not be applied if the redemption is made: (iii) If the owner has reached age 59 1/2 or is permanently disabled, as defined in the Internal Revenue Code Section 72(m).

So if you have a Penfed IRA and you're over 59 1/2, there's no reason not to choose a new 6.25% APY 7-year IRA. That way you lock in the 6.25% APY for 7 years. If rates do rise, you can always upgrade. Also note, several readers have mentioned being told by Penfed CSRs that this 6.25% APY will likely fall to 6% on February 1st. So your chance of locking in on this high yield may be nearing an end. For more info on Penfed, membership and these CDs, please refer to my previous post.

At Navy Federal Credit Union you don't get this option. You're hit with an early withdrawal penalty from an IRA certificate even if you're over 59 1/2. The NFCU IRA documentation on page 11 only lists 4 exceptions in which a penalty will not be applied:

1. Withdrawals of dividend payments only.
2. Withdrawals made from an IRA Certificate due to the death of the IRA
participant.
3. Withdrawals made as a result of the voluntary or involuntary liquidation of the Credit Union.
4. Withdrawals of required minimum distributions.

Note, NFCU's 7-year CD has a maximum early withdrawal penalty of 1-year of interest. The 5-year CD only has a 6-month penalty. For more info on NFCU and their latest CD rate deals, please refer to my NFCU's 6% 15-month CD post and my NFCU's 6.25% 84-month CD post.

6.00% 15-Month CD at Navy FCU Starting Feb 5th read and submit comments for this post

Navy Federal Credit Union is scheduled to start a promotional certifcate on February 5th with a yield of 6.00% APY for a term of 15 months. The minimum deposit will be $8,000. It'll be avaiable for both regular and IRA CDs. A couple of readers heard about this from their discussions with NFCU's customer service reps. I called and received the same info. This new promo is not listed on the NFCU website.

NFCU is currently offering a 6.25% APY 7-year CD for deposits of at least $20K. Please refer to my Monday post for more info on this.

The only problem with NFCU, is its restrictive field of membership. Unlike Penfed, there doesn't seem to be any easy way to qualify for membership if you don't have any connection to the Navy. Here's the NFCU's field of membeship webpage. Readers have reported that the customer service reps can find more ways to qualify than what's listed. Here's the link to their contact page.

Branches are located around the US and the world.

Navy Federal is federally insured by the NCUA. It's the largest US credit union. It has over $27 billion in assets and over 2.8 million members.

Thanks goes to the reader who discovered this soon-to-be deal and mentioned it in the comments.

5.50% 12-Month CD at a Maryland/Virginia/DC Bank (Washington First) read and submit comments for this post

Washington First Bank is offering a special 5.50% APY 12-month certificate of deposit. The minimum deposit is $10,000. There's also a special no-penalty 12-month 5.25% APY CD which allows one penalty-free withdrawal during the term. These are not listed at the bank's website. A reader mentioned this special, and I called for additional information.

According to the CSR you must live in the Maryland/Virginia/DC area to open an account. Branches are located in Washington DC; Sterling and Reston, Virginia, and Hyattsville, College Park and Oxon Hill, Maryland.

The bank has been FDIC insured since 2004.

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

5.55% 11-Month CD at a California CU (LA Financial) read and submit comments for this post

LA Financial Credit Union is offering a special 5.55% APY 11-month certificate. The minimum deposit is $1,000, and at least half of the deposit must be money new to the credit union.

Field of membership includes those who live, work, worship, volunteer or attend school in Los Angeles County, California. The credit union has a $5 membership fee, and there's a $5 minimum deposit required for the savings account. A minimum $100 total balance on all savings and loans is required to avoid a $3/month fee (see savings account page for more info).

The credit union is federally insured by the NCUA. It has $274.8 million in assets and 37,238 members.

5.50% 15-Month / 5.70% 84-Month CD at a Missouri CU (Neighbors) read and submit comments for this post

Neighbors Credit Union is offering a special 5.50% APY 15-month certificate of deposit. The minimum is $3,000, and the money must be new to the credit union. The credit union also has a very competitive rate on its 84-month CD of 5.70% APY. The IRA equivalent has an APY of 5.80%. Both have a minimum of $1,000.

Field of membership includes those who live or work in about 40 zip codes of Missouri. There's also a long list of Select Employer Groups. See site for details. Branches are located in St. Louis, Fenton, Florissant and Hazelwood, MO.

The credit union is federally insured by the NCUA. It has $174.1 million in assets and 35,744 members.

5.64% 35-Month CD at a Virginia CU (Baylands) read and submit comments for this post

Baylands Federal Credit Union is offering a special 35-month share certificate with an APY of 5.64% (interest rate 5.50%). The minimum deposit is $1,000. There's a JumpUp feature which isn't described at the website, but I would assume it would allow at least one rate bump during the term. The credit union also has a competitive 24-month Jumbo CD special with a yield of 5.48% APY. It has a minimum of $75K.

Field of membership includes those living, working, worshiping or attending school in the Virginia counties of Essex, Middlesex, Mathews, Gloucester, King and Queen, King William, New Kent or James City. Branches are located in West Point and Williamsburg, Virginia.

The credit union is federally insured by the NCUA. It has $69.7 million in assets and 5,628 members.

Thanks to Richmond Bank Deals who mentioned this CD special in the finding deals post.

5.50% 16-Month / 5.35% 8-Month CD at a New York CU (Bethpage) read and submit comments for this post

Bethpage FCU is offering a 5.50% APY 16-month certificate. The interest rate is 5.35% and the minimum deposit is $1,000. Dividends are paid monthly. There's also a special 8-month CD with a yield of 5.35% APY.

Bethpage had a very similar CD special this time last year with rates about 0.50% less.

The credit union's field of membership includes residents of Nassau county or Suffolk county with the exception of the townships of East Hampton, Southampton and Shelter Island. This includes most of Long Island, New York.

The credit union is federally insured by the NCUA. It's a large credit union with $2.4 billion in assets and 140,715 members.

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

5.40% 9-Month CD at a Chicago Bank (Builders) read and submit comments for this post

Builders Bank is offering a special (pdf) 9-month certificate of deposit with a yield of 5.40% APY. The minimum is $2,500. New deposits are required.

The bank is located in Chicago, Illinois. It has been FDIC insured since 1997.

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

5.70% 12-Month CD / 5.80% 24-Month CD at a Minnesota CU (SMW) read and submit comments for this post

SMW Federal Credit Union is offering a 5.70% APY 12-month certificate of deposit. The minimum deposit is $50K. A 5.60% APY is available with a minimum $25K deposit, and a 5.90% APY is available with a $100K deposit. The credit union lists other high yield CDs for longer terms with minimum balances from $25K to $100K. Some examples include a 6.00% APY 24-month CD with a $100K minimum and a 6.00% APY 60-Month CD with a $25K minimum.

Field of membership includes those who live, work, worship, volunteer or attend school in Anoka County. Also, anyone related to a current member is eligible to join. Branches are located in Maplewood and Fridley, MN.

The credit union is federally insured by the NCUA. It has $52.8 million in assets and 5,009 members.

5.59% 6-Month CD and 5.45% Savings Account ($25K Min) at Geauga Savings Bank read and submit comments for this post

Geauga Savings Bank is offering very competitive rates on 6-month and 3-month certificates of deposit with a minimum balance of $25,000. These include a 5.59% APY 6-month CD and a 5.56% APY 3-month CD. Instructions are provided for faxing your application and wiring in the funds.

The bank also has a savings account that's paying 5.45% APY for balances over $25K. According to the website, the rate is guaranteed through July 15, 2007. This rate is up from 5.40% when I reported on this bank last July. For the full details of this savings account, please refer to that Geauga Savings Account post.

In July, I had received several details from the CSR. I haven't called again to see if anything has changed, but based on the website, it doesn't appear much has changed. However, I did noticed they added a FAQ page. One big downside is that interest is only paid annually. However, if you close the account, you wouldn't lose interest. Another downside is the lack of online banking, but you can initiate ACH debits and deposits from your other bank. No interest is earned and there's a $10/month fee for balances under $25K. Even though it doesn't have the best features, the rates continue to remain very competitive.

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

Thanks to the reader who emailed me this info.

5.50% 9-Month CD at a Florida CU (Achieva) read and submit comments for this post

Achieva Credit Union is offering a 5.50% APY 9-month certificate of deposit. The minimum deposit is $1K.

Last July I had reported on a 5.75% 15-month CD that Achieva was offering.

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

Achieva Credit Union is federally insured by the NCUA. Since my last report assets have grown by $40 million to $524 million, and membership has grown by 3,000 to 61,110.

5.39% 15-Month CD at a Philadelphia Bank (Asian Bank) read and submit comments for this post

Asian Bank is offering a special 5.39% APY 15-month certificate of deposit. The minimum is $1,000. There are other CD specials with shorter terms, but this 15-month is the only one that's competitive. Last June Asian Bank had been offering 6% CD specials.

Asian Bank is a one-branch bank located in Philadelphia, Pennsylvania. It has been FDIC insured since 1999. It has a 3 out of 5 star safe and sound rating (performing) at Bankrate.com.

5.35% 11-Month CD at a Chicago Bank (Park National) read and submit comments for this post

Park National Bank is offering a special 5.35% APY certificate of deposit with terms of 7 or 11 months. The interest is paid at maturity. It requires money new to the bank.

The bank has several branches in Chicago, Illinois and in the Chicago suburbs. It has been FDIC insured since 1934.

There's another good Chicago CD special that a reader mentioned at Parkway Bank. Here's what the reader reported:

There is a 1 year flex cd at 5.3% at Parkway Bank in Chicago. It is not on the bank's web site but it was advertised in the Chicago Tribune. When I called the bank, they told me the cd was tied to the Fed rate - if the Fed rate went up the cd rate went up. However it could only go up .25% and I think they said that you could only raise it once.

5.40% 12-Month CD at Netbank and $100 Bonus read and submit comments for this post

Update 9/28/07: NetBank closed by the FDIC. See post for more details.

Netbank raised rates on all of its CDs with terms of 1-year and longer. All of its CD rates are very competitive. Terms of 1 year to 2 years have an APY of 5.40%. Longer terms have an APY of 5.35%. The minimum deposit is $1,000.

A few months ago, this 5.40% yield wouldn't have been worth mentioning. But now it's near the top for 12-month and longer terms. What makes this even better is that Netbank still has a $100 bonus available for new customers who open a CD with a minimum $15K deposit. This bonus makes the effective rate over 6%. Smaller bonuses are available for smaller deposits. You can also get up to $150 for opening a checking account and a money market account. Please refer to my Netbank bonus post for more info.

NetBank has been FDIC insured since 1988. NetBank currently has a low safe and sound rating at Bankrate.com of 1 out of 5 stars (weak).

5.80% 41-Month / 5.55% 27-Month CD at a New Jersey CU (Tri-Co) read and submit comments for this post

Tri-Co Federal Credit Union is offering several high yield certificates of deposit. Three rate tiers are offered for deposits of $1K, $10K and $20K for terms of 10 months, 27 months and 41 months. The rates for the $20K minimum include a 5.80% APY 41-month CD, a 5.55% APY 27-month CD and a 5.30% APY 10-month CD. These CDs are available in an IRA with rates about 0.26% higher than the regular CDs.

Field of membership is based on Select Employer Groups in the New Jersey counties of Morris, Sussex and Warren. I was also told by the CSR that you can be eligible to join via non-immediate family members including cousins. Branches are located in Morris Plains, Hackettstown and Augusta.

The credit union is federally insured by the NCUA. It has $128.7 million in assets and 13,012 members.

5.60% 6-Month CD at a Texas CU (San Antonio) read and submit comments for this post

San Antonia FCU is offering a special 5.60% APY 6-month certificate. The minimum deposit is $1,000. The credit union also has some competitive long-term CD rates including a 5.60% APY 7-year CD and a 5.65% APY 10-year CD with a minimum of $10K. I don't see 10-year CD terms too often.

Field of membership includes those who work for government or financial institutions in San Antonio or those in college in San Antonio. You can also be eligible via Select Employer Groups in San Antonio and in Houston and via family. See site for details. Branches are located in both Houston and San Antonio.

The credit union is federally insured by the NCUA. It's a large credit union with $2 billion in assets and 235,449 members.

6.25% 84-Month CD at Navy Federal Credit Union read and submit comments for this post

Navy Federal Credit Union increased the yield on its 7-year share certificate from 6.00% to 6.25% APY for a minimum deposit of $20K. All other rates seem to have remained the same since my last report in October. The yield for a $1K minimum deposit is 5.75% APY. The same rates apply to the IRA certificates. The early withdrawal penalty for the 7-year CD is up to 1-year of interest.

Perhaps Navy FCU is feeling some competition from Penfed's 6.25% CDs. Penfed still has the better deal with a minimum deposit of only $1K and terms from 3 to 7 years that qualify for the 6.25% APY (see my Penfed post). Navy did have the best CD deal last summer when they were offering an 18-month CD with a yield of 6.25%.

The field of membeship includes all active, reserve and retired Department of the Navy personnel and their familiy members. The membership application is available online. I've been told by readers that if you have some connection with the Navy but you don't seem to qualify based on the website, you should call. The customer service representatives often find more ways that you can qualify.

Branches are located around the US and the world.

Navy Federal is federally insured by the NCUA. It's the largest US credit union. It has over $27 billion in assets and over 2.8 million members.

High Rate CDs and Easy Membership at Northrop Grumman FCU read and submit comments for this post

Northrop Grumman Federal Credit Union continues to have high rates on all of their CDs especially for the $40K Jumbo CDs. The 6-month CD has the highest rate with a 5.53% APY. The 12-month CD is also very competitive at 5.41% APY. The CDs with a minimum deposit of $2.5K have rates about 0.25% less than the $40K minimum ones.

NGFCU's IRA CD rates are a little lower than the regular certificate rates. They had been offering IRA CD rates as high as 6.39% last October and as high as 6.60% last July.

In addition to employees of Northrop Grumman, the credit union's field of membership includes members of the Southern California Historical Aircraft Foundation. Anyone can join this foundation.

One new thing that I just noticed about membership into NGFCU, is that it can be done online (both membership into the aircraft foundation and into the credit union). The link to the online application is at the top left of the home page (Picture with the words "Take Ownership Join Online Now!"). I noticed the following in that application:

If you are not currently a member of SCHAF and you wish to join through SCHAF membership, you will receive a one-year membership in SCHAF concurrent with your lifetime Credit Union membership.

So it looks like you can join NGFCU as easy as you can join Penfed (see my post on Penfed).

Some of the small downsides of membership were listed in the FAQ of this application. These included:

The only requirement for membership is an initial deposit of $8.00 (includes a one-time $3.00 membership fee).

Members who maintain a quarterly average daily balance or have a total balance in all shares at the end of each quarter of at least $100, or have an outstanding balance on a loan on the same account number during that quarter will be in good standing. Accounts that fall below this minimum requirement will be assessed an account maintenance fee of $6.00 per quarter.

NGFCU has branches in several cities of California, Illinois, Maryland, Virginia, Louisiana and Florida.

The credit union is NCUA insured. It has $574 million in assets and 49,689 members.

7.50% 7.5-Month CD at a Wisconcin CU - $7.5K Max (Bull's Eye). read and submit comments for this post

Bull's Eye Credit Union is offering a special term certificate for its 75th year anniversary. It's a 7.5 month 7.5% APY CD. The minimum is $750, and the maximum deposit is $7,500. There's a limit of one per account.

With $7.5K, you'll make about $117 more in this CD in 7.5 months than you would make in a 5% savings account. Since it's limited to one per account and not one per household you should be able get one CD for each family member.

Field of membership includes those who live or work in one of the Wisconsin counties of Adams, Juneau, Portage, Waushara or Wood. Membership requires a minimum $5 deposit into a savings account. Branches are located in Wisconsin Rapids, Plover and Stevens Point.

Bull's Eye Credit Union is federally insured by the NCUA. It has $105 million in assets and 21,054 members.

[CD special ended as of 1/23/07]

Online Banking Articles: Best Cyberbanks, New Online Checking Accounts read and submit comments for this post

This Kiplinger's Personal Finance article has a good overview of today's online banking. It also has its pick for the best online banks. Its choice for the overall best online savings account is HSBC Direct. I guess it didn't give a large weight to ACH transfer speed. As would be expected, ING Direct was picked as the simplest to use. ETrade Bank was labeled as the bank for best access to funds since according to the article there's no hold on deposits. Everbank was picked as the bank with the best online checking account (see my Everbank Checking Account review). The article should also have mentioned that it has no minimum balance requirements, no direct deposit requirements and no activity requirements. Many online checking accounts these days seem to require one or more of these in exchange for a high yield.

Regarding online checking accounts, this USA Today article looks into the new online checking accounts that will be introduced this year. We already were aware of ING Direct's new Electric Orange Checking Account that's available to some current customers (see my post) and E-LOAN's plans for a checking account (see my post). The article also mentions plans by HSBC Direct. Currently, HSBC offers checking accounts that can be opened online, but these are similar to the brick-and-mortar variety with paper checkbooks and paper statements. It's also similar to the brick-and-mortar checking accounts in that these checking accounts offer little to no interest. It'll be interesting to see how competitive E-LOAN and HSBC will be with their rates on these new online checking accounts.

6.15% 24-Month / 6.05% 13-Month CD at a Florida CU (South Florida) read and submit comments for this post

In celebration of its 60 years of service, South Florida FCU is offering three special certificates of deposit: 6.05% APY 13-month CD, 6.10% APY 18-month CD and a 6.15% APY 24-month CD. The minimum is $2,000, and it requires money new to the credit union (see pdf of promo).

Field of membership is primarily based on Select Employee Groups. Some churches and schools are also included. See site for details. The credit union is located in Miami, Florida.

South Florida FCU is federally insured by the NCUA. It has $15.9 million in assets and 3,683 members.

5.70% 15-Month CD at a Missouri CU (Kilowatt) read and submit comments for this post

Kilowatt Credit Union is offering a special 5.70% APY 15-month certificate of deposit. The minimum is $2,500.

Field of membership includes anyone living or working in the counties of Cole or Callaway. You can also be eligible to join via Select Employee Groups and via family. See site for details. The credit union is located in Jefferson City, Missouri.

Kilowatt is federally insured by the NCUA. It's a small credit union with $6.4 million in assets and 2,074 members.

5.56% 13-Month CD at a South Carolina Bank (Bank of Anderson) read and submit comments for this post

Bank of Anderson is offering a 5.56% APY 13-month certificate of deposit. The minimum is $4,000. It's available as a regular or IRA CD.

Branches are located in Anderson, South Carolina. According to the rates page, the listed rates apply only to Anderson residents with lower rates available to non-Anderson residents.

The bank is FDIC insured.

$100 Checking Account Bonus at M&T Bank read and submit comments for this post

M&T Bank is still offering a $100 cash bonus when you open a new Select checking account and activate direct deposit. Opening any other checking account qualifies for a $25 bonus. This deal seems to be a common one at M&T. I had reported on this back in 2005.

The main issue with this deal is that the Select checking account has a $14 monthly fee if the minimum balance isn't maintained. The minimum balance is $5K in this checking account or a combined $10K in other M&T Bank accounts.

You have to live in one of the states that has M&T Bank branches. The states include Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and Washington D.C. The bank is FDIC Insured.

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

Bank Deals Weekly Summary for January 20, 2007 read and submit comments for this post

There's a saying with TV when a show starts going downhill that it has jumped the shark. Well, this week E-LOAN may have jumped the shark with the rate drop on its savings account. The yield dropped from 5.38% to 5.25% APY. This drop is significant because it takes them out of the top spot. The rate is still very competitive, but will it signal a trend in which E-LOAN never again challenges the rate leaders? Will E-LOAN become another ING Direct? For more info on E-LOAN and a discussion of other alternatives, please refer my new E-LOAN post.

Even though rates dropped at E-LOAN this week, there seemed to be more rate hikes on savings accounts and CDs than rate drops. Capital One increased the yield on its High Yield Money Market Account and its Costco version of this account by 20 basis points. Costco MMA is now at 5.20% APY and the HYMMA is now 5.00% APY (see my new Cap One Money Market post). Discover Bank increased the yield on its money market account from 5.05% to 5.14% APY. Corus Bank also increased the yield on its money market account from 5.05% to 5.10% APY. Since Corus Bank's MMA is indexed to the 91-day T-Bills, this is even more an indication of a changing interest rate environment.

Banks that raised their CD rates this week include UFB Direct, IndyMac, Netbank, AmTrustDirect, GMAC Bank and ETrade Bank. Many of these increases were in the longer term maturities. Netbank CD rates have been steadily climbing over the last month. All of the short-term CDs have a yield of 5.35% APY and the CDs with terms of 3 years and up have a yield of 5.30% APY. If you're not already a Netbank customer, you can obtain an effective yield over 6% on a 12-month term with a $15K deposit through Netbank's $100 bonus promotion which is still available.

Even with the CD rate increases, no one is coming close to Penfed's 6.25% CDs (at least those with national availability). These are scheduled to continue until the end of January. In the past, these high yield CDs have continued for several months into the new year. I have a feeling this might not be the case this time. The last two years, the Fed had been hiking rates so locking into a long-term CD wasn't too appealing. We may now be at the peak of this rate cycle, so locking into a long-term CD makes more sense (although many question if we've really reached the peak). In addition, these CDs are getting much more exposure with the internet. Consequently, Penfed may fill their deposit needs very quickly this year and end this promotion early. So if you want to join in on the 6.25% CD, you may want to act before the end of the month. Please refer to my 6.25% CD Penfed post for more info.

For those not convinced we're at a rate cycle peak or those who just can't tie up their money for muliple years, you can still get a 6% APY 4-month CD at Huron River Area Credit Union (see post). It's hard to find rates of 6% for CD terms between 4 months and 3 years. World Savings came out this week with a new internet CD special with a 10-month term and a yield of 5.45% APY (see my World Savings CD post). Patelco Credit Union still has its 5.64% APY CDs with terms of 12 to 23 months. Note, Patelco is privately insured by the ASI and not federally insured by the NCUA (see my Patelco CD post). An alternative to Patelco is Kinecta Federal Credit Union which is NCUA insured and is offering a promotional 5.55% APY 15-month CD. Like Patelco, this is open to all via memberhip into a non-profit organization (see post.)

One of the best local deals that I posted on this week is in the Phoenix area. AmTrust's new Ahwatukee branch is offering a 6% APY on its money market account guaranteed for 6 months with balances of at least $50K. This promotion is scheduled to last through February 3rd (see my 6% Money Market AmTrust Post).

For more local deals, please refer to the local CD list. I've reviewed many of them and removed those no longer available. However, I can't go through all of them. Please check with the bank or credit union's website to confirm availability. If you find any that are out-of-date, a comment would be 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 Jan 13th, Jan 6th, Dec 30th, Dec 23rd (short version), Dec 16th, Dec 9th, Dec 2nd and Nov 25th.

As of January 20, 2007

Savings Accounts/Money Market Accounts:

• Superior Savings - 5.50% MMA ($10K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.31%, my post
• OneUnited - 5.30% (min $1K), my post
• AmTrustDirect - 5.30% ($1K min), my post
• Zions Bank - 5.30% MMA (min $1K) (5.34% $50K+), my post
• iGobanking - 5.30%, my post
• Apple Bank - 5.27%, my post ($25 bonus)
• WTDirect - 5.26% ($10K min), my post
• Countrywide - 5.25% (min $10K), (5.40% $50K+) my post
• Presidential Bank - 5.25% (min $5K, only first $35K receives this rate), offers 4.50% checking, my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• E-LOAN - 5.25% ($5K min), my post
• CapitalOne/Costco - 5.20% MMA (min $5K, Costco members only, $25 deal for exec. members)
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• Corus Bank - 5.10% MMA (min $10K to open)
• Mutual Bank - 5.10% MMA (min $5K), my post
• MyBankingDirect - 5.10% MMA (min $5K), my post
• UmbrellaBank.com - 5.10% MMA (min $10K) (5.20% $50K+), offers checking, my post
• GMAC Bank - 5.10% MMA (min $500), my post
• Tennessee Commerce Bank - 5.05% (min $10K), my post
• Discover Bank - 5.05% MMA (min $10K)
• ETrade Bank - 5.05%, my post
• HSBC Direct - 5.05%, offers checking, my post
• EmigrantDirect - 5.05%, my post, (rate history)
• CapitalOne - 5.00% (MMA has same rate, but with checks and ATM. $100 min.), my post
• ebank - 5.00% Checking ($2.5K min), my post
• Washington Mutual - 5.00% (requires checking), my post
• Citibank - 5.00%, requires checking account, my post
• Self-Help Credit Union - 4.68% MMA (min $500), my post
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• ING Direct - 4.50%, my post ($25 bonus), (rate history)
• 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
• 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
• Huron River Area CU - 6.00% (4 months) (min $5K) my post
• VirtualBank - 5.50% (min $10K), my post
• Imperial Capital - 5.45%, ($2K min), my post
• IndyMac Bank - 5.45% (min $5K), my post
• Countrywide - 5.35% (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
• Corus Bank - 5.10% (min $10K)
• UmbrellaBank.com - 5.05% (min $1K)
• Charles Schwab - 5.04% (min $1K), my post
• ETrade Bank - 5.00% (min $1K), my post
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• Self-Help Credit Union - 4.98% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• Imperial Capital - 5.50%, ($2K min), my post
• FirstFedDirect - 5.46% (min $10K), my post
• AmTrustDirect - 5.46% (min $1K) my post
• IndyMac Bank - 5.45% (min $5K), my post
• VirtualBank - 5.44% (min $10K), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, my post
• ETrade Bank - 5.35% (min $1K), my post
• Corus Bank - 5.35% (min $10K)
• NetBank - 5.35% (min $1K)
• UFB Direct - 5.30% (min $8K)
• Countrywide - 5.30% (min $10K), my post
• iGobanking - 5.30% (min $500), my post
• Self-Help Credit Union - 5.27% (min $500), my post
• HSBC Direct - 5.25% (min $1K), new money only
• EmigrantDirect - 5.20% (min $1K)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• E-LOAN - 5.15% ($10K min), my post
• EverBank - 5.15% ($1.5K min)
• UmbrellaBank.com - 5.15% (min $1K)
• GMAC Bank - 5.15% (min $500), my post
• Tennessee Commerce Bank - 5.05% (min $5K)
• 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:

• World Savings - 5.45% (10 months) (min $10K), my post
• FirstFedDirect - 5.41% (min $10K), my post
• AmTrustDirect - 5.37% (min $1K) my post
• Imperial Capital - 5.32% ($2K min), my post
• GMAC Bank - 5.25% (min $500), my post
• NASA FCU - 5.25% (8 months) (min $5K), my post
• Countrywide - 5.20% (min $10K), my post
• UmbrellaBank.com - 5.20% (min $1K)
• EmigrantDirect - 5.20% (min $1K)
• IndyMac Bank - 5.20% (min $5K), my post
• VirtualBank - 5.18% (min $10K), my post
• EverBank - 5.15% ($1.5K min)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• Digital CU - 5.50% (13 month) (min $500), my post
• AmboyDirect - 5.50% (min $10K), my post
• AmTrustDirect - 5.36% (min $1K) my post
• IndyMac Bank - 5.35% (min $5K), my post
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• FirstFedDirect - 5.35%, (min $10K) my post
• Imperial Capital - 5.33% ($2K min), my post
• GMAC Bank - 5.30% (min $500), my post
• La Jolla Bank - 5.30% (min $10K), my post
• Melrose CU - 5.30% (min $5K) my post
• iGobanking - 5.30% (min $500), my post
• Corus Bank - 5.30% (min $10K)
• Self-Help Credit Union - 5.28% (min $500), my post
• Transportation Alliance Bank - 5.27% ($1K min)
• UFB Direct - 5.25% (min $8K)
• UmbrellaBank.com - 5.25% (min $1K)
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Countrywide - 5.20% (min $10K)
• Tennessee Commerce Bank - 5.20% (min $5K)
• EmigrantDirect - 5.20% (min $1K)
• E-LOAN - 5.15% ($10K min), my post
• VirtualBank - 5.15% (min $10K), my post
• EverBank - 5.15% ($1.5K min)
• Washington Mutual - 5.10% (min $1K), rates vary by state
• ING Direct - 5.10%, 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

14/15-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• Kinecta FCU - 5.55% (15 months) (min $1K), my post
• NASA FCU - 5.35% (14 months) (min $1K), my post

18-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• iGobanking - 5.30% (min $500), my post
• GMAC Bank - 5.25% (min $500)
• Countrywide - 5.20% (min $10K)
• CapitalOne/Costco - 5.20% (min $5K, Costco members only)
• EmigrantDirect - 5.20% (min $1K)
• Imperial Capital - 5.15% ($2K min), my post
• AmTrustDirect - 5.15% (min $1K) my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• UmbrellaBank.com - 5.10% (min $1K)
• E-LOAN - 5.05% ($10K min), my post
• ETrade Bank - 5.00% (min $1K), my post
• 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 - 5.35% ($1K min), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Agriculture FCU - 5.25% (min $1K), my post
• Melrose CU - 5.20% (min $5K) my post
• EmigrantDirect - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500)
• Transportation Alliance Bank - 5.15% ($1K min)
• Fort Belvoir FCU - 5.13% (min $1K), my post
• Mutual Bank - 5.10% (min $5K) my post
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Self-Help Credit Union - 5.04% (min $500), my post
• Countrywide - 5.00% (min $10K)
• ETrade Bank - 5.00% (min $1K), my post
• E-LOAN - 5.00% ($10K min), my post
• Imperial Capital - 5.00% ($2K min), my post
• UmbrellaBank.com - 5.00% (min $1K)
• AmTrustDirect - 5.00% (min $1K) my post
• Washington Mutual - 4.95% (min $1K), rates vary by state

48-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• First State Bank - 5.35% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Melrose CU - 5.25% (min $5K) my post
• Agriculture FCU - 5.25% (min $1K), my post
• Fort Belvoir FCU - 5.23% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500)
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Self-Help Credit Union - 5.02% (min $500), my post
• Countrywide - 5.00% (min $10K)
• E-LOAN - 5.00% ($10K min), my post
• UmbrellaBank.com - 5.00% (min $1K)

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
• Fort Belvoir FCU - 5.39% (min $1K), my post
• USA FCU - 5.38% (min $1K) my post
• Presidential Bank - 5.35% (min $1K)
• First State Bank - 5.35% ($1K min), my post
• Members Credit Union - 5.34% (min $2K), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Melrose CU - 5.30% (min $5K) my post
• EmigrantDirect - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500)
• VirtualBank - 5.15% (min $10K), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• Washington Mutual - 5.10% (min $1K), rates vary by state
• AmTrustDirect - 5.10% (min $1K) my post
• ETrade Bank - 5.05% (min $1K), my post
• Self-Help Credit Union - 5.03% (min $500), my post
• Countrywide - 5.00% (min $10K)
• E-LOAN - 5.00% ($10K min), my post
• UmbrellaBank.com - 5.00% (min $1K)
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• Imperial Capital - 4.95% ($2K min), my post

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
• CapitalOne/Costco - 5.20% (min $5K, Costco members only)
• EmigrantDirect - 5.20% (min $1K)
• Countrywide - 5.00% (min $10K)

High Rates with Conditions / Large Balances - 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
• 5.58% Money Market Account with $250K initial deposit
• 5.40% Personal and Business Money Market Account with $100K balance
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• $7.50% Checking/Savings Account up to $500 (Washington State)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% 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)
• 5.35% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.05% 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)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.06% 60-Month CD at a Tennessee CU (MPD Community)
• 6.00% 72-Month CD at a Ohio CU (ProMedica)
• 6.00% 60-Month CD at a Utah CU (Family First)
• 6.00% 80-Month CD at a Ohio CU (Sharefax)
• 6.00% 60-Month CD at a Ohio/Kentucky CU (Cinfed)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 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 Florida Bank (Surety)
• 5.81% 60-Month CD at a Utah CU (Deseret First)
• 5.80% 60-Month CD at a Arizona CU - IRA (Credit Union West)
• 5.75% 60-Month CD at a California Bank (Spectrum)
• 5.75% 60-Month CD at a Georgia Bank (Peachtree)
• 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)

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)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 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% 24-Month CD at a Colorado CU (Colorado Springs)
• 5.80% 24-Month CD at a New York CU (Countryside Community)
• 5.80% 24-Month CD at a Massachusetts CU (Central One FCU)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.75% 24-Month CD at a Virginia CU (Bronco)
• 5.72% 24-Month CD at a Virginia CU - $50K (DuPont Fibers)
• 5.64% 24-Month CD at a Ohio CU (Sharefax)
• 5.50% 36-Month CD at a St. Louis CU (Gateway Metro)

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)
• 6.00% 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)
• 6.00% 18-Month CD at a Minnesota Bank - IRA (Park State)
• 6.00% 12-Month CD at a California CU Continues (Ventura County)
• 6.00% 12-Month CD at a North Carolina CU (Carolina Postal)
• 5.90% 12-Month CD at a Utah CU - and Other High Rates (Pacific Rails)
• 5.87% 16-Month CD at a Maryland CU (MCT)
• 5.86% 12-Month CD at a Washington State CU - Variable (Cascade Forest Products)
• 5.81% 12-Month CD at a Ohio CU - $100K+ (CSE)
• 5.80% 12-Month CD at a Massachusetts CU (Central One FCU)
• 5.80% 18-Month CD at a Colorado CU (Colorado Springs)
• 5.77% 19-Month CD at a Virginai CU (Newport)
• 5.75% 12-Month CD at a Georgia Bank (Alpha)
• 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% 14-Month CD at a Alabama CU (Tuscaloosa)
• 5.75% 18-Month CD at a Missouri CU (Postal and Community)
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 12-Month CD at a Virginia CU (Bronco)
• 5.75% 12-Month CD at a Houston CU Continues - (Right Choice)
• 5.75% 12-Month CD at a California/Nevada CU (1st United Services)
• 5.74% 18-Month CD at a Missouri Bank (Eagle)
• 5.72% 12-Month CD at a Wisconsin CU - and a $50 Checking Bonus (Royal)
• 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)
• 5.70% 18-Month CD at a Utah CU (Cyprus)
• 5.65% 15-Month CD at a Ohio Bank (The Grange Bank)
• 5.65% 12-Month CD at a Georgia Bank (Peachtree)
• 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)
• 5.60% 12-Month CD at a Utah CU (Deseret First)
• 5.55% 13-Month CD at a Utah Credit Union (Tooele)
• 5.55% 15-Month CD at a California CU - Open To All (Kinecta)
• 5.51% 13-Month CD at a South Dakota CU (Sentinel)
• 5.50% 13-Month CD at a Washington State CU (GHCU)
• 5.50% 12-Month CD at a Texas Bank (Century)
• 5.50% 12-Month CD at a Massachusetts Bank (Needham Cooperative)

Terms of Under 12 Months

• 10.00% 6-Month CD at a Indiana/Michigan/Georgia Bank Continues - $2.5K Max (Flagstar)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's)
• 6.50% 7-Month CD at a South Carolina Bank (National Bank of South Carolina)
• 6.19% 6-Month CD at a California CU (LA FCU)
• 6.15% 7-Month CD at a Kentucky CU Continues (Fort Knox)
• 6.14% 6-Month CD at a Multi-State CU (USPS FCU)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 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)
• 6.00% 10-Month CD at a Michigan CU (Lake Michigan)
• 6.00% 4-Month CD at a Michigan CU - Update (Huron River Area)
• 6.00% 3-Month CD at a Virginia CU (Arlington Virginia)
• 5.92% 11-Month CD at a New York / Pennsylvania CU (Visions)
• 5.92% 6-Month CD at a New York / Pennsylvania CU (Visions)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.75% 6-Month CD at a Georgia Bank (Alpha)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 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)
• 5.75% 6-Month CD at a Georgia Bank (Integrity)
• 5.75% 3-Month CD at a California CU (San Jose)
• 5.75% 6-Month CD at a California CU (San Jose)
• 5.70% 7-Month CD at a Iowa Bank (American Bank)
• 5.65% 5-Month CD at a California CU (Chevron Valley)
• 5.65% 9-Month CD at a Arizona CU (Arizona Federal)
• 5.65% 11-Month CD at a Missouri CU (River Region)
• 5.60% 7-Month CD at a Illinois Bank (Prairie Bank and Trust Co.)
• 5.60% 7-Month CD at a Texas Bank (Equity)
• 5.60% 11-Month CD at a Maryland CU (Point Breeze)
• 5.58% 4-Month CD at a Arizona CU (Vantage West)
• 5.58% 3-Month CD at a Arizona CU (Vantage West)
• 5.57% 9-Month CD at a Arizona CU (Altier)
• 5.55% 8-Month CD at a California CU - IRA (San Diego County)
• 5.50% 7-Month CD at a Washington State CU (GHCU)
• 5.50% 9-Month CD at a California Bank (Gilmore)
• 5.50% 11-Month CD at a Florida Bank (Platinum)
• 5.50% 6-Month CD at a California/Nevada CU (1st United Services)

Bank Account Alternatives

• Money Magazine article on risk-free investments
• Vanguard Prime Money Market Fund - 5.10% 7-day yield
• Fidelity Money Market Fund - 5.00% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.02% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

5.55% 15-Month CD at a California CU - Open To All (Kinecta) read and submit comments for this post

Kinecta Federal Credit Union is offering a promotional 15-month share certificate with a yield of 5.55% APY. The minimum deposit is $1K. The early withdrawal penalty is 90 days of interest.

This is a similar CD special that Kinecta was offering in June. I haven't been following this credit union so I'm not sure if it has recently returned or if it has continued since June. According to the CSR, this special should last at least through January.

Field of membership includes members of a non-profit soceity called the Consumers Cooperative Society of Santa Monica. Membership into this society is open to any individual. There's a one-time membership fee of $10. You can also be eligible to join Kinecta via Select Employer Groups and via family. Only a $5 deposit in the savings account is required for credit union membership.

Another nice thing about Kinecta is that it has an online banking system in which you can open CDs online. Last February I posted on another one of their promotional CDs. With a good online banking system combined with frequent CD specials, this may be a good credit union to join for the long term.

Kinecta has branches in several California cities including Brea, Hawthorne, Irvine, Malibu, Manhattan Beach, El Segundo, Santa Monica, Upland and Westminster.

The credit union is federally insured by the NCUA. It's a large credit union with $3.3 billion in assets and 192,652 members.

World Savings' New 5.45% 10-Month CD Special read and submit comments for this post

World Savings has changed its internet CD special from a 4-month term to a 10-month term. The yield remains at 5.45% APY. It has the typical internet special requirements: $10K minimum, $100K max and new funds only. You must open the CD online and fund it by check. It's not available at the branches, but you can choose to deposit the check at a branch. You can also mail the check.

Unfortunately, I haven't heard about any secret in-branch CD specials. There were several of these unadvertised specials last year. Many had rates of around 6% for terms between 3 to 9 months. In my latest calls to World Savings, I have just been referred to their advertised specials. The best current one is a 5.35% APY 7-month CD. For more information on this, please refer to my last month's investigations into World's secret CD specials. In that post I also described how to use a World checking account to quickly move money out of a closed CD.

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

5.75% 12-Month / 5.50% 6-Month CD at a California/Nevada CU (1st United Services) read and submit comments for this post

1st United Services continues to offer a high yield on its 12-month jumbo share certificate. It has an APY of 5.75%. The minimum deposit is $100K. It has an add-on feature which allows you to add funds at any time during the term. It also has a bump feature and a one-time penalty-free withdrawal feature. However, the penalty-free withdrawal is only on the interest.

This rate is down from my last report in October, but it remains very competitive in the current interest rate environment. The credit union also has competitive rates on CDs with smaller balance requirements. These include a 5.50% APY 6-Month CD with a $2K minimum and a 5.25% APY CD with terms from 12 to 24 months for a $1K minimum.

The field of membership includes anyone who lives, regularly works, attends school, or worships in the California counties of Alameda, Contra Costa or Kings. There also many employers in their select employers group in which you can be eligible to join including the US Armed Forces in Nevada. See site for details.

Branches are lcoated in the California cities of Haywood, Fremont, Berkeley, Oakland, Pleasanton, San Leandro, Rodeo, Alameda, Pittsburg, Lemoore and Union City and in the Nevada city of Fallon.

The credit union is federally insured by the NCUA. It has $669 million in assets and 57,554 members.

6.00% 6-Month Money Market Account Promo Continues at AmTrust Phoenix Branch read and submit comments for this post

AmTrust Bank is continuing its money market account special at its Ahwatukee Branch in the Phoenix Arizona area. AmTrust is offering a special 6% APY for 180 days on balances of at least $50K. Below $50K, the standard money market rates are in effect. Currently, the standard rates for the money market account are 5% APY for balances over $50K, 4% APY for balances of $25K to $50K, and 0.75% for balances under $25K. A minimum balance of $1K is required to avoid a $6/month fee. It offers limited check writing with the typical 3-check-per-month limitation. The first box of 20 checks is free. This offer is only available at the new Ahwatukee Branch, and according to the CSR it will end on February 3, 2007. The branch can be reached at (480) 704-1288.

AmTrust Bank is a division of Ohio Savings Bank which is FDIC insured. Ohio Savings Bank is rated 2 out of 5 stars at Bankrate.com (below industry average). This is down from 3 stars in December and 4 stars a few months ago.

When I had first reported on this deal last month it was scheduled to end in December. Thanks to the reader who mentioned this update in the finding deals post.

5.87% 16-Month / 6.37% 60-Month CD at a Maryland CU (MCT) read and submit comments for this post

MCT Federal Credit Union continues to offer very competitive certificates especially for Jumbo CDs with minimum deposits of $50K. The best APY's include a 5.57% 11-month CD, a 5.87% 16-month CD, 6.07% 3-year CD, 6.17% 4-year CD and a 6.37% 5-year CD. The rates for deposits of $1K are about 0.37% under the Jumbo rates except for the 24-month CD which has an APY of 5.60%.

I had first reported on these rates back in early November. A reader mentioned in that post that MCT also has a rewards program in which you can be eligible for an extra 0.50% on the CDs. According to one of the readers, it requires you to have maintained the necessary accounts for at least 30 days before being eligible for the bonus rate.

The field of membership includes students, employees and volunteers in accredited schools in Montgomery County and their families. The FOM also includes a long list of select employee groups and associations. See site for the details.

Branches are located in Silver Spring, Clarkburg, Germantown, Kensington and Rockville, Maryland.

The credit union is federally insured by the NCUA. It has $386.7 million in assets and 58,871 members.

Capital One Bumps Up Rates on Money Market Accounts read and submit comments for this post

Capital One increased the yield on its Costco Money Market from 5.00% to 5.20% APY and its High Yield Money Market from 4.80% to 5.00% APY.

Capital One seems to have simplified its non-Costco money market accounts. They use to offer two types: one with check writing, a $100 minimum, and no ACH transfer sevice, and another without check writing, no minimum, but with an ACH transfer service.

Now they only advertise one account: the High Yield Money Market. According to the overview page it has no fees or minimum balance requirements, offers free checks, an ATM card, and online transfers to and from your existing accounts. For those who want the benefits of a no-minimum high yield savings account but also want check writing and ATM access, this looks like one of the best deals available.

The Costco version has always maintained rates about 0.20% higher than the standard money market account. Another benefit of this account is that Costco Executive members can receive $25 when they open the account. The downsides of this account is that you have to be a Costco member, make a minimum $5K opening deposit, and maintain at least $100 balance to earn the interest.

Capital One also offers a business money market account. Like the personal version, it has no fees or minimum balance requirements. However, the rate is a little lower at 4.80% APY.

According to this old FW thread Capital One only does a soft credit pull (not hard) on Experian.

Capital One is FDIC insured through Capital One Bank and Capital One, FSB.

Update 3/18/07: There's now a $50 bonus for the Costco MMA. See post for more info.

5.50% 12-Month CD at a Massachusetts Bank (Needham Cooperative) - EXPIRED read and submit comments for this post

Update 12/31/07: This CD special has ended. Please check the bank's website for the latest rates and specials.

Needham Cooperative Bank is offering a special 5.50% APY 12-month certificate of deposit. The minimum is $2,500.

Branches are located in the Massachusetts cities of Needham, Medfield, Westwood and Wellesley. The bank has been FDIC insured since 1986.

5.50% 12-Month CD at a Texas Bank (Century) read and submit comments for this post

Century Bank is offering a 5.50% APY 12-month certificate of deposit. There's a minimum deposit of $1K, and it requires a new or existing Century Bank checking account. This special CD is not listed at the bank's website. An ad with this special was published in the Dallas Morning News and is available online here.

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

The bank has been FDIC insured since 1934. It's rated as 3 out of 5 stars (performing) at Bankrate.com.

5.50% 11-Month CD at a Florida Bank (Platinum) read and submit comments for this post

Platinum Bank is offering a special 5.50% APY 11-month certificate of deposit. The minimum is $10,000. In addition to being listed on the bank's website, this special was advertised in the Tampa newspaper. The ad is available here. According to the ad, the maximum deposit is $100K and the offer is only valid to Florida residents. There's also a 5.30% APY 7-month CD special.

The bank has branches in Tampa, Plant City, Brandon and Lakeland. It has been FDIC insured since 1997.

5.83% 60-Month CD at a Florida Bank (Surety) read and submit comments for this post

Surety Bank is offering a 5.83% APY certificate of deposit with terms of 5 and 7 years. The minimum is $1,000. The bank also has a 1, 2 and 3 year CD with an APY of 5.32%. These CDs were advertised in today's Daytona Beach News-Journal. The ad is available online here. The bank doesn't seem to have a website. The bank's phone number is 386-248-3139.

The bank has two branches in Deland and Daytona Beach, Florida. It has been FDIC insured since 1990.

5.60% 11-Month CD at a Maryland CU (Point Breeze) read and submit comments for this post

Point Breeze Credit Union is offering a special 5.60% APY 11-month certificate of deposit. The minimum is $10K, and it requires money new to the credit union.

Field of membership is primarily based on Select Employer Groups. See site for details. Branches are located in Hunt Valley and Baltimore, Maryland.

The credit union is federally insured by the NCUA. It has $537 million in assets and 47,421 members.

E-LOAN's Savings Account Drops Again - Other Alternatives? read and submit comments for this post

Late yesterday E-LOAN lowered the rate on its internet savings account from 5.38% to 5.25% APY. There continues to be no rate tiers. The CD rates remain the same. The last rate drop in the savings account was on December 6th when the rate went from 5.50% to 5.38% APY.

This rate drop is significant since it takes E-LOAN out of the top spot for savings account rates. A yield of 5.25% is nothing special. There are several other banks offering savings accounts with rates of 5.25% APY and above, and many of these have no minimum balance requirements. If you have a balance of $100K, you can even get a better return on a liquid account at ING Direct (see my ING Direct checking account post).

I hope this rate drop won't signal a new trend at E-LOAN. When E-LOAN launched in September, it had very competitive CD rates in addition to the savings account rates. 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. Although most all long-term CD rates have dropped in the last few months, the 5.00% APY is far below the leading rates.

Even though E-LOAN doesn't seem to want be a rate leader, it does seem intent to expand its online banking (see my E-LOAN checking post) and to improve its online accounts. One improvement is a change in its trial test deposits that are used to verify your external account. A reader had reported that E-LOAN has changed the trial deposit method so it no longer makes debits after the two trial deposits. This is important for those who link their E-LOAN account to another savings account which only allows 6 withdrawals per month. But this is a small feature. I hope E-LOAN has taken all necessary steps to prevent a repeat of ACH transfer errors that occurred for many customers last November. For more info on this savings account, please refer to my E-LOAN savings account review.

For those who have had enough of E-LOAN or those who are looking for the rate leaders, here are some alternatives.

• Small Balances - In my opinion, the best deal now is Apple Bank for Savings' Grand Yield Direct Account. This currently pays 5.27% APY with no minimum balance requirement. UFB Direct offers 5.32% and iGoBanking 5.30%, but Apple currently has a $25 signup bonus with no deposit requirements. See my latest Grand Yield Direct post for more info.
• Small to Large Balances - If you have at least $3K that you don't need for 3 months, you can also get a $25 bonus (refer-a-friend) with Amboy Direct's Premium Savings Account. It has a yield of 5.25% APY for all balances under $20K. For balances over $20K, you earn 5.35% APY. See my latest Amboy Direct post for more info.
• Balances over $10K - Superior Savings of New England has a money market account that pays 5.50% APY for balances over $10K. You have to open this account by mail and the account doesn't have ACH transfer features, but it does offer limited check writing. See my Superior Savings post for more info.
• Balances over $25K - 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. I had first reported on this account in early December and the rate is still available today. See my CyberSaver Savings Account post for more info.

Of course you can never know which bank will be able to remain a rate leader. There were hopes that E-LOAN would be such a bank since it seemed to have the size and the infrastructure.

Thanks to the reader who mentioned this rate update.

HSBC's New Website - Not Much Change for Current Customers read and submit comments for this post

I was a little concerned when HSBC mentioned it was updating its website. I was worried that it may cause problems like we saw with EmigrantDirect last summer. But it turns out the change seems to be only related to the front pages and not the account system. Here's how HSBC described the changes in an email:

* smart tools and calculators that make planning easy.
* updated FAQ’s to help you find answers fast.
* easier navigation for quick account access.

In my opinion, there's not much to help current customers. The FAQ's are a little easier to view. I didn't find the calculators useful. I was hoping for some kind of new promotion like they did about this time last year (a 4.80% promo rate.) The only current promo I'm aware of now is their 5.25% 6-month CD.

Late last year HSBC did add a new level of login security as all banks had to do to comply with new federal regulations. HSBC added the Site Key to the login which requires you to use a virtual keyboard to enter the Site Key. This is in addition to having to type in your password. Previously, the Site Key was only used to enter the bank-to-bank transfer page.

Over the last few weeks, I've been locked out of my account twice while trying to log in with this new Site Key system. You get locked out after 3 bad login tries in a row. I've never had this happened to my other accounts, so I was a little upset. According to the CSR, the trouble may be due to my original Site Key being the same to this new login Site Key. Mine weren't the same, but were similar. So I changed the Site Key to be entirely different. Hopefully, this will fix this login problem for good.

As we learned when EmigrantDirect was inaccessible, it's not a good feeling when you can't access your money.

5% Savings/Checking Account at Pittsburgh/Cleveland Bank (Dollar) read and submit comments for this post

Dollar Bank has come out with a new savings/checking account package with a savings account that pays 5% APY. It's called the e-Checking and e-Savings account.

The main benefit over Citibank's or WaMu's savings/checking account package is the money back from debit card and bill pay. However, it's not a lot of money. You get 10 cents back for each purchased made with the debit card and 5 cents back for each online bill payment. You can earn a max of $150 per year, although that would take a whole lot of debit card purchases and/or bill payments.

One big drawback for the e-Savings account is the $5K balance required to earn 5%. Balances under $5K earn 3%. However, there are no minimum balance requirements to avoid a monthly fee. A drawback for the e-Checking is that two electronic bill payments per month is required to maintain the account. At least there's no direct deposit requirement. Some other drawbacks that I received from the CSR include no reimbursements of ATM charges from other banks and no free checks (first box of 50 checks free if opened online.) Also, they don't have an ACH transfer service to electronically move money to and from your other banks.

According to the CSR, you can open the accounts online and there should not be a hard credit inquiry. They'll mail you a form to sign and you have to send in a copy of your driver's license and the check. The total minimum deposit is $100 ($50 for each account).

You have to live in the bank's market area which is between Cleveland, Ohio and Pittsburgh, Pennsylvania. Most of the branches are located in and around Pittsburg and Cleveland.

The bank is FDIC insured.

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

5.65% 11-Month CD at a Missouri CU (River Region) read and submit comments for this post

River Region Credit Union is offering a special 5.65% APY 11 month certificate of deposit. The minimum is $500.

Field of membership includes anyone who lives or works in Boone, Cole, Osage, Callaway, Moniteau or Miller counties in Missouri. You can also be eligible via Select Employer Groups. See site for details. Membership only requires a $1 deposit in your share savings account. Branches are located in Jefferson City and Columbia, Missouri.

The credit union is federally insured by the NCUA. It has $42.6 million in assets and 11,898 members.

6.15% 7-Month CD at a Kentucky CU Continues (Fort Knox). read and submit comments for this post

Fort Knox Federal Credit Union is still offering a 6.15% APY 7-month certificate of deposit. There is a maximum deposit limit of $50K per individual. To qualify for this special rate, members must have an existing direct deposit of $200 or more recurring monthly or must agree to establish a direct deposit of $200 or more recurring monthly. This is the same special that I first reported back in August.

The credit union also has a special 5.65% APY CD with terms of 8 to 11 months and a 5.25% CD with terms of 13 to 17 months. These do not have the direct deposit requirement nor the $50K limit.

Field of membership includes those who live, work or worship in one of the following Kentucky counties: Boyle, Breckinridge, Grayson, Hart, Larue, Meade and Nelson. There's also a large list of select employer groups. Relatives on any person who can be a member may also join. There's a $5 membership fee, and a minimum $5 deposit into a share savings account is required.

The credit union has 10 branches across Kentucky. It's federally insured by the NCUA. It has $528.8 million in assets and 71,539 members.

[Update 2/24/07: The 6.15% special is no longer being offered.]

Money Market/Checking Account Bonus (Airline Ticket/$100) at SunTrust read and submit comments for this post

SunTrust Bank just started a new promotion for its Premium Money Market Performance Account. For most SunTrust customers, you can get a free round-trip ticket on AirTran Airways when you deposit $10,000 of new money into a Premium Money Market Performance Account. It requires a checking account (either a Smart Solution Plus Checking or the Signature Advantage Checking).

Here's the SunTrust promo page for the bonus. Deposit most be made by March 9, 2007.

To qualify, you must live in one of the following states: Alabama, Arkansas, Washington DC, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or West Virginia. You can open these accounts by phone or at a branch.

There's also a $100 bonus available to some customers instead of the airline tickets. The requirements are the same. I called SunTrust and was told that this $100 bonus is only for customers in east Tennessee, Tallahassee, Florida and West Virginia. It was advertised in yesterday's Knoxville paper. The ad is available online here. There's also a SunTrust promo page for this bonus, but it's not correct based on the Knoxville ad and what the CSR described.

Some of the important details for the AirTran bonus include:

• Premium Money Market Performance Account clients must maintain a minimum incremental balance of at least $10,000 for 90 days from the date of deposit.
• The money market account is tiered with an interest rate of 2.25% APY for balances of $10K to $25K (see rate table). Rates may vary by state.
• You can avoid a $15/month fee in the money market account if you maintain a $2.5K balance
• The Smart Solution Plus Checking requires a $100 opening deposit. You don't have to maintain this after it's opened.
• If you maintain at least $5K in the money market account, you can avoid the $14/month fee for the Smart Solution Plus Checking.
• And here's an important detail about the tickets: Reward seats are subject to availability and blackout dates. Taxes and fees are extra. The September 11th security fee of up to $2.50 per segment is not included. A segment is defined as one takeoff and one landing.

I was told by the CSR that SunTrust does not do a hard credit inquiry for opening this money market or checking accounts. She mentioned that they only do a soft pull.

SunTrust is FDIC insured.

Thanks goes to Adam who mentioned this special in the finding deals post and to this FW thread.

5.55% 13-Month CD at a Utah Credit Union (Tooele) read and submit comments for this post

Tooele FCU is offering a special 5.55% APY 13-month certificate. The minimum deposit is $500. An added rate of 0.15% is available for a Jumbo CD with a $100K minimum deposit. These are available for both a regular CD and an IRA CD. The credit union also has very competitive rates on long-term CDs that range from 5.70% APY on a 5-year term to 5.55% on a 3-year term.

Since the credit union's field of membership page doesn't provide any information, I called and was told that the FOM includes those who live, work, worship or attend school in Tooele County, Salt Lake County and several other surrounding Utah counties. Please call for details.

The credit union is federally insured by the NCUA. It has $213.4 million in assets and 36,006 members.

5.55% 8-Month CD at a California CU - IRA (San Diego County) read and submit comments for this post

San Diego County Credit Union is offering a 5.55% APY 8-month IRA certificate. The minimum deposit is $10K. Balances between $2K and $10K earn 5.50% APY. Balances over $90K earn 5.60% APY. Regular CD's have rates 0.25% less. There's also a special for 4-month CD's with rates 0.15% under the 8-month CD's (rate sheet pdf). These IRA certificates include a 0.25% rate bonus on the current rates. There doesn't seem to be any special requirement for this bonus other than specifically requesting the rate.

Field of membership includes anyone living or working in San Diego or Riverside Counties. You can also be eligible via Select Employer Groups and immediate family. See site for details.

The credit union is federally insured by the NCUA. It's a large credit union with over $3.5 billion in assets and 176,799 members.

5.50% 12-Month CD at a Maine Bank (Rivergreen). read and submit comments for this post

Rivergreen Bank has a promotional certificate of deposit as part of its grand opening of the branch at 659 Route 1 in York. It's called a Super Saver CD and it pays 5.50% APY for a one year term. The minimum is $1,000. It's available until 1/20/07. This special doesn't seem to be listed at the bank's website. It's described in an ad that was published on 1/11/07 and is available online here.

In addition to the new branch at York, the bank also has branches in Kennebunk and Saco, Maine. The bank has been FDIC insured since 2003.

5.65% 9-Month CD at an Arizona CU (Arizona Federal) read and submit comments for this post

Arizona Federal is offering a 5.65% APY 9-month share certificate. This top rate requires a $75K minimum deposit. For a $500 minimum, a 5.50% APY is available. 5.55% APY and 5.60% APY are available with a $25K and $40K minimum.

Field of membership includes anyone who lives, works, worships or attends school within Maricopa County, Pinal County or the City of Tucson. See site for details.

Branches are located in Phoenix and surrounding cities. The credit union is federally insured by the NCUA. It has $1.6 billion in assets and 196,739 members.

Thanks to Mike who emailed me this special.

5.58% 3-Month / 5.58% 4-Month CD at an Arizona CU (Vantage West) read and submit comments for this post

Vantage West Credit Union is offering a 5.58% APY on share certificates with terms of 3 and 4 months. The minimum deposit is $500.

Field of membership includes those live, work, worship, volunteer or attend school in the Pima or Pinal County, the Gila River Indian Community Rerservation, or in area around the Greater Phoenix. You can also be eligible via Select Employer Groups, Association membership or immediate family members. See site for details.

Branches are located in Tucson, Phoenix and San Manuel, Arizona. The credit union is federally insured by the NCUA. It has $901.7 million in assets and 101,821 members.

Thanks to Mike who emailed me this special.

E-LOAN Checking Account? Plans to Expand Beyond Savings Accounts and CDs read and submit comments for this post

According to this article, E-LOAN is planning to be an online bank that can be a customer's primary bank which likely means that they'll be coming out with a checking account.

In September, they launched an online savings account and online CDs. Hopefully, before they launch a checking account, they'll do some improving of their savings account. It would be nice if they allowed more than one link per account. Also, I hope they made the fixes to prevent a repeat of that November day in which many customers experienced ACH errors. This caused many to have NSF charges from their linked bank account. Many also lost a significant amount of interest. There were promises of compensation for this loss. A reader mentioned to me that he is still waiting.

But even with the problems, E-LOAN continues to be near the top for savings account rates. The rate did drop on December 6th from 5.50% to 5.38% APY. The CD rates were also very competitive when they first launched. However, unlike the savings account rate, their CD rates have declined to the point where they're no longer near the top. Hopefully, the checking account will be able to maintain competitive rates.

Please refer to my E-LOAN savings account overview post or my E-LOAN savings account opening post for more info.

Thanks to the reader who mentioned this article on E-LOAN.

5.25% Savings Account at Salem Five read and submit comments for this post

Salem Five has a new online product called the eSavings Account which pays 5.25% APY. It requires that you open a checking account called the eChecking. Both have a $100 minimum opening deposit requirement, but neither has a minimum balance requirement after opening, and there are no maintenance fees. The only other requirement to retain the high yield is a minimum of 3 bill payments each month from the eChecking account (Bill pay is free). Without the 3 online bill payments, you'll earn a reduced interest rate (currently 0.50% APY). No interest is earned on the eChecking account. One nice feature of the eChecking account is the refunding of ATM fees charged by other banks (up to $10 per month).

Some things I'll need to find out once the customer service center is opened: External ACH transfer service? Hard credit inquiry? ATM reimbursements automatic or do you have to send in receipts? Free checks? If not, first book of checks free?

Salem Five is FDIC insured. Accounts with funds over the FDIC limit are privately insured by the Deposit Insurance Fund. One thing a little intersting is that Salem Five was established in 1855, but it wasn't FDIC insured until 1981.

This savings/checking package could be a nice alternative to what Citibank and Wamu offer. The only thing bad about these packages is that if you write many checks, you won't earn interest between the time that you write the check and the time the money is debited from the account. I've heard some people timing when they move money from the Savings to minimize the no-interest time. If you mistime or have trouble accessing the account, you could be hit with a NSF charge. This is one advantage of high yield checking accounts, such as ebank's ePremium Checking (see post).

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

6.00% 24-Month / 5.80% 18-Month CD at a Colorado CU (Colorado Springs). read and submit comments for this post

Colorado Springs Credit Union is offering two high yield certificates: 6.00% APY 24-month and a 5.80% APY 18-month. The minimum deposit is $10,000. New money is required, and this does not apply to IRA's. This special doesn't seem to be listed at the credit union's website. It was advertised in the Colorado Springs Gazette. The ad is available online here.

You can be eligibility to join the credit union by being a member of Pikes Peak Arts Council, the Police Athletic League, Business of Arts Center, or the Asset Advisors Management Group. The Pikes Peak Arts Council has a $25 membership fee. You can also be eligible via Select Employee Groups and via family. See site for details.

The credit union is federally insured by the NCUA. It has $118 million in assets and 15,799 members.

[Update 2/8/07: Special CDs are no longer available]

Bank Deals Weekly Summary for January 13, 2007 read and submit comments for this post

Two disappointments this week in money market accounts were at GMAC Bank and UmbrellaBank. GMAC lowered the yield on its Money Market Savings account from 5.20% to 5.10% APY. Instead of dropping rates, UmbrellaBank changed its tiers. To keep earning 5.10% APY you'll need at least $10K rather than just $1K. Deposits from $1K to $5K now only earn 4.75% APY. There has been predictions that we'll see more banks moving to rate tiers like this. Who'll be next? My prediction is E-LOAN.

Ebank came out this week with a nice change to its ePremium Checking Account. The yield increased from 3% to 5% APY. According to the bank this is not a teaser rate, but there's no guarantee when it might change. Although the 5% isn't as good as many of the high yield savings accounts, ebank's account has the advantage of being a checking account which offers free checks and unlimited ATM refunds. For those who write many checks and have lots of ATM transactions, this might be a good account to consider (see post).

Again for this week there were several banks that lowered their CD rates. However, there were a few banks that had some CD rate increases, and even in longer maturities. Perhaps we'll start to see more CD rate increases than declines in the coming weeks. GMAC CDs with terms of 9 months and longer had rate increases from 5 to 10 basis points. All terms of 18 months and longer had a 10 basis point increase. UFB Direct, Imperial Capital, VirtualBank, Melrose Credit Union and Netbank had CD rate increases. But there were CD rate declines at AmTrustDirect, UmbrellaBank, Countrywide and First State Bank. First State Bank's long-term CDs had been very competitive at 5.50% APY for 3, 4 and 5 year terms. They declined to 5.35% which is still competitive if you don't consider Penfed.

Pentagon Federal Credit Union (Penfed) continues to offer 6.25% APY on 3, 4, 5 and 7 year terms. These should be available at least till January 31st. No major bank or credit union is coming close in competing at these maturities and with First State Bank rate declines, the lead widens. For more info on Penfed and these 6.25% CDs, please refer to this post.

For short-term CDs, Huron River Area Credit Union still has a 6.00% APY 4-month CD (see post).

One of the best local deals this week was the 6.19% APY 6-month CD at LA Federal Credit Union. This is scheduled to last through January. Membership is available to anyone in the LA area who joins the LA Charitable Association. Please see my post for more info.

For more local deals, please refer to the local CD list. I've reviewed many of them and removed those no longer available. However, I can't go through all of them. Please check with the bank or credit union's website to confirm availability. If you find any that are out-of-date, a comment would be 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 Jan 6th, Dec 30th, Dec 23rd (short version), Dec 16th, Dec 9th, Dec 2nd, Nov 25th and Nov 18th.

As of January 13, 2007

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
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• GMAC Bank - 5.10% MMA (min $500), my post
• UmbrellaBank.com - 5.10% MMA (min $10K) (5.20% $50K+), 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, my post
• ETrade Bank - 5.05%, my post
• Discover Bank - 5.05% MMA (min $10K)
• Corus Bank - 5.05% MMA (min $10K to open)
• Tennessee Commerce Bank - 5.02% (min $10K), my post
• 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
• ebank - 5.00% Checking ($2.5K min), my post
• CapitalOne - 4.80% (MMA has same rate, but with checks and ATM. $100 min.), my post
• Self-Help Credit Union - 4.68% 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
• 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
• Huron River Area CU - 6.00% (4 months) (min $5K) my post
• VirtualBank - 5.50% (min $10K), my post
• IndyMac Bank - 5.45% (min $5K), my post
• World Savings - 5.45% (4 months) (min $10K), my post
• Imperial Capital - 5.45%, ($2K min), my post
• Countrywide - 5.35% (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 - 5.05% (min $1K)
• Corus Bank - 5.05% (min $10K)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• Charles Schwab - 4.99% (min $1K), my post
• Self-Help Credit Union - 4.98% (min $500), my post

6-Month Certificates of Deposit:

• Superior Savings - 5.60% (min $500)
• Imperial Capital - 5.50%, ($2K min), my post
• AmTrustDirect - 5.46% (min $1K) my post
• FirstFedDirect - 5.46% (min $10K), my post
• IndyMac Bank - 5.45% (min $5K), my post
• VirtualBank - 5.44% (min $10K), my post
• NetBank - 5.35% (min $1K)
• Corus Bank - 5.35% (min $10K)
• ETrade Bank - 5.35% (min $1K), my post
• World Savings - 5.35% (7 months) (min $10K), branch-only, 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 - 5.26% (min $500), my post
• HSBC Direct - 5.25% (min $1K), new money only
• EmigrantDirect - 5.20% (min $1K)
• GMAC Bank - 5.15% (min $500), my post
• UmbrellaBank.com - 5.15% (min $1K)
• 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
• Tennessee Commerce Bank - 5.05% (min $5K)
• 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:

• FirstFedDirect - 5.41% (min $10K), my post
• AmTrustDirect - 5.37% (min $1K) my post
• Imperial Capital - 5.32% ($2K min), my post
• NASA FCU - 5.25% (8 months) (min $5K), my post
• IndyMac Bank - 5.20% (min $5K), my post
• GMAC Bank - 5.20% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• UmbrellaBank.com - 5.20% (min $1K)
• Countrywide - 5.20% (min $10K), my post
• VirtualBank - 5.18% (min $10K), my post
• EverBank - 5.15% ($1.5K min)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• AmboyDirect - 5.50% (min $10K), my post
• Digital CU - 5.50% (13 month) (min $500), my post
• NASA FCU - 5.35% (14 months) (min $1K), my post
• Corus Bank - 5.35% (min $10K)
• FirstFedDirect - 5.35%, (min $10K) my post
• Imperial Capital - 5.33% ($2K min), my post
• AmTrustDirect - 5.31% (min $1K) my post
• iGobanking - 5.30% (min $500), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Melrose CU - 5.30% (min $5K) 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
• GMAC Bank - 5.25% (min $500), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• UmbrellaBank.com - 5.25% (min $1K)
• Self-Help Credit Union - 5.22% (min $500), my post
• EmigrantDirect - 5.20% (min $1K)
• Tennessee Commerce Bank - 5.20% (min $5K)
• UFB Direct - 5.20% (min $8K)
• Countrywide - 5.20% (min $10K)
• EverBank - 5.15% ($1.5K min)
• 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 - 5.05% (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:

• Patelco Credit Union - 5.64% ($1K min), not NCUA insured, my post
• iGobanking - 5.30% (min $500), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• GMAC Bank - 5.20% (min $500)
• 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)
• UmbrellaBank.com - 5.10% (min $1K)
• 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 - 5.35% ($1K min), my post
• Agriculture FCU - 5.25% (min $1K), my post
• EmigrantDirect - 5.20% (min $1K)
• Melrose CU - 5.20% (min $5K) my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• Fort Belvoir FCU - 5.18% (min $1K), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• GMAC Bank - 5.10% (min $500)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Mutual Bank - 5.10% (min $5K) my post
• Self-Help Credit Union - 5.01% (min $500), my post
• AmTrustDirect - 5.00% (min $1K) my post
• UmbrellaBank.com - 5.00% (min $1K)
• 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)

48-Month Certificate of Deposit:

• Pentagon Federal CU - 6.25% (min $1K), my post
• First State Bank - 5.35% ($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
• EmigrantDirect - 5.20% (min $1K)
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• UmbrellaBank.com - 5.00% (min $1K)
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• GMAC Bank - 5.10% (min $500)
• E-LOAN - 5.00% ($10K min), my post
• Self-Help Credit Union - 5.00% (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
• Fort Belvoir FCU - 5.44% (min $1K), my post
• USA FCU - 5.38% (min $1K) my post
• First State Bank - 5.35% ($1K min), 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
• EmigrantDirect - 5.20% (min $1K)
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.15% ($1K min)
• VirtualBank - 5.15% (min $10K), my post
• GMAC Bank - 5.10% (min $500)
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• UmbrellaBank.com - 5.00% (min $1K)
• E-LOAN - 5.00% ($10K min), my post
• Self-Help Credit Union - 5.01% (min $500), my post
• Imperial Capital - 4.95% ($2K min), 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 / Large Balances - 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
• 5.55% Money Market Account with $250K initial deposit
• 5.40% Personal and Business Money Market Account with $100K balance
• 5.40% Money Market Account with $25K min
• 5.36% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• $250 Checking Account Bonus at South Carolina Federal
• $7.50% Checking/Savings Account up to $500 (Washington State)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% 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)
• 5.35% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.25% Money Market Account (Utah)
• 5.05% 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)
• 6.22% 60-Month CD at a California CU (TFCU)
• 6.06% 60-Month CD at a Tennessee CU (MPD Community)
• 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 Ohio/Kentucky CU (Cinfed)
• 6.00% 80-Month CD at a Ohio CU (Sharefax)
• 5.90% 60-Month CD at a Nevada CU - $75K (Clark County)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.88% 60-Month CD at a Virginia Bank (Farmers)
• 5.86% 60-Month CD at a Virginia CU (Richmod Postal)
• 5.81% 60-Month CD at a Utah CU (Deseret First)
• 5.80% 60-Month CD at a Arizona CU - IRA (Credit Union West)
• 5.75% 60-Month CD at a California Bank (Spectrum)
• 5.75% 60-Month CD at a Georgia Bank (Peachtree)
• 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)

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)
• 6.18% 36-Month CD at a Arizona CU - $50K (Arizona Holsum)
• 6.17% 48-Month CD at a Maryland CU (MCT)
• 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)
• 5.87% 36-Month CD at a Virginia CU (Loudoun)
• 5.80% 24-Month CD at a New York CU (Countryside Community)
• 5.80% 24-Month CD at a Massachusetts CU (Central One FCU)
• 5.75% 30-Month CD at a Ohio CU (CINCO)
• 5.75% 24-Month CD at a Virginia CU (Bronco)
• 5.72% 24-Month CD at a Virginia CU - $50K (DuPont Fibers)
• 5.64% 24-Month CD at a Ohio CU (Sharefax)
• 5.50% 36-Month CD at a St. Louis CU (Gateway Metro)

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)
• 6.00% 13-Month CD at a Texas CU (Air Force)
• 6.00% 12-Month CD at a New Jersey CU (Rutgers)
• 5.75% 12-Month CD at a Georgia Bank (Alpha)
• 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)
• 6.00% 18-Month CD at a Minnesota Bank - IRA (Park State)
• 6.00% 12-Month CD at a California CU Continues (Ventura County)
• 6.00% 12-Month CD at a North Carolina CU (Carolina Postal)
• 5.90% 12-Month CD at a Utah CU - and Other High Rates (Pacific Rails)
• 5.86% 12-Month CD at a Washington State CU - Variable (Cascade Forest Products)
• 5.81% 12-Month CD at a Ohio CU - $100K+ (CSE)
• 5.80% 12-Month CD at a Massachusetts CU (Central One FCU)
• 5.77% 19-Month CD at a Virginai CU (Newport)
• 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% 14-Month CD at a Alabama CU (Tuscaloosa)
• 5.75% 18-Month CD at a Missouri CU (Postal and Community)
• 5.75% 12-Month CD at a Georgia Bank (Integrity)
• 5.75% 12-Month CD at a Virginia CU (Bronco)
• 5.75% 12-Month CD at a Houston CU Continues - (Right Choice)
• 5.74% 18-Month CD at a Missouri Bank (Eagle)
• 5.72% 12-Month CD at a Wisconsin CU - and a $50 Checking Bonus (Royal)
• 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)
• 5.70% 18-Month CD at a Utah CU (Cyprus)
• 5.65% 15-Month CD at a Ohio Bank (The Grange Bank)
• 5.65% 12-Month CD at a Georgia Bank (Peachtree)
• 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)
• 5.60% 12-Month CD at a Utah CU (Deseret First)
• 5.51% 13-Month CD at a South Dakota CU (Sentinel)
• 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 Continues - $2.5K Max (Flagstar)
• 7.00% 6-Month CD at a CA Credit Union - $5K Max (Pacific Service)
• 6.70% 4-Month CD at a California CU - IRA (Los Angeles Firemen's)
• 6.50% 7-Month CD at a South Carolina Bank (National Bank of South Carolina)
• 6.19% 6-Month CD at a California CU (LA FCU)
• 6.14% 6-Month CD at a Multi-State CU (USPS FCU)
• 6.00% 6-Month CD at a Missouri CU (American Eagle)
• 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)
• 6.00% 10-Month CD at a Michigan CU (Lake Michigan)
• 6.00% 4-Month CD at a Michigan CU - Update (Huron River Area)
• 6.00% 3-Month CD at a Virginia CU (Arlington Virginia)
• 5.92% 11-Month CD at a New York / Pennsylvania CU (Visions)
• 5.92% 6-Month CD at a New York / Pennsylvania CU (Visions)
• 5.88% 11-Month CD at a Illinois CU (Jeff-Co Schools)
• 5.75% 6-Month CD at a Georgia Bank (Alpha)
• 5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
• 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)
• 5.75% 6-Month CD at a Georgia Bank (Integrity)
• 5.75% 3-Month CD at a California CU (San Jose)
• 5.75% 6-Month CD at a California CU (San Jose)
• 5.70% 7-Month CD at a Iowa Bank (American Bank)
• 5.65% 5-Month CD at a California CU (Chevron Valley)
• 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)

Bank Account Alternatives

• Money Magazine article on risk-free investments
• Vanguard Prime Money Market Fund - 5.09% 7-day yield
• Fidelity Money Market Fund - 4.99% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.02% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

Banks in Need of Deposits: Wall Street Journal Article read and submit comments for this post

The Wall Street Journal had an article yesterday titled: "Banks' Cry: "Give Us Your Cash" Desperate for Deposits, They Pull Out the Stops." (available at the post-gazette.com) For savers, the article suggests we should be seeing some nice deals in the future as banks make efforts to boost deposits. One analyst was quoted by the WSJ as saying "Deposits are more important than ever and they are nowhere to be had, " and a bank president said "our number one strategic priority is growing deposits."

The big banks still hold a big chunk of all domestic deposits. According to the article the top 10 banks by assets in the US hold nearly 40% of all domestic deposits, but this is coming down for two reasons.

First, people are moving more of their savings into stocks, bonds and other investments rather than bank accounts. An interesting statistic mentioned by the article is that the financial assets of US households that are kept in banks have dropped from 30% in 1989 to 17% in 2004.

Although I love great bank deals, I understand the general consensus is to use stocks and bonds (or stock and bond mutual funds) for long term investing. Also, with brokerages offering high yield money market funds that have many features of checking accounts, it seems that this trend of falling bank deposits will only continue.

The second issue hurting big banks that the article mentioned should be well known to my readers. Here's a quote from the article:

Since 2004, the trend away from keeping money in low-interest-bearing checking and savings accounts has only accelerated with the ability of consumers to electronically move their money and shop around for the best money-market and certificate-of-deposit offers.

So to combat this problem, banks are creating new deposit groups that are run by a new bank specialist called the chief deposit officer. I think the money could be better spent by just improving the rates. I have a feeling that we'll see more deals, but we'll have to be careful. These chief deposit officers are not being hired just to raise rates. The deals will likely have catches.

Thanks to the readers who pointed me to the article.

[Edit 1/13/06: Added link to post-gazette.com copy of this article. Thanks to the reader who emailed me the link.]

ebank's ePremium Checking Account Now 5.00% read and submit comments for this post

Update: The ePremium Checking rate has fallen. Please check the bank's website for the latest rates.

ebank just increased the rate on its ePremium Checking Account from 3.00% to 5.00% APY. I just spoke with the customer service rep and was told that this rate increase occurred last night, and the website is not completely updated with this change. The new 5% is advertised on the home page, but the rates page is still showing 3%.

The CSR said this is not a teaser rate, but there's no guarantee how long this will last. All the details listed on the webpage for the ePremium Checking apply. This includes the $2.5K minimum balance to avoid a $10/month fee. The two nice features include free checks and free ATM usage. According to the CSR, they'll refund ATM fees charged by other banks automatically. The CSR also said that they do a hard credit pull with Equifax when opening the checking account.

You can also get some competitive CD rates with an ePremium Checking Account. The checking gives you an extra 0.25% on the CDs. This currently will give you 5.50% APY on the 12-month CD.

ebank has been FDIC insured since 1998. ebank has a low 1 out of 5 star safe-and-sound rating (weak) at Bankrate.com. BauerFinancial gives ebank a 3 out of 5 star rating (adequate). It's interesting there's this much difference. Both are based on September 30, 2006 financial data.

VirtualBank's 3-Month CD up to 5.50% read and submit comments for this post

VirtualBank increased the yield on its 3-month certificate of deposit to 5.50% APY. All other CD rates remain the same. The 3-month yield had been 5.44%. In the last couple of weeks, VirtualBank has made several increases to the rates of its short term CDs.

Some details about VirtualBank CDs from my experience and from info from the VirtualBank service representatives include:

• Early Withdrawal Penalties: 1 month of interest for terms under 6 months, 3 months of interest for terms 6 months to under 1 year, 6 months of interest for terms over 1-year (applies whether interest has been earned or not)
• Grace period (time allowed to close without penalty after CD matures) equals 14 business days
• Closure request can be done via VirtualBank's secure email
• Can request to fund a CD from your eMoney Market account
• Can request to deposit a matured CD into your eMoney Market account

If you're interested in a VirtualBank CD, the eMoney Market can make the process easier. You can use its ACH transfer capability to move money into and out of VirtualBank. So the money can go from external bank to eMoney Market account and then be used to fund a CD. At maturity, you can request money to be deposited into the eMoney Market account where you can transfer it out if you choose. The eMoney Market account doesn't have a great rate at 4.60% APY (higer rates available for larger balances), but it doesn't have any minimum balance requirements. Plus there's a nice $20 refer-a-friend bonus (see post).

For the official info on VirtualBank's CDs, please refer to VirtualBank's website. I have more info on VirtualBank's CDs in this post. For more info on the eMoney Market account and the sign-up referral bonus, please see this post.

VirtualBank is currently doing business as Lydian Private Bank. You can check their FDIC status and confirm their web address here. Lydian Private Bank has a 4 out of 5 safe-and-sound star rating (sound) at Bankrate.com.

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

GMAC Bank's Money Market Rate Drops - GMAC's Future? read and submit comments for this post

GMAC Bank lowered the yield on its Money Market Savings Account from 5.20% to 5.10% APY. It had been as high as 5.30% APY in November. There were also changes in CD rates. However, all of these changes were rate hikes: 0.05% increase on the 9-month and 12-month CDs and 0.10% increase on all longer term CDs. The highest rate is the 12-month term with an APY of 5.25%. The 3-to-5 year CDs now have an APY of 5.10%.

In late November, GMAC customers received a letter from GMAC informing us that GMAC Bank will transfer all of its consumer deposit accounts to GMAC Automotive Bank, an affiliate Industrial Bank chartered under Utah law (Utah Bank). According to this letter, the change has no impact in anyway to deposit accounts.

Late last year Cerberus Capital Management secured a majority stake in General Motors' financing arm, GMAC (see article).

So high level changes are happening at GMAC. We'll have to wait and see if this will have any effect on rates and service. Hopefully, the rate reduction won't become common.

Even with a rate of 5.10% APY, it's still above the rates at EmigrantDirect and HSBC. It also has the following perks:

• Able to link multiple bank accounts completely online for ACH transfers
• Limited check writing (first 50 checks are free)
• ATM card and rebates of ATM fees up to $6 per month
• Paper statements

Several have reported that they didn't get a hard credit pull when opening a GMAC account. I recently checked my credit reports, and I can also say I did not get a hard pull when I opened the GMAC account in April. It was only a soft pull by Transunion.

For more info on my experiences opening a GMAC Money Market Savings Account, please refer to this post.

GMAC Bank is FDIC insured.

5.74% 18-Month IRA CD and Special Super Bowl CD at a Missouri Bank (Eagle) read and submit comments for this post

Eagle Bank and Trust Co. of Missouri is offering a 5.74% APY 18-month IRA certificate of deposit. It's available as a Roth, Traditional or Educational IRA.

The bank is also having a special Super Bowl CD. It has a 12-month term and a base interest rate of 5.25% (5.35% APY). The number of points scored by the winning Super Bowl team will be added as basis points to the base rate. So if the winning team scores 20 points, the 5.25% base rate will increase to 5.45%. The minimum deposit is $1K. The rate is retroactive to the date the account is opened. This special is not listed at the bank's website. A reader provided the details in the finding deals post. It had been advertised at its Manchester branch (western suburbs of St. Louis).

The highest score in a Super Bowl was by San Francisco which beat Denver 55 to 10 in 1990. The lowest winning score was by Miami which beat Washington 14 to 7 in 1973. So based on history, you could expect a yield between about 5.90% and 5.50%.

The Bank has been FDIC insured since 1956.

Thanks to the reader who provided the details of this special.

Emigrant Bank's Rating Up from 2 to 4 Stars read and submit comments for this post

Emigrant Bank (the parent of EmigrantDirect) is now rated by Bankrate.com as 4 out of 5 stars (sound). Last July they had been listed as 2 out of 5 stars (below industry average). Here's what Bankrate states in its memorandum:

We have come to believe that, as of September 30, 2006, this institution exhibited a sound condition, characterized by very solid overall, sustainable profitability, good asset quality, below standard capitalization, and near normal liquidity.

Six months prior when Emigrant was rated as only 2 stars, Bankrate stated the following:

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

Things have been quiet over at EmigrantDirect. Perhaps they've been concentrating on their financials rather than new offerings. It has been over 3 months since their last rate change when the savings account rate dropped from 5.15% to 5.05% APY. Their My Way CD yields have remained at 5.20% APY since early September (they had been at 5.35% APY).

EmigrantDirect's American Dream Savings Account remains a decent choice for an online savings account. However, the rate has remained significantly behind the top no-minimum savings accounts (which now pay 5.30% and above). Another major drawback in my opinion is that you can only link to checking accounts and you are required to send in a voided check (up to 4 linked accounts are allowed).

I was hoping we would see something new from EmigrantDirect around its two-year anniversary. EmigrantDirect launched with a poorly designed website around the start of 2005 with the 3% APY online savings account. At that time, ING Direct's Orange Savings Account was only at 2.35% APY. It looks like EmigrantDirect has become another ING Direct: an online bank with a nice website but with rates that are no longer near the top.

EmigrantDirect's parent (Emigrant Bank) is FDIC insured.

Thanks to the reader who mentioned this rating change.

5.25% Checking Account at a Texas Bank (Alliance) read and submit comments for this post

Alliance Bank is offering a 5.25% APY checking account called Freedom Checking. It's another one of these relationship high yield checking account like those I posted about on Friday. The 5.25% is good up to a $25K balance. Over $25K the APY is 0.75%. It requires 10 debit card transactions and monthly direct deposit or ACH debit. See site for additional details. Some nice perks include free checks and refunds on other bank ATM fees up to $50 per statement cycle. There's a $100 minimum balance requirement.

Alliance Bank has branches in the Texas cities of Sulphur Springs, Greenville, Commerce, Wolfe City and Rockwall. It's FDIC insured.

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

5.69% 7, 9 and 12 Month CD at a Florida Bank (First Commercial). read and submit comments for this post

First Commercial Bank of Florida is offering a 5.69% APY certificate of deposit with terms of 7, 9 or 12 months. The minimum is $1,000 and the maximum deposit at these rates is $100K. It's also available in an IRA. A branch visit is required to open the CD if you don't already have accounts at the bank. The offer ends Friday, 1/12/07.

This promotion doesn't seem to be listed at the bank's website. It was listed in the Orlando Sentinel with a rate of 5.64%. I just called and was told that the rate was actually 5.69%.

The bank has several branches in the Central Florida including the cities of Orlando, Kissimmee and Lake Mary. The bank is FDIC insured and has a 4 out of 5 star rating at Bankrate.com (sound).

6.00% 12-Month CD at a North Carolina CU (Carolina Postal) read and submit comments for this post

Carolina Postal Credit Union is offering a promotional 6.00% APY 12-month certificate of deposit. The money must be new to the credit union.

In addition to US Postal employees in North Carolina and parts of South Carolina, the field of membership includes US government employees who work in North Carolina or who have retired from the US government and reside in the state. See site for details.

Branches are located in the North Carolina cities of Charlotte, Winston Salem and High Point.

The credit union is federally insured by the NCUA. It has $58.0 million in assets and 8,587 members.

5.72% 12-Month CD at a Wisconsin CU - and a $50 Checking Bonus (Royal) read and submit comments for this post

Royal Credit Union is offering a 5.72% APY 12-month certificate of deposit. The minimum is $25K. The rate for a minimum of $100 is 5.57% APY. These rates require a bonus relation which includes an active RCU checking account and the regular use of five other qualifying services. Without the bonus, the rates are 0.25% less. See site for the details.

In addition to the high yield CD, RCU is offering a $50 bonus for opening a checking account. You must be a new member or an existing member without a RCU checking account within the last 6 months. You can also earn up to an extra $10 for turning in old checks from another institution (10 cents per check). The nice thing about this bonus is that it doesn't require direct deposit, and the bonus will be deposited into the account at the time the account is opened.

The field of membership includes those who live in one of several counties in Wisconsin. You can also be eligible via immediate family member who is a credit union member or is just eligible to join. See site for details.

Branches are located in the cities of Eau Claire, Chippewa Falls, Colby, New Richmond, Rice Lake and Whitehall.

The credit union is federally insured by the NCUA. It has $786 million in assets and 106,674 members.

Thanks to the reader who mentioned the $50 checking bonus in the finding deals post.

6.50% 7-Month CD at a South Carolina Bank (National Bank of South Carolina) read and submit comments for this post

National Bank of South Carolina is offering a rate of up to 6.50% APY for a 7-month certificate of deposit. The minimum deposit is $1,000, and it must be new money. The 6.50% APY requires 5 accounts or services. A CD without any account/service pays 5.50% APY. An extra 0.20% is added for each account/service. Eligible accounts/services include checking, online banking, money market, home equity or credit card. This special is not listed on the bank's website. It was advertised in today's Spartanburg Herald Journal. The ad is available online here.

You should be able to easily do at least 3 of the 5 services. That would give you 6.10% APY. The online banking should be easy. There's a free checking account and a no annual fee credit card.

According to the ad, this offer is only available at the Spartanburg branches: 150 East Henry Street (591-6000), 1585 East Main Street (948-5100) and 2660 Reidville Road (587-3400).

The bank has been FDIC insured since 1934. It has a 4 out of 5 star safe-and-sound rating (sound) by Bankrate.com.

5.70% 7-Month CD at an Iowa Bank (American Bank) read and submit comments for this post

American Bank N.A. is offering a special 5.70% APY 7-month certificate of deposit. The minimum is $10,000. Interest is paid at maturity.

The bank has branches in Le Mars and Remsen, Iowa. These cities are about 25 miles northeast of Sioux City. From the website, it's not clear if they accept deposits by mail. I've sent an email requesting more information.

American Bank has been FDIC insured since 1934. It has a 4 out of 5 star safe and sound rating (sound) by Bankrate.com.

5.92% 6-Month / 5.92% 11-Month CD at a New York / Pennsylvania CU (Visions) read and submit comments for this post

Visions FCU is offering a 5.92% APY share certificate with terms from 6 months to 11 months. The minimum deposit is $2,500. The 5.92% APY (5.75% interest rate) is a relationship rate which requires maintaining two other products to be eligible. This can include a VisionsPlus Checking with Visa Check Card and a Gold or Platinum Credit Card. Please see the rates page for details.

Visions FCU was offering a 7.25% 7-month CD last September.

The field of membership includes those who live, work or worship in Broome, Chenango, Tioga, Schuyler or East/Central Chemung Counties in New York and Bradford County in Pennsylvania. There's a $1 membership fee and a $25 minimum deposit into the Share Money Manager Account.

Branches are located in the New York cities of Binghamton, Elmira, Endicott, Endwell, Horseheads, Johnson City, Newark Valley, Owego, Spencer, Syracuse, Vestal and Watkins Glen. In Pennsylvania, the branches are in Sayre and Wysox.

The credit union is federally insured by the NCUA. It has over $1.7 billion in assets and 115,812 members.

6.00% 12-Month CD at a California CU Continues (Ventura County). read and submit comments for this post

Ventura County Credit Union is still offering a special 6.00% APY 12-month certificate. The minimum deposit is $1,000. It requires a new checking account with direct deposit to earn the 6%. Otherwise, the rate is 5.75% APY. Money must be new to the credit union. Checking account must be opened with at least $200 and with a minimum of $400 total monthly direct deposit. The checking account has no monthly service fees or minimum balance requirements.

I had first reported on this in November. A reader mentioned today that he had just opened this CD and was able to avoid the direct deposit requirement because of self employed status and a reasonably large opening amount. I called for additional details and was told that it could end at any time. It's not available in an IRA.

The field of membership includes those who live, work or attend school in Ventura or Santa Barbara Counties. There are also several select employee groups through which you can be eligible. A one-time $10 membership fee and a $5 opening balance in the share savings account is required for membership. According to the CSR, there's no hard credit pull for joining and opening accounts.

The credit union is federally insured by the NCUA. It has $417.9 million in assets and 45,879 members.

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

[Update: The 6% 12-month CD is no longer available as of 1/30/07]

5.75% 6-Month / 5.75% 3-Month CD at a California CU (San Jose) read and submit comments for this post

San Jose Credit Union is offering a special 5.75% APY certificate. You can choose a term of 3 or 6 months. The minimum deposit is $1K, and the maximum is $250K. It requires new money and a checking account with direct deposit. Without the checking account, the APY is 5.25%. It's also available as an IRA certificate.

The field of membership includes those who live, work, worship or attend school in the City of San Jose, California. See site for details and for additional ways to qualify. There's a one-time membership fee of $5 and a $50 minimum deposit is required into the share savings account.

The credit union is federally insured by the NCUA. It has $115.8 million in assets and 11,555 members.

Thanks to FW member cameron2003 for posting this special in the FW CD thread.

$25 Sign-Up Bonus Still Available for 5.27% Grand Yield Direct Savings Account read and submit comments for this post

Apple Bank for Savings' Grand Yield Direct Savings Account still has a $25 sign-up bonus being advertised at Bankrate.com (Here's a snapshot of the Bankrate ad). I had first reported on this bonus on December 1st, and several readers have reported success in receiving this bonus. A reader today mentioned seeing this Bankrate ad again.

The promo code is 789 which should be entered the code field in the online application. In December, I called Apple Bank and confirmed this promotion. According to the CSR, there's no minimum to receive this bonus, and the bonus should post to your account within 48 hours after they receive your initial deposit.

Please refer to my September post for the details of this account. I posted some new details in November.

The rate remains at the very competitive 5.27% APY. With this $25 bonus, you'll earn more here than at E-LOAN's 5.38% APY savings account for an account balance of $23K over a one-year period (assuming no rate changes).

Thanks to the reader al_r who provided this bonus update and the snapshot of the Bankrate page.

Update on BankUnited's 5.35% Savings Account read and submit comments for this post

Update 8/29/08: The savings account yield is now 3.75% APY. See bottom of post for the rate history. Note: There have been some changes to minimum balance requirements and fees. Please check bank's website for latest information.

BankUnited continues to offer one of the highest rates for a savings account. Their current rate is 5.35% APY which has remained this high since October. According to the CSR, this is guaranteed to last at least through January. They've maintained very high rates since I first reported on this savings account last April.

Even though they may have a history of high rates, the savings account doesn't seem to have many of the features that we expect from an online savings account such as ACH transfer capability.

Below is the latest overview of this savings account based on the website, my discussions with the customers service reps and this FW thread. The CSRs are nice but many don't seem familiar with the details of this online account. Also, BankUnited continues to have discrepancies in their documentation of this account. Here's a link to the account disclosure (pdf) which is not easy to find (There's a link to it in the second page of the online application.)

• Minimum deposit to open is $5,000
• 5.35% for balances over $300
• $5 monthly fee for balances under $300
• Requires a notarized signature card in the application
• No ACH transfer system to link to other bank accounts
• Does not allow ACH withdrawals from your other banks, but allows ACH deposits (according to CSR. CSR recommended their free checking account to simplify withdrawals.)
• Interest is credited quarterly, but if you close before the end of the quarter, you don't lose any interest (according to CSR)
• $15 closing fee if closed within first 6 months
• They only do a ChexSystem verify on savings account opening. Appears to be no hard pull.

Update 7/10/08: BankUnited now has an ACH transfer system to allow bank-to-bank transfers. Below are some of the features and limitations that I was told by the CSR:

• First 4 transfers in/out are free per month. $3 fee for additional transfers
• Transfer limitations: $5K/day, $15K/mo inbound and $10K/day, $30K/mo outbound
• Links to other bank accounts can be set up online
• No limits to the number of links

BankUnited has been FDIC insured since it was established in 1984. Its main office is in Coral Gables, Florida. The Bankrate.com safe and sound rating is the same as what I reported in June: 3 out of 5 stars (performing) at the time of this post.

Thanks to the reader who provided info and suggestions about a BankUnited update.

Rate History:
8/29/08: 3.75% APY
8/09/08: 3.55% APY
8/01/08: 3.50% APY
7/10/08: 3.00% APY
4/07/08: 3.25% APY

5.86% 12-Month CD at a Washington State CU - Variable (Cascade Forest Products) read and submit comments for this post

The Cascade Forest Products Credit Union is offering a 5.86% APY 12-month share certificate. The CD has a minimum deposit requirement of $2,500, and at least half of the funds must be from outside the credit union. Rate is subject to change each Thursday at 0.50 (margin) plus Federal Funds Rate.

The last detail is a little confusing, but I interpret it to mean that the rate is variable. Although the Fed is expected to cut rates later this year, the rate cuts could be later in the year than expected. In that case, the 5.86% APY may remain for most of the term.

The credit union's field of membership includes all those who live in the State of Washington. It has one branch in Vancouver, Washington.

This is a small credit union with just one branch in Vancouver, Washington. Membership and account applications are available online and can be mailed or faxed.

The credit union is federally insured by the NCUA. It has $9.5 million in assets and 2,230 members.

6.19% 6-Month CD at a California CU (LA FCU). read and submit comments for this post

Los Angeles Federal Credit Union is offering a New Year's special share certificate with a rate of 6.19% APY for a 6-month term. The minimum deposit is $1,000, and it requires new money. It's available until January 31, 2007.

The credit union also has a high rate on CDs with terms of 24 to 35 months. Members 55 or older can get a rate of 5.97% APY for a minimum of $100K or 5.81% APY for a minimum of $1K. All members can get a rate of 5.81% APY for a minimum of $100K or 5.66% for a minimum of $1K.

The field of membership includes members of the Los Angeles Charitable Association, Inc.. It has a membership fee of at least $1. You can be immediately eligible via select employee groups and by family. See site for details.

There's a $5 credit union membership fee (can be waived with a LAFCU Visa card application), and membership requires a $5 balance in your share savings account. To avoid monthly fees, you must maintain a $50 balance. Joining the association, joining the credit union and opening a CD can all be done by mail.

The credit union is federally insured by the NCUA. It has $571 million in assets and 43,624 members.

Thanks to the reader who emailed me this special.

5.64% 24-Month / 6.00% 80-Month CD at an Ohio CU (Sharefax) read and submit comments for this post

Sharefax Credit Union has competitive rates on several share certificates for those at least 50 years of age and in the Classic 50 Club. The highest rate is a 6.00% APY 80-month CD. This has a $15K minimum deposit and requires a checking account with a credit card. This is the only CD with this requirement. The Jumbo certificates have a $50K minimum. The competitive CDs range from a 5.64% APY 2-year CD to a 5.80% APY 5-year CD. The competitive rates on the regular share ceritifcates range from a 5.38% APY 15-month CD to a 5.59% APY 5-year CD.

I've reported on several CD promotions from this credit union. The last one was in November when they were offering a 6% 6-month CD.

The field of membership includes all those who live, work, worship or attend school in Clermont County, Warren County and several Ohio cities and townships in Greater Cincinnati. There's also a long list of select employee groups. Branches are located in Batavio, Cincinnati, Mason and Milford, Ohio.

The credit union is NCUA insured. It has $190 million in assets and 21,621 members.

5.65% 12-Month / 5.75% 60-Month CD at a Georgia Bank (Peachtree) read and submit comments for this post

The Peachtree Bank continues to list very competitive rates on certificates of deposit. Rates include a 5.65% APY for a 12 month term, 5.50% APY for terms from 18 to 48 months and a 5.75% APY for a 60 month term. The same rates are available for IRA's. The minimum deposit is $500.

I had last reported on Peachtree in July when they were offering a 6% 12-month CD. A reader had mentioned that the bank only accepts deposits from the Atlanta area.

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

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

5.51% 13-Month CD at a South Dakota CU (Sentinel) read and submit comments for this post

Sentinel FCU is offering a special 5.51% APY 13-month share certificate. This rate requires a minimum deposit of $25,000. A yield of 5.43% APY is available for deposits between $500 and $25K. There's also a 7-month special with rates of 5.26% APY for $25K deposits and 5.15% APY for the lower deposits.

The field of membership includes those who live, work, worship or attend school in one of several counties in South Dakota. You can also be eligible via family including aunts, uncles and cousins. See site for details. Branches are located in the cities of Box Elder, Rapid City and Winner.

The credit union is federally insured by the NCUA. It has $45.5 million in assets and 7,665 members.

5.75% 12-Month CD at a Houston CU Continues - (Right Choice) read and submit comments for this post

Right Choice Credit Union has extended the offer of a special 5.75% APY 12-month certificate of deposit. The minimum is $500. I had first reported on this CD special in November.

The field of membership includes those who live, work, worship or attend school in a region of Houston, Texas. Also employees of Halliburton and other select employer groups are eligible. See site for details.

The credit union is