Amboy Direct Lowers Rates on Premium Online Savings Account read and submit comments for this post

Update 2/05/09: The Premium Savings APY is now 2.27%.

Amboy Direct just lowered the yield on the Premium Online Savings Account. The new yield is 5.05% APY for balances under $20K and 5.10% APY for balances over $20K. The APYs had been 5.25%/5.35%.

I'm surprised Amboy decided to cut rates when HSBC's 6% promo was ending. Except for the $25 bonus there's not much reason to move your money to Amboy now.

Amboy's rates had held for a long time on this Premium Savings Account. The 5.25% APY was first reached last September. Amboy started the 5.35% APY for the $20K balance on December 1st.

For more details on this savings account, please refer to my August post. Amboy Direct is part of Amboy National Bank which has been FDIC insured since 1934 (FDIC Certificate # 6423).

5.80% 7-Month CD at NASA FCU (Open to All) read and submit comments for this post

NASA Federal Credit Union is starting a May certificate special that includes a 5.80% APY 7-month share certificate. The minimum deposit is $10,000 and the maximum deposit is $100,000. Unlike the credit union's previous CD specials, this one unfortunately requires you to have their VIPS Checking Account. There's also a 5.30% APY 9-month certificate special without any checking account requirement. The minimum deposit is $1,000. These CDs are available in an IRA with the same rates. These new certificate specials replace the 5.50% APY 5 and 15 months specials that I reported on at the start of April.

One important note regarding the VIPS Checking Account is that it has a $8/month fee unless you are at the Platinum Rewards level which requires a total credit union balance of $50,000.

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

Branches are located in Maryland, Washington DC and Virginia.

The credit union is federally insured by the NCUA (Charter # 6328). It has $801.6 million in assets and over 66,961 members.

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

5.50% 7-Month CD at a Philadelphia Bank (Republic First) read and submit comments for this post

Republic First Bank is offering a special 5.50% APY 7-month certificate of deposit. The minimum deposit is $5,000. It requires new money. Also, a checking account with direct deposit is required during the term of the CD. They do offer a free checking account. The special is not listed at the bank's website. A reader mentioned it in the comments, and I called for additional details.

Branches are located in the Pennsylvania cities of Philadelphia, Abington, Ardmore, East Norriton and Media. According to the bank rep, they require a branch visit to open an account.

The bank still offers the Index Savings Account that I first mentioned last year. At that time it had a introductory yield of 5.32% APY. It's now a tiered rate with much lower yields. Yields range from 3% APY for balances from $1K to $20K to 3.51% APY for balances between $40K and $60K.

Republic First Bank has been FDIC insured since 1988 (FDIC Certificate # 27332).

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

5.61% 36-Month CD at a Pennsylvania (Jessop Community) read and submit comments for this post

Jessop Community FCU has some high rates on its share certificates. The best is a 5.61% APY 36-month CD. Also competitive is a 5.36% APY 12-month CD. The minimum deposit is $500. These are also available in an IRA.

Field of membership includes those who live, work, worship or attend school in Washington County, Pennsylvania.

The credit union is federally insured by the NCUA (Charter # 7724). It has $26.2 million in assets and 3,699 members.

5.50% 12-Month CD at a Chicago Bank (American Eagle) read and submit comments for this post

American Eagle Bank Chicago is offering a special 5.50% APY 12-month certificate of deposit. There's also a promotional 18-month CD with a yield of 5.35% APY. The minimum deposit is $1,000. The early withdrawal penalty on the 12-month CD is 30 days (which is less than the average penalty for 12-month CDs).

This promotion only seems available at their Chicago branch. Their branch in Elgin, Illinois has a different CD promotion (5.30% APY 19-month CD). The American Eagle Bank of Chicago just became FDIC insured in April (FDIC Certificate # 58514). The American Eagle Bank in South Elgin has been FDIC insured since 2002 (FDIC Certificate # 57359).

5.71% 13-Month CD at a Missouri CU (Columbia Municipal Employees) read and submit comments for this post

Columbia Municipal Employees Credit Union is offering a special 5.71% APY 13-month certificate of deposit. The minimum deposit is $2,500. It's also available as an IRA. This special is scheduled to last until 6/29/2007.

Field of membership is based primarily on select employer groups including the local city and county governments. See site for details. Membership requires a minimum deposit of $25 into your share savings account.

The credit union is federally insured by the NCUA (Charter # 62930). It's a small credit union with $15.0 million in assets and 2,647 members.

Bank Deals Weekly Summary for April 28, 2007 read and submit comments for this post

Monday is the last day of HSBC Direct's 6% new money promo. Hopefully, we'll see other banks coming out with promos to entice us away from HSBC. On Monday UmbrellaBank came out with a nice promo offering a guaranteed 5.50% APY on its Pot O'Gold Money Market Account through 2007. However, this didn't last long. By Wednesday, the offer was changed to 5.50% guaranteed only through July (see post). Readers had reported being told by the customer service reps that UmbrellaBank had reached their quota early. Perhaps UmbrellaBank also became worried about the future interest rate environment. This worry may be shared by other banks. Rate cuts picked up this week on both money market accounts and CDs.

For money market accouts, Capital One made a large rate cut on both its Costco MMA and its High Yield Money Market (HYMM). The Costco MMA yield dropped from 5.20% to 5.00% APY. The yield on the HYMM dropped from 5.00% to 4.75% APY. MyBankingDirect also had a large rate cut on its MMA with the yield dropping from 5.10% to 4.75% APY. PFF Bank and Trust's new online savings account had a large rate cut with the yield falling from 5.30% to 5.00% APY.

CD Rate Updates

For CDs, there were disappointments this week at Agriculture FCU and at Melrose CU. Agriculture FCU's CDs fell by 0.25%, and Melrose which had just made a 0.25% rate increase to its CDs earlier in the month, has cut the rates by 0.10%. Both had some top rates. Their rates are still very competitive, but no longer on top. Other CD rate drops occurred at E-LOAN, IndyMac, Netbank and Bank of Internet.

There were some good news with small CD rate increases at GMAC Bank, Countrywide, VirtualBank and Corus Bank. Countrywide is now offering a 5.41% APY 6-month CD (up from 5.30%). VirtualBank did some reversing of its large CD rate cut from the previous week. This week it raised its 3 month CD from 5.00% to 5.23% APY and its 6 month CD from 5.05% to 5.28% APY.

The best short-term CD deal remains at Northrop Grumman FCU. Even though the CD yields went down by about 0.04% from last week, they're still very competitive. The CDs include a 5.65% APY 6-month CD and a 5.51% APY 12-month CD. Both have a $40K minimum deposit (see post). Navy FCU still has its 6.00% APY 15-month CD. However, a Navy FCU customer service rep had told me that this is likely to end after Monday. So if you're not a member already, it may be too late (see post).

For the list of local CD deals, refer to the local CD deal section below.

Checking Account Updates

The biggest news in checking accounts this week was at Charles Schwab which introduced a free checking account with a yield of 4.25% APY. This has many advantages over ING Direct's Electric Orange Checking including a higher rate for balances under $50K, free paper checks and ATM refunds (see post).

I reported on more local high yield reward checking accounts this week. One in Missouri has a yield of 6.17% APY on balances up to $25K (see post). If you don't mind the debit card usage requirements, these can be a good deal. For more of these rewards checking accounts, refer to my rewards checking category or my summary of the best checking accounts.

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 Apr 21st, Apr 14th, Apr 7th, Mar 31st, Mar 24th, Mar 17th, Mar 10th and Mar 3rd.

As of April 28, 2007

Checking/Savings/Money Market Accounts:

• Checking/Savings Account Bonuses
• The Best Checking Accounts

• Geauga Savings Bank - 5.45% ($25K min), see post
• AmTrustDirect - 5.36% ($1K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.31%, my post
• OneUnited - 5.30% (min $1K), my post
• Zions Bank - 5.30% MMA, outside of Utah, (min $1K) (5.34% $50K+), my post
• iGobanking - 5.30%, my post
• GMAC Bank - 5.30% MMA (min $500), my post
• Apple Bank - 5.27% (min $2.5K) my post
• 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
• Transportation Alliance Bank - 5.25% (5.15% for MMA), ($25 min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• E-LOAN - 5.25% ($5K min), my post
• FNBO Direct - 5.25%, my post
• Direct Huntington - 5.20% ($1K min), my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• Discover Bank - 5.14% MMA (min $10K)
• Mutual Bank - 5.10% MMA (min $5K), my post
• Bank of America AAA/NEA - 5.10% MMA ($10K min) (5.38% for $50K+) my post
• ETrade Bank - 5.05%, my post ($25 bonus)
• HSBC Direct - 5.05% ($50 related bonus) my post
• EmigrantDirect - 5.05%, my post, (rate history)
• EverBank - 5.01% ($1.5K min), 6.01% 3-mo promo, my post
• Indymac Bank - 5.00% ($1K min)
• ebank - 5.00% Checking ($2.5K min), my post
• Washington Mutual - 5.00% (requires checking), my post
• CapitalOne/Costco - 5.00% MMA (min $5K, Costco members only, $50 deal for exec. members)
• PFF Bank and Trust - 5.00% (min $1K), my post
• UmbrellaBank.com - 4.95% MMA (min $1K) (5.50% Promo Rate), my post
• Corus Bank - 4.95% MMA (min $10K to open)
• Tennessee Commerce Bank - 4.94% (min $10K), my post
• Capital One - 4.75% (MMA has same rate, but with checks and ATM. $100 min.), my post
• MyBankingDirect - 4.75% MMA (min $5K), my post
• Self-Help Credit Union - 4.68% MMA (min $500), my post
• Citibank - 4.65%, requires checking account, my post ($50 bonus)
• 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%, (4% checking), my post ($25 bonus)
• NetBank - 4.50% MMA ($500 min), 6-month intro rate, my post ($250 deal)
• MetLife Bank - 4.40% MMA (min $5K), my post ($50 bonus)
• Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
• Melrose CU - 4.06% (min $25) my post

3-Month Certificates of Deposit:

• TD Ameritrade - 5.40% (min $10K), my post - $100 bonus
• UmbrellaBank.com - 5.35% (min $1K)
• UFB Direct - 5.31% (min $8K)
• Imperial Capital - 5.30%, ($2K min), my post
• Countrywide - 5.30% (min $10K), my post
• FirstFedDirect - 5.26% (min $10K), my post
• VirtualBank - 5.23% (min $10K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.10% ($1.5K min)
• IndyMac Bank - 5.10% (min $5K), 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
• Corus Bank - 4.95% (min $10K)

6-Month Certificates of Deposit:

• Northrop Grumman FCU - 5.65% (min $40K), my post
• NASA FCU - 5.50% (5 months) (min $5K), my post
• FirstFedDirect - 5.46% (min $10K), my post
• IndyMac Bank - 5.45% (min $5K), my post
• UmbrellaBank.com - 5.45% (min $1K)
• World Savings - 5.41% (min $10K), my post
• Countrywide - 5.41% (min $10K), my post
• E-LOAN - 5.41% ($10K min), my post
• Imperial Capital - 5.40%, ($2K min), my post
• Ascencia Bank - 5.40% (min $500)
• Corus Bank - 5.40% (min $10K)
• AmTrustDirect - 5.36% (min $1K) my post
• NASA FCU - 5.35% (7 months) (min $1K), my post
• iGobanking - 5.30% (min $500), my post
• NetBank - 5.30% (min $1K)
• Tennessee Commerce Bank - 5.30% (min $5K)
• VirtualBank - 5.28% (min $10K), my post
• GMAC Bank - 5.25% (min $500), my post
• HSBC Direct - 5.25% (min $1K), new money only
• UFB Direct - 5.25% (min $8K)
• Self-Help Credit Union - 5.24% (min $500), my post
• ETrade Bank - 5.15% (min $1K), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• EverBank - 5.15% ($1.5K min)
• Washington Mutual - 5.15% (min $1K), rates vary by state
• EmigrantDirect - 5.10% (min $1K)
• 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 - 5.41% (min $10K) (10-month), my post
• UmbrellaBank.com - 5.40% (min $1K)
• AmTrustDirect - 5.36% (min $1K) my post
• FirstFedDirect - 5.35% (min $10K), my post
• ING Direct - 5.25%, my post
• Imperial Capital - 5.25% ($2K min), my post
• GMAC Bank - 5.20% (min $500), my post
• Countrywide - 5.20% (min $10K), my post
• IndyMac Bank - 5.15% (min $5K), my post
• EverBank - 5.15% ($1.5K min)
• EmigrantDirect - 5.10% (min $1K)
• VirtualBank - 5.05% (min $10K), my post

12-Month Certificates of Deposit:

• Northrop Grumman FCU - 5.51% (min $40K), my post
• Amalgamated Bank - 5.50% (min $500) (13-month), my post
• Melrose CU - 5.46% (min $5K) my post
• AmTrustDirect - 5.41% (min $1K) my post
• Corus Bank - 5.40% (min $10K)
• UmbrellaBank.com - 5.40% (min $1K)
• Ascencia Bank - 5.40% (min $500)
• FirstFedDirect - 5.40%, (min $10K) my post
• E-LOAN - 5.35% ($10K min), my post
• Mutual Bank - 5.35% (min $2.5K) my post
• Tennessee Commerce Bank - 5.35% (min $5K)
• La Jolla Bank - 5.30% (min $10K), my post
• iGobanking - 5.30% (min $500), my post
• Navy FCU - 5.30% ($20K min) restrictions to membership, my post
• GMAC Bank - 5.25% (min $500), my post
• Imperial Capital - 5.25% ($2K min), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• AmboyDirect - 5.25% (min $10K), my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.20% ($1K min)
• UFB Direct - 5.20% (min $8K)
• ETrade Bank - 5.16% (min $1K), my post
• Self-Help Credit Union - 5.15% (min $500), my post
• Countrywide - 5.15% (min $10K)
• IndyMac Bank - 5.15% (min $5K), my post
• EverBank - 5.15% ($1.5K min)
• EmigrantDirect - 5.10% (min $1K)
• ING Direct - 5.10%, my post
• VirtualBank - 5.05% (min $10K), my post
• Washington Mutual - 5.05% (min $1K), my post
• GTE FCU - 4.96% (min $500) (add-on feature) my post

14/15-Month Certificates of Deposit:

• Navy FCU - 6.00% (15 months) ($8K min) restrictions to membership, my post
• Patelco Credit Union - 5.75% (14 months) ($1K min), not NCUA insured, my post
• NASA FCU - 5.50% (15 months) (min $2K) (5.75% for IRA), my post

18-Month Certificates of Deposit:

• Bank of Internet - 5.31% (min $1K) my post
• iGobanking - 5.30% (min $500), my post
• E-LOAN - 5.26% ($10K min), my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• GMAC Bank - 5.15% (min $500)
• AmTrustDirect - 5.15% (min $1K) my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• Imperial Capital - 5.15% ($2K min), my post
• EmigrantDirect - 5.10% (min $1K)
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post
• ETrade Bank - 4.80% (min $1K), my post
• UmbrellaBank.com - 4.75% (min $1K)

24-Month Certificate of Deposit:

• Mutual Bank - 5.47% (min $5K) my post
• Melrose CU - 5.41% (min $5K) my post
• Navy FCU - 5.40% ($20K min) restrictions to membership, my post
• Bank of Internet - 5.31% (min $1K) my post
• Northrop Grumman FCU - 5.24% (min $40K), my post
• E-LOAN - 5.21% ($10K min), my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.15% ($1K min)
• Presidential Bank - 5.13% (min $1K)
• GMAC Bank - 5.10% (min $500)
• Imperial Capital - 5.00% ($2K min), my post

36-Month Certificate of Deposit:

• Pentagon Federal CU - 5.50% (min $1K), my post
• Mutual Bank - 5.47% (min $5K) my post
• Navy FCU - 5.45% ($20K min) restrictions to membership, my post
• First State Bank - 5.35% ($1K min), my post
• Melrose CU - 5.35% (min $5K) my post
• Bank of Internet - 5.26% (min $1K) my post
• Agriculture FCU - 5.25% (min $1K), my post
• E-LOAN - 5.20% ($10K min), my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• Transportation Alliance Bank - 5.15% ($1K min)
• EmigrantDirect - 5.10% (min $1K)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• GMAC Bank - 5.05% (min $500)
• Fort Belvoir FCU - 5.02% (min $1K), my post
• AmTrustDirect - 5.00% (min $1K) my post
• Imperial Capital - 4.95% ($2K min), my post
• Countrywide - 4.90% (min $10K)
• Self-Help Credit Union - 4.89% (min $500), my post
• ETrade Bank - 4.80% (min $1K), my post
• UmbrellaBank.com - 4.75% (min $1K)

48-Month Certificate of Deposit:

• Navy FCU - 5.50% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• Melrose CU - 5.41% (min $5K) my post
• 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
• E-LOAN - 5.20% ($10K min), my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• Fort Belvoir FCU - 5.13% (min $1K), my post
• Transportation Alliance Bank - 5.10% ($1K min)
• EmigrantDirect - 5.10% (min $1K)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• GMAC Bank - 5.05% (min $500)
• Self-Help Credit Union - 4.91% (min $500), my post
• Countrywide - 4.90% (min $10K)
• UmbrellaBank.com - 4.75% (min $1K)

60-Month Certificate of Deposit:

• Navy FCU - 5.60% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• Agriculture FCU - 5.50% (min $1K), my post
• Melrose CU - 5.46% (min $5K) my post
• USA FCU - 5.38% (min $1K) my post
• First State Bank - 5.35% ($1K min), my post
• Bank of Internet - 5.32% (min $1K) my post
• E-LOAN - 5.31% ($10K min), my post
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• Presidential Bank - 5.13% (min $1K)
• Members Credit Union - 5.13% (min $2K), my post
• Fort Belvoir FCU - 5.13% (min $1K), my post
• VirtualBank - 5.10% (min $10K), my post
• Transportation Alliance Bank - 5.10% ($1K min)
• EmigrantDirect - 5.10% (min $1K)
• Washington Mutual - 5.10% (min $1K), rates vary by state
• AmTrustDirect - 5.10% (min $1K) my post
• GMAC Bank - 5.05% (min $500)
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• Imperial Capital - 4.95% ($2K min), my post
• Self-Help Credit Union - 4.94% (min $500), my post
• ETrade Bank - 4.90% (min $1K), my post
• Countrywide - 4.90% (min $10K)
• UmbrellaBank.com - 4.75% (min $1K)

84-Month Certificate of Deposit:

• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• EmigrantDirect - 5.10% (min $1K)
• Countrywide - 4.90% (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% Money Market Account at Lockheed FCU ($10K Max)
• 5.46 Money Market Account with $250K initial deposit
• 5.40% Personal and Business Money Market Account with $100K balance
• 5.38% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• 7.50% Checking/Savings Account up to $500 (Washington State)
• 6.25% Reward Checking Account up to $50K (Tennessee)
• 6.10% Reward Checking Account at a Nevada CU (Clearstar Financial)
• 6.01% Reward Checking Account up to $50K (Florida)
• 6.01% Reward Checking Account up to $25K (Wisconsin)
• 6.01% Checking Account up to $100K (Massachusetts)
• 6.01% Checking Account up to $100K (Massachusetts)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% Checking Account up to $25k (Arkansas)
• 6.01% Checking Account up to $25K (Colorado)
• 6.00% Checking Account (Washington State)
• 6.00% Money Market Account Intro Rate in New Jersey
• 6.00% 3-Month Money Market Promo at Amboy New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.50% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.05% Low-Minimum Online Savings Account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Free Checking at Capital One (Central Texas)
• 5.00% Money Market Account (Utah)
• 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

• Alabama deals and CD rates
• California deals and CD rates
• Colorado deals and CD rates
• Connecticut deals and CD rates
• Florida deals and CD rates
• Georgia deals and CD rates
• Idaho deals and CD rates
• Illinois deals and CD rates
• Indiana deals and CD rates
• Kansas deals and CD rates
• Kentucky deals and CD rates
• Maryland deals and CD rates
• Massachusetts deals and CD rates
• Michigan deals and CD rates
• Nevada deals and CD rates
• New Hampshire deals and CD rates
• New Jersey deals and CD rates
• New York deals and CD rates
• North Carolina deals and CD rates
• Ohio deals and CD rates
• Oregon deals and CD rates
• Pennsylvania deals and CD rates
• Rhode Island deals and CD rates
• South Carolina deals and CD rates
• Tennessee deals and CD rates
• Texas deals and CD rates
• Washington State deals and CD rates
• Wisconsin deals and CD rates

Terms of 60 Months and Over

• 6.22% 60-Month CD at a California CU (Tucoemas)
• 6.08% 60-Month CD at a Washington State CU (Evergreen Direct)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.90% 73-Month CD at a Minnesota CU - 6.15% Jumbo (Minnesota Valley)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.80% 60-Month CD at a Colorado CU (Ent)
• 5.75% 60-Month CD at a Virginia CU (Apple)
• 5.70% 60-Month CD at a California CU - $90K Min (LBS Financial)
• 5.70% 60-Month CD at a Pennsylvania CU (Tri County Area)
• 5.65% 60-Month CD at a Texas CU (Greater Texas FCU)
• 5.60% 60-Month CD at a Texas Bank (Texas Brand)
• 5.54% 60-Month CD at a Florida CU (CFE)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.11% 30-Month CD at a California CU (Tucoemas)
• 6.00% 24-Month CD at a Ohio CU (Millstream Area)
• 5.80% 41-Month CD at a New Jersey CU (Tri-Co)
• 5.75% 35-Month CD at a Oregon CU (NW Preferred)
• 5.72% 24-Month CD at a Virginia CU (DuPont Fibers)
• 5.70% 48-Month CD at a California CU - $90K Min (LBS Financial)
• 5.69% 36-Month CD at a Nevada CU - Jumbo (Silver State Schools)
• 5.65% 24-Month CD at a Washington DC Credit Union Continues (Washington Telephone)
• 5.64% 36-Month CD at a New York CU (Municipal)
• 5.64% 24-Month CD at a New York CU (Municipal)
• 5.60% 36-Month CD at a Pennsylvania CU (Tri County Area)
• 5.55% 30-Month CD at a Missouri Bank (Bank of Washington)
• 5.54% 36-Month CD at a Florida CU (CFE)
• 5.50% 24-Month CD at a Florida Bank (Bay Cities)
• 5.50% 24-Month CD at a Texas Bank (Texas Brand)
• 5.43% 24-Month CD at a South Carolina Bank (Community South Bank and Trust)

Terms of 12 Months to Under 24 Months

• 10.47% 12-Month CD at a Michigan CU - $1K Max (Dearborn Village Community)
• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.30% 14-Month CD at a Virginia CU (Apple)
• 6.25% 13-Month CD at a California CU - IRA (LA Financial)
• 5.88% 12-Month CD at a New York CU (Buffalo Postal Community)
• 5.84% 15-Month CD at a Georgia Bank (First National)
• 5.80% 12-Month CD at a Idaho CU (Pocatello Railroad)
• 5.75% 13-Month CD at a Georgia Bank (Haven Trust)
• 5.75% 12-Month CD at a Texas CU (Golden Key)
• 5.75% 12-Month CD at a California CU - IRA (Kaiser)
• 5.75% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.75% 13-Month CD at a Illinois CU (Baxter)
• 5.75% 13-Month CD at a Missouri Bank (Champion)
• 5.75% 15-Month CD at a Utah Credit Union (Tooele)
• 5.70% 18-Month CD at a Georgia Bank (American Southern)
• 5.65% 12-Month CD at a Washington State CU (Evergreen Direct)
• 5.65% 12-Month CD at a Missouri Bank (St. Louis Bank)
• 5.65% 12-Month CD at a Colorado CU (Ent)
• 5.65% 18-Month CD at a Oregon CU (NW Preferred)
• 5.61% 14-Month CD at a Virginia CU (Reymet Community)
• 5.61% 13-Month CD at a Alabama CU (Credit Union of Alabama)
• 5.60% 15-Month CD at a MA/NJ/NY Credit Union (US Alliance)
• 5.60% 12-Month CD at a California Bank (Fremont Investment and Loan)
• 5.60% 12-Month CD at a Minnesota CU (SMW)
• 5.55% 18-Month CD at a New York CU (Countryside Community)
• 5.55% 12-Month CD at a Washington DC Credit Union Continues (Washington Telephone)
• 5.55% 12-Month CD at a California Bank and 5.25% Savings Account (Fremont Investment and Loan)
• 5.55% 12-Month CD at a Virginia Bank (River City)
• 5.55% 17-Month CD at a Kansas Bank (Security Savings)
• 5.55% 12-Month CD at a Kansas/Missouri Bank (Heartland Bank)
• 5.50% 15-Month CD at a Missouri Bank (Table Rock Community)
• 5.50% 12-Month CD at a Massachusetts CU (Industrial)
• 5.50% 13-Month CD at a Michigan CU (Priority Community)
• 5.50% 13-Month CD at a Missouri Bank (Truman)
• 5.50% 12-Month CD at a Texas CU Continues (San Antonio)
• 5.50% 15-Month CD at a Illinois Bank (Community First Bank - Chicago)
• 5.50% 17-Month CD at a Kentucky CU Continues (Fort Knox)
• 5.50% 12-Month CD at a Missouri Bank (St. Louis)
• 5.50% 15-Month CD at a North Carolina CU (Coastal)
• 5.50% 14-Month CD at a California CU - special early withdrawal feature (Financial Partners)
• 5.50% 18-Month CD at a Virginia CU (NMA)
• 5.50% 13-Month CD at a Texas CU (Old Ocean)
• 5.43% 13-Month CD at a South Carolina Bank (Community South Bank and Trust)
• 5.38% 15-Month CD at a Massachusetts Bank (Dedham Savings)

Terms of Under 12 Months

• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 7.00% 7-Month CD at a Texas/California CU - $7K Max (Premier America)
• 6.29% 11-Month CD at a New York/Pennsylvania CU (Visions)
• 6.17% 10-Month CD at a California CU (Harbor)
• 6.00% 10-Month CD at a Illinois CU - $20K Max (Land of Lincoln)
• 6.00% 6-Month CD at a New York CU (Empower)
• 6.00% 8-Month CD at a California CU (Santa Clara County)
• 6.00% 6-Month CD at a Florida CU - $20K Max (MIDFLORIDA)
• 6.00% 3-Month CD at a Virginia CU Continues (Arlington Virginia)
• 5.77% 7-Month CD at a Colorado Bank (Farmers State)
• 5.75% 9-Month CD at a Alabama CU (1st Capital)
• 5.75% 7-Month CD at a Pennsylvania CU (Clearview)
• 5.75% 11-Month CD at a Arizona/Texas Credit Union is Back (TruWest)
• 5.75% 6-Month CD at a Georgia Bank (Patriot Bank)
• 5.75% 11-Month CD at a Georgia CU (Georgia Telco)
• 5.75% 7-Month CD at a Missouri Bank (Champion)
• 5.75% 7-Month CD at a Indiana CU - and $80 Checking Account Bonus (Centra)
• 5.70% 7-Month CD at a California CU (Financial Partners)
• 5.70% 6-Month CD at a Georgia Bank (American Southern)
• 5.70% 9-Month CD at a Texas CU (San Antonio City Employees)
• 5.65% 11-Month CD at a South Florida Bank (Ocean Bank)
• 5.65% 6-Month CD at a Missouri Bank (St. Louis Bank)
• 5.65% 9-Month CD at a South Carolina CU (Anderson)
• 5.65% 9-Month CD at a Arizona CU (Arizona Federal)
• 5.64% 6-Month CD at a South Carolina CU (Georgetown Kraft)
• 5.64% 9-Month CD at a Wisconsin CU and $50 Checking Bonus (Central Wisconsin)
• 5.61% 7-Month CD at a Alabama CU (Credit Union of Alabama)
• 5.55% 11-Month CD at a Kansas Bank (The Bennington State)
• 5.55% 8-Month CD at a New York CU (Countryside Community)
• 5.55% 5-Month CD at a Georgia Bank (Sunrise Bank of Atlanta)
• 5.55% 9-Month CD at a Dallas Bank (Hillcrest)
• 5.55% 7-Month CD at a California CU (San Francisco)
• 5.55% 8-Month CD at a Missouri Bank (Bank of Washington)
• 5.55% 11-Month CD at a California CU (Pacific Service)
• 5.55% 5-Month CD at a South Carolina Bank (First Federal)
• 5.55% 6-Month CD at a California Bank and 5.25% Savings Account (Fremont Investment and Loan)
• 5.55% 6-Month CD at a Virginia Bank (River City)
• 5.50% 6-Month CD at a Missouri Bank (Table Rock Community)
• 5.50% 7-Month CD at a Texas Bank (Equity)
• 5.50% 9-Month CD at a Michigan CU and a 7% $500-Max Checking (Community West)
• 5.50% 7-Month CD at a Kentucky CU Continues (Fort Knox)
• 5.50% 6-Month CD at a Missouri Bank (St. Louis)
• 5.50% 7-Month CD at a New Jersey CU (Tri-Co)
• 5.49% 9-Month CD at a South Carolina Bank (Bank of Anderson)
• 5.40% 7-Month CD at a Kansas Bank (Security Savings)

Bank Account Alternatives

• Money Magazine article on risk-free investments
• Vanguard Prime Money Market Fund - 5.10% 7-day yield
• Fidelity Money Market Fund - 4.99% 7-day yield ($100 bonus and other info)
• Paypal Money Market Fund - 5.04% 7-day yield (1% cashback debit MasterCard)
• FW Thread on Treasury Bills
• I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
• SmartMoney Brokerage Survey

[Update 5/1/07: fixed listed rate of PFF's savings account.]

Update on World Savings Special CDs read and submit comments for this post

World Savings has been making slight changes to its Internet CDs over the last month. Unfortunately, the changes have been slightly lower rates. Nevertheless, the rates are still competitive. The two best Internet certificates have a yield of 5.41% APY and have terms of 6 and 10 months. World also has a 5.41% APY 7-month branch special CD (branch rates can vary by state). Only the 10-month term CD requires new money. All have a minimum deposit of $10,000.

In March World was offering 5.56% APY on its 10-month Internet CD and 5.51% on its branch CDs. Sorry to see the rates lower now, but this is common at other banks also.

One note about the Internet CDs, 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. If you open a World CD, you may want to consider World's Free Checking Account (see post). This makes it easy when you want to close a World CD. You can just call and request that the CD funds be transfered to your checking. You can then initiate a transfer from an online account at another bank to withdraw the funds.

World Savings and its parent, Golden West Financial, are undergoing a merger with Wachovia. FDIC insurance is stil listed for World Savings (FDIC Certificate # 27076).

$50 Sign-Up Bonus for HSBC Premium Money Market Plus Savings Account read and submit comments for this post

HSBC Bank is offering a $50 cash bonus for opening a new Premium Money Market Plus Savings Account with an initial deposit of $3,000 with new money. If you qualify, $50 will be deposited into your savings account 6 to 8 weeks after account opening. The account must remain open for 180 days to keep the bonus. The offer ends on May 31, 2007. The promotional page is at www.us.hsbc.com/premium50. See the promo page for the full details.

The rates are very low (0.60% for balance up to $5K and 2.65% for balances up to $50K). The promo page says it has no monthly maintenance fees. However, the standard Premium Money Market Plus page states that there are no monthly maintenance fee as long as you are a Relationship Checking customer. The terms and charges (pdf) states that if you no longer maintain a relationship account, the Premium Money Market Plus Account will be converted to a Money Market Savings account which has a monthly fee. So you may want to also open the Interest Checking Account which should qualify you for this required relationship.

I'm not sure why HSBC still offers this Premium account. I suppose it may be for those who want to stick with HSBC branches. Last year I opened the Premium Money Market Savings Account as part of the Smart Checking Package for a similar $50 bonus (see post). I already had the Online Savings Account. From that experience and the terms of this current promotion, it appears current Online Savings Account customers should be eligible for this promotion. You just have to fund the account with money outside of HSBC. All of my HSBC accounts are shown in the account summary page and you can transfer between them. So after you deposit the $3K into the Premium MMA for the bonus, you should be able to transfer this into the Online Savings account where it can earn some decent interest. I currently only have a few dollars in my Premium account. One of these days I'll close it. I'm sure HSBC would prefer this since they still send me paper statements on this account.

If you don't have the HSBC Direct's Online Savings Account and want to do this promotion, I would recommend to also open the Online Savings Account. The 6% APY being earned in the Online Savings Account is scheduled to end in a few days. However, the standard rate is still competitive at 5.05% APY. For more information on HSBC and the Online Savings Account, please refer to this this post.

Credit for this find goes to FW member BankofGreed who posted it at this FW thread.

3.56% Rewards Checking Account at a Missouri Bank (RCSBank) read and submit comments for this post

Update 11/22/09: The top yield has fallen to 3.56% APY. Refer to the bottom of the post for the rate history.

RCSBank is offering a rewards checking account it calls e-Global Checking. It offers a yield of 3.56% APY on balances up to $25,000 (1.01% for above) and up to $25 in ATM fee refunds per month if the following monthly requirements are met: 8 check card transactions (signature based), one direct deposit or ACH auto debit, and receive electronic statements. If these conditions aren't met, the yield drops to 0.50% APY.

Branches are located in New London, Center and Hannibal, Missouri. It's a community bank, and it likely requires a branch visit to open an account. The bank has been FDIC insured since 1944 (Certificate # 16170).

For other high yield checking account options, please refer to my best checking account summary post.

Rate History:
11/06/09: 3.56% APY up to $25K
02/28/09: 4.07% APY up to $25K; 1.01% over $25K
03/31/08: 5.37% APY
04/27/07: 6.17% APY up to $25K; 1.26% over $25K

Edit 12/30/08: Added APY for above $25K. Added rate history.

5.25% 9-Month CD at ING Direct read and submit comments for this post

It's not the best 9-month certificate of deposit rate, but at 5.25% APY it is competitive. Also, for those who have an ING CD that is about to mature, ING Direct offers an extra 0.10% bonus for renewal. ING Direct's CDs have some nice features. First, like its savings and checking accounts, there is no minimum deposit. Also, once you have a savings or checking account, the CD is very easy to open and to close. It all can be done online within a couple of minutes.

For more information on ING Direct's new checking account, please refer to this post, and for more information on the Orange Savings Account and the $25 refer-a-friend bonus, please refer to this post.

ING Direct is FDIC insured under the bank ING Bank, fsb (FDIC Certificate # 35489).

Thanks to the readers who mentioned this new 9-month CD.

5.70% 18-Month / 5.70% 6-Month CD at a Georgia Bank (American Southern) read and submit comments for this post

American Southern Bank has high rates on many certificate of deposit terms. The best rate is 5.70% APY for terms of 6, 12 and 18 months. CDs with terms from 24 to 60 months have a yield of 5.55% APY. The 3 month CD is also competitive with a yield of 5.25% APY. All have a minimum deposit of $500 and are also available as in an Individual Retirement Account.

The bank is located in Roswell, Georgia which is just north of Atlanta. The rates page states that the bank does not accept out-of-state funds.

The bank was just established in 2005. It is FDIC insured (FDIC Certificate # 57943).

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

DuPont Fibers FCU is offering a 5.72% APY 24-month certificate. The minimum deposit is $50,000. Other rates include a 5.46% APY for a 60-month CD and a 5.35% APY for a 48-month CD. These require a $500 minimum deposit. The same rates are also available in an IRA certificate.

Field of membership is primarily based on select employer groups. See site for the list of employers. Membership requires a $5 minimum deposit into your share savings account.

Branches are located in Richmond, Chester and Midlothian, Virginia. The credit union is federally insured by the NCUA (Charter # 24313). It has $162.5 million in assets and 23,092 members.

5.50% 7-Month / 5.50% 17-Month CD at a Kentucky CU Continues (Fort Knox) read and submit comments for this post

Fort Knox FCU continues to offer a special pick-a-term certificate of deposit with a yield of 5.50% APY. The available terms are from 7 to 11 months and from 13 to 17 months. I had last reported on this in February.

Field of membership includes those who live, work or worship in 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 currently has several branches across Kentucky. It is federally insured by the NCUA (Charter # 7000).

5.70% 48-Month / 5.70% 60-Month CD at a California CU - $90K Min (LBS Financial) read and submit comments for this post

LBS Financial Credit Union has some high rates on its Jumbo share certificates. The competitive yields range from 5.70% APY for a 60 and 48 month term to 5.20% APY for a 6 month term. The Jumbo minimum deposit is $90,000. The yields are 0.10% less for a $50K minimum, 0.15% less for a $20K minimum and 0.20% less for a $2.5K minimum. There's also a 7-month special certificate with a yield that ranges from 5.15% to 5.30% APY based on the minimum deposit. It allows an additional one time deposit of $1K or more.

LBS Financial has a history of competitive CD rates. My last report on them was last December when it had a Jumbo 13-month CD with a yield of 5.75% APY.

Field of membership includes those who reside or work or have an immediate family member who lives or works in Orange or Riverside County, or in one of several cities in Los Angeles County. See site for details. Membership requires a $5 minimum deposit into your share savings account and a $1 membership fee.

The credit union is federally insured by the NCUA (Charter # 68460). It has $964.7 million in assets and 116,903 members.

Charles Schwab's New 4.25% Free Checking Account read and submit comments for this post

Update 5/01/09: The yield has fallen to 0.75% APY. Refer to the bottom of the post for the rate history.

Charles Schwab introduced a free checking account today with a yield of 4.25% APY. It has no minimum balance requirements and no monthly fees. Other perks include free bill pay, free checks and ATM fee rebates. The account is under Charles Schwab Bank which is FDIC insured.

To open the checking account, you first have to open the Schwab One Brokerage Account followed by the linked Schwab Bank Investor Checking Account. The typical $1,000 minimum is waived for the brokerage account when you also open the Investor Checking account. Also, there is no fee to open and maintain the brokerage account. The accounts can be opened online, by phone or at a branch.

According to this San Francisco Chronicle article, Schwab branches won't accept deposits. You'll have to mail in checks, use direct deposit or transfer electonically. Their electronic funds transfer (ETF) system is called MoneyLink allows you to link to your external accounts and make online ACH transfers. MoneyLink has no fees and it allows you to link to multiple external accounts.

As this AP article mentions, the launch of this high yield checking account may be a counter-attack against the banks like Bank of America and Wells Fargo which have recently made inroads into the brokerage business. Last year, Bank of America introduced a program allowing 30 free trades a month for customers with at least $25k in bank deposits (see post), and Wells Fargo introduced a similar program in February (see post).

Since customers won't have the easy branch access with the Schwab Investor Checking Account, the online banks may have more to worry than the big brick-and-mortar banks. The 4.25% APY yield tops what ING Direct offers with its new Electric Orange Checking Account (unless you have over $50K), and with Schwab you have the advantages of paper checks and ATM fee rebates. Both HSBC and E-LOAN have mentioned plans for high yield checking. It'll be interesting to see what their rates will be.

With the mixing of bank accounts and brokerages, it's becoming confusing to understand what's covered under FDIC. Money held in this Investor Checking Account is under Charles Schwab Bank, N.A. which is FDIC insured (FDIC Certificate # 57450). However, money held in the brokerage account is under Charles Schwab & Co. which is a separate company from the bank. Brokerage products are not FDIC insured.

For other high yield checking account options, please refer to my best checking account summary post.

Rate History:
05/01/09: 0.75% APY
01/14/09: 1.00% APY
12/02/08: 1.50% APY
10/11/08: 2.20% APY
09/17/08: 3.00% APY
05/07/08: 2.01% APY
04/01/08: 2.26% APY
02/05/08: 3.01% APY
10/01/07: 4.00% APY
04/25/07: 4.25% APY

5.77% 7-Month CD at a Colorado Bank (Farmers State) read and submit comments for this post

Farmers State Bank is offering a special 5.77% APY 7-month certificate of deposit. The minimum deposit is $1,000.

Branches are located in the Colorado cities of Calhan and Falcon which are just east of Colorado Springs. The bank is FDIC insured (Certificate # 1780).

10% Junior CD at a Utah Credit Union - $1K Max (Mountain High) read and submit comments for this post

Mountain High FCU is offering a special certificate called the 10% Junior CD. It has a 10% APY for a maximum initial deposit of $1,000. The minimum deposit is $100. The CD matures on the 18th birthday. So if your child is 10 years old, the CD would earn 10% for the next 8 years.

The credit union also has competitive rates on its standard CDs that range from 5.70% APY for a 60-month term to 5.60% APY for a 36-month term to 5.35% APY for a 12-month term. The minimum deposit is $500.

Field of membership includes those who live in Utah County. Membership requires a minimum $5 deposit into the savings account. Branches are located in the Utah County cities of Spanish Fork, Lehi, Eureka, Provo, Nephi, Payson and Springville. The credit union is federally insured by the NCUA (Charter # 24678). It has $38.8 million in assets and 6,302 members.

Credit for this find goes to SlickDeals member ansonyuhas who posted on this SlickDeals thread.

UmbrellaBank Changes Terms of 5.50% Money Market Account Promo read and submit comments for this post

UmbrellaBank made a change late yesterday to its new Money Market Account promotion. The 5.50% APY is now guaranteed only through 7/31/07 rather than 12/31/07. This change makes the promotion much less attractive. For those who already applied, you may want to check with UmbrellaBank's customer service to see what guarantee date you'll get. One reader reported being told that since he was not able to fund the account before this change, he'll be under the new end date. It's likely that only those who funded the account on Monday or early Tuesday with a wire transfer may retain the 12/31/07 rate guarantee.

I was expecting UmbrellaBank to start listing this promo from their home page. Perhaps they decided not to advertise it since they hadn't finalized the details. Nevertheless, the promo webpage was public, and the customer service reps did provide the details so it's definitely bad planning on UmbrellaBank's part to change the terms like this. And it's bad customer service to not honor the original end data for those who had already submitted the application.

Please refer to my 5.50% UmbrellaBank promo post for more details.

Update 4/26/07: Readers are now reporting that UmbrellaBank has been willing to honor the original 12/31/07 guarantee date for those who had applied on Monday or Tuesday before the change.

5.75% 11-Month IRA CD at an Arizona/Texas Credit Union is Back (TruWest) read and submit comments for this post

TruWest Credit Union is offering a special 5.75% APY 11-month IRA certificate. The minimum deposit is $1,000. The maximum deposit per person is $250K or $500K per household. The rate is in effect through May 5, 2007. This special doesn't seem to be listed on the credit union's website. A reader emailed me the news of this, and I confirmed it with the customer service yesterday. This same deal was being advertsied in early March but had ended by April.

Field of membership includes those who live in Maricopa County and parts of Pinal County, Arizona. Also, it includes those who live in Travis County and parts of Williamson County. You can also be eligible to join via Select Employer Groups and via family. See site for details. Membership requires a minimum $25 deposit into the savings account.

TruWest has branches in Phoenix, Mesa, Chandler and Scottsdale of Arizona and in Austin, Texas. The credit union is federally insured by the NCUA. It has $831 million in assets and 67,332 members.

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

5.50% 9-Month CD at a Michigan CU and a 7% $500-Max Checking (Community West) read and submit comments for this post

Community West Credit Union is offering a 40th Anniversary special 9-month certificate of deposit with a yield of 5.50% APY. The minimum deposit is $500.

The credit union is also offering a 7% checking account. However, it only pays 7% on the first $500 of your balance, and the balance must be at least $500 to earn interest. It also requires two direct deposits per month totaling at least $200.

Field of membership includes those who reside, are employed, attend school or worship in Kent, Ottawa, Ionia, Barry or Allegan County. See site for details. Membership requires a $5 minimum deposit into your account.

Branches are located in Hudsonville, Kentwood and Wyoming, Michigan. The credit union is federally insured by the NCUA (Charter # 61677). It has $90.6 million in assets and 12,105 members.

Thanks to the reader who emailed me info on these deals.

5.38% 15-Month CD at a Massachusetts Bank (Dedham Savings) read and submit comments for this post

Dedham Savings is offering two special CDs. The most competitive is the 5.38% APY 15-month certificate. The other is a 5.00% APY 9-month CD. The minimum deposit is $1,000 for a regular CD and $100 for an IRA CD.

Branches are located in the Boston suburbs of Dedham, Westwood, Needham, Walpole, Norwood and Sharon. The bank is FDIC insured (FDIC Certificate # 23620).

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

0.88% Reward Checking Account at an Illinois Bank (Valley Community) read and submit comments for this post

Update 11/22/09: The top rate has fallen to 0.88% APY. See bottom of post for the rate history.

Valley Community Bank is offering a reward checking account called the Premium Reward Checking with a yield of 0.88% APY for balances up to $100,000 (0.25% for above) if you meet the monthly requirements of 15 debit card transactions, receive statements electronically and have one or more direct deposit or ACH auto debit. Meeting these conditions will also qualify you for refunds of all ATM fees. The rate falls to 0.25% if you don't meet these requirements. There are no minimum balance requirements or monthly fees.

Branches are located in several cities in the western suburbs of Chicago. I was told by the banking rep that a branch visit is required to open the account.

The bank is FDIC insured (FDIC Certificate # 34187).

For other high yield reward checking accounts. please refer to my summary of the best checking accounts.

Rate History:
11/20/09: 0.88% APY up to $100K
08/17/09: 2.51% APY up to $100K
03/23/09: 3.01% APY up to $100K
02/10/09: 4.01% APY up to $100K
01/29/08: 5.01% APY on balances up to $100,000, 0.25% for above.
04/24/07: 6.01% APY on all balances (initial post)

5.50% 7-Month CD at a Texas Bank (Equity) read and submit comments for this post

Equity Bank is advertising a 5.50% APY 7-month certificate of deposit. The minimum opening deposit is $1,000. This special is not listed at the bank's website. It was advertised in today's Dallas Morning News. The ad is available online here.

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

The bank is FDIC insured (FDIC Certificate # 23498).

5.50% Money Market Account Promotion at UmbrellaBank read and submit comments for this post

Update 4/25/07: The promo page now states that the 5.50% APY is only guaranteed through 7/31/07. The date was originally 12/31/07. The post has been updated with this change.

UmbrellaBank.com just launched a new promotion on its Pot O'Gold Money Market Account. When new customers open the account through this promotional page, you'll receive a 5.50% APY on all balances over $1,000. The rate is guaranteed through 7/31/07. Currently, there's no mention of this promotion at UmbrellaBank's home page. A reader left a comment about this promotion, and I called UmbrellaBank to confirmed it. It has just started so that's probably why it's not yet mentioned on the home page.

Some of the important details of the Pot O'Gold Money Market from the Pot O'Gold Summary page and from the promo page:

• 5.50% APY for new customers on balances over $1,000 guaranteed until 7/31/07
• 0.60% APY on balances below $1K and a $10/month fee when the daily balance falls below $1K
• Offers check writing (up to 3/month) and the first book of checks are free
• ATM card is available BUT they charge $1 per ATM transaction
• $10 fee if you go past 6 withdrawals to another account per statement cycle

Some details I received from the customer service rep include:

• No hard credit pull is done. They only do a ChexSystem verification and a soft pull
• You can fund the account by check or by a free wire transfer
• After the account is opened, you can link to your other bank accounts and make ACH electronic fund transfers (ETF).
• Before ETFs are allowed, you must fill out a form and mail it in with a voided check. The External Transfer Enrollment Application is available here.
• Each new ETF link requires an additional form and voided check.
• ETF transfers take 3 to 5 days (customer experience is usually a better indicator of the real delay)
• There are no fees for initiating ETF transfers
• There are no limitations on the size of the ETF transfers
• Only 3 ETF transfers allowed per month (This seems to contradict the website so I asked if this limit would apply if you didn't have any check or other non-ATM withdrawals, and the CSR said the 3-per-month limit would still apply).

Note, it's common for the information provided by a CSR to not always be 100% accurate, so be sure to check on your own.

UmbrellaBank.com is the online banking division of New South Federal Savings Bank. You can find UmbrellaBank mentioned by the CEO in the 2005 annual profile (pdf). New South Federal is FDIC insured (FDIC certificate # 32276). It doesn't have a history of high ratings at Bankrate.com. Currently, it only has 2 out of 5 stars (below peer group). Last September it only had 1 out of 5 stars. However, on UmbrellaBank's home page, they're advertising their rating with BauerFinancial was 3.5 out of 5 stars (good) through all of 2006.

I had thought we would see some promotions from banks at the end of HSBC's promotion. GMAC Bank just did a major rate increase to 5.30% APY on its money market account on Friday (see post). Although GMAC Bank's money market rate isn't a promotional rate, there's no guarantee to when it may end. The last time GMAC's rate was 5.30% it lasted less than a month. One nice thing about a guarantee end date is that you won't be negatively surprised like we were with E-LOAN. E-LOAN launched it's savings account last September with a 5.50% APY. It dropped to 5.38% APY in just over 2 months and then dropped to 5.25% APY in about 6 weeks after that (see post). However, the bad thing about the promo is that you'll more likely find the standard rates after the promo to be disappointing. In the last several months, UmbrellaBank's money market account rates have lagged other money market account rates. Last September they went to a tier rate structure. Currently, for balances over $1K the yields range from 4.95% APY to 5.10% APY for balances over $50K.

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

Update on Amboy Direct's 6% 3-Month Promo for NJ and the Premium Savings Account Bonus read and submit comments for this post

Update 10/27/07: The 3-month intro rate has fallen to 5.50%.

For those looking to retain 6% after the HSBC Direct promo ends, you may want to try Amboy Direct's Money Market Maximizer Account. However, this 6% promotion is only for residents of New Jersey. I just called and confirmed this. Refer to my March post for more details of this Amboy money market account and promotion.

As I mentioned in the March post, those in New Jersey can open the Money Market Maximizer first for the promotion and then open the Premimum Online Savings Account later to get the highest rates. However, according to the service rep, you can't transfer directly from the Money Market Maximizer to the Premium Online Savings Account.

Only those in New Jersey with at least $30K to deposit would be better off to start with this Money Market Maximizer Account since $30K is required to qualify for the 6% APY. Otherwise, you'll be better off with the Premium Online Savings Account. Refer to this post for more info on this savings account and the $25 bonus. One note on the bonus, your intial deposit doesn't have to be $3K to earn the bonus. You can transfer additional funds into the account after you open the account. The bonus is payable after you meet the minimum $3K balance for 3 months. Refer to my September post for more info on this.

5.75% 60-Month CD at a Virginia CU (Apple) read and submit comments for this post

Apple Federal Credit Union is offering a high rate of 5.75% APY on its Jumbo certificate. The minimum deposit is $50,000. A yield of 5.50% APY is available for 5, 7 and 10 years with a $500 minimum deposit. These rates are also available for IRA certificates.

Apple FCU had been offering some nice shorter term CD promotions including a 6.30% 14-month IRA and a 5.75% 16-month CD. These are now over.

Field of membership is primarily limited to select employment groups. There are some associations listed. Please check with the credit union to see if an association membership can qualify you to join.

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 (Charter # 11307). It has $915.8 million in assets and 80,950 members.

Thanks to the reader who mentioned these new rates.

[Edited 6:30pm: Updated info on association membership qualifications.]

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

Clearview FCU is offering a 5.75% APY 7-month certificate. The minimum deposit is $1,000. It's also available as an IRA certificate. This is a promotional rate to celebrate the opening of a new branch, but it's available at all of the credit union's branches. The rate expires on April 30, 2007.

Field of membership includes those who live, work, worhship or attend school in several counties of Southwestern Pennsylvania. See site for details. Branches are located in Pittsburgh, Philadelphia, McKees Rocks, Beaver Falls, Monaca, Brentwood and Moon Township, PA. There's also a branch in Charlotte, NC.

The credit union is federally insured by the NCUA (Charter # 9007). It has $580.1 million in assets and 71,506 members.

5.75% 12-Month CD at a Texas CU (Golden Key) read and submit comments for this post

Golden Key FCU lists several high rate term share certificates. The highest rate is the 12-month term CD with a yield of 5.745% APY. The minimum deposit is $25,000. For a $500 minimum, the rate is 5.535% APY. The 30-month and 60-Month CDs are also very competitive at yields of 5.558% and 5.640% APY.

Field of membership includes those who live, work, worship or attend school in many areas of El Paso, Texas. See site for details. Membership requires a minimum deposit of $25 into your savings account.

The credit union is federally insured by the NCUA (Charter # 7224). It has $45.4 million in assets and 7,415 members.

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

2.90% Rewards Checking Account at an Oregon CU (Oregon Community) read and submit comments for this post

Update 9/19/09: The top rate is scheduled to fall to 2.90% APY and the balance cap is scheduled to fall to $50,000 effective 10/01/09. Refer to the bottom of the post for the account history.

Oregon Community Credit Union is offering a reward checking account called the Remarkable Checking. It offers 2.90% APY on balances up to $50,000 (0.50% for above) if the typical reward checking requirements are met. In addition to the high yield, it also offers automatic ATM fee reimbursements worldwide when the requirements are met. These monthly requirements include 12 debit card transactions, one electronic deposit or withdrawal (ACH), one login to Internet Banking and active enrollment in eStatements. If these requirements are not met, the rate falls to 0.10% and there are no ATM fee reimbursements for the month. They have a detailed FAQ on this checking account here (pdf). It states that this rate is not a teaser but like any liquid account, it can change in the future.

Field of membership includes anyone who lives or works in Benton, Clackamas, Columbia, Lane, Linn, Marion, Multnomah, Polk, Washington and Yamhill counties of Oregon. Membership requires a $5 minimum deposit into your savings account. Branches are located in Eugene, Springfield, Salem and Portland.

The credit union is federally insured by the NCUA (Charter # 65856). It has $730.9 million in assets and 93,179 members.

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

Rate History:
10/01/09: 2.90% APY up to $50K; 0.50% above; 12 debit card purchases rather than 10
05/07/09: The yield fell to 3.01% APY for up to $100K
05/01/09: 1.00% for above $100K
04/03/09: The yield fell to 3.10% APY for up to $100K; 1.25% for above
01/01/09: The yield fell to 3.25% APY for up to $100K; 1.75% for above
??/??/08: The yield fell to 3.80% APY.
08/01/08: $100K cap is scheduled to take effect. 2.05% APY for above $100K
07/04/08: The yield fell to 4.05% APY.
04/28/08: The yield fell to 4.50% APY.
02/26/08: The yield fell to 5.05% APY.
10/01/07: The yield fell to 5.40% APY.
04/22/07: At the time of the initial post, the yield was 6.01% APY

Edit 6/27/09: Added worldwide in the ATM fee refunds.

$100 Checking Account Bonus at a California Bank (PFF Bank and Trust) read and submit comments for this post

Update 11/21/08: The bank has been closed. Please refer to this post for more details.

PFF Bank and Trust is having a grand opening special at its Riverside branches. The best promotion is a $100 cash bonus for opening a new checking account with $1,000. This is good on any of the bank's Consumer checking accounts and the first order of checks are free (PFF has a free checking account). There's also a 5.40% APY money market account with the rate guaranteed through July 4, 2007. The minimum deposit is $2,500. These specials are not listed at the bank's website. They were advertised in the Inland Southern California newspaper. The ad is available online here.

These offers are only available at PFF's Riverside branches and are limited to the residents of Riverside. Offers expire on 6/29/07. The checking account bonus will be paid at time of account opening, but it must remain in the checking account for 90 days.

PFF Bank and Trust is FDIC insured (FDIC Certificate # 28344).

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

Millstream Area Credit Union is offering a 6.00% APY 24-month certificate. There is a $5K minimum deposit requirement. The early withdrawal penalty is equal to 180 days of interest. This special isn't listed at the credit union's website. Online coupons for this special are available here. There's a coupon for the credit union's main and east office. According to the coupon, the deal expires on 7/31/07. This is the same CD special that Millstream was offering last year.

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

This credit union is not federally insured by the NCUA. Instead it's privately insured by American Share Insurance (ASI) which is the same company that insures Patelco Credit Union. Millstream's financial reports are avaialble at this ASI page.

2.60% Rewards Checking Account at a Kansas Bank (Emprise) read and submit comments for this post

Update 12/31/08: The top yield has fallen to 2.60% APY. Refer to the bottom of the post for the rate history.

Emprise Bank is offering a rewards checking account called eRewards Checking. It offers a yield of 2.60% APY on balances up to $25K (0.35% for above). It requires a little more debit card usage than other reward checking accounts (12 per month rather than the typical 10). The other requirements include 1 Direct Deposit or ACH Auto Debit and receiving electronic statements. If these requirements are not met, the rate falls to 0.05% and you don't get any refunds of ATM fees charged by other banks. The minimum deposit is $100 and it has no monthly service fees.

You can apply for the eRewards checking online. The application makes it seem that people from any state can apply, so I called the bank on Friday. I was told that you still have to visit a branch to show identification and to complete the application process. Note, the banking rep offered me an additional $10 sign-up bonus, so be sure to call before applying. Their toll-free number is (800) 201-7118.

Branches are located in several Kansas cities including Wichita, Andover, Augusta, El Dorado, Eureka, Goddard, Hays, Lawrence and Toronto. The bank has been FDIC insured since 1934 (FDIC Certificate # 4789).

Rate History:
12/23/08: 2.60% APY for up to $25K, 0.35% APY for above, 0.05% if req not met.
??/??/08: 3.51% APY for up to $25K, 1.03% APY for above
04/05/08: 4.75% APY for up to $25K
04/22/07: 6.01% APY for up to $25K, 0.40% if req not met.

Bank Deals Weekly Summary for April 21, 2007 read and submit comments for this post

With only about one week left for HSBC Direct's 6% promo, will we see some nice promotions at other banks to entice us away from HSBC? Perhaps that's what GMAC Bank decided to do this week when it raised the rate on its money market savings account from 5.10% to 5.30% APY. For those who want check writing and a good ACH transfer system, GMAC Bank would be a good choice. GMAC has remained competitive with rates although they're not as consistent as others (see post). If you're looking for both a high rate and a bonus, Amboy Direct may be a good choice with their Premium Online Savings Account which has no minimums and a tier rate of 5.35% APY for $20K+ and 5.25% APY on all smaller balances. Unlike GMAC, the Amboy account doesn't have checks and it has a very restrictive ACH transfer system. However, transfers are fast. I initiated an ACH deposit at Amboy from my HSBC checking account in the morning and it showed as part of the balance later that same day (see post).

CD Rate Updates

For CD rates this week there seemed to be more drops than gains. VirtualBank just made a large cut on its short-term CD rates today. The 3 and 6 month CD yields dropped from 5.44% APY to 5.00% APY for the 3-month and 5.05% APY for the 6-month. Longer term CDs dropped by 0.05% to 0.13%.

CD rate drops also occurred this week at GMAC Bank, E-LOAN, IndyMac and Imperial Capital Bank. There were a few banks which made some rate increases. UFB Direct increased its 12-month CD yield from 5.15% to 5.20% APY. Everbank increased its 12-month CD yield from 5.05% to 5.15% APY and Netbank increased its 6 and 12-month CD yield to 5.30% APY.

The CD yield curve's inversion seems to be growing. This is very apparent at GMAC Bank in which the money market savings account with a yield of 5.30% APY now has a higher yield than all of the CDs.

Most of the best CD deals this week are from credit unions. The ones I include in the top lists can be opened by people from any state. Melrose Credit Union is one of these. It increased the rate of all of its CDs this week by 0.25%. Its one-year CD now has a yield of 5.56% APY. Longer terms have yields that range from 5.46% to 5.56% APY (see post). Northrop Grumman FCU continues to offer very competitive 6-month CDs for minimum deposits of $40K. The yield this week is 5.69% APY (see post).

For those who prefer brick-and-mortar banks, you may want to try Wachovia. They're having some promotions for their short-term CDs. The rates vary by state and sometimes by branch. In Irvine, California, you can get a 5.61% APY 8-month CD. Elsewhere in California a 5.45% APY 10-month CD special is available. The CD special in Florida and Texas is a 7-month CD with a yield of 5.40% APY (see post).

For the list of local CD deals, refer to the local CD deal section below.

Checking Account Updates

Capital One introduced a new high yield checking account this week with a yield of 5% APY. The 5% APY is guaranteed for one year. Afterward it'll return to a standard rate which would be 3% APY as of today. The checking account has no monthly service fees and has no ATM fees (fees charged by other banks are automatically refunded.) The initial minimum deposit is $50, but there are no monthly minimum balance requirements after opening. Unfortunately, this new checking account is only being introduced to those in Central Texas (Austin and San Antonio). It may expand to other cities later (see post).

For those who like ING Direct's new checking account but don't want to give up paper checks, UnivestDirect's checking account may be for you. As I posted, UnivestDirect's checking is a 4% APY no-minimum checking like ING Direct, but it allows paper checks.

I reported on several new reward checking accounts this week which have a very high yield if certain requirements are met. The most difficult requirement is the use of your debit card for about 10 times per month for purchases. The best one I reported on was at Wilson Bank and Trust of Tennessee which is offering a yield of 6.25% APY for balances up to $50K (see post). I'm keeping a list of these checking accounts at my summary of the best checking accounts.

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 Apr 14th, Apr 7th, Mar 31st, Mar 24th, Mar 17th, Mar 10th, Mar 3rd and Feb 24th.

As of April 21, 2007

Checking/Savings/Money Market Accounts:

• Checking/Savings Account Bonuses
• The Best Checking Accounts

• Geauga Savings Bank - 5.45% ($25K min), see post
• AmTrustDirect - 5.36% ($1K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.31%, my post
• GMAC Bank - 5.30% MMA (min $500), my post
• iGobanking - 5.30%, my post
• Zions Bank - 5.30% MMA, outside of Utah, (min $1K) (5.34% $50K+), my post
• OneUnited - 5.30% (min $1K), my post
• PFF Bank and Trust - 5.30% (min $1K), my post
• Apple Bank - 5.27% (min $2.5K) my post
• WTDirect - 5.26% ($10K min), my post
• FNBO Direct - 5.25%, my post
• E-LOAN - 5.25% ($5K min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• Transportation Alliance Bank - 5.25% (5.15% for MMA), ($25 min), my post
• 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, $50 deal for exec. members)
• Direct Huntington - 5.20% ($1K min), my post
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• Discover Bank - 5.14% MMA (min $10K)
• Bank of America AAA/NEA - 5.13% MMA ($10K min) (5.38% for $50K+) 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%, (6% new money promo), my post
• ETrade Bank - 5.05%, my post ($25 bonus)
• EverBank - 5.01% ($1.5K min), 6.01% 3-mo promo, 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
• Indymac Bank - 5.00% ($1K min)
• Corus Bank - 4.98% MMA (min $10K to open)
• Tennessee Commerce Bank - 4.97% (min $10K), my post
• UmbrellaBank.com - 4.95% MMA (min $1K) (5.10% $50K+), offers checking, my post
• Self-Help Credit Union - 4.68% MMA (min $500), my post
• Citibank - 4.65%, requires checking account, my post ($50 bonus)
• VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
• NetBank - 4.50% MMA ($500 min), 6-month intro rate, my post ($250 deal)
• ING Direct - 4.50%, (4% checking), my post ($25 bonus)
• GE Money - 4.50% (min $4K), (5.05% for $15K+), my post ($25 bonus)
• MetLife Bank - 4.40% MMA (min $5K), my post ($50 bonus)
• Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post
• Melrose CU - 4.06% (min $25) my post

3-Month Certificates of Deposit:

• TD Ameritrade - 5.40% (min $10K), my post - $100 bonus
• UmbrellaBank.com - 5.35% (min $1K)
• UFB Direct - 5.31% (min $8K)
• Countrywide - 5.30% (min $10K), my post
• Imperial Capital - 5.30%, ($2K min), my post
• FirstFedDirect - 5.26% (min $10K), my post
• IndyMac Bank - 5.25% (min $5K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.10% ($1.5K min)
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• ETrade Bank - 5.00% (min $1K), my post
• VirtualBank - 5.00% (min $10K), my post
• Self-Help Credit Union - 4.98% (min $500), my post
• Corus Bank - 4.98% (min $10K)

6-Month Certificates of Deposit:

• Northrop Grumman FCU - 5.69% (min $40K), my post
• NASA FCU - 5.50% (5 months) (min $5K), my post
• FirstFedDirect - 5.46% (min $10K), my post
• UmbrellaBank.com - 5.45% (min $1K)
• IndyMac Bank - 5.45% (min $5K), my post
• E-LOAN - 5.41% ($10K min), my post
• Corus Bank - 5.40% (min $10K)
• Ascencia Bank - 5.40% (min $500)
• Imperial Capital - 5.40%, ($2K min), my post
• AmTrustDirect - 5.36% (min $1K) my post
• Tennessee Commerce Bank - 5.35% (min $5K)
• NASA FCU - 5.35% (7 months) (min $1K), my post
• Countrywide - 5.35% (min $10K), my post
• NetBank - 5.30% (min $1K)
• iGobanking - 5.30% (min $500), my post
• World Savings - 5.30% (min $10K) (5-month), my post
• UFB Direct - 5.25% (min $8K)
• HSBC Direct - 5.25% (min $1K), new money only
• GMAC Bank - 5.25% (min $500), my post
• Self-Help Credit Union - 5.23% (min $500), my post
• Washington Mutual - 5.15% (min $1K), rates vary by state
• EverBank - 5.15% ($1.5K min)
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• ETrade Bank - 5.15% (min $1K), my post
• EmigrantDirect - 5.10% (min $1K)
• VirtualBank - 5.05% (min $10K), my post
• 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 - 5.46% (min $10K) (10-month), my post
• UmbrellaBank.com - 5.40% (min $1K)
• AmTrustDirect - 5.36% (min $1K) my post
• FirstFedDirect - 5.35% (min $10K), my post
• Imperial Capital - 5.25% ($2K min), my post
• Countrywide - 5.20% (min $10K), my post
• GMAC Bank - 5.20% (min $500), my post
• EverBank - 5.15% ($1.5K min)
• IndyMac Bank - 5.15% (min $5K), my post
• EmigrantDirect - 5.10% (min $1K)
• ING Direct - 5.05%, my post
• VirtualBank - 5.05% (min $10K), my post

12-Month Certificates of Deposit:

• Melrose CU - 5.56% (min $5K) my post
• Northrop Grumman FCU - 5.56% (min $40K), my post
• Amalgamated Bank - 5.50% (min $500) (13-month), my post
• AmTrustDirect - 5.41% (min $1K) my post
• Tennessee Commerce Bank - 5.40% (min $5K)
• FirstFedDirect - 5.40%, (min $10K) my post
• Ascencia Bank - 5.40% (min $500)
• UmbrellaBank.com - 5.40% (min $1K)
• Corus Bank - 5.36% (min $10K)
• Mutual Bank - 5.35% (min $2.5K) my post
• E-LOAN - 5.35% ($10K min), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Navy FCU - 5.30% ($20K min) restrictions to membership, my post
• iGobanking - 5.30% (min $500), my post
• La Jolla Bank - 5.30% (min $10K), my post
• AmboyDirect - 5.25% (min $10K), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• Imperial Capital - 5.25% ($2K min), my post
• UFB Direct - 5.20% (min $8K)
• Transportation Alliance Bank - 5.20% ($1K min)
• GMAC Bank - 5.20% (min $500), my post
• ETrade Bank - 5.16% (min $1K), my post
• EverBank - 5.15% ($1.5K min)
• IndyMac Bank - 5.15% (min $5K), my post
• Countrywide - 5.15% (min $10K)
• Self-Help Credit Union - 5.13% (min $500), my post
• ING Direct - 5.10%, my post
• EmigrantDirect - 5.10% (min $1K)
• Washington Mutual - 5.05% (min $1K), my post
• VirtualBank - 5.05% (min $10K), my post
• GTE FCU - 4.96% (min $500) (add-on feature) my post

14/15-Month Certificates of Deposit:

• Navy FCU - 6.00% (15 months) ($8K min) restrictions to membership, my post
• Patelco Credit Union - 5.75% (14 months) ($1K min), not NCUA insured, my post
• NASA FCU - 5.50% (15 months) (min $2K) (5.75% for IRA), my post

18-Month Certificates of Deposit:

• Bank of Internet - 5.36% (min $1K) my post
• iGobanking - 5.30% (min $500), my post
• E-LOAN - 5.30% ($10K min), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Imperial Capital - 5.15% ($2K min), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• AmTrustDirect - 5.15% (min $1K) my post
• EmigrantDirect - 5.10% (min $1K)
• GMAC Bank - 5.10% (min $500)
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post
• ETrade Bank - 4.80% (min $1K), my post
• UmbrellaBank.com - 4.75% (min $1K)

24-Month Certificate of Deposit:

• Melrose CU - 5.51% (min $5K) my post
• Mutual Bank - 5.47% (min $5K) my post
• Navy FCU - 5.40% ($20K min) restrictions to membership, my post
• Bank of Internet - 5.31% (min $1K) my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Northrop Grumman FCU - 5.30% (min $40K), my post
• E-LOAN - 5.25% ($10K min), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• Presidential Bank - 5.13% (min $1K)
• GMAC Bank - 5.05% (min $500)
• Imperial Capital - 5.00% ($2K min), my post

36-Month Certificate of Deposit:

• Pentagon Federal CU - 5.50% (min $1K), my post
• Agriculture FCU - 5.50% (min $1K), my post
• Mutual Bank - 5.47% (min $5K) my post
• Melrose CU - 5.46% (min $5K) my post
• Navy FCU - 5.45% ($20K min) restrictions to membership, my post
• First State Bank - 5.35% ($1K min), my post
• Bank of Internet - 5.25% (min $1K) my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• E-LOAN - 5.20% ($10K min), my post
• Transportation Alliance Bank - 5.15% ($1K min)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• EmigrantDirect - 5.10% (min $1K)
• GMAC Bank - 5.05% (min $500)
• Fort Belvoir FCU - 5.02% (min $1K), my post
• AmTrustDirect - 5.00% (min $1K) my post
• Imperial Capital - 4.95% ($2K min), my post
• Countrywide - 4.90% (min $10K)
• Self-Help Credit Union - 4.84% (min $500), my post
• ETrade Bank - 4.80% (min $1K), my post
• UmbrellaBank.com - 4.75% (min $1K)

48-Month Certificate of Deposit:

• Melrose CU - 5.51% (min $5K) my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• Navy FCU - 5.50% ($20K min) restrictions to membership, my post
• Agriculture FCU - 5.50% (min $1K), my post
• First State Bank - 5.35% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• E-LOAN - 5.20% ($10K min), my post
• Fort Belvoir FCU - 5.13% (min $1K), my post
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• EmigrantDirect - 5.10% (min $1K)
• Transportation Alliance Bank - 5.10% ($1K min)
• GMAC Bank - 5.05% (min $500)
• Countrywide - 4.90% (min $10K)
• Self-Help Credit Union - 4.85% (min $500), my post
• UmbrellaBank.com - 4.75% (min $1K)

60-Month Certificate of Deposit:

• Agriculture FCU - 5.75% (min $1K), my post
• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Melrose CU - 5.56% (min $5K) my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• Bank of Internet - 5.41% (min $1K) my post
• USA FCU - 5.38% (min $1K) my post
• First State Bank - 5.35% ($1K min), my post
• E-LOAN - 5.35% ($10K min), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Fort Belvoir FCU - 5.13% (min $1K), my post
• Members Credit Union - 5.13% (min $2K), my post
• Presidential Bank - 5.13% (min $1K)
• AmTrustDirect - 5.10% (min $1K) my post
• Washington Mutual - 5.10% (min $1K), rates vary by state
• EmigrantDirect - 5.10% (min $1K)
• Transportation Alliance Bank - 5.10% ($1K min)
• VirtualBank - 5.10% (min $10K), my post
• GMAC Bank - 5.05% (min $500)
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• Imperial Capital - 4.95% ($2K min), my post
• Countrywide - 4.90% (min $10K)
• ETrade Bank - 4.90% (min $1K), my post
• Self-Help Credit Union - 4.89% (min $500), my post
• UmbrellaBank.com - 4.75% (min $1K)

84-Month Certificate of Deposit:

• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• EmigrantDirect - 5.10% (min $1K)
• Countrywide - 4.90% (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% Money Market Account at Lockheed FCU ($10K Max)
• 5.49 Money Market Account with $250K initial deposit
• 5.40% Personal and Business Money Market Account with $100K balance
• 5.38% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• 7.50% Checking/Savings Account up to $500 (Washington State)
• 6.25% Reward Checking Account up to $50K (Tennessee)
• 6.10% Reward Checking Account at a Nevada CU (Clearstar Financial)
• 6.01% Reward Checking Account up to $50K (Florida)
• 6.01% Reward Checking Account up to $25K (Wisconsin)
• 6.01% Checking Account up to $100K (Massachusetts)
• 6.01% Checking Account up to $100K (Massachusetts)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% Checking Account up to $25k (Arkansas)
• 6.01% Checking Account up to $25K (Colorado)
• 6.00% Checking Account (Washington State)
• 6.00% Money Market Account Intro Rate in New Jersey
• 6.00% 3-Month Money Market Promo at Amboy New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.50% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.05% Low-Minimum Online Savings Account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Free Checking at Capital One (Central Texas)
• 5.00% Money Market Account (Utah)
• 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

• Alabama deals and CD rates
• California deals and CD rates
• Colorado deals and CD rates
• Connecticut deals and CD rates
• Florida deals and CD rates
• Georgia deals and CD rates
• Idaho deals and CD rates
• Illinois deals and CD rates
• Indiana deals and CD rates
• Kansas deals and CD rates
• Kentucky deals and CD rates
• Maryland deals and CD rates
• Massachusetts deals and CD rates
• Michigan deals and CD rates
• Nevada deals and CD rates
• New Hampshire deals and CD rates
• New Jersey deals and CD rates
• New York deals and CD rates
• North Carolina deals and CD rates
• Ohio deals and CD rates
• Oregon deals and CD rates
• Pennsylvania deals and CD rates
• Rhode Island deals and CD rates
• South Carolina deals and CD rates
• Tennessee deals and CD rates
• Texas deals and CD rates
• Washington State deals and CD rates
• Wisconsin deals and CD rates

Terms of 60 Months and Over

• 6.22% 60-Month CD at a California CU (Tucoemas)
• 6.08% 60-Month CD at a Washington State CU (Evergreen Direct)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.90% 73-Month CD at a Minnesota CU - 6.15% Jumbo (Minnesota Valley)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.80% 60-Month CD at a Colorado CU (Ent)
• 5.70% 60-Month CD at a Pennsylvania CU (Tri County Area)
• 5.65% 60-Month CD at a Texas CU (Greater Texas FCU)
• 5.60% 60-Month CD at a Texas Bank (Texas Brand)
• 5.54% 60-Month CD at a Florida CU (CFE)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.11% 30-Month CD at a California CU (Tucoemas)
• 5.80% 41-Month CD at a New Jersey CU (Tri-Co)
• 5.75% 35-Month CD at a Oregon CU (NW Preferred)
• 5.69% 36-Month CD at a Nevada CU - Jumbo (Silver State Schools)
• 5.65% 24-Month CD at a Washington DC Credit Union Continues (Washington Telephone)
• 5.64% 36-Month CD at a New York CU (Municipal)
• 5.64% 24-Month CD at a New York CU (Municipal)
• 5.60% 36-Month CD at a Pennsylvania CU (Tri County Area)
• 5.55% 30-Month CD at a Missouri Bank (Bank of Washington)
• 5.54% 36-Month CD at a Florida CU (CFE)
• 5.50% 24-Month CD at a Florida Bank (Bay Cities)
• 5.50% 24-Month CD at a Texas Bank (Texas Brand)
• 5.43% 24-Month CD at a South Carolina Bank (Community South Bank and Trust)

Terms of 12 Months to Under 24 Months

• 10.47% 12-Month CD at a Michigan CU - $1K Max (Dearborn Village Community)
• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.30% 14-Month CD at a Virginia CU (Apple)
• 6.25% 13-Month CD at a California CU - IRA (LA Financial)
• 5.88% 12-Month CD at a New York CU (Buffalo Postal Community)
• 5.84% 15-Month CD at a Georgia Bank (First National)
• 5.80% 12-Month CD at a Idaho CU (Pocatello Railroad)
• 5.75% 13-Month CD at a Georgia Bank (Haven Trust)
• 5.75% 12-Month CD at a California CU - IRA (Kaiser)
• 5.75% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.75% 13-Month CD at a Illinois CU (Baxter)
• 5.75% 13-Month CD at a Missouri Bank (Champion)
• 5.75% 15-Month CD at a Utah Credit Union (Tooele)
• 5.65% 12-Month CD at a Washington State CU (Evergreen Direct)
• 5.65% 12-Month CD at a Missouri Bank (St. Louis Bank)
• 5.65% 12-Month CD at a Colorado CU (Ent)
• 5.65% 18-Month CD at a Oregon CU (NW Preferred)
• 5.61% 14-Month CD at a Virginia CU (Reymet Community)
• 5.61% 13-Month CD at a Alabama CU (Credit Union of Alabama)
• 5.60% 15-Month CD at a MA/NJ/NY Credit Union (US Alliance)
• 5.60% 12-Month CD at a California Bank (Fremont Investment and Loan)
• 5.60% 12-Month CD at a Minnesota CU (SMW)
• 5.55% 18-Month CD at a New York CU (Countryside Community)
• 5.55% 12-Month CD at a Washington DC Credit Union Continues (Washington Telephone)
• 5.55% 12-Month CD at a California Bank and 5.25% Savings Account (Fremont Investment and Loan)
• 5.55% 12-Month CD at a Virginia Bank (River City)
• 5.55% 17-Month CD at a Kansas Bank (Security Savings)
• 5.55% 12-Month CD at a Kansas/Missouri Bank (Heartland Bank)
• 5.50% 15-Month CD at a Missouri Bank (Table Rock Community)
• 5.50% 12-Month CD at a Massachusetts CU (Industrial)
• 5.50% 13-Month CD at a Michigan CU (Priority Community)
• 5.50% 13-Month CD at a Missouri Bank (Truman)
• 5.50% 12-Month CD at a Texas CU Continues (San Antonio)
• 5.50% 15-Month CD at a Illinois Bank (Community First Bank - Chicago)
• 5.50% 12-Month CD at a Missouri Bank (St. Louis)
• 5.50% 15-Month CD at a North Carolina CU (Coastal)
• 5.50% 14-Month CD at a California CU - special early withdrawal feature (Financial Partners)
• 5.50% 18-Month CD at a Virginia CU (NMA)
• 5.50% 13-Month CD at a Texas CU (Old Ocean)
• 5.43% 13-Month CD at a South Carolina Bank (Community South Bank and Trust)

Terms of Under 12 Months

• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 7.00% 7-Month CD at a Texas/California CU - $7K Max (Premier America)
• 6.29% 11-Month CD at a New York/Pennsylvania CU (Visions)
• 6.17% 10-Month CD at a California CU (Harbor)
• 6.00% 10-Month CD at a Illinois CU - $20K Max (Land of Lincoln)
• 6.00% 6-Month CD at a New York CU (Empower)
• 6.00% 8-Month CD at a California CU (Santa Clara County)
• 6.00% 6-Month CD at a Florida CU - $20K Max (MIDFLORIDA)
• 6.00% 3-Month CD at a Virginia CU Continues (Arlington Virginia)
• 5.75% 9-Month CD at a Alabama CU (1st Capital)
• 5.75% 6-Month CD at a Georgia Bank (Patriot Bank)
• 5.75% 11-Month CD at a Georgia CU (Georgia Telco)
• 5.75% 7-Month CD at a Missouri Bank (Champion)
• 5.75% 7-Month CD at a Indiana CU - and $80 Checking Account Bonus (Centra)
• 5.70% 7-Month CD at a California CU (Financial Partners)
• 5.70% 9-Month CD at a Texas CU (San Antonio City Employees)
• 5.65% 11-Month CD at a South Florida Bank (Ocean Bank)
• 5.65% 6-Month CD at a Missouri Bank (St. Louis Bank)
• 5.65% 9-Month CD at a South Carolina CU (Anderson)
• 5.65% 9-Month CD at a Arizona CU (Arizona Federal)
• 5.64% 6-Month CD at a South Carolina CU (Georgetown Kraft)
• 5.64% 9-Month CD at a Wisconsin CU and $50 Checking Bonus (Central Wisconsin)
• 5.61% 7-Month CD at a Alabama CU (Credit Union of Alabama)
• 5.55% 11-Month CD at a Kansas Bank (The Bennington State)
• 5.55% 8-Month CD at a New York CU (Countryside Community)
• 5.55% 5-Month CD at a Georgia Bank (Sunrise Bank of Atlanta)
• 5.55% 9-Month CD at a Dallas Bank (Hillcrest)
• 5.55% 7-Month CD at a California CU (San Francisco)
• 5.55% 8-Month CD at a Missouri Bank (Bank of Washington)
• 5.55% 11-Month CD at a California CU (Pacific Service)
• 5.55% 5-Month CD at a South Carolina Bank (First Federal)
• 5.55% 6-Month CD at a California Bank and 5.25% Savings Account (Fremont Investment and Loan)
• 5.55% 6-Month CD at a Virginia Bank (River City)
• 5.50% 6-Month CD at a Missouri Bank (Table Rock Community)
• 5.50% 6-Month CD at a Missouri Bank (St. Louis)
• 5.50% 7-Month CD at a New Jersey CU (Tri-Co)
• 5.49% 9-Month CD at a South Carolina Bank (Bank of Anderson)
• 5.40% 7-Month CD at a Kansas Bank (Security Savings)

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 - 5.04% 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% 7-Month CD Available Online for NC, SC, GA and FL Residents (First Federal) read and submit comments for this post

First Federal is offering a 5.55% APY 7-month certificate of deposit. The minimum deposit is $1,000. It's available only online. The start of the application page states:

Currently we are servicing North Carolina, South Carolina, Georgia, and Florida for all products except for Health Savings Accounts. Health Savings Accounts are available for all states.

So it appears this CD is available to anyone in those states. I noticed in the application FAQ page, it states that the account will be funded by an ACH transfer from your existing account at another bank. Transfers will occur on the next business day.

Since their Health Savings Account is available to people in all states, and HSA's are not too common, I looked into what they offered. The rates range from 4.55% APY for balances over $15K to 3.30% APY for balances between $5K and $15K, and to 2.53% APY for balances from $500 to $5K.

Another unique product offered by First Federal is a Drug Savings Card Plan. I'm not sure how much of a deal this is.

For those who prefer opening a CD at a branch, the best CD rate is a 5.15% APY for a 14-month term. The bank has branches in several cities of South Carolina including the cities of Charleston, Hilton Head, Florence, and Myrtle Beach. The bank has been FDIC insured since 1934 (FDIC Certificate # 28994).

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

5.55% 8-Month / 5.55% 30-Month CD at a Missouri Bank (Bank of Washington) read and submit comments for this post

Bank of Washington has a high rate of 5.55% APY on its certificate of deposit special for terms of 8, 20 and 30 months. All have a minimum deposit of $500.

Branches are located in Washington and Gray Summit, Missouri which are about 30 miles west of St. Louis. There's no mention on the website if they allow account opening by mail. So you probably have to visit a branch.

Bank of Washington is an old bank with an interesting history. It's FDIC insured (FDIC Certificate # 12627).

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

GMAC Bank Raises Money Market Savings to 5.30% read and submit comments for this post

GMAC Bank increased the rate on its Money Market Savings Account today from 5.10% to 5.30% APY. The last time the rate had been 5.30% was back in November. It didn't last long. It started to decline in December and bottomed out in late January at 5.00% APY. It went up last month to 5.10%. Even though the rates have gone up and down a lot, they've always been very competitve. I have the history of GMAC's money market account rates for the last two years at this post with a comparison to HSBC Direct's Savings Account rates.

Although GMAC's rates haven't been consistently high, they do have other perks that most online savings accounts lack such as limited check writing. Also, they have one of the best online ACH transfer systems for electronic funds transfers between accounts from your other banks.

Please, refer to my GMAC Money Market Account review post for more information. In addition to listing the benefits and downsides to the money market account, I describe my experiences with opening this account.

GMAC Bank is FDIC insured.

Thanks to the reader who mentioned this rate update.

Latest Wachovia Certificate of Deposit Promotions read and submit comments for this post

Wachovia has been offering some nice promotional rates on short-term CDs in the last few months. These have varied by state are are never listed at Wachovia's website. A reader just mentioned seeing a 5.61% APY 8-month CD advertised with a $5,000 minimum. I called Wachovia for further details. For California, I was told of a 5.45% APY 10-month CD special. In Texas and Florida, the special was a 5.40% APY 7-month CD. All have a $5,000 minimum deposit requirement and did not require a checking account. Please leave a comment if Wachovia gives you any additional or different info. Their phone number is 800-922-4684.

Wachovia's $50 checking account promotion is nearing an end. The current expiration date is 4/24/07 for the free checking account and 4/30/07 for the student checking account (see post). For those in California, you can get up to $125 bonus for the free checking account. This doesn't expire until 6/24/07 (see post).

Thanks to the reader Beautyt42 who mentioned this CD special in the finding deals post.

5% Free Checking Account Promotion at Capital One in Texas read and submit comments for this post

Update 2/2/08: The 4.00% APY 1-year promo rate has ended.
Update 10/13/07: The 1-year guarantee intro rate is now 4.00% APY.

Capital One Bank is offering a special 5% APY free checking account. A reader mentioned seeing this advertised on TV. At first I thought it might be their 5% money market account since I couldn't find a 5% free checking listed at their website. I called, and they confirmed that it's a special checking account promotion that they're testing out in Austin, Texas. They may expand it to other cities at a later time.

[Update 4/20/07: A reader provided a link to this special at HighInterestFreeChecking.com. Most of the info that I had originally mentioned seems accurate. However, in addition to Austin, it's also available to those in San Antonio. Another nice perk is that Capital One will automatically reimburse any fee assessed at any ATM within 5 business days.]

According to the banking rep, the 5% APY is guaranteed for 1 year. After that, it's scheduled to drop to 3%. The account requires an initial deposit of $50. There are no minimums or monthly fees. The 5% is good on balances up to $250K. Online bill pay is free. They won't charge you for using other banks' ATMs and they will reimburse you on charges by other banks. The first book of checks are free. According to the banking rep, they don't do a hard credit pull, just a ChexSystem verification. For more info on this special, you can call Capital One's toll-free number at 1-888-855-2265.

Capital One Bank has branches in Texas and Louisiana. In December, Capital One completed the merger of New York-based North Fork Bank. So this special checking promotion may be in other cities later this year. Capital One also provides online banking at its Direct Banking website where they offer a 5% money market account. Costco members can get a 5.20% APY money market account and Costco Executive members can get a $50 sign-up bonus. For more info on these money market accounts please refer to my Costco/Capital One promotion post and my Capital One Money Market Accounts post.

5.65% 24-Month / 5.55% 12-Month CD at a Washington DC Credit Union Continues (Washington Telephone) read and submit comments for this post

Washington Telephone FCU is continuing to offer special preimum rates for 12 and 24 month certificates. The 12-month certificate has a yield of 5.55% APY and the 24-month certificate has a yield of 5.65% APY. There's a $2,500 minimum deposit for the 12-month term, and $5,000 minimum for the 24-month term. It requires new money. I had first reported on this in February. The special is now scheduled to last until May 31, 2007.

Field of membership includes those who live, work, worship or attend school in Washington DC or inside the Beltway in Prince George's County, Maryland. You can also be eligible via family and select employer groups. See site for details. Membership requires a $5 deposit into the main savings account.

Branches are located in Maryland, Virginia and Washington DC. The credit union is federally insured by the NCUA (Charter # 5571). It has $243.5 million in assets and 33,938 members.

5.88% 12-Month CD at a New York CU (Buffalo Postal Community) read and submit comments for this post

Buffalo Postal Community FCU is offering a 5.88% APY 12-month share certificate. The minimum deposit is $10,000. An APY of 5.61% is available for a minimum deposit of $500. These rates are also available for the 12-month IRA share certificate.

The credit union also has a very competitive rate of 5.12% APY on its money market account for balances of $10,000 and over. The rate for balances between $2.5K and $10K is 3.04% APY.

Field of membership includes those who live, work, worship or attend school in Erie County, New York.

The credit union is federally insured by the NCUA (Charter # 613). It has $49.3 million in assets and 9,391 members.

6.01% Reward Checking Account at a Wisconsin CU (Connexus) read and submit comments for this post

Update 5/03/08: The top yield has fallen to 3.51% APY.
Update 4/02/08: The top yield has fallen to 4.01% APY.
Update 1/15/08: The top yield has fallen to 5.01% APY.

Connexus Credit Union has started a rewards checking account that earns 6.01% APY on balances up to $25,000 (0.75% for over $25K). It has the typical rewards checking account qualifications: 10 debit card (non-pin) transactions posted, one ACH debit or credit and eStatement participation. If these qualifications are not met, the APY falls to 0.50%. The account has no minimum balance requirements and ATM surcharges are rebated.

Field of membership includes members of the Connexus Association in which anyone can join with a $5 donation to their scholarship fund. Contact the credit union for the application. There are also a few Select Employer Groups that can qualify you for membership. Membership requires a $5 deposit into your savings account.

The credit union is federally insured by the NCUA (Charter # 66538). It has $206.4 million in assets and 17,572 members.

For other rewards checking accounts, please see my summary of the best checking accounts.

[Edit 11/06/07: Updated the FOM to include the Connexus Assocation. Updated links.]

5.50% 24-Month CD at a Florida Bank (Bay Cities) read and submit comments for this post

Bay Cities Bank has high rates on its long term certificates of deposit. CDs with terms of 24-months and longer have a yield of 5.50% APY. The minimum deposit is $1,000.

Branches are located in Tampa, St. Petersburg and Lutz, Florida. The bank has been FDIC insured since 1999 (FDIC Certificate # 35066).

3.01% Reward Checking Account at a Florida Bank (Premier) read and submit comments for this post

Update 5/03/09: The top yield has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Premier Bank is offering a rewards checking account with a yield of 3.01% APY on balances up to $50,000 (1.01% on over $50K). This rate and ATM refunds require the typical rewards checking monthly conditions: 10 check card transactions, 1 direct deposit or pre-authorized electronic payment and online E-Statements. If these are not met, the rate falls to 0.11%. The account has no minimum balance requirements.

Branches are located in Tallahassee and Quincy, Florida. The bank has been FDIC insured since 1995 (FDIC Certificate # 33992).

For other rewards checking accounts, please see my summary of the best checking accounts.

Rate History:
06/17/09: 3.01% APY for up to $50K, 1.01% APY for above, 0.11% APY base rate
05/03/09: 3.01% APY for up to $50K
04/05/08: 3.51% APY for up to $50K, 1.01% APY for above, 0.21% APY if requirements are not met
04/18/07: 6.01% APY for up to $50K, 1.51% APY for above, 0.51% APY if requirements are not met

5.56% 12-Month CD at Melrose Credit Union (Open to All) read and submit comments for this post

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

Melrose Credit Union raised the yields on its share and IRA certificates by 25 basis points. For minimum deposits of $5,000, the yields now range from 5.56% APY for 1 and 5 year terms, 5.51% APY for 2 and 4 year terms and 5.46% APY for a 3 year term. The IRA certificates have the same rates but require a minimum deposit of $4,000.

Melrose also has Jumbo Certificates, but these should be called Super Jumbo since it has a minimum of $1 million. The Jumbo rates are 25 basis points higher than the regular share rates.

For much of last year Melrose maintained very high CD yields. They had ranged as high as 5.82% APY last July. Last November they had gone down a bit but were still as high as 5.61% APY. However, the rates plummeted by up to 50 basis points in mid November. The rates rebounded a bit in January to about 25 basis points below where they are today.

Another thing to note about Melrose is that it has a high rate on its Basic Share Savings Account. The yield is currently 4.06% APY. Although it's not high compared to online bank savings accounts, it's high compared to the typical credit union savings accounts. The minimum deposit is $25.

Anyone can join the credit union. According to Melrose's membership page:

Since Melrose Credit Union has an open New York State charter there are no geographic or group affiliation field of membership restrictions. So, regardless of where you live or how you earn a living, you may qualify for membership.

Membership requires a one-time fee of $1 and a minimum $25 deposit into your share savings account. You can apply online for membership, but you have to fund you account by mailing a check or a money order. In addition, you must print, sign and mail the membership application and include a copy of your photo ID and proof of address (utility bill) with the application.

Melrose is located in Briarwood, New York which is in Queens.

Melrose Credit Union is federally insured by the NCUA (Charter # 62005). Since last year, it has grown from 17,755 members to 19,231 members and from $771 million in assets to $860 million in assets. With easy membership and high CD yields, I'm surprised it hasn't grown more.

5.55% 7-Month CD at a California CU (San Francisco) read and submit comments for this post

San Francisco FCU is offering a special 5.55% APY 7-month certificate. The minimum deposit is $1,000, and the maximum deposit is $50,000. The offer ends on April 30th.

The special 7-month certificate also has a one-time bump option that allows you to increase the rate to the current 6-month CD rate during the term. The current regular 6-month certificate rate is only around 5% APY so it's unlikely this bump feature will be useful. Nevertheless, the 5.55% APY is good enough that it doesn't really need a bump feature.

Field of membership includes those who work, live, worship or attend school in San Francisco. Membership requires a $5 fee and a $5 initial deposit into your share savings account. Note, there's a monthly low balance fee if your total combined balance of all your deposit accounts is less than $100 (and you don't have a loan).

The credit union is federally insured by the NCUA (Charter # 24542). It has $577.6 million in assets and 30,506 members.

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

[Update: corrected monthly fee exemption.]

5.55% 9-Month CD at a Dallas Bank (Hillcrest) read and submit comments for this post

Hillcrest Bank is advertising a pre-opening special for its new Dallas branch. It's a 5.55% APY 9-month certificate of deposit. The minimum deposit is $1,000. This special rate is listed at its Dallas rates page. It was also advertised in today's Dallas Morning News. The ad is available online here.

Hillcrest Bank also has branches in Kansas and Missouri. This special is only available in Dallas. The 9-month CD special listed outside of Texas is 5.40% APY. The address listed in the Dallas ad is 2811 McKinney Avenue, suite 232. Phone number is 214-756-6799.

Hillcrest Bank has been FDIC insured since 1975 (FDIC Certificate # 22173).

[Update: The Texas rates page now lists the 5.55% APY.]

Amboy Direct Premium Online Savings Account Update read and submit comments for this post

Update 10/29/07: Lastest yield is 4.85% APY for $20K+ balance and 4.80% APY for balances under $20K.

If you're looking for a high yield savings account when HSBC 6% promo ends, Amboy Direct's Premium Online Savings Account may be one to consider. It has maintained its rates of 5.35%/5.25% APY since early December and its rates have remained competitive since Amboy started this savings account last April. You earn 5.25% APY on balances from $1 to under $20K. Balances of $20K and over earn 5.35% APY. There are no monthly balance requirements or monthly fees.

There were some concerns about security two weeks ago when their website was down due to an apparent defacement hacking incident (see post). However, there was no indication that any accounts were compromised, and the website was back up within hours. You may actually feel that your money is safer in this Premium Online Savings Account than at other online accounts. This is due to Amboy's policy of not allowing external ACH debits from the account. They only allow withdrawals by you when you log into the account and initiate an ACH transfer. This may improve security but it does make it less convenient. You're only allowed one link to an external account. To change links you have to mail them a $1 check from the new account. They do allow ACH deposits from an external account. Below are the details that I received from Amboy's customer service about linked accounts and ACH transfers:

We permit one linked account at a time. If you would like to change your linked account, please mail us a check from the new linked account payable to yourself for at least $1.00. In the memo section of the check write "Link" followed by the last four digits of your access ID. We will deposit the check into your account and change the linked account information within three business days. Our mailing address is as follows:

Amboy National Bank
Attention Amboy Direct
3590 Route 9 South
Old Bridge, NJ 08857

Please note that we cannot accept a starter check (checks without personal information printed in the upper left corner) or checks with the words "Payable through".

In addition, we do not block ACH deposits from third parties. Only debits from third parties are blocked. Withdrawals must originate from our website and can only be transferred to the linked account.

Although there are a lot transfer limitations, the transfers are fairly fast. I initiated my last withdrawal on a Tuesday afternoon. It was debited from Amboy on Wednesday and showed up in my checking account on Thursday. Inbound transfers initiated at Amboy have been reported to take a day or less.

Amboy Direct Refer-a-Friend Bonus

Another good feature of Amboy is their $25 refer-a-friend sign-up bonus. It's not as good as ING's since it requires you to maintain a $3K balance for 90 days. Other than that, it's similar. You get $10 for each friend who joins and meets the balance requirements for up to a total $250. If you want the bonus, please send an email to my friend at bankreferral at gmail dot com. Make sure to include Amboy in the title and include your first and last name. Since I've maxed out on these referrals, I have nothing more to earn. However, my friend still has many left.

For more details on this savings account, please refer to my August post.

Amboy Direct is part of Amboy National Bank which has been FDIC insured since 1934 (FDIC Certificate # 6423).

6.00% 8-Month CD at a California CU (Santa Clara County) read and submit comments for this post

Santa Clara County FCU is having a grand opening CD special. It's a 6.00% APY 8-month share certificate. The minimum deposit is $5,000, and at least 50% of the funds must be new to the credit union. Existing funds receive 5.75% APY. The special is available through May 31, 2007. The are also some special IRA certificates with yields that range from 5.55% APY for a 6-month term to 5.75% APY for a 12-month term.

Field of membership is primarily limited to employees and volunteers of certain companies and their families. Companies are not listed, but they do provide a form to search for qualifying companies. They also provide a toll-free phone number. Membership requires a $25 minimum deposit into your share savings account and a $5 membership fee.

Branches are located in San Jose, Campbell and Gilroy, California. The credit union is federally insured by the NCUA (Charter # 24299). It has $433 million in assets and 42,462 members.

5.55% 5-Month CD at a Georgia Bank (Sunrise Bank of Atlanta) read and submit comments for this post

Sunrise Bank of Atlanta is offering a special 5.55% APY 5-month certificate of deposit. The minimum deposit is $1,000, and the maximum is $95,000. This special CD allows a one-time step up in the rate, one additional deposit in $10K increments during the term and a one-time penalty-free withdrawal during the term of up to 50% of the initial deposit.

It's a new one-office bank located at 600 W. Peachtree Street NW, Suite 300, Atlanta, Georgia. The bank is FDIC insured (FDIC Certificate # 58211).

3.00% Reward Checking Account at a Tennessee Bank (Wilson Bank and Trust) read and submit comments for this post

Update 7/26/09: The top yield has fallen to 3.00% APY. See bottom of post for the rate history.

Wilson Bank and Trust is offering Reward Checking with a 3.00% APY on balances up to $50,000. Like the typical rewards checking account, the main requirement to obtain the high rate is 10 check card transactions per month. In addition, it requires direct deposit or ACH auto debit, access online banking and receiving e-statements. If these conditions aren't met the rate falls to 0.5%. Meeting these conditions also qualifies the customer to unlimited and automatic ATM refunds. The checking account has no minimum balance or monthly fees. Although ACH auto debit can be used instead of direct deposit as part of the requirements, online bill pay requires direct deposit to be free.

Branches are located in several Tennessee cities in areas east of Nashville. Accounts can be opened online for those in Tennessee. However, the Reward Checking is not included in the "Type of Account" field. Please call to see if they require a branch visit.

The bank has been FDIC insured since 1987 (FDIC Certificate # 26962).

For other rewards checking accounts and to learn more about these accounts, please see my High Yield Checking Website.

Rate History:
07/20/09: 3.00% APY per email from CSR
01/30/09: 3.04% APY Rates are no longer listed on website. Received new rate by emailing bank.
12/30/08: 3.51% APY
06/23/08: 4.00% APY
12/02/07: 5.75% APY
04/16/07: 6.25% APY for up to $50K

Edit 7/18/09: Updated reward checking URL

5.65% 6-Month / 5.65% 12-Month CD at a Missouri Bank (St. Louis Bank) read and submit comments for this post

St. Louis Bank is offering a special certificate of deposit with an APY of 5.65% on terms between 6 and 12 months. The minimum is $10,000, and the funds must not already be on deposit at the bank. The special CD is listed at the bank's rates page. It was also advertised in today's St Louis newspaper. There's also a special 5.25% APY 3-month CD.

This is 15-basis-point improvement to the CD special they were offering last month. A reader had a bad experience last year when a phone rep failed to mention that a previous CD special had been discontinued. So before you drive there, be sure to have the phone rep confirm the special is still available.

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

The bank is FDIC insured. It's a new bank that was established on June 6, 2005.

5.50% 15-Month CD at an Illinois Bank (Community First Bank - Chicago) read and submit comments for this post

Community First Bank Chicago has a grand opening CD special for its new branch. It's offering a 5.50% APY 15-month certificate of deposit. The minimum deposit is $5,000.

The new branch is located at 7555 N. Western Avenue, Chicago. It's a small bank so it probably requires a branch visit to open the CD. The bank is FDIC insured (FDIC Certificate # 57948).

4.00% No-Minimum Online Checking Account at UnivestDirect read and submit comments for this post

Update 4/19/08: The rates have fallen. Please check the bank's website for the latest rates.

UnivestDirect is offering a no-minimum online checking account with a yield of 4.00% APY on all balances. There are no monthly fees. It seems very similar to ING Direct's new Electric Orange Checking Account with one big advantage: paper checks are allowed. It may even have a better ACH funds transfer system than ING. According to the online funds transfer page, everything is done 100% online at UnivestDirect.com. Some other perks of the UnivestDirect checking include free online bill pay, debit card, and free ATM usage (although it doesn't refund charges by other banks).

UnivestDirect also has a no-minimum online savings account with a yield of 4.75% APY, a 4.10% APY online business savings account and a 5.22% APY 1-year CD with a $500 minimum deposit. These other accounts are competitive, but the checking is the most competitive compared to other online accounts, especially those that don't have requirements for direct deposit, debit card usage or minimum balance.

UnivestDirect is part of Univest National Bank and Trust Co. which is FDIC insured (FDIC Certificate # 7759).

For a list of other high yield checking accounts in the nation, please refer to my best checking account summary post.

Thanks to the reader who emailed me info on this checking account.

Update 4/19/08: The domain UnivestDirect.com was no longer pointing to the bank. The online savings and checking are now accessible under Univest National Bank and Trust's website at univest.net. Changed all links to this.

Bank Deals Weekly Summary for April 14, 2007 read and submit comments for this post

A no-minimum online savings account came out this week with a 5.50% APY (up from 5.35%). Unfortunately, it's RateEdge which is a division of Sunmark FCU, a credit union in New York. Eligibility is mostly limited to those in certain areas of New York. The 5.50% APY brought back memories of E-LOAN. Unlike E-LOAN, RateEdge has a better history of maintaining top rates (see post).

There weren't many other savings account rate changes this week. With April almost half over, HSBC's 6.00% new money promotion is not worth getting into if you haven't already. I read in this CS Monitor article that HSBC is planning to launch this month a high-yield online checking account similar to ING Direct's Electric Orange. Perhaps HSBC will have some promo rate for this checking account. And perhaps we should consider moving our money out of HSBC now in case the promo rate has a new-money requirement. However, my guess is that there won't be another new money promo rate at HSBC any time soon.

You may find that the best rate from a liquid account is from a brick-and-mortar bank that offers a high-yield rewards checking account. The main catch with these accounts is that they usually require around 10 debit card transactions per month. Also, they often require direct deposit (or sometimes an ACH auto debit). But if you meet these conditions, you can earn yields up to 6% APY at some banks. Typically, this yield only applies to balances up to $25K. But at some places there are no limits. Some new rewards checking accounts that I posted on this week include the 6.01% in Colorado (see post), 5.01% in North Carolina (see post), 6.01% in Massachusetts (see post) and 5.00% in Connecticut (see post). For a more comprehensive list, refer to my summary of the best checking accounts.

If you're more concerned with bonuses rather than rates, you might be interested in this $125 bonus that Wachovia is offering for its checking account. Unfortunately, it's only available to those in California (see post). For those outside CA, you can still get a $50 bonus at Wachovia (see post).

CD Rate Updates

As this Bloomberg article describes, inflation worries are not going away. This put some upward pressure on yields. The 10-year T-Bill yields rose 1 basis point to 4.76% this week, the highest since February 13. Long term CD yields at several banks also had increases. Slight long term yield gains were seen this week at GMAC, E-LOAN and Netbank.

Northrop Grumman FCU continued to offer very high 6 and 12 month CD rates for minimum deposits of $40K. The 6-month yield is 5.68% APY and the 12-month is 5.53% APY. Anyone is eligible to join (see post).

I did a new post on Amalgamated Bank's 5.50% APY 13-month CD this week. I confirmed that it's available to people in any state and can be opened online (see post).

For local CD deals, folks in parts of New York can get a 6% APY 6-month CD at Empower FCU. Others may also be eligible via organization membership (see post). Evergreen Direct Credit Union has several high yield CDs of terms of 1 year and longer that range from 5.65% to 6.08% APY. Everyone in Washington State is eligible to join (see post).

For the list of local deals, refer to the local CD deal section below.

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

The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available for Apr 7th, Mar 31st, Mar 24th, Mar 17th, Mar 10th, Mar 3rd, Feb 24th and Feb 17th.

As of April 14, 2007

Checking/Savings/Money Market Accounts:

• Checking/Savings Account Bonuses
• The Best Checking Accounts

• Geauga Savings Bank - 5.45% ($25K min), see post
• AmTrustDirect - 5.36% ($1K min), my post
• BankUnited - 5.35% (min $5K), my post
• UFB Direct - 5.31%, my post
• PFF Bank and Trust - 5.30% (min $1K), my post
• OneUnited - 5.30% (min $1K), my post
• Zions Bank - 5.30% MMA, outside of Utah, (min $1K) (5.34% $50K+), my post
• iGobanking - 5.30%, my post
• Apple Bank - 5.27% (min $2.5K) my post
• 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
• Transportation Alliance Bank - 5.25% (5.15% for MMA), ($25 min), my post
• AmboyDirect - 5.25% (5.35% for $20K+), my post ($25 bonus)
• E-LOAN - 5.25% ($5K min), my post
• FNBO Direct - 5.25%, my post
• Direct Huntington - 5.20% ($1K min), my post
• CapitalOne/Costco - 5.20% MMA (min $5K, Costco members only, $50 deal for exec. members)
• FirstFedDirect - 5.16% (min $1K) (closed to CA residents), my post
• Discover Bank - 5.14% MMA (min $10K)
• Bank of America AAA/NEA - 5.12% MMA ($10K min) (5.38% for $50K+) my post
• GMAC Bank - 5.10% MMA (min $500), my post
• Mutual Bank - 5.10% MMA (min $5K), my post
• MyBankingDirect - 5.10% MMA (min $5K), my post
• ETrade Bank - 5.05%, my post ($25 bonus)
• HSBC Direct - 5.05%, (6% new money promo and $75 checking bonus), my post
• EmigrantDirect - 5.05%, my post, (rate history)
• EverBank - 5.01% ($1.5K min), 6.01% 3-mo promo, my post
• Indymac Bank - 5.00% ($1K min)
• 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
• Tennessee Commerce Bank - 4.99% (min $10K), my post
• Corus Bank - 4.99% MMA (min $10K to open)
• UmbrellaBank.com - 4.95% MMA (min $1K) (5.10% $50K+), offers checking, my post
• Self-Help Credit Union - 4.68% MMA (min $500), my post
• Citibank - 4.65%, requires checking account, my post ($50 bonus)
• 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%, (4% checking), my post ($25 bonus)
• NetBank - 4.50% MMA ($500 min), 6-month intro rate, my post ($250 deal)
• MetLife Bank - 4.40% MMA (min $5K), my post ($50 bonus)
• Imperial Capital - 4.20% MMA ($2.5K min), offers free checking, my post

3-Month Certificates of Deposit:

• VirtualBank - 5.44% (min $10K), my post
• TD Ameritrade - 5.40% (min $10K), my post - $100 bonus
• UmbrellaBank.com - 5.35% (min $1K)
• Imperial Capital - 5.30%, ($2K min), my post
• Countrywide - 5.30% (min $10K), my post
• UFB Direct - 5.30% (min $8K)
• FirstFedDirect - 5.26% (min $10K), my post
• IndyMac Bank - 5.25% (min $5K), my post
• GMAC Bank - 5.15% (min $500), my post
• EverBank - 5.10% ($1.5K min)
• ETrade Bank - 5.00% (min $1K), my post
• ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
• Corus Bank - 4.99% (min $10K)
• Self-Help Credit Union - 4.98% (min $500), my post

6-Month Certificates of Deposit:

• Northrop Grumman FCU - 5.68% (min $40K), my post
• IndyMac Bank - 5.50% (min $5K), my post
• NASA FCU - 5.50% (5 months) (min $5K), my post
• FirstFedDirect - 5.46% (min $10K), my post
• UmbrellaBank.com - 5.45% (min $1K)
• VirtualBank - 5.44% (min $10K), my post
• E-LOAN - 5.41% ($10K min), my post
• Imperial Capital - 5.40%, ($2K min), my post
• Ascencia Bank - 5.40% (min $500)
• Corus Bank - 5.40% (min $10K)
• AmTrustDirect - 5.36% (min $1K) my post
• Countrywide - 5.35% (min $10K), my post
• NASA FCU - 5.35% (7 months) (min $1K), my post
• Tennessee Commerce Bank - 5.35% (min $5K)
• World Savings - 5.30% (min $10K) (5-month), my post
• iGobanking - 5.30% (min $500), my post
• GMAC Bank - 5.25% (min $500), my post
• Self-Help Credit Union - 5.25% (min $500), my post
• HSBC Direct - 5.25% (min $1K), new money only
• UFB Direct - 5.25% (min $8K)
• NetBank - 5.25% (min $1K)
• ETrade Bank - 5.15% (min $1K), my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• EverBank - 5.15% ($1.5K min)
• Washington Mutual - 5.15% (min $1K), rates vary by state
• EmigrantDirect - 5.10% (min $1K)
• 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:

• Spectrum FCU - 5.50% (min $5K) 5.65% IRA, my post
• World Savings - 5.46% (min $10K) (10-month), my post
• UmbrellaBank.com - 5.40% (min $1K)
• AmTrustDirect - 5.36% (min $1K) my post
• Imperial Capital - 5.35% ($2K min), my post
• FirstFedDirect - 5.35% (min $10K), my post
• GMAC Bank - 5.25% (min $500), my post
• Countrywide - 5.20% (min $10K), my post
• VirtualBank - 5.18% (min $10K), my post
• IndyMac Bank - 5.15% (min $5K), my post
• EverBank - 5.15% ($1.5K min)
• EmigrantDirect - 5.10% (min $1K)
• ING Direct - 5.05%, my post

12-Month Certificates of Deposit:

• Northrop Grumman FCU - 5.53% (min $40K), my post
• Amalgamated Bank - 5.50% (min $500) (13-month), my post
• AmTrustDirect - 5.41% (min $1K) my post
• UmbrellaBank.com - 5.40% (min $1K)
• Ascencia Bank - 5.40% (min $500)
• FirstFedDirect - 5.40%, (min $10K) my post
• Tennessee Commerce Bank - 5.40% (min $5K)
• Corus Bank - 5.36% (min $10K)
• E-LOAN - 5.35% ($10K min), my post
• Mutual Bank - 5.35% (min $2.5K) 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
• Navy FCU - 5.30% ($20K min) restrictions to membership, my post
• Imperial Capital - 5.30% ($2K min), my post
• ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
• AmboyDirect - 5.25% (min $10K), my post
• Self-Help Credit Union - 5.20% (min $500), my post
• Transportation Alliance Bank - 5.20% ($1K min)
• NetBank - 5.20% (min $1K), my post ($100 bonus)
• ETrade Bank - 5.16% (min $1K), my post
• Countrywide - 5.15% (min $10K)
• VirtualBank - 5.15% (min $10K), my post
• IndyMac Bank - 5.15% (min $5K), my post
• UFB Direct - 5.15% (min $8K)
• EmigrantDirect - 5.10% (min $1K)
• ING Direct - 5.10%, my post
• Washington Mutual - 5.05% (min $1K), my post
• EverBank - 5.05% ($1.5K min)
• GTE FCU - 4.96% (min $500) (add-on feature) my post

14/15-Month Certificates of Deposit:

• Navy FCU - 6.00% (15 months) ($8K min) restrictions to membership, my post
• Patelco Credit Union - 5.75% (14 months) ($1K min), not NCUA insured, my post
• NASA FCU - 5.50% (15 months) (min $2K) (5.75% for IRA), my post

18-Month Certificates of Deposit:

• Bank of Internet - 5.36% (min $1K) my post
• NetBank - 5.35% (min $1K), my post ($100 bonus)
• E-LOAN - 5.35% ($10K min), my post
• iGobanking - 5.30% (min $500), my post
• GMAC Bank - 5.20% (min $500)
• AmTrustDirect - 5.15% (min $1K) my post
• ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
• Imperial Capital - 5.15% ($2K min), my post
• EmigrantDirect - 5.10% (min $1K)
• Countrywide - 5.00% (min $10K)
• Mutual Bank - 4.85% (min $5K) my post
• ETrade Bank - 4.80% (min $1K), my post
• UmbrellaBank.com - 4.75% (min $1K)

24-Month Certificate of Deposit:

• Mutual Bank - 5.47% (min $5K) my post
• Navy FCU - 5.40% ($20K min) restrictions to membership, my post
• Bank of Internet - 5.31% (min $1K) my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• E-LOAN - 5.30% ($10K min), my post
• Melrose CU - 5.25% (min $5K) my post
• GMAC Bank - 5.15% (min $500)
• Transportation Alliance Bank - 5.15% ($1K min)
• Presidential Bank - 5.13% (min $1K)
• Imperial Capital - 5.00% ($2K min), my post

36-Month Certificate of Deposit:

• Agriculture FCU - 5.50% (min $1K), my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• Mutual Bank - 5.47% (min $5K) my post
• Navy FCU - 5.45% ($20K min) restrictions to membership, my post
• First State Bank - 5.35% ($1K min), my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• E-LOAN - 5.25% ($10K min), my post
• Bank of Internet - 5.25% (min $1K) my post
• Melrose CU - 5.20% (min $5K) my post
• GMAC Bank - 5.15% (min $500)
• Transportation Alliance Bank - 5.15% ($1K min)
• EmigrantDirect - 5.10% (min $1K)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Fort Belvoir FCU - 5.02% (min $1K), my post
• AmTrustDirect - 5.00% (min $1K) my post
• Self-Help Credit Union - 4.95% (min $500), my post
• Imperial Capital - 4.95% ($2K min), my post
• Countrywide - 4.90% (min $10K)
• ETrade Bank - 4.80% (min $1K), my post
• UmbrellaBank.com - 4.75% (min $1K)

48-Month Certificate of Deposit:

• Agriculture FCU - 5.50% (min $1K), my post
• Navy FCU - 5.50% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• First State Bank - 5.35% ($1K min), my post
• USA FCU - 5.33% (min $1K) my post
• NetBank - 5.25% (min $1K), my post ($100 bonus)
• E-LOAN - 5.25% ($10K min), my post
• Melrose CU - 5.25% (min $5K) my post
• GMAC Bank - 5.15% (min $500)
• Fort Belvoir FCU - 5.13% (min $1K), my post
• Transportation Alliance Bank - 5.10% ($1K min)
• EmigrantDirect - 5.10% (min $1K)
• ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
• Self-Help Credit Union - 4.96% (min $500), my post
• Countrywide - 4.90% (min $10K)
• UmbrellaBank.com - 4.75% (min $1K)

60-Month Certificate of Deposit:

• Agriculture FCU - 5.75% (min $1K), my post
• Navy FCU - 5.70% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• E-LOAN - 5.45% ($10K min), my post
• Bank of Internet - 5.41% (min $1K) my post
• USA FCU - 5.38% (min $1K) my post
• First State Bank - 5.35% ($1K min), my post
• NetBank - 5.30% (min $1K), my post ($100 bonus)
• Melrose CU - 5.30% (min $5K) my post
• GMAC Bank - 5.15% (min $500)
• VirtualBank - 5.15% (min $10K), my post
• Presidential Bank - 5.13% (min $1K)
• Members Credit Union - 5.13% (min $2K), my post
• Fort Belvoir FCU - 5.13% (min $1K), my post
• Transportation Alliance Bank - 5.10% ($1K min)
• EmigrantDirect - 5.10% (min $1K)
• Washington Mutual - 5.10% (min $1K), rates vary by state
• AmTrustDirect - 5.10% (min $1K) my post
• ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
• Self-Help Credit Union - 4.99% (min $500), my post
• Imperial Capital - 4.95% ($2K min), my post
• ETrade Bank - 4.90% (min $1K), my post
• Countrywide - 4.90% (min $10K)
• UmbrellaBank.com - 4.75% (min $1K)

84-Month Certificate of Deposit:

• Navy FCU - 6.00% ($20K min) restrictions to membership, my post
• Pentagon Federal CU - 5.50% (min $1K), my post
• EmigrantDirect - 5.10% (min $1K)
• Countrywide - 4.90% (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% Money Market Account at Lockheed FCU ($10K Max)
• 5.52% Money Market Account with $250K initial deposit
• 5.40% Personal and Business Money Market Account with $100K balance
• 5.38% Money Market Account at Bank of America with $50K+

Checking and Saving Accounts at Local Banks/Credit Unions

• 7.50% Checking/Savings Account up to $500 (Washington State)
• 6.10% Reward Checking Account at a Nevada CU (Clearstar Financial)
• 6.01% Checking Account up to $100K (Massachusetts)
• 6.01% Checking Account up to $100K (Massachusetts)
• 6.01% Checking Account up to $25K (Little Rock)
• 6.01% Checking Account up to $25k (Arkansas)
• 6.01% Checking Account up to $25K (Colorado)
• 6.00% Checking Account (Washington State)
• 6.00% Money Market Account Intro Rate in New Jersey
• 6.00% 3-Month Money Market Promo at Amboy New Jersey
• 5.61% Checking Account up to $25K (AL/TN/MS)
• 5.50% No-Minimum Online Savings Account (New York)
• 5.25% Money Market Account for 3 months (New York)
• 5.25% Checking Account (Florida)
• 5.05% Low-Minimum Online Savings Account (California)
• 5.01% Checking Account (Wisconsin/Illinois)
• 5.00% Money Market Account (Utah)
• 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

• Alabama deals and CD rates
• California deals and CD rates
• Colorado deals and CD rates
• Connecticut deals and CD rates
• Florida deals and CD rates
• Georgia deals and CD rates
• Idaho deals and CD rates
• Illinois deals and CD rates
• Indiana deals and CD rates
• Kansas deals and CD rates
• Kentucky deals and CD rates
• Maryland deals and CD rates
• Massachusetts deals and CD rates
• Michigan deals and CD rates
• Nevada deals and CD rates
• New Hampshire deals and CD rates
• New Jersey deals and CD rates
• New York deals and CD rates
• North Carolina deals and CD rates
• Ohio deals and CD rates
• Oregon deals and CD rates
• Pennsylvania deals and CD rates
• Rhode Island deals and CD rates
• South Carolina deals and CD rates
• Tennessee deals and CD rates
• Texas deals and CD rates
• Washington State deals and CD rates
• Wisconsin deals and CD rates

Terms of 60 Months and Over

• 6.22% 60-Month CD at a California CU (Tucoemas)
• 6.08% 60-Month CD at a Washington State CU (Evergreen Direct)
• 5.92% 60-Month CD at a South Carolina CU - $50K+ (SAFE FCU)
• 5.90% 73-Month CD at a Minnesota CU - 6.15% Jumbo (Minnesota Valley)
• 5.90% 72-Month CD at a Missouri Bank (Garden City)
• 5.80% 60-Month CD at a Colorado CU (Ent)
• 5.70% 60-Month CD at a Pennsylvania CU (Tri County Area)
• 5.65% 60-Month CD at a Texas CU (Greater Texas FCU)
• 5.60% 60-Month CD at a Texas Bank (Texas Brand)
• 5.54% 60-Month CD at a Florida CU (CFE)

Terms of 24 Months to Under 60 Months

• 6.98% 36-Month CD at a California Bank - Variable IRA (Alliance Bank)
• 6.11% 30-Month CD at a California CU (Tucoemas)
• 6.00% 51-Month CD at a Vermont/New Hampshire CU (Heritage Family)
• 5.80% 41-Month CD at a New Jersey CU (Tri-Co)
• 5.75% 35-Month CD at a Oregon CU (NW Preferred)
• 5.69% 36-Month CD at a Nevada CU - Jumbo (Silver State Schools)
• 5.64% 25-Month CD at a Vermont/New Hampshire CU (Heritage Family)
• 5.64% 36-Month CD at a New York CU (Municipal)
• 5.64% 24-Month CD at a New York CU (Municipal)
• 5.60% 36-Month CD at a Pennsylvania CU (Tri County Area)
• 5.54% 36-Month CD at a Florida CU (CFE)
• 5.50% 24-Month CD at a Texas Bank (Texas Brand)
• 5.43% 24-Month CD at a South Carolina Bank (Community South Bank and Trust)

Terms of 12 Months to Under 24 Months

• 10.47% 12-Month CD at a Michigan CU - $1K Max (Dearborn Village Community)
• 10.00% 12-Month CD at a New York CU - $2K Max (Palisades)
• 6.30% 14-Month CD at a Virginia CU (Apple)
• 6.25% 13-Month CD at a California CU - IRA (LA Financial)
• 6.15% 13-Month CD at a MI/OH/AR Credit Union - lower rates for $5K+ (United)
• 6.10% 12-Month CD at a California CU (Golden Bay)
• 5.84% 15-Month CD at a Georgia Bank (First National)
• 5.80% 12-Month CD at a Idaho CU (Pocatello Railroad)
• 5.75% 13-Month CD at a Georgia Bank (Haven Trust)
• 5.75% 12-Month CD at a California CU - IRA (Kaiser)
• 5.75% 12-Month CD at a Georgia Bank (Patriot Bank)
• 5.75% 13-Month CD at a Illinois CU (Baxter)
• 5.75% 13-Month CD at a Missouri Bank (Champion)
• 5.75% 15-Month CD at a Utah Credit Union (Tooele)
• 5.65% 12-Month CD at a Washington State CU (Evergreen Direct)
• 5.65% 12-Month CD at a Colorado CU (Ent)
• 5.65% 18-Month CD at a Oregon CU (NW Preferred)
• 5.61% 14-Month CD at a Virginia CU (Reymet Community)
• 5.61% 13-Month CD at a Alabama CU (Credit Union of Alabama)
• 5.60% 15-Month CD at a MA/NJ/NY Credit Union (US Alliance)
• 5.60% 12-Month CD at a California Bank (Fremont Investment and Loan)
• 5.60% 12-Month CD at a Minnesota CU (SMW)
• 5.55% 18-Month CD at a New York CU (Countryside Community)
• 5.55% 12-Month CD at a California Bank and 5.25% Savings Account (Fremont Investment and Loan)
• 5.55% 12-Month CD at a Virginia Bank (River City)
• 5.55% 17-Month CD at a Kansas Bank (Security Savings)
• 5.55% 12-Month CD at a Kansas/Missouri Bank (Heartland Bank)
• 5.50% 15-Month CD at a Missouri Bank (Table Rock Community)
• 5.50% 12-Month CD at a Massachusetts CU (Industrial)
• 5.50% 13-Month CD at a Michigan CU (Priority Community)
• 5.50% 13-Month CD at a Missouri Bank (Truman)
• 5.50% 12-Month CD at a Texas CU Continues (San Antonio)
• 5.50% 12-Month CD at a Missouri Bank (St. Louis)
• 5.50% 15-Month CD at a North Carolina CU (Coastal)
• 5.50% 14-Month CD at a California CU - special early withdrawal feature (Financial Partners)
• 5.50% 18-Month CD at a Virginia CU (NMA)
• 5.50% 13-Month CD at a Texas CU (Old Ocean)
• 5.43% 13-Month CD at a South Carolina Bank (Community South Bank and Trust)

Terms of Under 12 Months

• 9.00% 9-Month CD at a Colorado CU - $2K Max (Elevations)
• 7.00% 7-Month CD at a Texas/California CU - $7K Max (Premier America)
• 6.29% 11-Month CD at a New York/Pennsylvania CU (Visions)
• 6.17% 10-Month CD at a California CU (Harbor)
• 6.00% 10-Month CD at a Illinois CU - $20K Max (Land of Lincoln)
• 6.00% 6-Month CD at a New York CU (Empower)
• 6.00% 6-Month CD at a Florida CU - $20K Max (MIDFLORIDA)
• 6.00% 3-Month CD at a Virginia CU Continues (Arlington Virginia)
• 5.75% 9-Month CD at a Alabama CU (1st Capital)
• 5.75% 6-Month CD at a Illinois Bank Continues (Town Center Bank)
• 5.75% 6-Month CD at a Georgia Bank (Patriot Bank)
• 5.75% 11-Month CD at a Georgia CU (Georgia Telco)
• 5.75% 7-Month CD at a Missouri Bank (Champion)
• 5.75% 7-Month CD at a Indiana CU - and $80 Checking Account Bonus (Centra)
• 5.70% 7-Month CD at a California CU (Financial Partners)
• 5.70% 9-Month CD at a Texas CU (San Antonio City Employees)
• 5.65% 11-Month CD at a South Florida Bank (Ocean Bank)
• 5.65% 9-Month CD at a South Carolina CU (Anderson)
• 5.65% 9-Month CD at a Arizona CU (Arizona Federal)
• 5.64% 6-Month CD at a South Carolina CU (Georgetown Kraft)
• 5.64% 9-Month CD at a Wisconsin CU and $50 Checking Bonus (Central Wisconsin)
• 5.61% 7-Month CD at a Alabama CU (Credit Union of Alabama)
• 5.55% 11-Month CD at a Kansas Bank (The Bennington State)
• 5.55% 8-Month CD at a New York CU (Countryside Community)
• 5.55% 11-Month CD at a California CU (Pacific Service)
• 5.55% 5-Month CD at a South Carolina Bank (First Federal)
• 5.55% 6-Month CD at a California Bank and 5.25% Savings Account (Fremont Investment and Loan)
• 5.55% 6-Month CD at a Virginia Bank (River City)
• 5.50% 6-Month CD at a Missouri Bank (Table Rock Community)
• 5.50% 6-Month CD at a Missouri Bank (St. Louis)
• 5.50% 7-Month CD at a New Jersey CU (Tri-Co)
• 5.49% 9-Month CD at a South Carolina Bank (Bank of Anderson)
• 5.40% 7-Month CD at a Kansas Bank (Security Savings)

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 - 5.04% 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

3.01% Reward Checking Account at a Colorado Bank (1st SouthWest) read and submit comments for this post

Update 1/06/09: The top yield has fallen to 3.01% APY.

1st SouthWest Bank is another bank offering a reward checking account with a very high yield and ATM refunds as long as you meet the typical reward checking requirements. It has a yield of 3.01% APY for balances up to $25,000. Above $25K you earn the standard rate of 0.25% APY. The requirements include 1) make at least 10 debit card transactions (excluding ATM transactions); 2) have 1 direct deposit or ACH auto debit; 3) agree to receive your monthly statement electronically. If these requirements aren't meet you'll receive the standard rate and won't get the ATM refunds. The ATM refunds apply automatically and can be up to $30 per month.

Branches are located in the Colorado cities of Alamosa, Center, Cortez, Del Norte, Durango, Pagosa Springs and Saguache. I haven't called yet to see if accounts can be opened by mail. It seems likely that they require a branch visit. The bank is FDIC insured (FDIC Certificate # 57741). It's a new bank that was established in 2004.

For other high yield reward checking accounts at other banks and credit unions, please refer to my best checking account summary post.

Rate History:
10/07/09: 3.01% APY up to $25K; 0.25% over
01/05/09: 3.01% APY
11/22/08: 4.01% APY
02/08/08: 5.01% APY
04/13/07: 6.01% APY up to $25K; 1.25% APY over

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

Empower FCU is offering a 6.00% APY 6-month share certificate. The minimum deposit is $500. It's available for both regular and IRA share certificates. According to the front page, the certificate special runs through May 31st.

Field of membership includes those who live, work, worship or attend school in several New York cities including Buffalo, Fulton, Syracuse and Utica. See site for complete list. You can also be eligible to join via a company or an association. There are many societies and associations listed including the American Cancer Society and the Boy Scouts of America. Another one is The Society of Creative Anachronism, Inc. Membership is open to all and can be done online for a minimum cost of $20.

The credit union is federally insured by the NCUA (Charter # 3025). It has $309.5 million in assets and 32,499 members.

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

10.47% 12-Month CD at a Michigan CU - $1K Max (Dearborn Village Community) read and submit comments for this post

Dearborn Village Community Credit Union has a special 12-month certificate with a yield of 10.47% APY. The maximum deposit is $1,000.

It doesn't seem to be listed on their website. A reader mentioned this, and I called for details. Even though the maximum deposit is only $1K, I was told it doesn't have any checking account requirements. Membership into the credit union requires a minimum $5 deposit into the share savings account. The service rep didn't know how long this would last, but it shouldn't change before the board meets on April 18th. This 10.47% APY will give you about an extra $50 over a 5.47% CD on a $1K deposit.

Field of membership includes those who live, work, worship or attend school in Dearborn and certain areas of Wayne County, Michigan in Southwest Detroit. See site for details.

The credit union is federally insured by the NCUA (Charter # 62237). It has $17.1 million in assets and 3,809 members. Thanks to the reader who mentioned finding this at bankingMyway.

10% 12-Month CD at a New York CU - $2K Max (Palisades) read and submit comments for this post

Palisades Federal Credit Union has brought back its 10% certificate special. You can get 10% APY for 12-months. The website doesn't seem to list the details, so I called yesterday. I confirmed it had the same conditions as it did when I first reported on it in September. The minimum is $500 and the maximum deposit is $2,000. It requires a checking account with direct deposit. The $2K at 10% for 1 year will result in about $90 over what you would earn in a typical high yield CD.

The credit union use to have some additional competitive certificate specials, but currently the best rates besides this 10% special is only 5.25%.

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

Branches are located in New City and Pearl River, New York. The credit union is federally insured by the NCUA (Charter # 4480). It has $135 million in assets and 8,534 members.

Thanks to the reader who mentioned finding this at bankingMyway.

5.65% 17-Month CD at Chartway FCU read and submit comments for this post

Chartway FCU has a special 5.65% APY 17-month share certificate. The minimum deposit is $10K and the maximum is $250K per household. Deposit must be from funds outside the credit union. Preferred Plus, Elite 50 Plus or Premier Checking account with Direct Deposit is required. Without one of these checking accounts, the CD rate is 0.25% less.

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

My last post on Chartway was in December when they had a similar special but with a higher rate of 5.88% APY. They were also offering a special 7% CD. A few times last year they came out with a promotional 7% and 8% APY CDs with maximum deposits of around $7K that could be extended with new member referrals.

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

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

Chartway is federally insured by the NCUA (Charter # 13242). It has $1.2 billion in assets and 164,014 members.

4.01% Rewards Checking Account at a North Carolina Bank (Capital Bank) read and submit comments for this post

Update 11/02/08: The top yield has fallen to 4.01% APY. See bottom of post for the rate history.

Capital Bank is offering a reward checking account called Smart Checking with a yield of 4.01% APY for balances up to $25,000. Balances over $25K earn 1.01%. Monthly requirements to maintain this yield include: 1) 10 debit card transactions, 2) one direct deposit or draft, and 3) e-statements. If these requirements are not met the rate falls to 0.20%. Also, when requirements are met all ATM fees from other banks are refunded. The opening minimum deposit is $100. After opening, there are no minimums and no monthly service charge regardless if requirements are met or not.

Update 5/13/08: They are now accepting applications online by people from any state. Here is their reply to my email:

Yes, you can open the smart checking account online at www.capitalbank-nc.com, just fill out the application. Once we receive it we will send you more information along with a return envelope to enclose a copy of your photo ID and deposit. After we receive the necessary paperwork back from you we can order you a checkcard and checks.

According to the bank representative, they've been offering the Smart Checking account for about a year now, however, the rate was just recently bumped from 4.01% to 5.01% APY. She expects the 5.01% to hold for awhile. She stated that they only do a ChexSystem verification in the application with no hard credit inquiry. They do require a branch visit to open this account. Branches are located in several cities of North Carolina including Asheville, Burlington, Greensboro and Raleigh. The bank has been FDIC insured since 1997 (FDIC Certificate # 34452).

The 5.01% APY is not the best rate for this type of rewards checking account, but it's competitive. For a list of other rewards checking accounts in the nation, please refer to my best checking account summary post.

Rate History:
11/02/08: 4.01% APY
04/12/07: 5.01% APY

5.50% 12-Month CD at a Texas CU Continues (San Antonio) read and submit comments for this post

San Antonio FCU continues to offer a special 5.50% APY 12-month certificate. The minimum deposit is $1,000. I last reported on this CD in February.

The credit union also has a Liquid Share Certificate with a competitive rate of 5.30% APY for a term of 12 months. The minimum deposit is $5,000. This allows unlimited additional deposits during the term. Also, you're allowed two no-penalty withdrawals as long as a minimum balance of $5K is mantained. Other competitive rates include a 5.55% APY on a 7-year and 10-year CD with a minimum deposit of $10K. Rates have gone down a bit since my last report.

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 236,594 members.

5.50% 7-Month CD and $77 Checking Bonus at Century Bank in Dallas read and submit comments for this post

Century Bank is having a grand opening special this Saturday April 14th from 10am to 2pm at its 15235 Montfort Drive branch in Dallas, Texas. The specials include a 5.50% APY 7-month certificate of deposit. The minimum deposit is $1,000. A new or existing checking account is required. You also can get $77 when you open a new checking account. This special isn't listed at the bank's website. It was advertised in today's Dallas Morning News. The ad is available online here.

The bank has been FDIC insured since 1934 (Certificate # 3361).

6.08% 60-Month / 5.65% 12-Month CD at a Washington State CU (Evergreen Direct) read and submit comments for this post

Evergreen Direct Credit Union has high yield share certificates with rates that range from 5.65% APY for a 12-month term to 6.08% APY for a 60-month term. The minimum deposit is $1,000. Partial withdrawals of principal before maturity is allowed with penalty. Early withdrawal penalties range from 180 days of interest for terms under 3 year to 545 days of interest for the 5-year CD. The penalty is applied to the amount withdrawan subject to penalty. The grace period in which you can close the CD after maturity without penalty is 7 calendar days.

Field of membership includes all those who live or work in Washington State. Membership and account opening can be done by phone or at a branch. Branches are located in Olympia and Tumwater, Washington.

The credit union is federally insured by the NCUA (Charter # 68546). It has $39.5 million in assets and 4,615 members.

6.30% 14-Month IRA CD / 5.50% 16-Month CD at a Virginia CU (Apple) read and submit comments for this post

Apple Federal Credit Union continues to offer a special 6.30% APY 14-month IRA certificate. However, this rate ends on April 17th. The minimum deposit is $500. I had first reported on this in January.

There's also a special non-IRA 16-month CD with a yield of 5.50% APY. This has a minimum deposit of $500 and a maximum of $500K. This is down from 5.75% when I first reported on it in February.

Field of membership is primarily limited to select employment groups. There are some associations listed. 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 (Charter # 11307). It has $915.8 million in assets and 80,950 members.

Thanks to the readers who mentioned these rates at Apple FCU.

5.75% 9-Month CD at an Alabama CU (1st Capital) read and submit comments for this post

1st Capital Credit Union is offering a special 5.75% APY certificate with terms of either 7 or 9 months. There's also a special 5.50% APY CD with terms of 13 or 15 months. A checking account is required. The minimum deposit is $1,000 (see flyer pdf).

Field of membership includes all those who live, work, worship or attend school in Tuscaloosa, Morgan, Mobile, Baldwin, Escambia, Monroe and Washington counties in Alabama.

The credit union is federally insured by the NCUA (Charter # 63295). It has $39.6 million in assets and 12,454 members.

5.55% 8-Month / 5.55% 18-Month CD at a New York CU (Countryside Community) read and submit comments for this post

Countryside Community FCU is having an April Certificate Special with a rate of 5.55% APY for terms of 8 or 18 months. The minimum deposit is $2,500. The offer expires 4/30/07.

Their March Madness Certificate special ended last month. That special offered a 12-month CD with a yield between 5.50% to 6.50% APY depending on your NCAA bracket picks. I hope there were some who were able to at least receive 6%. A friend of mine had 6 of 7 correct picks which would have made him eligible for a 6.40% APY.

Field of membership includes those who live, work, worship, or attend school in Onondaga County, New York. The county seat is Syracuse. Membership requires a $5 minimum deposit in the savings account.

The credit union is federally insured by the NCUA. It has $96.9 million in assets and 6,359 members.

$30 Checking Account Bonus at a Texas Bank (Velocity) read and submit comments for this post

Velocity Credit Union is offering a $30 MasterCard gift card for opening its Totally Free Checking account by April 30, 2007. It requires either a $100 deposit OR set up of direct deposit. The gift card will be mailed to you after 60 days. Totally Free Checking has no minimum balance requirements and no direct deposit requirements.

Field of membership includes those who live or work in Williamson County, San Marcos, Round Rock or within a 10-mile radius of any Velocity branch or ATM (This includes the areas in and around Austin, Texas). You can also be eligible via employers/organizations or via family. Membership requires a minimum $5 deposit into the savings account.

The credit union is federally insured by the NCUA (Charter # 68359). It has $483.0 million in assets and 87,420 members.

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

5.50% 13-Month CD Continues at Amalgamated Bank read and submit comments for this post

Amalgamated Bank continues to offer a special USAVE 5.50% APY 13-month certificate of deposit. The minimum is $500, and the maximum deposit is $99K. The rate is in effect through 4/30/07. I had first reported on this special CD on March 8th.

The CD can be opened online. Be sure to enter the promo code CD13 for the 5.50% APY. According to the FAQ page, you can fund the account by an ACH transfer from an account at another financial institution or by sending in a check. The early withdrawal penalty is 3 months of interest. I also called for further details. The operator at their toll-free number (1-866-290-3246) directed me a non-toll-free number (1-212-823-8708) for CD questions. I confirmed that this CD is available to people in any state and you can do the initial funding by ACH transfer. However, when the CD matures and you wish not to renew, you have to mail them written instructions stating you want to close the CD. They only mail checks. If the check is over $10K, they will send it by certified mail. There's a 10 calendar day grace period.

Branches are located in Manhattan, Queens and Bronx of New York; Lyndhurst, New Jersey;Washington, DC, and Pasadena, California. The bank has been FDIC insured since 1934.

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

5.50% No-Minimum Online Savings Account at a New York CU (RateEdge) read and submit comments for this post

Update 7/01/09: Yield is now 0.20% APY. See bottom of post for the rate history.

RateEdge just increased the rate on its online savings account from 5.35% to 5.50% APY. This account only requires $5 to open and has no minimum requirement to earn interest. The only problem with RateEdge is that it's a division of Sunmark Federal Credit Union which has a limitied field of membership. For those eligible to join, it's a great deal.

RateEdge was launched around September of 2005 and it has always maintained very competitive with rates that are often higher than any other no-minimum bank savings accounts. In January it increased the rate from 5.25% to 5.35% APY, and in the fourth quater of 2006 it was offering a $50 sign-up bonus (see post).

A reader reported that the online account at RateEdge uses the same interface as Presidential Bank. It allows for multiple links to your other bank or credit union accounts, and the transfers are fast.

Field of membership is primarily limited to those who live in parts of New York State. To open an account at RateEdge.com, you have to live, work, worship, own a business, volunteer or attend school in one of the following New York counties: Albany, Montgomery, Rensselaer, Saratoga, Schenectady and Schoharie. You can also be eligible if you have an immediate family member who meets the above criteria (even if they're not already a member).

RateEdge is a division of Sunmark FCU which is federally insured by the NCUA (Charter # 1884). It has $441.4 million in assets and 47,379 members.

Thanks to the reader who mentioned this update at RateEdge.

Push for Online Savings Accounts from Your Own Credit Union

As I mentioned in my previous post, there's no reason why other credit unions can't offer similar online savings accounts. They may not all be as competitive as this, but by applying the same online business model, credit unions should be able to give the online banks a run for their money. Another example of a credit union doing this is Beehive Credit Union of Utah. It's currently offering an online money market account with a rate of 5% APY.

I've contacted my credit unions about offering this type of online savings account. The president of one of my credit unions told me that they don't see the demand for this type of account. I guess they think most members prefer 1% savings with branch accessibility rather than a 5%+ online savings accounts. So be sure to send your opinions to your credit union's management and board members. Remember, with credit unions, you elect the board members.

Rate History:
Update 07/01/09: Yield is now 0.20% APY
Update 01/29/09: Yield has fallen to 2.60% APY.
Update 01/15/09: Yield is back down to 2.80% APY.
Update 11/08/08: Yield has increased to 3.00% APY.
Update 7/04/08: Yield has fallen to 2.80% APY.
Update 4/19/08: Yield has fallen to 3.05% APY.
Update 3/22/08: Yield has fallen to 3.40% APY.
Update 3/15/08: Yield has fallen to 3.95% APY.
Update 2/23/08: Yield has fallen to 4.20% APY.
Update 01/25/08: Yield has fallen to 4.45% APY.
Update 11/18/07: Yield has fallen to 4.85% APY.
Update 10/27/07: Yield has fallen to 5.00% APY.
Update 9/23/07: Yield has fallen to 5.25% APY.

$125 Checking Account Bonus at Wachovia California Branches read and submit comments for this post

[Update: Bonus has been extended to 8/31/07.]

Wachovia is offering California customers up to a $125 checking account bonus. Here's Wachovia's promotional page. $75 is availble for opening a Free Checking account with a minimum deposit of $500 by June 24, 2007. An additional $50 bonus is available when you set up Direct Deposit within 90 days. You must be a new checking account customer. The credit in your account will appear within 150 days of the offer expiration. Value of the bonus will be reported to the IRS.

This offer is only available in California. You can apply by phone at (800) 801-0717 or at one of Wachovia's Southern California branches.

Wachovia's free checking account has the basic components of free checking: no minimum balance requirements, no monthly fees, etc. A reader in the previous post mentioned that Wachovia does a hard credit pull (via Experian). I called for some additional information. According to the banking representative, checks are not free, however, they are optional. You can just use the free debit card and free online BillPay. The cost of checks varies by state. There is a $25 fee if the account is closed before 6 months. In addition to the hard pull, Wachovia also does a ChexSystem verification.

For those outside California, you can still get a $50 bonus for the free checking account or for the free student checking (see post).

Wachovia's Expansion into California

With this bonus Wachovia seems to be heavily targeting California, and as this article indicates, Wachovia is having success. These Southern Wachovia branches use to be Western Financial. Later this year, Wachovia plans to open its first Bay Area branch in San Francisco. It plans to end the year with 170 locations in California operating under the Wachovia name. The article also mentions the merging of World Savings into Wachovia. The new free checking at World Savings is one Wachovia induced change, but the executives are careful not to change World's CD strategy of offering promotional rate CDs. I found this quote from the article interesting:

"In essence, we'll follow the same pricing strategy as World has," McGee said, adding that World often pulled in a customer with a promotional rate and then rolled over the CD to a lower rate upon renewal. "Our intent is for them to have a similar experience at Wachovia as they had at World."

2.40% Rewards Checking at a Massachusetts Bank (Florence Savings) read and submit comments for this post

Update 8/08/09: The top yield has increased to 2.40% APY, but the rate cap has fallen to $25K. Refer to the bottom of the post for the rate history.

Florence Savings Bank is offering a rewards checking account that pays 2.40% APY on balances up to $25,000 (1.51% for above) and refunds ATM fees if the following monthly requirements are met:

• 12 debit card purchases
• one direct deposit or ACH debit
• Receive eStatements

If these are not met, the rate falls to 0.05%. The minimum initial deposit is $10. There are no monthly fees and no minimum balance requirements.

Branches are located in Hampshire County which is in the western part of the Massachusetts. It appears that you must visit a branch to open an account.

The bank has been FDIC insured since 1981 (FDIC Certificate # 23293).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:
7/29/09: 2.40% APY up to $25K; 1.51% over; 0.05% base
4/08/09: 2.17% APY
1/02/09: 2.47% APY
7/30/08: 4.07% APY up to $100K; 1.01% over; 0.05% base
4/10/07: The top yield was 6.01% APY at the time of the initial post.

5.00% Rewards Checking Account at a Connecticut Bank (Savings Institute Bank and Trust) read and submit comments for this post

Savings Institute Bank and Trust is offering a 5% APY rewards checking account called the e.SI Checking. The 5% is available on balances up to $50K (1% over $50K). In addition to the 5% APY, all ATM fees are refunded. The conditions to receive this rate and ATM refunds includes using your check card at least 10 times per month (excluding ATM), paying one bill one online bill pay per month and agreeing to e-statements. If these condiitions are not met, your account will not earn interest for that time period.

Branches are located throughout Connecticut. I called their toll free number (1-800-423-0142) and was told that you have to visit a branch to open an account.

The bank was established in the 1800's and has been FDIC insured since 1960 (FDIC Certificate # 18214).

For other high yield reward checking accounts at other banks and credit unions, please refer to my best checking account summary post.

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

5.75% 13-Month CD at a Georgia Bank (Haven Trust) read and submit comments for this post

Update 12/12/08: The bank has been closed. Refer to this post for more details.

Haven Trust Bank is offering a special 5.75% APY 13-month certificate of deposit. The minimum opening deposit is $500.

Branches are located in Duluth and Decatur, Georgia which are in the suburbs of Atlanta. Note, this bank was originally called Horizon Bank until December of 2005. The bank has been FDIC insured since 2000 (Certificate # 35379).

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

ETrade Bank's $25 Sign-Up Bonus Extended for the Complete Savings Account read and submit comments for this post

[Update 6/8/07: Promo is now good through 12/31/07. See post for more info.]

ETrade Bank has extended its $25 sign-up bonus on its 5.05% APY Complete Savings Account. The bonus is now available to accounts opened by April 30, 2007. I had first reported on this bonus in February. ETrade commonly does these bonus extensions, so if you ever miss one be sure to check back.

Here's the ETrade promotional page for this bonus, and here are the details from that page with the important points highlighted:

$25 will be credited to your Complete Savings Account within 30 days of the account being funded with a minimum deposit of $1. Payments will be reported as interest income. Accounts must be opened by April 30, 2007 to quality for the $25 offer. Must be a new account opened with new funds. Offer applies to one new account per customer. Not good with any other offer.

The nice thing about the bonus is that it only requires $1. Also, you don't have to be a new customer. Last year I had opened ETrade's Money Market Account. I applied for this Complete Savings on February 11th at the promotional page. I made sure that the initial deposit came from another bank. On March 9th, I received the $25 credit in my Complete Savings Account.

Even though the 5.05% APY isn't the best rate, E-Trade Bank has some features that make it a nice savings account. One is their online funds transfer system. You can create links online to external bank accounts. The transfers in and out are free, and the transfers are fast. From my experience the transfers complete in one day.

As for hard credit inquiries, I did not receive one when I applied for the money market account last year.

Etrade Bank is FDIC insured (Certificate # 30746).