Bank Deals - Best Rates and Deals: June 2007

Bank Deals Weekly Summary for June 30, 2007
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Quick Link for Rates

At the meeting this week the Fed held interest rates steady again, and it's looking more likely that the Fed may hold steady for the rest of the year. With no signs that rates will fall any time soon, high yield savings accounts continue to look like a better deal than many CDs. You can stay liquid in a 6% savings account promo at FNBO Direct or Everbank or the checking account promo at Salem Five Direct.

Savings Accounts Update - New Online Bank with $50 Bonus

I reported on a new online bank called Heartland Bank Direct on Monday (see post). It's only offering a 5.05% APY savings account, but it does have a new-account bonus in which you can earn up to $50. To receive the full $50, you'll need to deposit at least $10K for 6 months.

You'll also need at least $10K if you want to earn the high rates now at UFB Direct. They've closed their no-minimum High Yield Money Market Savings Account to new customers, and those who already have it will now only earn 4.50% APY. UFB Direct has replaced this account with the Absolute Savings account which continues the 5.31% APY but only for balances of at least $10K. Although it's not as good a deal as the old account, it's still not bad. Balances under $5K still earn 5.11% APY and balances between $5K and $10K earn 5.21% APY (see post).

Checking Accounts Update - 6.01% Available Nationally

For those wanting a high yield liquid account, the reward checking is another alternative. These have been offered only by local banks and credit unions and most require a branch visit. However, a few banks have started these without a branch visit requirement. I reported on one this week at First National Bank in Kansas City which offers 5.60% APY on balances up to $25K. There's an online account application and I was told by the CSR that it's available to people in any state (see post).

The State Bank of Toledo in Iowa is another small bank that's offering a reward checking with an online application open to people from any state. This one offers a yield of 6.01% APY with no balance limits for the 6.01% (see post). It's much smaller than First National Bank and they've reported being overwhelmed by requests, so it's hard to say how long it'll last. The debit card usage requirements, ACH/Direct Deposit requirements and the online features are suppose to make these accounts profitable for the banks. If that's true, perhaps the high yields may last.

New local reward checking accounts that I reported on this week include 6.15% in Arkansas and 6.17% in Tennessee. To see all of my latest posts on reward checking accounts, see this page, and see this link for a summary of the best checking accounts.

CD Rates Update - New 6% CD Deals

The steady rise of long-term CD rates started to slow this week. Rate changes were mixed. National Bank of Kansas City ended its 5.50% APY CDs. The yields now are 5.30% APY on all terms. Countrywide Bank ended its 5.50% APY 18-month CD. It's now only 5.15% APY. GMAC Bank and KeyDirect lowered rates slightly on its long-term CDs. For easy membership credit unions, Northrop Grumman FCU and Western FCU both lowered their CD rates, but the long-term rates continue to be very competitive ranging from 5.38% APY for a 1 year term to 5.84% APY for a 5 year term.

On the plus side, AmTrust Direct increased its long-term CD rate on terms of 18 months and over. E-LOAN increased its 2 and 5 year CD rates to 5.50% and 5.55% APY. And ING Direct's CD rates are getting close to being competitive. Their 12-month CD yield was raised to 5.35% APY.

Also on the plus side, in the last couple of weeks I've been seeing more 6% CD specials. I just reported on Navy FCU's new 6% APY 10-month CD special that is starting on Monday (see post). Navy FCU usually runs these promos for at least 2 months, so as FNBO Direct's 6% promo nears the end, this will provide for a good way to extend the 6% for another 10 months. The only problem with Navy FCU, however, is that you must be connected with the Navy to qualify for membership (see post).

If you can't qualify for Navy FCU membership, you may want to look into these other local 6% CD deals that I reported on this week in Southeast Florida, Kentucky, Virginia, New Mexico, Florida Panhandle, Southern Utah, Indiana and in Texas. For more local CD deals, refer to my 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 Jun 23rd, Jun 16th, Jun 9th, Jun 2nd, May 26th, May 19th, May 12th and May 5th.

Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Special rates, Local checking/savings, Bank alternatives CD Rates: 3 Mo CDs, 6 Mo CDs, 9 Mo CDs, 12 Mo CDs, 18 Mo CDs, 24 Mo CDs, 36 Mo CDs, 48 Mo CDs, 60 Mo CDs, 84 Mo CDs, CDs by state Comments: read and discuss

As of June 30, 2007

Checking/Savings/Money Market Accounts:

FNBO Direct - 6.00% (until 9/28) my post
AmTrustDirect - 5.36% ($1K min), my post
BankUnited - 5.35% (min $5K), my post
UFB Direct - 5.31% (min $10K), my post
OneUnited - 5.30% (min $1K), my post
Zions Bank - 5.30% MMA, outside of Utah, (min $1K) (5.36% $50K+), my post
iGobanking - 5.30%, my post
GMAC Bank - 5.30% MMA (min $500), my post
grand yield direct - 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
E-LOAN - 5.25% ($5K min), 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)(5.25% for $25K+)
Savings Square - 5.10%, my post
Mutual Bank - 5.10% MMA (min $5K), my post
Bank of America AAA/NEA - 5.08% MMA ($10K min) (5.35% for $50K+) my post
Heartland Bank Direct - 5.05%, ($500 min), my post ($50 bonus)
UnivestDirect - 5.05%, (4% checking), my post
AmboyDirect - 5.05% (5.10% for $20K+), my post ($25 bonus)
ETrade Bank - 5.05%, my post ($25 bonus)
HSBC Direct - 5.05% ($50 related bonus) my post
EmigrantDirect - 5.05%, my post
EverBank - 5.01% ($1.5K min), 6.01% 3-mo promo, my post
Citibank - 5.00%, requires checking account and bill pay usage, my post ($100 bonus)
PFF Bank and Trust - 5.00% (min $1K), my post
Indymac Bank - 5.00% ($10K min)
ebank - 5.00% Checking ($2.5K min), my post
Salem Five Direct - 5.00% Checking (5.20% $25K+), 6.10% 2-mo promo and $25 bonus, 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)
UmbrellaBank.com - 4.95% MMA (min $1K), my post
Tennessee Commerce Bank - 4.92% (min $10K), my post
Corus Bank - 4.79% MMA (min $10K to open)
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
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:

Element Financial - 5.35% (min $5K), my post
IndyMac Bank - 5.35% (min $5K), my post
VirtualBank - 5.34% (min $10K), my post
UFB Direct - 5.31% (min $8K)
Imperial Capital - 5.30%, ($2K min), my post
Countrywide - 5.30% (min $10K), my post
National Bank of KC - 5.30% (min $10K), my post
FirstFedDirect - 5.26% (min $10K), my post
UmbrellaBank.com - 5.25% (min $1K)
ETrade Bank - 5.20% (min $1K), my post
GMAC Bank - 5.15% (min $500), my post
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
EverBank - 5.00% ($1.5K min)
Self-Help Credit Union - 4.98% (min $500), my post
Corus Bank - 4.79% (min $10K)

6-Month Certificates of Deposit:

IndyMac Bank - 5.46% (min $5K), my post
Imperial Capital - 5.45%, ($2K min), my post
Element Financial - 5.44% (min $5K), my post
UmbrellaBank.com - 5.42% (min $1K)
World Savings - 5.41% (5 months) (min $10K), my post
NetBank - 5.40% (min $1K)
Corus Bank - 5.40% (min $10K)
Tennessee Commerce Bank - 5.40% (min $5K)
Ascencia Bank - 5.40% (min $500)
Countrywide - 5.40% (min $10K), my post
E-LOAN - 5.39% ($10K min), my post
VirtualBank - 5.39% (min $10K), my post
FirstFedDirect - 5.38% (min $10K), my post
AmTrustDirect - 5.36% (min $1K) my post
Western FCU - 5.32% (min $40K), my post
Northrop Grumman FCU - 5.32% (min $40K), my post
GMAC Bank - 5.30% (min $500), my post
iGobanking - 5.30% (min $500), my post
National Bank of KC - 5.30% (min $10K), my post
Self-Help Credit Union - 5.26% (min $500), my post
UFB Direct - 5.25% (min $8K)
ETrade Bank - 5.20% (min $1K), my post
EverBank - 5.15% ($1.5K min)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
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
Bank of Internet - 4.80% (min $1K) my post

9-Month Certificates of Deposit:

Navy FCU - 6.00% (10 months) ($10K min) restrictions to membership, my post
Air Force FCU - 5.50% (min $1K) restrictions to membership, my post
World Savings - 5.46% (8 months) branch-only (min $10K), my post
Element Financial - 5.42% (min $5K), my post
UmbrellaBank.com - 5.41% (min $1K)
iGobanking - 5.40% (8 months) (min $500), my post
Countrywide - 5.40% (min $10K), my post
AmTrustDirect - 5.36% (min $1K) my post
GMAC Bank - 5.35% (min $500), my post
VirtualBank - 5.34% (min $10K), my post
FirstFedDirect - 5.30% (min $10K), my post
National Bank of KC - 5.30% (min $10K), my post
EverBank - 5.25% ($1.5K min)
ING Direct - 5.25%, my post
Imperial Capital - 5.25% ($2K min), my post
EmigrantDirect - 5.10% (min $1K)
IndyMac Bank - 5.10% (min $5K), my post
Bank of Internet - 4.90% (min $1K) my post

12-Month Certificates of Deposit:

Ascencia Bank - 5.50% (min $500)
IndyMac Bank - 5.45% (min $5K), my post
Element Financial - 5.42% (min $5K), my post
E-LOAN - 5.41% ($10K min), my post
AmTrustDirect - 5.41% (min $1K) my post
Corus Bank - 5.40% (min $10K)
NetBank - 5.40% (min $1K), my post ($100 bonus)
La Jolla Bank - 5.40% (min $10K), my post
Tennessee Commerce Bank - 5.40% (min $5K)
UmbrellaBank.com - 5.40% (min $1K)
GMAC Bank - 5.40% (min $500), my post
VirtualBank - 5.39% (min $10K), my post
Transportation Alliance Bank - 5.39% ($1K min)
Western FCU - 5.38% (min $40K), my post
Northrop Grumman FCU - 5.38% (min $40K), my post
ING Direct - 5.35%, my post
Mutual Bank - 5.35% (min $2.5K) my post
UFB Direct - 5.35% (min $8K)
Imperial Capital - 5.35% ($2K min), my post
FirstFedDirect - 5.31%, (min $10K) my post
Air Force FCU - 5.30% (min $12.5K) restrictions to membership, my post
iGobanking - 5.30% (min $500), my post
Countrywide - 5.30% (min $10K)
National Bank of KC - 5.30% (min $10K), my post
Self-Help Credit Union - 5.28% (min $500), my post
ETrade Bank - 5.25% (min $1K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
AmboyDirect - 5.25% (min $10K), my post
KeyDirect - 5.25% (min $5K), my post
EverBank - 5.20% ($1.5K min)
Discover Bank - 5.20% (min $2.5K)
Melrose CU - 5.20% (min $5K) my post
Navy FCU - 5.20% ($20K min) restrictions to membership, my post
GTE FCU - 5.12% (min $500) my post
EmigrantDirect - 5.10% (min $1K)
Bank of Internet - 5.10% (min $1K) my post
Washington Mutual - 5.05% (min $1K), my post

18-Month Certificates of Deposit:

Bank of Internet - 5.46% (min $1K) my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
Element Financial - 5.41% (min $5K), my post
E-LOAN - 5.41% ($10K min), my post
VirtualBank - 5.39% (min $10K), my post
AmTrustDirect - 5.35% (min $1K) my post
GMAC Bank - 5.35% (min $500)
iGobanking - 5.30% (min $500), my post
National Bank of KC - 5.30% (min $10K), my post
ING Direct - 5.25%, my post
Discover Bank - 5.20% (min $2.5K)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
Countrywide - 5.15% (min $10K)
EmigrantDirect - 5.10% (min $1K)
ETrade Bank - 5.00% (min $1K), my post

24-Month Certificates of Deposit:

E-LOAN - 5.50% ($10K min), my post
Ascencia Bank - 5.50% (min $500)
Transportation Alliance Bank - 5.48% ($1K min)
Mutual Bank - 5.47% (min $5K) my post
Bank of Internet - 5.46% (min $1K) my post
Western FCU - 5.44% (min $40K), my post
Northrop Grumman FCU - 5.44% (min $40K), my post
Element Financial - 5.41% (min $5K), my post
NetBank - 5.40% (min $1K), my post ($100 bonus)
Air Force FCU - 5.40% (min $12.5K) restrictions to membership, my post
GMAC Bank - 5.40% (min $500)
VirtualBank - 5.39% (min $10K), my post
UFB Direct - 5.35% (min $8K)
AmTrustDirect - 5.35% (min $1K) my post
Self-Help Credit Union - 5.32% (min $500), my post
Navy FCU - 5.30% ($20K min) restrictions to membership, my post
National Bank of KC - 5.30% (min $10K), my post
KeyDirect - 5.25% (min $5K), my post
Discover Bank - 5.20% (min $2.5K)
Melrose CU - 5.20% (min $5K) my post
Presidential Bank - 5.13% (min $1K)

36-Month Certificate of Deposit:

Western FCU - 5.59% (min $40K), my post
Northrop Grumman FCU - 5.59% (min $40K), my post
Transportation Alliance Bank - 5.50% ($1K min)
Air Force FCU - 5.50% (min $12.5K) restrictions to membership, my post
Mutual Bank - 5.47% (min $5K) my post
Bank of Internet - 5.46% (min $1K) my post
Element Financial - 5.41% (min $5K), my post
E-LOAN - 5.41% ($10K min), my post
UFB Direct - 5.40% (min $8K)
GMAC Bank - 5.40% (min $500)
VirtualBank - 5.39% (min $10K), my post
NetBank - 5.38% (min $1K), my post ($100 bonus)
First State Bank - 5.35% ($1K min), my post
Navy FCU - 5.35% ($20K min) restrictions to membership, my post
KeyDirect - 5.35% (min $5K), my post
Self-Help Credit Union - 5.35% (min $500), my post
AmTrustDirect - 5.30% (min $1K) my post
National Bank of KC - 5.30% (min $10K), my post
Discover Bank - 5.20% (min $2.5K)
Melrose CU - 5.20% (min $5K) my post
Agriculture FCU - 5.20% (min $1K), my post
Countrywide - 5.15% (min $10K)
EmigrantDirect - 5.10% (min $1K)
ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
Pentagon Federal CU - 5.00% (min $1K), my post
ETrade Bank - 5.00% (min $1K), my post

48-Month Certificate of Deposit:

Western FCU - 5.71% (min $40K), my post
Northrop Grumman FCU - 5.71% (min $40K), my post
Transportation Alliance Bank - 5.50% ($1K min)
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.45% (min $500)
Element Financial - 5.43% (min $5K), my post
E-LOAN - 5.41% ($10K min), my post
Navy FCU - 5.40% ($20K min) restrictions to membership, my post
KeyDirect - 5.40% (min $5K), my post
Self-Help Credit Union - 5.40% (min $500), my post
VirtualBank - 5.39% (min $10K), my post
NetBank - 5.35% (min $1K), my post ($100 bonus)
First State Bank - 5.35% ($1K min), my post
National Bank of KC - 5.30% (min $10K), my post
USA FCU - 5.22% (min $1K) my post
Discover Bank - 5.20% (min $2.5K)
Melrose CU - 5.20% (min $5K) my post
Agriculture FCU - 5.20% (min $1K), my post
Countrywide - 5.15% (min $10K)
EmigrantDirect - 5.10% (min $1K)
ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
Pentagon Federal CU - 5.00% (min $1K), my post

60-Month Certificate of Deposit:

Western FCU - 5.84% (min $40K), my post
Northrop Grumman FCU - 5.84% (min $40K), my post
E-LOAN - 5.55% ($10K min), my post
KeyDirect - 5.55% (min $5K), my post
Bank of Internet - 5.51% (min $1K) my post
Transportation Alliance Bank - 5.50% ($1K min)
Air Force FCU - 5.50% (min $12.5K) restrictions to membership, my post
Navy FCU - 5.50% ($20K min) restrictions to membership, my post
ETrade Bank - 5.47% (min $1K), my post
Element Financial - 5.45% (min $5K), my post
GMAC Bank - 5.45% (min $500)
Self-Help Credit Union - 5.45% (min $500), my post
UFB Direct - 5.40% (min $8K)
VirtualBank - 5.39% (min $10K), my post
First State Bank - 5.35% ($1K min), my post
Agriculture FCU - 5.35% (min $1K), my post
AmTrustDirect - 5.30% (min $1K) my post
NetBank - 5.30% (min $1K), my post ($100 bonus)
National Bank of KC - 5.30% (min $10K), my post
USA FCU - 5.27% (min $1K) my post
Melrose CU - 5.25% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
Presidential Bank - 5.13% (min $1K)
EmigrantDirect - 5.10% (min $1K)
Washington Mutual - 5.10% (min $1K), rates vary by state
Pentagon Federal CU - 5.00% (min $1K), my post
ebank - 5.00% (min $1K), 5.35% for ePremium checking customers

84-Month Certificate of Deposit:

KeyDirect - 5.70% (min $5K) (5.85% for $50k+ and 10yr), my post
Navy FCU - 5.60% ($20K min) restrictions to membership, my post
Countrywide - 5.15% (min $10K)
EmigrantDirect - 5.10% (min $1K)
Pentagon Federal CU - 5.00% (min $1K), my post

High Rates with Conditions / Large Balances - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Bank Account Alternatives

Money Magazine article on risk-free investments
Vanguard Prime Money Market Fund - 5.14% 7-day yield
TIAA-CREF Money Market Fund - 5.13% 7-day yeild
Paypal Money Market Fund - 5.04% 7-day yield (1% cashback debit MasterCard)
Fidelity Money Market Fund - 5.02% 7-day yield ($100 bonus and other info)
FW Thread on Treasury Bills
I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)

Labels: weekly summary

6.00% 10-Month CD Starts Monday at Navy FCU
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Navy Federal Credit Union is starting a special 10-month share certificate on Monday with a yield of 6.00% APY and a rate of 5.83%. The minimum deposit is $10,000. It's available as both a regular and IRA certificate. It's not yet listed on Navy FCU's website. A reader mentioned hearing about it, and I called and confirmed it. It'll likely be listed at the website on Monday.

Navy FCU has maintained very competitive standard CD rates this year. However, rates have recently dropped. The best rates require a minimum $20K deposit. Yields range from 5.20% APY for a 1-year term to 5.60% APY for a 7-year term. Navy FCU also has a competitive money market account that pays 5.25% APY on balances over $50K. See rate table for the full details.

Eligibility into Navy FCU requires some type of connection with the Navy. See Navy FCU's eligibility page for the full details. Unfortunately, there's no easy way to join for those without a Navy connection.

I was fortunate to be able to join Navy FCU in April via my dad who was able to join since he receives disability from the Navy. In this Navy FCU post I describe my experiences joining Navy FCU and opening a CD. I also include several details about CDs. It took almost 3 weeks from the initial online application to when I was able to open the CD. So if you're interested in this 6% CD and are eligible to join, make sure you don't delay starting the membership process.

Branches are located around the US and the world. Navy Federal is federally insured by the NCUA (Charter # 5536). It's the largest US credit union. It has over $28.7 billion in assets and over 2.8 million members.

Thanks to the reader who emailed me info on this new CD.

[Update 7/2/07: The CD is now listed at the website. Here's the link.]

Labels: certificates of deposit, credit unions, nationally available, Navy FCU

6.00% 6-Month CD at a Florida CU - $25K Max (City County)
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City County Credit Union is offering a new member special 6-month certificate with a yield of 6.00% APY and a rate of 5.85%. The minimum deposit is $500, and the maximum is $25,000. It's only available for new members of the credit union. It doesn't seem to be listed at the credit union's website. A reader mentioned seeing it advertised in the Sun-Sentinel. I called and received some additional info.

The credit union is still offering the 5.64% APY 12-month CD that I mentioned last week. That one required Premium membership, but this new 6% CD only requires that you're not already a member.

Field of membership includes anyone who lives or works in Broward County, Palm Beach County, Martin County or the city of Port St. Lucie in St. Lucie County. See site for details. Membership requires a minimum $5 deposit into the share savings account. Note, membership has a monthly maintenance fee that may be waived by having an open loan, active Visa Card, $200 average savings balance or combined deposit/loan balance of $200.

Branches are located in the South Florida cities of Fort Lauderdale, Margate, Sunrise, Plantation and Pembroke Pines. The credit union is federally insured by the NCUA (Charter # 61525). It has $265.7 million in assets and 38,329 members.

Thanks to the reader who mentioned this new CD special in the comments from last week's post.

Labels: certificates of deposit, City County CU, credit unions, Florida

6.00% 7-Month CD at a Kentucky CU (Fort Knox)
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Fort Knox FCU just recently enhanced its Pick-A-Term CD promotion with a special 6% APY 7-month certificate. The minimum deposit is $500. Besides this change, the Pick-A-Term CD's remain the same as I reported last week with a 5.65% APY for terms from 8 to 11 months and from 13 to 17 months.

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 of 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). It has $566.0 million in assets and 68,625 members.

Thanks to the reader who emailed me info on this new CD.

Labels: certificates of deposit, credit unions, Fort Knox FCU, Kentucky

3.29% Reward Checking at an Arkansas Bank (First National)
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Update 10/01/09: The top yield has fallen to 3.29% APY.

First National Bank is offering a reward checking account called the First Reward Checking Account. It pays 3.29% APY on balances up to $25,000 (1.01% over) and offers automatic refunds of ATM fees if the typical reward checking requirements are met: 1) 10 check card transactions per cycle, 2) ACH auto debit or direct deposit and 3) receive electronic statements. If these requirements are not met, no interest is paid and no ATM fees are refunded. There is no minimum balance to maintain account and no service charges regardless of meeting the requirements.

I contacted the bank yesterday and was told that a branch visit is required to open the account. Branches are located in the Arkansas cities of Walnut Ridge, Hoxie, and Pocahontas. The bank is FDIC insured (FDIC Certificate # 3896).

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
10/01/09: 3.29% APY up to $25K (Rates are not on website. Update was based on email. Rate had changed some time ago.)
03/27/08: 5.09% APY up to $25K
06/29/07: 6.15% APY up to $25K; 1.01% over

Labels: Arkansas, banks, checking accounts, First National Bank Arkansas, rewards checking accounts

5.60% 3-Month / 5.60% 60-Month CD at an Ohio CU - and all terms in between (Glass City)
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Glass City Federal Credit Union is having a "Pick Your Term Certificate Special" with a yield of 5.60% APY on all terms from 3 months to 60 months. The minimum deposit is $500 of new money. Certificate IRA's are also available for terms of 12 to 60 months. See pdf of promo.

This credit union often has some good CD promos. Last October it was offering a 6% 40-month CD.

Field of membership includes all those who live, work, worship or attend school in the Ohio counties of Lucas, Wood, Fulton and Ottawa. Membership requires a minimum deposit of $25 into your share savings account.

Glass City's main office is in Maumee, Ohio. It also has branches in Bowling Green and Toledo. The credit union is federally insured by the NCUA (Charter # 5495). It has $128.3 million in assets and 22,718 members.

Labels: certificates of deposit, credit unions, Glass City FCU, IRAs, Ohio

6.05% 12-Month CD at a Virginia CU (NMA)
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NMA Federal Credit Union has a special 12 month certificate with a yield of 6.05% APY. The minimum deposit is $10,000, and it requires new money. It also requires a $250 deposit to a new checking account or new direct deposit. Without the new checking account or new direct deposit, the APY is 5.85%.

In May I reported on NMA's 5.50% APY 34-month CD special. This is still listed in their rate table.

Field of membership includes those who work, live, worship or go to school in Norfolk or Virginia Beach or are connected with the former Navy Public Works Center, the military or a number of private companies. Membership requires a minimum $5 deposit in the savings account.

The credit union is federally insured by the NCUA (Charter # 13491). It has $53.7 million in assets and 7,613 members.

Labels: certificates of deposit, credit unions, NMA FCU, Virginia

2.50% Reward Checking Account at a Kansas Bank (First National Bank)
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Update 11/08/09: The top yield has fallen to 2.50% APY. See bottom of the post for the rate history.

First National Bank just started offering a new reward checking account that's called the Ultimate Checking. It pays 2.50% APY on balances up to $25,000 (0.10% over) if the typical reward checking requirements are met: 1) 15 Visa check card transactions per month, 2) ACH or Direct Deposit, and 3) receive eStatements. If these requirements are not met, the rate goes down to 0.10%. Also you get up to $30 in ATM refunds per statement if these requirements are met. The minimum opening balance is $100. After it's opened, there are no minimum balance requirements.

There is an "Apply Now" button at the top of the Ultimate Checking page. This opens up an online application. However, the Ultimate Checking page states the following:

We provide service within the Kansas City Metropolitan area and surrounding counties. All accounts must be opened at a First National Bank Banking Center

First National Bank is part of the financial services holding company, First National of Nebraska. It's the same holding company that owns First National Bank of Omaha which is the parent of FNBO Direct. However, First National Bank seems to be run as a separate bank designed to serve the Kansas City metro area. It is FDIC insured separately from FNBO (FDIC Certificate # 33789). It has 7 branches in the Kansas City metro area and 233 employees.

For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

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

Rate History:
10/29/09: 2.50% APY up to $25K; 0.10% over
06/18/09: 3.00% APY up to $25K
05/23/09: 3.50% APY up to $25K; 0.25% over; 0.10% base
12/02/08: 3.50% APY up to $25K; 0.50% over; 0.25% base
02/09/08: 4.00% APY.
01/26/08: 4.25% APY (it had been 5.00% APY).
11/06/07: 5.25% APY.
06/28/07: 5.60% APY (initial post)

Edit 12/30/08: APY for over $25K is 0.50% (down from 1.50%). APY if requirements not met is 0.25% (down from 0.50%)

Labels: checking accounts, First National Bank of Kansas, Kansas, rewards checking accounts

Fed Holds Steady - Decisions about Savings Accounts vs. CDs?
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As expected the Federal Reserve left the targeted fed funds rate at 5.25% for the 8th consecutive time (see CNN article). Based on the wordings of its statement, it seems likely that the 5.25% will hold for the rest of the year. Note, there'll be 4 more meetings this year (see FOMC's calendar).

With the Fed likely to keep rates unchanged this year, high yield savings accounts still seem as the better choice over CDs, especially if you're looking for a timeframe under 6 months. In the next six months, you'll likely do better with your money at FNBO Direct's savings account or at Everbank's money market account. Both have 6% promos. Opening either one now will give you about 3 months of 6% APY. After that, the regular rates will likely be at least 5%. That's better than a 5.50% APY 6-month CD that's opened today.

For more info on FNBO Direct and its 6% promo, please see my FNBO Direct account overview. For more info on Everbank and its 6% promo, please see my Everbank post.

Labels: banking news

6.17% 18-Month CD at a New Mexico CU (First Financial).
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Update 8/1/07: This CD special has ended.

First Financial Credit Union is offering a special 6.17% APY 18-month certificate. The minimum deposit is $1,000 for a regular certificate and $500 minimum for an IRA.

Their membership webpage states that membership in First Financial is open to almost anyone in New Mexico. Membership requires a minimum deposit of $5 into your Primary Savings account.

Branches are located in the New Mexico cities of Albuquerque, Rio Rancho, Zuni, Pine Hill, Gallup, Portales and Farmington. The credit union is federally insured by the NCUA (Charter # 68244). It has $319.9 million in assets and 45,346 members.

I'm glad I was able to find a deal in New Mexico. I haven't found many bank deals from there. The last CD deal I posted on was a 6% CD at Kirtland FCU in December.

Labels: certificates of deposit, credit unions, First Financial CU, New Mexico

6.00% 10-Month CD at a Florida CU (Pen Air)
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Pen Air Federal Credit Union is offering a special 6.00% APY 10-month share certificate. The minimum deposit is $5,000.

Field of membership includes active duty or retired military and their immediate families, current or retired federal civil service employees and their immediate families, and certain other select employee groups.

Branches are located in the Florida cities of Pensacoloa, Century, Pace, and Gulf Breeze, and in the Alabama cities of Robertsdale and Orange Beach. The credit union is federally insured by the NCUA (Charter # 1303). It has $753.6 million in assets and 93,659 members.

Labels: Alabama, certificates of deposit, credit unions, Florida, Pen Air FCU

7.14% 5-Month CD at a Wisconsin CU - $3K Max (Northwoods Community).
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Northwoods Community Credit Union is offering a promotional certificate with a 7.14% APY and a 5 month term. The minimum deposit is $1,500, and the maximum is $3,000. It requires new money and is limited to one per member. The offer expires at 4:30pm on June 29, 2007.

The low deposit cap hurts this deal, but at least it doesn't require a checking account or direct deposit. With a $3K deposit, you'll earn about $25 over what you would earn in a 5% account. The credit union is also offering a 5.33% APY 7-month special CD with a $2,000 minimum and no maximum deposit.

Field of membership includes those who live or work in Ashland, Bayfield, Iron, Oneida, Price, Sawyer and Vilas counties, Wisconsin.

The credit union is federally insured by the NCUA (Charter # 67240). It has $44.7 million in assets and 6,412 members.

Labels: certificates of deposit, credit unions, Northwoods Community CU, Wisconsin

7.00% 7-Month CD at a Maryland CU - $7K Max (NIH).
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NIH Federal Credit Union is offering a 7% APY 7-month certificate. The minimum deposit is $1,000, and the maximum is $7,000. The offer is only available from July 1 to July 7, 2007. The CD can be opened by mail.

The $7K cap isn't too bad for these types of CDs. With a $7K deposit, you'll earn about $81 over what you would earn in a 5% account.

Field of membership is primarily based on select employer groups with the main one being the National Institutes of Health. See site for a list of other organizations. You can also be eligible to join via family members (and not just immediate family). Membership requires a minimum deposit of $25 into the regular share savings account.

Branches are located in the Maryland cities of Annapolis, Baltimore, Bethesda and Rockville, and in Washington, DC. The credit union is federally insured by the NCUA (Charter # 3601). It has $356.9 million in assets and 40,193 members.

Labels: certificates of deposit, credit unions, DC, Maryland, NIH FCU

UFB Direct Closes No-Min Savings and Starts New Tiered Savings Account
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UFB Direct is closing their no-minimum High Yield Money Market Savings Account. On its webpage in small print, it states that:

Product not available to new customers and access restricted to customers with existing High Yield Money Market Savings accounts after 06/21/2007.

It appears UFB is replacing this with the new tiered savings account account called the Absolute Savings. To receive the 5.31% APY a balance of over $10K is required. Balances from $5K to $10K earn 5.21% APY and all smaller balances earn 5.11% APY.The minimum opening deposit is $1. There are no monthly minimum balance fees.

Except for the tiered rates, the features of the Absolute Savings Account look the same as the old High Yield Money Market Savings. It comes with an ATM card. UFB will reimburse up to $4.50 per statement period for ATM fees charged when using other banks' ATMs.

Note, several readers have reported that UFB Direct does a hard credit inquiry when you open an account.

UFB Direct is now part of Sky Bank. Sky Bank is FDIC insured (FDIC Certificate # 5982).

Please see this UFB Direct post for more info on this bank.

Labels: banks, nationally available, savings accounts, UFB Direct

5.75% 15-Month / 5.55% 9-Month CD at a Utah CU Continues (Tooele)
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Tooele FCU continues to offer 3 special certificates. These include a 5.75% APY 15-month CD, a 5.65% APY 13-month CD and a 5.55% APY 9-month CD. The minimum deposit for the 13-month CD is $5,000. The minimum for the other two is $1,000. Both the 9 and 15 month specials require money new to the credit union. In addition to the specials, it has competitive rates on all of its CDs with yields as high as 5.70% APY on the 60-month CD and 5.85% APY on the jumbo 60-month CD. I had first reported on these special certificates on March 21st.

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

The credit union is federally insured by the NCUA (Charter # 5799). It has $213.4 million in assets and 36,006 members.

Thanks to the reader who emailed me info on this credit union.

Labels: certificates of deposit, credit unions, Tooele FCU, Utah

5.65% 30-Month / 5.50% 13-Month CD at a Carolina Bank (Blue Ridge Savings)
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Blue Ridge Savings Bank has several high yield certificates listed in there rate table. The highest yield is 5.65% APY for a 30 and 36 month CD. The APY's for the 13, 18 and 24 month CDs are 5.50%, 5.54% and 5.59%. All have a minimum deposit of $1,000.

It appears that you must visit a branch to apply. Branches are located in several cities in western North Carolina including Asheville, Hendersonville and Stanley which is just northwest of Charlotte. There's also a branch in Greer, South Carolina. The bank has been FDIC insured since 1985 (FDIC Certificate # 32347).

Labels: banks, Blue Ridge Savings Bank, certificates of deposit, North Carolina, South Carolina

Why FNBO Direct Hasn't Been Listed at Bankrate?
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Several readers have asked about why FNBO Direct isn't listed at Bankrate.com 's list of top savings and money market accounts. FNBO Direct's 6% APY savings account had been listed for awhile, but it has been missing for several weeks. I emailed Bankrate and received the following response:

FNBO is a paying advertiser who voluntarily submits rates to us to post to the site. It appears that they have simply not provided rates to post in the past few weeks, hence you are seeing them lower on the table and perhaps they have dropped off. This happens because their rate information has expired. Please check back with the site, as they will appear back on the site once they have updated their rates.

One interesting thing to note relates to Bankrate. It appears they only post what banks send to them. This would explain why they often leave out rates from many banks and credit unions. I've read that they only charge banks when they include links and/or comments in the table entry. So ad costs shouldn't be a factor for them not listing a bank.

Perhaps FNBO Direct is not providing the rates to Bankrate because the demand for the savings account may be high enough. If FNBO Direct is spending time doing a bunch of manual checks (like verifying ownership of external accounts of many of its customers and checking employment history of many of its retired customers), FNBO Direct may be having trouble handling all the new customers.

The poll results in my last week's post indicate 15 readers have been asked by FNBO to provide info to validate ownership of external accounts. All but one reported to have the same account title on the external account. There were a total of 104 responses. So about 14% of those who responded had this problem. If this is typical, FNBO must be spending quite a bit of time on this, and unfortunately, many customers are having to spend time also.

For a summary of the FNBO Direct savings account and the 6% promotion, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.

Labels: banks, FNBO Direct, savings accounts

4.07% Reward Checking Account at a Tennessee Bank (FirstBank)
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Update 3/31/08: The top yield has fallen to 4.07% APY. Refer to the bottom of the post for the rate history.

FirstBank is offering a reward checking account it calls FirstReward Checking (see pdf). With the typical reward checking requirements, you can earn 4.07% APY on balances up to $25K (0.75% over). Those monthly requirements include: 10 check card transactions, Direct Deposit or at least one ACH credit or debit, access online banking and receiving electronic statements. If these requirements are not met, you earn only 0.20% on your balance. Unlike most other reward checking accounts, this one will refund all domestic ATM fees regardless of meeting the requirements. Also there are no monthly fees regardless of meeting these requirements. The minimum opening balance is $0.

This looks to be a local deal that requires a branch visit. Branches are located in several Tennessee cities including Jackson, Knoxville, Lexington, Memphis and Nashville. The bank is FDIC insured (FDIC Certificate # 8663).

Thanks to SlickDeals member SterlingMist who posted on this in this SD thread.

Other Reward Checking Accounts

The 6.17% APY and the no-requirement ATM refund policy make this better than the average reward checking account. Perhaps they're competing with Wilson Bank and Trust which is also in Tennessee. I reported on their reward checking in April. It offers 6.25% APY on balances up to $50K (see post). Hopefully, we'll continue to see higher rates on these reward checking accounts as competition grows. For other reward checking accounts in other parts of the country, please see my reward checking account page and my best checking account post.

Rate History:
03/31/08: 4.07% APY for up to $25K, 0.75% APY for above
06/26/07: 6.17% APY for up to $25K, 1% APY for above

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

Labels: banks, checking accounts, FirstBank, rewards checking accounts, Tennessee

6.00% 6-Month CD at a Utah Bank (Sunfirst)
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Sunfirst Bank is offering a 6.00% APY 6-month certificate of deposit. The minimum deposit is $500. A checking account with direct deposit is required. The offer is available through June. The bank's website doesn't seem to list this special. It was advertised in the shopLocal website. The ad is available online here.

Branches are located in the south Utah cities of St. George, Cedar City and Hurricane, and in Mesquite, Nevada. The bank has been FDIC insured since 2001 (FDIC Certificate # 57087).

Labels: banks, certificates of deposit, Sunfirst Bank, Utah

6.00% 12-Month CD at an Indiana CU (Notre Dame)
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Notre Dame FCU is offering a 12-month Platinum Certificate with a yield of 6.00% APY. The minimum deposit is $10,000, and the maximum is $100,000. The 6% APY requires a Platinum Credit Card issued by the credit union.

In addition to students and employees of the University of Notre Dame, the field of membership includes students of other colleges and a long list of Select Employers Groups. Also, members of local Catholic parishes and members of other organizations are eligible. See site for details. Membership requires a minimum $5 deposit into the share savings account.

Branches are located in Notre Dame, South Bend, Mishawaka and Granger, Indiana. The credit union is federally insured by the NCUA (Charter # 24034). It has $387.1 million in assets and 59,765 members.

Labels: certificates of deposit, credit unions, Indiana, Notre Dame FCU

Heartland Bank Direct - New Online Savings Account
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Update 11/21/09: The rate has fallen from 1.65% to 1.51% APY. Refer to the bottom of the post for the rate history. Bonus is no longer available.

Heartland Bank is another bank getting into the online banking market with Heartland Bank Direct which offers a 5.05% APY online savings account. There's a minimum opening balance of $500, but it can drop below $500 after it's opened without any monthly fees.

The unique thing about this account is a bonus feature. You can earn $5 per $1,000 average monthly balance of the previous 6 months for a maximum bonus of $50. So for those who have $10K or less in deposits, the bonus would add about an extra 1% to the interest rate resulting in a rate close to 6% for the those 6 months. Update: I spoke with the head CSR today and he said the bonus is only available for new accounts. So a customer won't be eligible for another $50 bonus the following year unless he opens a new account. The CSR admitted the bonus page was misleading when it stated there's a limit of one bonus per account per calendar year.

Like the problem with FNBO Direct, the main problem with this account may be the slow ACH transfer speeds. Based on the Electronic Fund Transfer (ETF) documentation, free standard transfers can take 3 days. If you want one-day transfers, you have to pay $12 for the Premium ETFs (see disclosure).

When I called their toll-free number (877-444-5148), I was pleasantly surprised to have a customer service rep immediately answer my call. I was told that this account just started today. Unfortunately, being so new meant that the CSR wasn't able to answer a few of my questions, but she did offer to call me back with the answers tomorrow.

Questions the CSR wasn't sure about include whether there's a hard credit inquiry, number of linked accounts allowed and if interest would be lost if account is closed before the end of the statement period. I'll update this post once I receive answers to these. [Update:: Received info from CSR on these. See bottom of list.] Below is a summary of the main features of this online savings account based on the website documentation and from what I received from the CSR.

5.05% APY (interest rate 4.98%)
$50 Bonus after 6 months and $10K balance (see bank's page)
$500 minimum opening balance
No fees if balance drops below $500 after opening
Initial funding by Electronic Funds Transfer (ETF) or by check
Cashedge based system
Free standard ETF (3 days), $12 for Next-Day ETF
$20 fee for each withdrawal over 6 per month
Several dollar limits to inbound and outbound transfers (see bank's page)
Do not block ACH transfers in or out initated by your outside bank account (CSR)
Linked account can be a savings or checking accounts (CSR)
Only one beneficiary can be listed per account, but you can open as many accounts as you like
Interest is deposited quarterly
No ATM card or paper checks
Electronic Statements only
No hard credit pull, just a soft pull (CSR)
Number of linked external accounts limited to 6
Interest would not be lost if account is closed before the end of the quarter

Heartland Bank Direct has the same problem as FNBO Direct in that there's no easy way to confirm its connection with the parent bank. You can view Heartland Bank's FDIC information here. The FDIC page only lists the URL for www.heartland-bank.com and there's no mention of heartlandbankdirect.com at heartland-bank.com. Please refer to this FNBO Direct post for more discussion on this issue. I did send heartland-bank.com a message from their contact form to confirm the new online bank. I don't suspect an issue, but I just want to be 100% sure.

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

[Edit 6/26/07: Updated info from CSR. I was called back as promised.]

Rate History:
11/21/09: rate has fallen from 1.65% to 1.51% APY
09/26/09: rate has fallen from 1.76% to 1.65% APY
07/18/09: rate has fallen from 2.01% to 1.76% APY
06/04/09: current savings account rate is 2.01% APY
06/25/07: 5.05% APY

Labels: banks, bonuses, Heartland Bank Direct, nationally available, savings accounts

5.60% 7-Month CD at a Florida CU (Duval)
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Duval Federal Credit Union is offering a special 5.60% APY 7-month certificate of deposit. The minimum deposit is $1,000.

Field of membership includes anyone who lives or works in Duval County. Membership requires a minimum deposit of $5 in the regular savings account.

Branches are located in Jacksonville, Florida. The credit union is federally insured by the NCUA (Charter # 297). It has $54.6 million in assets and 7,507 members.

Labels: certificates of deposit, credit unions, Duval FCU, Florida

5.50% 10-Month CD at a Florida Bank (Community Bank of Englewood)
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Community Bank of Englewood is offering a 5.50% APY 10-month certificate of deposit. The minimum deposit is $10,000. The offer doesn't seem to be listed at the bank's website. It was advertised in today's Herald Tribune. The ad is available online here.

Community Bank is located at 39 N. Indiana Avenue in the Olde Village Center. It's a branch of the Community Bank of Naples, N.A. which is FDIC insured (FDIC Certificate # 35088).

Labels: banks, certificates of deposit, Community Bank of Englewood, Florida

5.50% 7-Month CD at a Massachusetts Bank (Institution for Savings)
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Institution for Savings is offering a 5.50% APY 7-month certificate of deposit. The minimum deposit is $500.

Institution for Savings is acquiring the Ipswich Co-operative Bank. Early in the month I posted on the 5.50% 7-month CD at Ipswich. This CD is still available.

Branches are located in the Massachusetts cities of Newburyport and Salisbury. The bank is FDIC insured (FDIC Certificate # 90250). Funds over the FDIC limit are also insured by the Deposit Insurance Fund (DIF).

Labels: banks, certificates of deposit, Institution for Savings Bank, Massachusetts

6.00% 6-Month CD at a Texas Bank (Patriot)
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Patriot Bank is advertising a 6.00% APY 6-month certificate of deposit. The minimum deposit is $10,000, and the maximum is $100,000. It requires money new to the bank, and is only available for consumer accounts. The offer is good through July 3, 2007. The special doesn't seem to be listed at the bank's website. It was advertised in today's Dallas Morning News. The ad is available online here.

Update:: The special CD is now listed at the bank's website at this page. A branch visit is required to open CD.

The ad lists the branches in Dallas and in Fannin County, Texas. Patriot Bank also has branches in Houston.

The bank's website lists some other decent specials such as a money market account with a 5.20% APY on balances over $20K and a 11-month CD with a 5.40% APY.

Patriot Bank has been FDIC insured since 1934 (FDIC Certificate # 3258).

[Edit 6/26/07: Updated based on readers' comments.]

Labels: banks, certificates of deposit, Patriot Bank, Texas

6% 11-Month CD at an Illinois Bank (Republic Bank of Chicago)
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Republic Bank is offering a special 6.00% APY 11-month certificate of deposit called the Friends and Neighbors CD. The minimum deposit is $1,000. The 6% APY requires a new checking account with direct deposit AND online ebanking with 3 bill pays. An APY of 5.50% is available with only one of the above requirements. The bank does offer a free checking account.

The bank has 11 branches in the Chicago metropolitan area. The bank has been FDIC insured since 1964 (FDIC Certificate 19333).

Labels: banks, certificates of deposit, Illinois, Republic Bank

5.64% 24-Month / 5.69% 60-Month CD at a California CU (Coast Central)
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Coast Central Credit Union has several high yield certificates on terms from 24 to 60 months. For a $10,000 minimum deposit, the yields range from 5.64% APY to 5.69% APY. For a $75K minimum deposit, the yields range from 5.69% APY to 5.75% APY. For only a $500 minimum, the yields range from 5.59% APY to 5.64% APY. The full rate details are listed in the Savings Certificate rate sheet pdf available here.

The early withdrawal penalty for CDs on terms over one year is 90 days of interest. Penalty will never exceed the amount of interest actually earned. This is better than the early withdrawal penalties at many other credit unions and banks. With the potential for higher interest rates, the early withdrawal penalty is especially important to note. The lower the penalty, the less costly it will be to move the money to a higher rate CD in the future.

Field of membership includes those who live or work in the California counties of Humboldt, Trinity or Del Norte. See site for details.

Branches are located in Arcata, Crescent City, Eureka, Fortuna, Weaverville, Willow Creek, Hoopa and McKinleyville, California. The credit union is federally insured by the NCUA (Charter # 62367). It has $684.9 million in assets and 50,879 members.

Labels: California, certificates of deposit, Coast Central CU, credit unions

5.32% Low-Min Savings Account at a Nevada Bank (Fifth Street)
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Fifth Street Bank is offering a savings account called the FSB Exclusive Savings which offers 5.32% APY on balances over $100. There's no monthly fee as long as the balance remains over $100. Otherwise, there's a $10 monthly fee. Interest is compounded daily and credited quarterly. The bank also has some decent rates on a money market account (4.72% APY) and CDs (5.25% APY 3 to 18 months).

The bank was just established in May 2007, so this likely explains the high rate for a brick-and-mortar bank. It's a small bank with one branch in Las Vegas. It is FDIC insured (FDIC Certificate # 58393).

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

Labels: banks, Fifth Street Bank, Nevada, savings accounts

Bank Deals Weekly Summary for June 23, 2007
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Quick Link for Rates

Savings account rates were steady this week, while CD rates continued to increase. FNBO Direct continues to be the best savings account deal at 6% APY until 9/28. The only problem is that they're becoming more troublesome. Many have been requested to to send documentation to validate ownership of their linked accounts. Also, FNBO has requested many retired customers to send in documentation of prior employment. With this and the long transfer times, FNBO better plan to keep the rate high after the promo ends if it wants to keep deposits. My poll from this post indicates it will take a yield higher than 5.50% APY after the promo to prevent 38% of those who responded to the poll from moving their money. For more info on FNBO Direct, please see my overview post, and to see all of my FNBO Direct posts, please see this page.

CD Rates Update

5.50% APY for CDs is becoming increasingly popular. National Bank of Kansas City started offering 5.50% APY on all of its CD terms from 3 months to 60 months. You can apply for these CDs online (see post). Other banks which raised their CD rates this week and now have a 5.50% APY on at least one term include GMAC Bank, E-LOAN, Transportation Alliance Bank and Ascencia Bank.

Although the rates are not 5.50%, they're close. Irwin Union Bank just started a new online division called Element Financial to offer high yield CDs. Current yields range from 5.35% APY to 5.45% APY. Based on their FAQ's and the info I received from the banking rep, they make it easy to buy and redeem CDs online. My first post on this online bank is available here.

Checking Account Updates

Chase has another $100 bonus for opening its Free Checking Account with direct deposit. They often have $50 and $75 bonuses, but the $100 one is a little less common (see post). To see all of my recent bank bonus postings, please see this post.

Many people have been waiting for a reward checking account with a 6%+ yield that they can open without a branch visit and without geographical restrictions. I found one this week at State Bank of Toledo in Iowa (see post). It's a small bank so I don't know how long they can continue making it available nationally. But it's a good sign that we may see more of these 6% reward checking accounts being nationally available. If you don't mind the debit card usage requirements, these reward checking accounts can be an easy way to earn 6% on your money that you want to keep liquid.

Other reward checking accounts which are only available in their local regions include the 6.10% reward checking in Oregon (see post) and the 6.01% reward checking in Wisconsin (see post). To see all of my latest posts on reward checking accounts, see this page, and see this link for a summary of the best checking accounts.

Local CD Deals

For local CD deals, I am seeing more 6%+ CDs. This week I've posted on banks and credit unions with 6%+ CDs in California, Kansas, New York and New Jersey. For more local CD deals, refer to my 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 Jun 16th, Jun 9th, Jun 2nd, May 26th, May 19th, May 12th, May 5th and Apr 28th.

Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Special rates, Local checking/savings, Bank alternatives CD Rates: 3 Mo CDs, 6 Mo CDs, 9 Mo CDs, 12 Mo CDs, 18 Mo CDs, 24 Mo CDs, 36 Mo CDs, 48 Mo CDs, 60 Mo CDs, 84 Mo CDs, CDs by state Comments: read and discuss

As of June 23, 2007

Checking/Savings/Money Market Accounts:

FNBO Direct - 6.00% (until 9/28) my 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) (5.36% $50K+), my post
OneUnited - 5.30% (min $1K), my post
grand yield direct - 5.27% (min $2.5K) my post
WTDirect - 5.26% ($10K min), my post
E-LOAN - 5.25% ($5K min), my post
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
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)(5.25% for $25K+)
Mutual Bank - 5.10% MMA (min $5K), my post
Savings Square - 5.10%, my post
Bank of America AAA/NEA - 5.08% MMA ($10K min) (5.35% for $50K+) my post
EmigrantDirect - 5.05%, my post
HSBC Direct - 5.05% ($50 related bonus) my post
ETrade Bank - 5.05%, my post ($25 bonus)
AmboyDirect - 5.05% (5.10% for $20K+), my post ($25 bonus)
UnivestDirect - 5.05%, (4% checking), my post
EverBank - 5.01% ($1.5K min), 6.01% 3-mo promo, my post
CapitalOne/Costco - 5.00% MMA (min $5K, Costco members only, $50 deal for exec. members)
Washington Mutual - 5.00% (requires checking), my post
Salem Five Direct - 5.00% Checking (5.20% $25K+), 6.10% 2-mo promo and $25 bonus, my post
ebank - 5.00% Checking ($2.5K min), my post
Indymac Bank - 5.00% ($10K min)
PFF Bank and Trust - 5.00% (min $1K), my post
Citibank - 5.00%, requires checking account and bill pay usage, my post ($100 bonus)
UmbrellaBank.com - 4.95% MMA (min $1K), my post
Tennessee Commerce Bank - 4.81% (min $10K), my post
MyBankingDirect - 4.75% MMA (min $5K), my post
Capital One - 4.75% (MMA has same rate, but with checks and ATM. $100 min.), my post
Self-Help Credit Union - 4.68% MMA (min $500), my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
Corus Bank - 4.58% MMA (min $10K to open)
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:

National Bank of KC - 5.50% (min $10K), my post
ETrade Bank - 5.36% (min $1K), my post
IndyMac Bank - 5.35% (min $5K), my post
Element Financial - 5.35% (min $5K), my post
VirtualBank - 5.34% (min $10K), my post
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
UmbrellaBank.com - 5.25% (min $1K)
GMAC Bank - 5.15% (min $500), my post
EverBank - 5.00% ($1.5K min)
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
Self-Help Credit Union - 4.98% (min $500), my post
Corus Bank - 4.58% (min $10K)

6-Month Certificates of Deposit:

NASA FCU - 5.80% (7 months) (min $10K), my post
National Bank of KC - 5.50% (min $10K), my post
IndyMac Bank - 5.46% (min $5K), my post
Imperial Capital - 5.45%, ($2K min), my post
Element Financial - 5.44% (min $5K), my post
UmbrellaBank.com - 5.42% (min $1K)
World Savings - 5.41% (5 months) (min $10K), my post
Countrywide - 5.40% (min $10K), my post
Ascencia Bank - 5.40% (min $500)
Tennessee Commerce Bank - 5.40% (min $5K)
VirtualBank - 5.39% (min $10K), my post
E-LOAN - 5.39% ($10K min), my post
FirstFedDirect - 5.38% (min $10K), my post
Corus Bank - 5.37% (min $10K)
AmTrustDirect - 5.36% (min $1K) my post
NetBank - 5.35% (min $1K)
Northrop Grumman FCU - 5.30% (min $40K), my post
Western FCU - 5.30% (min $40K), my post
iGobanking - 5.30% (min $500), my post
GMAC Bank - 5.30% (min $500), my post
Self-Help Credit Union - 5.27% (min $500), my post
Bank of Internet - 5.26% (min $1K) my post
UFB Direct - 5.25% (min $8K)
ETrade Bank - 5.20% (min $1K), my post
Washington Mutual - 5.15% (min $1K), rates vary by state
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
EverBank - 5.15% ($1.5K min)
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:

National Bank of KC - 5.50% (min $10K), my post
Air Force FCU - 5.50% (min $1K) restrictions to membership, my post
World Savings - 5.46% (8 months) branch-only (min $10K), my post
Element Financial - 5.42% (min $5K), my post
UmbrellaBank.com - 5.41% (min $1K)
Bank of Internet - 5.41% (min $1K) my post
Countrywide - 5.40% (min $10K), my post
iGobanking - 5.40% (8 months) (min $500), my post
AmTrustDirect - 5.36% (min $1K) my post
GMAC Bank - 5.35% (min $500), my post
VirtualBank - 5.34% (min $10K), my post
FirstFedDirect - 5.30% (min $10K), my post
Imperial Capital - 5.25% ($2K min), my post
ING Direct - 5.25%, my post
EverBank - 5.25% ($1.5K min)
IndyMac Bank - 5.10% (min $5K), my post
EmigrantDirect - 5.10% (min $1K)

12-Month Certificates of Deposit:

Ascencia Bank - 5.50% (min $500)
National Bank of KC - 5.50% (min $10K), my post
IndyMac Bank - 5.45% (min $5K), my post
Bank of Internet - 5.45% (min $1K) my post
Transportation Alliance Bank - 5.45% ($1K min)
Element Financial - 5.42% (min $5K), my post
Northrop Grumman FCU - 5.41% (min $40K), my post
Western FCU - 5.41% (min $40K), my post
AmTrustDirect - 5.41% (min $1K) my post
E-LOAN - 5.41% ($10K min), my post
GMAC Bank - 5.40% (min $500), my post
UmbrellaBank.com - 5.40% (min $1K)
Tennessee Commerce Bank - 5.40% (min $5K)
La Jolla Bank - 5.40% (min $10K), my post
NetBank - 5.40% (min $1K), my post ($100 bonus)
Countrywide - 5.40% (min $10K)
VirtualBank - 5.39% (min $10K), my post
Corus Bank - 5.37% (min $10K)
Imperial Capital - 5.35% ($2K min), my post
UFB Direct - 5.35% (min $8K)
Mutual Bank - 5.35% (min $2.5K) my post
Self-Help Credit Union - 5.34% (min $500), my post
FirstFedDirect - 5.31%, (min $10K) my post
iGobanking - 5.30% (min $500), my post
Air Force FCU - 5.30% (min $12.5K) restrictions to membership, my post
KeyDirect - 5.30% (min $5K), my post
AmboyDirect - 5.25% (min $10K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
ING Direct - 5.25%, my post
Navy FCU - 5.20% ($20K min) restrictions to membership, my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
EverBank - 5.15% ($1.5K min)
GTE FCU - 5.12% (min $500) my post
ETrade Bank - 5.11% (min $1K), my post
EmigrantDirect - 5.10% (min $1K)
Washington Mutual - 5.05% (min $1K), my post

18-Month Certificates of Deposit:

Countrywide - 5.50% (min $10K)
National Bank of KC - 5.50% (min $10K), my post
Bank of Internet - 5.46% (min $1K) my post
NetBank - 5.45% (min $1K), my post ($100 bonus)
E-LOAN - 5.41% ($10K min), my post
Element Financial - 5.41% (min $5K), my post
GMAC Bank - 5.40% (min $500)
VirtualBank - 5.39% (min $10K), my post
iGobanking - 5.30% (min $500), my post
ING Direct - 5.25%, my post
Discover Bank - 5.20% (min $2.5K)
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
AmTrustDirect - 5.15% (min $1K) my post
EmigrantDirect - 5.10% (min $1K)
ETrade Bank - 5.00% (min $1K), my post

24-Month Certificates of Deposit:

Northrop Grumman FCU - 5.55% (min $40K), my post
Western FCU - 5.55% (min $40K), my post
Ascencia Bank - 5.50% (min $500)
National Bank of KC - 5.50% (min $10K), my post
Transportation Alliance Bank - 5.48% ($1K min)
Mutual Bank - 5.47% (min $5K) my post
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.45% (min $500)
E-LOAN - 5.41% ($10K min), my post
Element Financial - 5.41% (min $5K), my post
Air Force FCU - 5.40% (min $12.5K) restrictions to membership, my post
NetBank - 5.40% (min $1K), my post ($100 bonus)
VirtualBank - 5.39% (min $10K), my post
Self-Help Credit Union - 5.35% (min $500), my post
UFB Direct - 5.35% (min $8K)
Navy FCU - 5.30% ($20K min) restrictions to membership, my post
KeyDirect - 5.25% (min $5K), my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Presidential Bank - 5.13% (min $1K)

36-Month Certificate of Deposit:

Northrop Grumman FCU - 5.68% (min $40K), my post
Western FCU - 5.68% (min $40K), my post
Air Force FCU - 5.50% (min $12.5K) restrictions to membership, my post
GMAC Bank - 5.50% (min $500)
Transportation Alliance Bank - 5.50% ($1K min)
National Bank of KC - 5.50% (min $10K), my post
Mutual Bank - 5.47% (min $5K) my post
Bank of Internet - 5.46% (min $1K) my post
E-LOAN - 5.41% ($10K min), my post
Self-Help Credit Union - 5.40% (min $500), my post
UFB Direct - 5.40% (min $8K)
VirtualBank - 5.39% (min $10K), my post
NetBank - 5.38% (min $1K), my post ($100 bonus)
Element Financial - 5.38% (min $5K), my post
KeyDirect - 5.35% (min $5K), my post
Navy FCU - 5.35% ($20K min) restrictions to membership, my post
First State Bank - 5.35% ($1K min), my post
Agriculture FCU - 5.20% (min $1K), my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
EmigrantDirect - 5.10% (min $1K)
AmTrustDirect - 5.00% (min $1K) my post
ETrade Bank - 5.00% (min $1K), my post
Pentagon Federal CU - 5.00% (min $1K), my post

48-Month Certificate of Deposit:

Northrop Grumman FCU - 5.81% (min $40K), my post
Western FCU - 5.81% (min $40K), my post
GMAC Bank - 5.50% (min $500)
Transportation Alliance Bank - 5.50% ($1K min)
National Bank of KC - 5.50% (min $10K), my post
Bank of Internet - 5.46% (min $1K) my post
Self-Help Credit Union - 5.45% (min $500), my post
E-LOAN - 5.41% ($10K min), my post
KeyDirect - 5.40% (min $5K), my post
Navy FCU - 5.40% ($20K min) restrictions to membership, my post
VirtualBank - 5.39% (min $10K), my post
Element Financial - 5.38% (min $5K), my post
First State Bank - 5.35% ($1K min), my post
NetBank - 5.35% (min $1K), my post ($100 bonus)
USA FCU - 5.22% (min $1K) my post
Agriculture FCU - 5.20% (min $1K), my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
EmigrantDirect - 5.10% (min $1K)
Pentagon Federal CU - 5.00% (min $1K), my post

60-Month Certificate of Deposit:

Northrop Grumman FCU - 5.94% (min $40K), my post
Western FCU - 5.94% (min $40K), my post
KeyDirect - 5.55% (min $5K), my post
Self-Help Credit Union - 5.52% (min $500), my post
Bank of Internet - 5.51% (min $1K) my post
Navy FCU - 5.50% ($20K min) restrictions to membership, my post
Air Force FCU - 5.50% (min $12.5K) restrictions to membership, my post
GMAC Bank - 5.50% (min $500)
E-LOAN - 5.50% ($10K min), my post
Transportation Alliance Bank - 5.50% ($1K min)
National Bank of KC - 5.50% (min $10K), my post
ETrade Bank - 5.47% (min $1K), my post
Element Financial - 5.41% (min $5K), my post
UFB Direct - 5.40% (min $8K)
VirtualBank - 5.39% (min $10K), my post
Agriculture FCU - 5.35% (min $1K), my post
First State Bank - 5.35% ($1K min), my post
NetBank - 5.30% (min $1K), my post ($100 bonus)
USA FCU - 5.27% (min $1K) my post
Melrose CU - 5.25% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
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)
ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
Pentagon Federal CU - 5.00% (min $1K), my post

84-Month Certificate of Deposit:

KeyDirect - 5.75% (min $5K) (5.90% for $50k+ and 10yr), my post
Navy FCU - 5.60% ($20K min) restrictions to membership, my post
Countrywide - 5.15% (min $10K)
EmigrantDirect - 5.10% (min $1K)
Pentagon Federal CU - 5.00% (min $1K), my post

High Rates with Conditions / Large Balances - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Bank Account Alternatives

Money Magazine article on risk-free investments
TIAA-CREF Money Market Fund - 5.23% 7-day yeild
Vanguard Prime Money Market Fund - 5.14% 7-day yield
Paypal Money Market Fund - 5.04% 7-day yield (1% cashback debit MasterCard)
Fidelity Money Market Fund - 5.00% 7-day yield ($100 bonus and other info)
FW Thread on Treasury Bills
I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)

Labels: weekly summary

6.02% 60-Month / 5.76% 12-Month CD at a California CU (Bay Federal)
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Bay Federal Credit Union has high yields on many of its certificate terms. The yields range from 5.76% APY for the 12, 18 and 24 month terms to 6.02% APY for the 5 year term (see rate sheet). The minimum deposit is $10,000. Rates of 0.10% less are available with a $1K minimum. The 3 to 5 year CD's have a special bump-up feature that allows a one-time option to bump up the rate to a newer higher rate. The certificates are also available in an IRA.

Field of membership includes those who live, work, volunteer, worship or attend school in the California counties of Santa Cruz, San Benito or Monterey. See site for details. Membership requires a one-time membership fee of $5.

The credit union is federally insured by the NCUA (Charter # 12067). It has $556.9 million in assets and 57,530 members.

Labels: Bay FCU, California, certificates of deposit, credit unions, IRAs

Update on FNBO Direct Transfer Concerns
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My small withdrawal request that I initiated at FNBO Direct last Sunday completed yesterday without problems. I gave this a try after concerns regarding an email FNBO Direct sent to its customers last week (see post). The delay was as anticipated: 1- Request made Sunday afternoon (6/17), 2- Debited at FNBO on Tuesday (6/19), 3- Credited to my HSBC Savings Account on Thurday (6/21).

I also removed a link and created a new link to a new external account (ETrade Complete Savings). I removed the old link and initiated trial deposits to ETrade on Sunday (6/17). The trial deposits showed up at ETrade on Monday (6/18). I verified the trial deposits at FNBO on Tuesday evening (6/19) and also initated a transfer out on that Tuesday evening to ETrade. The funds were debited from FNBO on Thursday (6/21) and are currently somewhere in the virtual world. Luckily the test transfer was small so I won't lose much interest.

All of my three external accounts are individual accounts in the same name and account title as my FNBO Direct account.

Today I noticed the following that I had to agree to when I was logged into my FNBO Direct account and tried to check on my transfers:

You represent, warrant and agree that: (1) you shall not enroll an external account that anyone else owns or has an interest in; and (2) you shall not deposit funds other than your own funds into your FNBO Direct Online Savings Account; and (3) the title on each of your external accounts matches the title on your FNBO Direct Online Savings Account. We reserve the right to restrict what we permit you to enroll as your external accounts and we reserve the right to verify your ownership of and right to access your external accounts. By requesting to enroll an external account, you expressly authorize the organization that maintains that account to disclose to us any information that we request about you or the external account. When you request to enroll an additional external account, we may temporarily restrict all deposits to and transfers from your FNBO Direct account while we verify your ownership of and right to access that external account.

Based on this and the past FNBO email, you may have problems if your external account is a joint account and your FNBO account is an individual account even if your same name is registered as part of the joint account.

A reader left a comment with an email he reported to have received from FNBO regarding validating account ownership of his external account. Here's a piece of the email:

If appears that your xxx account was verified "real time", so that account will not need further verification.

However, you will need to provide information from the xxxx Bank so we can validate account ownership.

Alternative A: a voided check from the account the funds originated from showing your name

Alternative B: a copy of a statement from your account the funds originated from AND a copy of your driver's license, passport, or valid state ID

So far I've linked 4 external accounts to my FNBO Direct account using the trial deposits, and I haven't yet been asked to provide further validation on ownership of external accounts. I hope this continues. So I thought this would make for another good poll. How many of you have received this type of request? And did the external account have a different account title (i.e. FNBO was an individual account in your name and the external account was a joint account with you and your wife)?

Create polls and vote for free. dPolls.com

To view the results without voting, Here's a link to the poll results.

For a summary of the FNBO Direct savings account and the 6% promotion, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.

Labels: banks, FNBO Direct, savings accounts

6.00% 17-Month CD at a Kansas Credit Union (BWCU)
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BWCU is offering a 17-month share certificate with a yield of 6.00% APY and a rate of 5.84%. The minimum deposit is $500, and it requires money new to the credit union. This CD is listed at the credit union's rate table.

Field of membership includes those who reside or work in almost any county in the eastern half of Kansas. See site for details. Also eligible for credit union membership are employees or retired employees of The Boeing Company or any subsidiary of The Boeing Company. Relatives of the credit union members are also eligible. Membership requires a one-time fee of $10 and a minimum deposit of $25 into a share account.

Branches are located in and around Wichita and in Lawrence which is between Topeka and Kansas City. The credit union is federally insured by the NCUA (Charter # 63283). It has $469.7 million in assets and 50,810 members.

Labels: BWCU, certificates of deposit, credit unions, Kansas

5.46% 8-Month Special Branch CD at World Savings
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World Savings made a slight increase in the CD rate of its branch special. The special is now an 8-month CD with a yield of 5.46% APY. The previous one had an APY of 5.41% and a 7-month term. As is typical at World, the minimum deposit is $10,000. It does not require money new to World Savings. Note, some states may have lower rates and different terms. In Florida the branch special is still 5.41% APY with a 6-month term.

This 8-month CD special also shows up in the internet rates page (if you are located in the right state). It looks like you can apply for it online.

World's internet special is still at 5.41% APY, but it now has a term of 5 months rather than 6 months.

These latest specials are not too exciting if you compare them to the secret CDs that World use to offer in the good ol' days, but at least they're still competitive.

World Savings and its parent, Golden West Financial, are undergoing a merger with Wachovia. Currently, World Savings is FDIC insured.

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

Labels: banks, certificates of deposit, World Savings

$100 Checking Account Bonus at Chase Bank
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[Update 7/18/07: The link to the promo page no longer works.]

Chase is again offering a $100 bonus for opening a Chase Free Checking account with direct deposit. Here's the promotion page link. You have to print the coupon and take it to your local Chase branch. A $100 minimum opening deposit is required. The offer ends on 8/31/07.

Some additional important details include: Chase Free Checking has no monthly service fee when you have a monthly direct deposit. Limit one personal checking account-related reward / premium per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Bonus will be automatically deposited into your new account within 10 business days of account opening, but not considered part of the minimum opening deposit. Checking account must remain open for six months or the reward will be debited from the account at closing. Bonus is considered interest and will be reported on IRS Form 1099-INT.

Some more important info about the free checking account is available at Chase. Without direct deposit, there's a $6/month fee. There's a $2 fee for using non-Chase ATMs (up from $1.50 in November).

About direct deposit, it has been reported in this FW thread that Chase treats transfers from ING Direct and PayPal accounts as direct deposits.

Also note, Chase has been reported to do hard credit pulls when you open checking accounts (which can slightly ding your credit score). Refer to this FW thread for more info on this.

Chase often has $50 and $75 bonuses for its checking account. The $100 is not as common. The last $100 promo that I posted on was in November.

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

Labels: banks, bonuses, Chase Bank, checking accounts

5.64% 12-Month CD at a Florida CU (City County)
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City County Credit Union is offering a special 5.64% APY 1-year certificate. The minimum deposit is $500. This rate requires a Premium membership which requires an active checking account, an active Visa credit card and $20K in combined deposit or loan balances. Without Premium membership, the yield is 5.38% APY. All of the credit union's CD's has an add-on feature that allows additional deposits into a CD during a term in amounts of at least $250, and these additions can be made through online banking.

Field of membership includes anyone who lives or works in Broward County, Palm Beach County, Martin County or the city of Port St. Lucie in St. Lucie County. See site for details. Membership has a monthly maintenance fee that may be waived by having an open loan, active Visa Card, $200 average savings balance or combined deposit/loan balance of $200.

Branches are located in the South Florida cities of Fort Lauderdale, Margate, Sunrise, Plantation and Pembroke Pines. The credit union is federally insured by the NCUA (Charter # 61525). It has $265.7 million in assets and 38,329 members.

Labels: certificates of deposit, City County CU, credit unions, Florida

8.00% 18-Month CD at a California CU - $2K Max (San Mateo).
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San Mateo Credit Union is offering a special 8.00% APY 18-month certificate that's only offered at their Broadway Branch, and it's only offered this Saturday on June 23, 2007. The maximum deposit allowed is $2,000, and it's limited to one per member. Existing members must refer a new member.

With a $2K cap and a 18-month term, you'll earn about $90 over what you would earn if that $2K were in a 5% account. It's not a super deal, but it's not bad. The credit union is also still offering a 5.50% APY 12-month CD which is available at any of their branches (see post).

Field of membership includes those who live, work or attend school in San Mateo County, California. You can also be eligible via select employee groups and via family. See site for details. Membership requires a one-time fee of $10.

Branches are located in Redwood City, San Mateo, South San Francisco and Daly City. The Broadway Branch is located in Redwood City.

The credit union is federally insured by the NCUA (Charter # 62736). It has $565.8 million in assets and 60,382 members.

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

Labels: California, certificates of deposit, credit unions, San Mateo CU

2.51% Reward Checking Account at an Iowa Bank (State Bank of Toledo)
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Update 9/26/09: The top yield has fallen to 2.51% APY. See bottom of post for the rate history.

State Bank of Toledo is offering a reward checking account called Hometown Reward Checking. It offers 2.51% APY for balances up to $70,000 (1.00% for above) and up to $25 of ATM fee refunds per month if you meet the typical reward checking requirements: 1) 10 check card transactions per month, 2) one direct deposit or ACH auto debit per month, and 3) receive electronic statements. If you don't meet these requirements, the rate falls to 0.25% APY. There are no monthly service charges regardless of meeting these requirements. It requires a minimum opening deposit of $100, but no there's no minimum balance requirement.

You can apply online without a branch visit. After you submit the application online, they'll send you a signature card that must be signed and notarized. I was also told you can be in any state to apply.

NOTE: A reader advised me that you must contact State Bank of Toledo if you want to wire funds. One cannot just use State Bank of Toledo's routing number. They have a correspondence bank (a banker's bank) in Madison, Wisconsin. (1/3/08)

The bank is located in Toledo, Iowa which is between Des Moines and Cedar Rapids. It has been FDIC insured since 1934 (FDIC Certificate # 4514). The bank has a 3 out of 5 star rating (performing) at Bankrate.com based on 12/31/06 financial data.

For other reward checking accounts in other parts of the country, please see my best checking account post.

Rate History:
09/09/09: 2.51% APY
10/15/08: 3.01% APY
03/21/08: 4.01% APY
12/14/07: 5.01% APY for up to $70K (Please see this post for more details)
06/21/07: 6.01% APY for all balances

Labels: checking accounts, Iowa, rcnationwide, rewards checking accounts, State Bank of Toledo

6.14% 36-Month / 5.67% 18-Month CD at a New York CU (Telco)
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Telco FCU is offering some high certificate rates including a 6.14% APY 36-month CD, a 5.77% APY 24-month CD and a 5.67% APY 18-month CD. These require a minimum deposit of $10,000. Certificates with a $1K minimum are available with lower rates.

Field of membership seems limited to select employer groups and immediate family of members. See site for the full details. Membership requires a minimum deposit of $5 into the share savings account.

Branches are located in Elmira, New York. The credit union is federally insured by the NCUA (Charter # 12282). It has $21.7 million in assets and 3,283 members.

Labels: certificates of deposit, credit unions, New York, Telco FCU

High Yield Online CDs at Element Financial
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Element Financial is a new online division of Irwin Union Bank, FSB that offers CDs which have currently have some competitive rates. Some of the yields include 5.35% APY for a 3-month term, 5.44% APY for a 6-month term, 5.42% APY for a 12-month term and 5.41% APY for a 5-year term. The minimum deposit is $5,000. Slightly higher yields are available for larger deposits. See rate sheet for the full details.

The FAQ's are fairly comprehensive. Below are some of the important points:

CDs are funded with an electronic ACH transfer from another account
Withdrawals of CD funds are transfered via ACH back into the initial funding account
10 calendar grace period at CD maturity in which you can withdraw funds without a penalty
Instructions about closing a CD at maturity can be sent by their secure contact-us message service or by written request by mail
Early withdrawal penalties are 91 days of interest for terms under 12 months and 182 days of interest for terms of 12 months and longer. Penalty may reduce principal if withdrawal is done before these times.
A pre-renewal notice is sent about 12 days prior to the CD maturity date
Statements are not issued. Balances can be checked online or by phone.
Interest accrues daily, compounds monthly and is paid monthly
Interest begins to accrue on the business day the CD is opened

Some other details that I received by calling their toll-free number (877.294.7946) include:

No hard credit inquiry is done. They just do a soft pull (The CSR seemed to be more knowledgeable than the typical CSR about this issue.)
They don't offer IRA's at this time
After you submit the online application, you have to print, sign and mail in a signature card
About a week after submitting the application, you should receive a package in the mail with the documentation and an ID for logging into account.
They just started this website last week

Element Financial is a division of Irwin Union Bank, FSB which is FDIC insured (FDIC Certificate # 57068). Deposits in Element Financial are also FDIC insured. The URL listed at the FDIC page only points to the main bank website and not Element Financial. This is a similar issue that FNBO Direct has (see post). I contacted Irwin Union Bank via their contact us page, and I did receive confirmation by email that Element Financial is indeed a division of Irwin Union Bank. The bank has a 4 out of 5 star rating (sound) at Bankrate.com based on 12/31/06 financial data.

Labels: banks, certificates of deposit, nationally available

FNBO President and the Future Plans with FNBO Direct
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BusinessWeek interviewed the president of FNBO regarding FNBO Direct and their plans. Here's the link to a video of the interview.

Although there's a lot of PR with this interview, it does provide a little more evidence that FNBO intends to be player in the online banking market. The president admits that the high rate intro is a strategic move to grab customers. They hope to keep the customers and move them into new products in the future such as credit cards, CDs, mortgages, etc. He also mentioned the importance of good customer service. So it seems likely that they'll keep the rates competitive after the intro. Also in my opinion, you shouldn't expect them to do anything to cause widespread anger with their customers such as making it more difficult to withdraw money as some had worried about after last week's email (see post).

So I thought this would make for another good poll. How high would the rate have to be after the promo for you to keep your money at FNBO Direct? Assume that the rate environment is the same as it is today. If it'll take more than just a high rate, select the last option.

Here's the link to the poll where you can see the results without voting.

For a summary of the FNBO Direct savings account, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.

Labels: banks, FNBO Direct, savings accounts

3.75% Reward Checking Account at Westbury Bank in Wisconsin
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Update 5/31/09: The top rate only applies to the first $25,000 starting in June 2009. Refer to the bottom of the post for the rate history.

Westbury Bank has a reward checking account that it calls the IDEAL Checking. It offers 3.75% APY on balances up to $25,000 (1.50% over) and ATM fee refunds (up to $25/month) with the typical 3 reward checking requirements: 1) 10 debit card purchases (credit/signature mode), 2) direct deposit or automatic withdrawal, and 3) receive electronic statements. If the requirements are not met, the rate drops to 0.10%. The account is free of monthly charges whether or not the requirements are met. The minimum opening deposit is $50.

According to the account page, it's only available to Wisconsin residents. Branches are located in several Wisconsin cities north and northwest of Milwaukee. The bank is FDIC insured (FDIC Certificate # 28400).

For other reward checking accounts in other parts of the country, please see my best checking account post.

Rate History:
06/10/09: 3.75% APY up to $25K; 1.50% over; 0.10% base rate
06/01/09: 3.75% APY up to $25K (according to reader)
05/14/09: 3.75% APY up to $50K (per rate sheet)
03/12/09: 4.01% APY up to $50K; 0.30% over $50K; 0.10% base rate
02/21/09: West Bend Savings Bank and Continental Savings Bank are now Westbury Bank
01/08/09: 4.44% APY
12/10/08: 5.26% APY
06/20/07: 6.01% APY up to $50K; 0.30% over $50K; 0.20% base rate

Edit 6/14/09: Added credit/signature mode to debit card usage requirement.
Edit 2/2/09: Updated URLs due to bank website changes.

Labels: banks, checking accounts, rewards checking accounts, West Bend Savings Bank, Westbury Bank, Wisconsin

5.50% CDs from 3 to 60 Months at National Bank of Kansas City (National Availability)
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National Bank of Kansas City is offering 5.50% APY on all CD terms from 3 months to 60 months. The minimum deposit for the terms under 1 year is $1,000 and the minimum for the longer terms is $10,000. IRA's with the same rates and terms from 6 to 60 months are also available.

I called their toll-free number at 1-888-905-2165 and was pleasantly surprised to be immediately connected with a knowledgeable customer service rep. I was told that accounts can be opened by people from any state (Note, this often can change). A link to the online application is available at the CD summary page. After you submit the application, a bank rep will be in touch with you within the next day regarding the application. They do accept wire transfers to fund the CD and for making withdrawals, but there is a fee: $10 for incoming and $20 for outgoing. Deposits can also be made by mail and in person. The early withdrawal penalty for these CDs is 3 months of interest for terms under 12 months and 6 months of interest for terms 12 months and longer.

Bank branches are located in Excelsior Springs and Platte City, Missouri and in Leawood, Kansas. The bank has been FDIC insured since 1999 (FDIC Certificate # 35014). It has a 4 out of 5 safe & sound star rating (sound) at Bankrate.com based on 12/31/06 data.

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

Labels: banks, certificates of deposit, IRAs, National Bank of Kansas City, nationally available

5.65% 7-Month / 5.65% 17-Month CD at a Kentucky CU (Fort Knox)
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Fort Knox FCU just recently raise the rates on their Pick-a-term CD to 5.65% APY. These had been at 5.50% APY for the last several months. The available terms are from 7 to 11 months and from 13 to 17 months. The minimum deposit is $500.

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 long list of select employer groups. Relatives of 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).

Labels: certificates of deposit, credit unions, Fort Knox FCU, Kentucky

5.50% 9-Month Add-On CD at Air Force FCU
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Air Force FCU has recently started a special certificate with a yield of 5.50% APY and a 9-month term. It allows unlimited additional deposits at any time during the term (minimum $1,000 per transaction). The minimum opening deposit is $1,000.

Last month I posted on the competitive standard CD rates offered at Air Force FCU. These rates are still available with yields as high as 5.75% APY for a $100K minimum deposit.

Field of membership includes all US Armed Forces (either active or retired). Please refer to the Air Force FCU eligibility page for the FOM details.

Branches are located in San Antonio, Texas. The credit union is federally insured by the NCUA (Charter # 8169).

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

Labels: Air Force FCU, certificates of deposit, credit unions, Texas

CD Rates Remain High at Northrop Grumman FCU (Easy Membership)
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Northrop Grumman Federal Credit Union (NGFCU) continues to offer very competitive rates on its regular and IRA certificates. The short term CD rates have been going down over the last few months, but the long term rate have been going up. The best rate for a minimum deposit of $40K is 5.94% APY for a 60-month term. The one year certificate yield is 5.41% APY. Similar rates are also available for IRA's. Rates change every Tuesday. Below is the list of APY's for both the $2.5K minimum and $40K minimum deposits:


CD Term      APY         APY
          $2.5K min   $40K min
6 month     5.04%       5.30%
12 month    5.15%       5.41%
24 month    5.28%       5.55%
30 month    5.36%       5.62%
36 month    5.42%       5.68%
48 month    5.55%       5.81%
60 month    5.67%       5.94%

Please see my May NGFCU post for more information on NGFCU, these CDs and how to qualify for membership.

Labels: certificates of deposit, credit unions, easy membership, IRAs, nationally available, Northrop Grumman FCU

Checking Account Bonuses at Sovereign Bank
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Sovereign Bank is offering checking account bonuses that it calls the Dine & Fly Rewards. For opening the Free Checking with a minimum $100 deposit, you can choose either a $100 Dining Dough Card or a Roundtrip Companion Airline Ticket. Make 10 Visa CheckCard purchases within 60 days of opening your account and you earn an additional $100 Dining Dough Card. Opening the Free Interest Checking or the Premier Checking instead of the Free Checking can earn you additional Roundtrip Companion Airline Tickets. See promo page for details. Promotion ends on August 31, 2007.

It should be noted that the value of these gift certificates can vary greatly. I noticed $100 Dining Dough gift cards going for $20 on ebay. The value of the Companion Airline ticket can be diminished if the initial flight price is too high. So keep these issues in mind. See the Dining Dough website to find out more about this service and to see if there are eligible restaurants near you.

The Free Checking has no monthly balance requirements or monthly fees, and it has free BillPay. You must purchase your own checks after the starter checks. The Free Interest Checking has the added benefits of free checks and no fees on using other banks' ATMs (but no refunds on other banks' fees). It requires some type of direct deposit. The Premier Checking has some additional benefits but requires a combined balance of $15K to avoid monthly fees.

I was told by the customer service, that you can qualify for this promotion from any state if you apply online. Branches are located in the Northeast in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. The bank is FDIC insured (Certificate # 29950).

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

Labels: banks, bonuses, checking accounts, nationally available, Sovereign Bank

5.50% 3-Month / 5.50% 12-Month CD at a North Carolina and Virginia Bank (Gateway)
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Gateway Bank is offering a special 5.50% APY certificate of deposit. You are allowed to pick the term from 3 to 12 months. The minimum deposit is $2,500, and the maximum is $250K.

Branches are located in several cities of North Carolina and Virginia including Chapel Hill, Elizabeth City, Raleigh, Plymouth, Wilimgton, Chesapeake, Norfolk and Virginia Beach. The bank is FDIC insured (Certificate # 34861).

Labels: banks, certificates of deposit, Gateway Bank, North Carolina, Virginia

5.50% 4-Month Money Market Account Promo at a New Jersey CU (United Teletech Financial)
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United Teletech Financial FCU is offering a promotion on its United Money Market Account with an introductory yield of 5.50% APY for the first 4 months. The minimum initial deposit is $25,000, and it must be money new to the credit union. After the intro period, the rate adjusts to the normal tier rates (which are rather low).

Field of membership includes those who live, work, worship or attend school in Monmouth County, Ocean County and parts of central Middlesex County. Membership requires a minimum deposit of $5 into a share savings account. An online application is available.

The credit union is federally insured by the NCUA (Charter # 18195). It has $251.2 million in assets and 23,396 members.

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

Labels: credit unions, money market account, New Jersey, United Teletech Financial FCU

5.50% 14-Month CD at an Indiana/Michigan/Georgia Bank (Flagstar)
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Flagstar Bank is advertising a special 5.50% APY 14-month certificate of deposit. The minimum deposit is $500, and the maximum is $100K. It requires a Loyalty Checking Account with at least one automatic, recurring transaction per month. Without this checking account, the APY is 5.24%. This special doesn't seem to be listed at the bank's website. It was advertised in last week's Fort Wayne News Sentinel. The ad is available online here.

Last month Flagstar was advertising a $100 checking account bonus (see post).

Flagstar bank branches are located through out Georgia, Indiana and Michigan. The bank is FDIC insured (FDIC certificate # 32541).

Labels: banks, certificates of deposit, Flagstar Bank, Georgia, Indiana, Michigan

6.49% 41-Month / 5.96% 10-Month CD at a New Jersey CU (Tri-Co)
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Tri-Co Fedeal Credit Union has several high yield certficate of deposit specials. For a $20K minimum deposit, the yields range from 5.96% APY for a 10 month term, 6.17% APY for a 27 month term and 6.49% APY for a 41 month term. Lower rates are available for a minimum $10K and $1K deposit. These rates are also available for an IRA. These new rates are up from my last report on this credit union in March when the top yield was 5.80%.

Unfortunately, it doesn't offer easy membership eligibility. Field of membership is based on Select Employer Groups in the New Jersey counties of Morris, Sussex and Warren. I was also told by the CSR in March that you can be eligible to join via non-immediate family members including cousins. Branches are located in Morris Plains, Hackettstown and Augusta.

The credit union is federally insured by the NCUA (Charter # 1151). It has $136.9 million in assets and 13,066 members.

Labels: certificates of deposit, credit unions, IRAs, New Jersey, Tri-Co FCU

3.00% Rewards Checking Account at an Oregon CU (Rivermark Community)
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Update 3/01/09: The top yield has fallen to 3.00% APY on balances up to $25,000. Refer to the bottom of post for the rate history.

Rivermark Community Credit Union has started a rewards checking that pays 3.00% APY on balances up to $25K (0.25% on balances over $25K). The only significant requirement is 12 debit card transactions per month. The other two requirements should be easy: signing up for E-Statements and logging into Online Banking at least once a month. The debit card requirement is a little more difficult than the typical reward checking requirement of 10 per month, but on the plus side, there's no direct deposit or auto debit requirement.

If you don't meet the requirements, the yield drops to 0.10% and you don't get automatic fee refunds on ATMs. The account has a $20 minimum balance to open, with no balance requirements afterwards. Also, there are no monthly fees regardless of meeting the monthly requirements.

Field of membership is primarily limited to those who live or work in the following 6 counties of Oregon: Multnomah, Washington, Clackamas, Polk, Yamhill and Marion. Branches are located in Beaverton, Clackamas, Gresham, Newberg and Portland.

The credit union is federally insured by the NCUA (Charter # 65644). It has $355.7 million in assets and 43,735 members.

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

The credit union also has a savings account that pays 4.50% APY on balances up to $1,000.

Other Reward Checking Accounts

Another reward checking account for those in Oregon is available at Oregon Community Credit Union (see post). That one only offers 6.01% APY but there's no limit on the balance that can earn this yield. Looks like Rivermark may be trying to compete with Oregon Community CU. To find a reward checking account near you, please refer to my best checking account post.

Rate History:
03/01/09: 3.00% APY up to $25K
02/01/09: 3.75% APY up to $25K; 0.25% over $25K
01/02/09: 3.75% APY up to $25K
11/01/08: 4.01% APY up to $25K
8/10/08: 4.50% APY up to $25K
2/20/08: 5.10% APY up to $25K
6/17/07: 6.10% APY up to $25K; 0.50% over $25K; 0.10% if requirements not met

Labels: checking accounts, credit unions, Oregon, rewards checking accounts, Rivermark Community CU

5.54% 9-Month CD at an Arizona CU (Pinal County)
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Pinal County FCU is offering a 5.54% APY 9-month certificate. The minimum deposit is $5,000. See rate table.

Field of membership includes those who live, work, worship or attend school in Pinal County. A $25 minimum balance in the share savings account is required to take advantage of other credit union services.

The credit union is federally insured by the NCUA (Charter # 9099 ). It has $68.9 million in assets and 14,055 members.

Labels: Arizona, certificates of deposit, credit unions, Pinal County FCU

5.65% 5-Month CD at a Florida CU (SunState)
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SunState FCU is offering a special 5.65% APY 5-month share certificate. The minimum deposit is $5,000, and it must be money new to the credit union.

Field of membership includes those who live, work, worship or attend school in the Florida county of Alachua, Columbia, Dixie, Gilchrist, or Levy.

The credit union is federally insured by the NCUA (Charter # 11789). It has $172 million in assets and 26,144 members.

Labels: certificates of deposit, credit unions, Florida, SunState FCU

Bank Deals Weekly Summary for June 16, 2007
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Quick Link for Rates

On Tuesday the 10-year T-bill yield reached its highest level in more than 5 years. As I mentioned last week, we're starting to see higher rates on CDs. However, savings account rates have been steady. Banks that link their money market rates with the 91-day T-bill (such as Corus Bank) have been lowering their rates in the last month as short-term T-bill yields have dropped. Corus Bank's money market yield dropped again this week to 4.73% APY. In February Corus Bank's money market yield had been 5.16% APY. There have been a few online banks in the last few months that have lowered their savings account rates (Citibank, Capital One, Amboy Direct). Hopefully, the online banking competition will prevent this from being a common occurrence in the weeks ahead.

FNBO Direct and its 6% Savings Account Promo

The 6% promo at FNBO Direct continues to be the best savings account deal. An email sent out by FNBO Direct on Thursday has some people worried (see post). It appears this 6% promo has been very successful in attracting deposits. Perhaps it has been too successful for FNBO Direct. For this promo to be successful in the long term, FNBO Direct has a strong incentive to keep the online banking experience pleasant so when the promo ends on 9/28 and the rate drops, customers will be content to keep their money at FNBO Direct. So I don't expect FNBO Direct to do any widespread actions to inconvenience their customers. For more info on FNBO Direct, please see my overview post.

CD Rates Update

You can now get a 6% APY CD at a bank that's available nationally. It's at KeyDirect. Unfortunately, the CD has a 10 year term and requires a minimum $50K deposit. KeyDirect made some large rate increases this week on many of its long-term CDs (see post). I've added KeyDirect to my list below. Other banks that raised their CD rates this week include GMAC Bank, UFB Direct, Countrywide and IndyMac. Countrywide Bank just increased the yield on its 18-month CD from 5.15% to 5.50% APY (see post). IndyMac increased the yield on its 12-month CD from 5.10% to 5.45% APY. This rate also applies to its Internet Raise Your Rate CD which allows a one-time rate increase during the term if the rate should go up.

For credit unions with easy membership, Western FCU and Northrop Grumman FCU continue to offer very high rates on its CDs, although the long-term rates went down a bit this week. CD rates at Self-Help Credit Union (SHCU) went up again this week. SHCU's 60-month CD now has a yield of 5.58% APY. The nice thing about SHCU CDs is that you can make unlimited deposits during the term (see post). NASA FCU continues to offer a 5.80% APY 7-month CD, but this requires a checking account (see post).

Local CD Rates and Bonuses

I posted on a few new local 6% CD deals this week in Ohio, Georgia, Pennsylvania and Minnesota. For more local CD deals, refer to my local CD deal section below.

NuVision FCU in California is offering a very nice checking account promotion in which you can earn an iPod along with $100 in cash bonuses (see post). NuVision is another credit union in which you can be eligible to join via a membership into an organization open to all. However, you have to visit a branch to received these checking account bonuses. To see all my most recent posts on bank and credit union bonuses, please see this page.

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 Jun 9th, Jun 2nd, May 26th, May 19th, May 12th, May 5th, Apr 28th and Apr 21st.

Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Special rates, Local checking/savings, Bank alternatives CD Rates: 3 Mo CDs, 6 Mo CDs, 9 Mo CDs, 12 Mo CDs, 18 Mo CDs, 24 Mo CDs, 36 Mo CDs, 48 Mo CDs, 60 Mo CDs, 84 Mo CDs, CDs by state Comments: read and discuss

As of June 16, 2007

Checking/Savings/Money Market Accounts:

FNBO Direct - 6.00% (until 9/28) my post
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) (5.36% $50K+), my post
OneUnited - 5.30% (min $1K), my post
grand yield direct - 5.27% (min $2.5K) my post
WTDirect - 5.26% ($10K min), my post
E-LOAN - 5.25% ($5K min), my post
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
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)(5.25% for $25K+)
Mutual Bank - 5.10% MMA (min $5K), my post
Savings Square - 5.10%, my post
Bank of America AAA/NEA - 5.08% MMA ($10K min) (5.35% for $50K+) my post
EmigrantDirect - 5.05%, my post
HSBC Direct - 5.05% ($50 related bonus) my post
ETrade Bank - 5.05%, my post ($25 bonus)
AmboyDirect - 5.05% (5.10% for $20K+), my post ($25 bonus)
UnivestDirect - 5.05%, (4% checking), my post
EverBank - 5.01% ($1.5K min), 6.01% 3-mo promo, my post
CapitalOne/Costco - 5.00% MMA (min $5K, Costco members only, $50 deal for exec. members)
Washington Mutual - 5.00% (requires checking), my post
Salem Five Direct - 5.00% Checking (5.20% $25K+), 6.10% 2-mo promo and $25 bonus, my post
ebank - 5.00% Checking ($2.5K min), my post
Indymac Bank - 5.00% ($10K min)
PFF Bank and Trust - 5.00% (min $1K), my post
Citibank - 5.00%, requires checking account and bill pay usage, my post ($100 bonus)
UmbrellaBank.com - 4.95% MMA (min $1K), my post
Tennessee Commerce Bank - 4.84% (min $10K), my post
MyBankingDirect - 4.75% MMA (min $5K), my post
Capital One - 4.75% (MMA has same rate, but with checks and ATM. $100 min.), my post
Corus Bank - 4.73% MMA (min $10K to open)
Self-Help Credit Union - 4.68% MMA (min $500), my post
VirtualBank - 4.60% (min $100), (4.86% $50K+/ 5.13% $100K+) offers checking, my post ($20 bonus)
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:

ETrade Bank - 5.36% (min $1K), my post
IndyMac Bank - 5.35% (min $5K), my post
VirtualBank - 5.34% (min $10K), my post
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
UmbrellaBank.com - 5.25% (min $1K)
GMAC Bank - 5.15% (min $500), my post
EverBank - 5.00% ($1.5K min)
ebank - 5.00% (min $1K), 5.25% for ePremium checking customers
Self-Help Credit Union - 4.98% (min $500), my post
Corus Bank - 4.73% (min $10K)

6-Month Certificates of Deposit:

NASA FCU - 5.80% (7 months) (min $10K), my post
IndyMac Bank - 5.46% (min $5K), my post
Imperial Capital - 5.45%, ($2K min), my post
Northrop Grumman FCU - 5.45% (min $40K), my post
Western FCU - 5.45% (min $40K), my post
UmbrellaBank.com - 5.42% (min $1K)
Bank of Internet - 5.41% (min $1K) my post
World Savings - 5.41% (min $10K), my post
NetBank - 5.40% (min $1K)
Countrywide - 5.40% (min $10K), my post
Ascencia Bank - 5.40% (min $500)
Tennessee Commerce Bank - 5.40% (min $5K)
VirtualBank - 5.39% (min $10K), my post
E-LOAN - 5.39% ($10K min), my post
FirstFedDirect - 5.38% (min $10K), my post
Corus Bank - 5.37% (min $10K)
AmTrustDirect - 5.36% (min $1K) my post
Self-Help Credit Union - 5.30% (min $500), my post
iGobanking - 5.30% (min $500), my post
GMAC Bank - 5.30% (min $500), my post
UFB Direct - 5.25% (min $8K)
Washington Mutual - 5.15% (min $1K), rates vary by state
ebank - 5.15% (min $1K), 5.40% for ePremium checking customers
EmigrantDirect - 5.10% (min $1K)
ETrade Bank - 5.10% (min $1K), my post
EverBank - 5.10% ($1.5K min)
Security Savings - 5.10% (7 months) (min $500), 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:

UmbrellaBank.com - 5.41% (min $1K)
Bank of Internet - 5.41% (min $1K) my post
Countrywide - 5.40% (min $10K), my post
iGobanking - 5.40% (8 months) (min $500), my post
AmTrustDirect - 5.36% (min $1K) my post
GMAC Bank - 5.35% (min $500), my post
FirstFedDirect - 5.30% (min $10K), my post
Imperial Capital - 5.25% ($2K min), my post
ING Direct - 5.25%, my post
EverBank - 5.20% ($1.5K min)
IndyMac Bank - 5.10% (min $5K), my post
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
Western FCU - 5.51% (min $40K), my post
IndyMac Bank - 5.45% (min $5K), my post
Bank of Internet - 5.45% (min $1K) my post
AmTrustDirect - 5.41% (min $1K) my post
E-LOAN - 5.41% ($10K min), my post
GMAC Bank - 5.40% (min $500), my post
Ascencia Bank - 5.40% (min $500)
UmbrellaBank.com - 5.40% (min $1K)
Tennessee Commerce Bank - 5.40% (min $5K)
La Jolla Bank - 5.40% (min $10K), my post
NetBank - 5.40% (min $1K), my post ($100 bonus)
Countrywide - 5.40% (min $10K)
Transportation Alliance Bank - 5.39% ($1K min)
Self-Help Credit Union - 5.38% (min $500), my post
Corus Bank - 5.37% (min $10K)
Imperial Capital - 5.35% ($2K min), my post
UFB Direct - 5.35% (min $8K)
Mutual Bank - 5.35% (min $2.5K) my post
FirstFedDirect - 5.31%, (min $10K) my post
iGobanking - 5.30% (min $500), my post
Air Force FCU - 5.30% (min $12.5K) restrictions to membership, my post
KeyDirect - 5.30% (min $5K), my post
AmboyDirect - 5.25% (min $10K), my post
ebank - 5.25% (min $1K), 5.50% for ePremium checking customers
ING Direct - 5.25%, my post
Navy FCU - 5.20% ($20K min) restrictions to membership, my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
EverBank - 5.15% ($1.5K min)
GTE FCU - 5.12% (min $500) my post
ETrade Bank - 5.11% (min $1K), my post
EmigrantDirect - 5.10% (min $1K)
Washington Mutual - 5.05% (min $1K), my post
VirtualBank - 5.05% (min $10K), my post

18-Month Certificates of Deposit:

Countrywide - 5.50% (min $10K)
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.40% (min $500)
NetBank - 5.40% (min $1K), my post ($100 bonus)
E-LOAN - 5.31% ($10K min), my post
iGobanking - 5.30% (min $500), my post
ING Direct - 5.25%, my post
Discover Bank - 5.20% (min $2.5K)
Discover Bank - 5.20% (min $2.5K)
Security Savings - 5.20% (17 months) (min $500), 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)
ETrade Bank - 5.00% (min $1K), my post

24-Month Certificates of Deposit:

Northrop Grumman FCU - 5.58% (min $40K), my post
Western FCU - 5.58% (min $40K), my post
Mutual Bank - 5.47% (min $5K) my post
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.45% (min $500)
Self-Help Credit Union - 5.43% (min $500), my post
Air Force FCU - 5.40% (min $12.5K) restrictions to membership, my post
NetBank - 5.40% (min $1K), my post ($100 bonus)
UFB Direct - 5.35% (min $8K)
KeyDirect - 5.35% (min $5K), my post
Transportation Alliance Bank - 5.34% ($1K min)
E-LOAN - 5.31% ($10K min), my post
Navy FCU - 5.30% ($20K min) restrictions to membership, my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Presidential Bank - 5.13% (min $1K)

36-Month Certificate of Deposit:

Northrop Grumman FCU - 5.67% (min $40K), my post
Western FCU - 5.67% (min $40K), my post
Air Force FCU - 5.50% (min $12.5K) restrictions to membership, my post
Self-Help Credit Union - 5.48% (min $500), my post
Mutual Bank - 5.47% (min $5K) my post
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.45% (min $500)
KeyDirect - 5.45% (min $5K), my post
UFB Direct - 5.40% (min $8K)
NetBank - 5.38% (min $1K), my post ($100 bonus)
Navy FCU - 5.35% ($20K min) restrictions to membership, my post
First State Bank - 5.35% ($1K min), my post
Transportation Alliance Bank - 5.34% ($1K min)
E-LOAN - 5.31% ($10K min), my post
Agriculture FCU - 5.20% (min $1K), my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
EmigrantDirect - 5.10% (min $1K)
AmTrustDirect - 5.00% (min $1K) my post
ETrade Bank - 5.00% (min $1K), my post
Pentagon Federal CU - 5.00% (min $1K), my post
Fort Belvoir FCU - 4.97% (min $1K), my post

48-Month Certificate of Deposit:

Northrop Grumman FCU - 5.78% (min $40K), my post
Western FCU - 5.78% (min $40K), my post
KeyDirect - 5.55% (min $5K), my post
Self-Help Credit Union - 5.53% (min $500), my post
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.45% (min $500)
Navy FCU - 5.40% ($20K min) restrictions to membership, my post
First State Bank - 5.35% ($1K min), my post
NetBank - 5.35% (min $1K), my post ($100 bonus)
Transportation Alliance Bank - 5.34% ($1K min)
E-LOAN - 5.31% ($10K min), my post
USA FCU - 5.22% (min $1K) my post
Agriculture FCU - 5.20% (min $1K), my post
Melrose CU - 5.20% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
ebank - 5.10% (min $1K), 5.35% for ePremium checking customers
EmigrantDirect - 5.10% (min $1K)
Fort Belvoir FCU - 5.07% (min $1K), my post
Pentagon Federal CU - 5.00% (min $1K), my post

60-Month Certificate of Deposit:

Northrop Grumman FCU - 5.88% (min $40K), my post
Western FCU - 5.88% (min $40K), my post
KeyDirect - 5.65% (min $5K), my post
Self-Help Credit Union - 5.58% (min $500), my post
Navy FCU - 5.50% ($20K min) restrictions to membership, my post
Air Force FCU - 5.50% (min $12.5K) restrictions to membership, my post
Bank of Internet - 5.46% (min $1K) my post
GMAC Bank - 5.45% (min $500)
E-LOAN - 5.41% ($10K min), my post
UFB Direct - 5.40% (min $8K)
Agriculture FCU - 5.35% (min $1K), my post
First State Bank - 5.35% ($1K min), my post
Transportation Alliance Bank - 5.34% ($1K min)
NetBank - 5.30% (min $1K), my post ($100 bonus)
USA FCU - 5.27% (min $1K) my post
Melrose CU - 5.25% (min $5K) my post
Discover Bank - 5.20% (min $2.5K)
Countrywide - 5.15% (min $10K)
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)
VirtualBank - 5.10% (min $10K), my post
ETrade Bank - 5.10% (min $1K), my post
Fort Belvoir FCU - 5.07% (min $1K), my post
ebank - 5.00% (min $1K), 5.35% for ePremium checking customers
Pentagon Federal CU - 5.00% (min $1K), my post

84-Month Certificate of Deposit:

KeyDirect - 5.85% (min $5K) (6% for $50k+ and 10yr), my post
Navy FCU - 5.60% ($20K min) restrictions to membership, my post
Countrywide - 5.15% (min $10K)
EmigrantDirect - 5.10% (min $1K)
Pentagon Federal CU - 5.00% (min $1K), my post

High Rates with Conditions / Large Balances - Open to All

Checking and Saving Accounts at Local Banks/Credit Unions

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

Terms of 60 Months and Over

Terms of 24 Months to Under 60 Months

Terms of 12 Months to Under 24 Months

Terms of Under 12 Months

Bank Account Alternatives

Money Magazine article on risk-free investments
TIAA-CREF Money Market Fund - 5.18% 7-day yeild
Vanguard Prime Money Market Fund - 5.12% 7-day yield
Paypal Money Market Fund - 5.04% 7-day yield (1% cashback debit MasterCard)
Fidelity Money Market Fund - 4.99% 7-day yield ($100 bonus and other info)
FW Thread on Treasury Bills
I Bond Rate Starting Nov 2006, I Bond Article, I Bonds as CD Alternatives
SmartMoney Brokerage Survey

Historical Rates from the Federal Reserve (Federal funds, Treasury bills, CD's)

Labels: weekly summary

5.50% 18-Month CD at Countrywide Bank
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Countrywide Bank just increased the yield on its 18-month CD from 5.15% to 5.50% APY. The rates for all other terms remained the same. The 6, 9 and 12 month CD rates are also competitive at 5.40% APY. The yields on the longer term CDs remain at 5.15% APY. The minimum deposit is $10,000 for a regular CD and $2,500 for an IRA CD.

Countrywide has often bumped up the rate of one of its shorter term CDs as a type of promotion. This is the first time I remember Countrywide bumping up its 18-month CD. It's a sign that higher yields are returning for the longer terms. The 24-month and longer terms still have yields of only 5.15% APY, but these yields had been 4.90% APY a few weeks ago.

Countrywide CD Features

CD account with the above rates can be opened online. I also typed in a few zip codes and saw the same rates, so you should be able to open a CD at these rates at a Countrywide Financial Center. The online application allows for joint accounts, and beneficiaries can be added. The disclosure pdf is avaialable at this CD overview page. The early withdrawal penalty is 91 days of interest for terms under 12 months, 180 days of interest for terms from 12 to under 84 months, and 365 days of interest for the 84 month term. The penalty can also eat into your principal is if you make a withdrawal before these number of days. The grace period at maturity when you can make penalty-free withdrawals is 10 calendar days.

Please note, many readers have reported that Countrywide does a hard credit inquiry (that can ding your credit score) whenever you open an account, even if you already have other accounts with Countrywide.

Countrywide Savings Account

If you don't mind the hard pulls, Countrywide also has a high yield online savings account called Savingslink with a current yield of 5.25% APY for balances between $10K and $50K. Over $50K the yield is 5.40% APY. This account can be convenient to use for their certificates of deposit. You can fund a CD with money from the Savingslink account although I was told last year this has to be done by phone. Also, when the CD matures, you can move the money back into your SavingsLink account where you can do an ACH transfer to the next best deal. See my Savingslink post for more info.

Countrywide Financial Health

There has been concerns that Countrywide may be hurt by the subprime mortgage problems (see CNN article). But it has a decent rating at Bankrate.com of 3 out of 5 stars (performing). This is based on 12/31/06 financial data. The bank is FDIC insured (FDIC Certificate # 33143).

Labels: banks, certificates of deposit, Countrywide Bank, IRAs, nationally available

FNBO Direct Savings Account Policy Updates - Concerns?
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I and many other FNBO Direct customers received an email from FNBO Direct with the following message regarding an update in FNBO's account disclosures.

Because security of your account is important to us, we want you to be aware of one of the steps we take to maintain security: We may temporarily restrict all deposits to and transfers from your FNBO Direct account if we determine a security risk exists and we may refuse to complete any transfer based on the existence of a security risk. Please see the "Note about Linked Accounts" and the "Important Note about Security for Deposits and Transfers" in the updated Disclosures for your account here. Corresponding changes are contained in Sections 7 and 12 of the Online Services Agreement and Section 6 of the Deposit Agreement, all found in the Terms and Conditions here.

In the Terms and Conditions, section 7 "Transfers using FNBO Direct" has the following:

We may require additional verification of your ownership of any External Account at any time (before or after enrollment and before or after allowing any transfer activity with respect to that account(this is referred to as "Additional Verification"). By requesting to enroll an External Account, you: (1) authorize us to tell the account-holding institution that you consent to their disclosure, to us and our representatives, of any information that we request about you or the External Account; and (2) agree to cooperate in Additional Verification, including by promptly providing any identification and/or other account documentation that we may request.

Some concerns that readers have mentioned include:

Will FNBO Direct use this security issue to disallow or delay my transfers?
Will this be used to prevent or delay people from transfering out their money at the end of the promo?
Will FNBO Direct require customers to start sending in documentation to verify ownership of the linked accounts?
Will it affect transfers initiated from your other accounts?

If it is just a security improvement as FNBO Direct claims, this change will likely have no effect on the vast majority of us. I would recommend that your linked accounts be in the same name as your FNBO Direct account. Also, make sure not to go past 6 withdrawals per month. Hopefully, by following the rules like these, there will be no issues. Next week, I'll try some test withdrawals and a new external link to see if everything continues to go as smoothly as it has in the past.

For a summary of the FNBO Direct savings account and the 6% promotion, please see my FNBO Direct account overview or for all of my previous FNBO Direct posts, please see this page.

Labels: banks, FNBO Direct, nationally available, savings accounts

5.55% 20-Month CD at an Illinois CU - Open To All (Consumers)
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Consumers Credit Union is offering a 5.55% APY 20-month certificate. There's also a 5.35% APY 11-month certificate. See rate table. The minimum deposit is $250, and these are also available in an IRA. Jumbo certificates with a minimum of $100K are available with a yield 0.25% higher than the regular CDs. The highest rate is the 20-month Jumbo CD with a yield of 5.80% APY. These rates are slightly better than the rates I reported for this credit union last December.

You can become eligible for membership by joining the Consumers Cooperative Association which requires a one-time, non-refundable $5.00 fee. Membership also requires a minimum deposit of $5 into the share savings account. The membership application and the CD applications can be done online. However, according to the FAQ new IRA accounts require a branch visit.

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

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

Labels: certificates of deposit, Consumers CU, credit unions, easy membership, Illinois, nationally available

5.40% 9-Month CD at a New York Bank (Astoria Federal Savings)
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Astoria Federal Savings Bank is offering a 5.40% APY 9-month certificate of deposit. The minimum deposit is $1,000. A reader mentioned that this special may only be available for one week. The bank also has some competitive rates on short-term Jumbo CDs with yields that range from 5.24% APY for a 30-day term to 5.43% APY for 9 to 12 month terms. See rate table for more information.

Astoria has 86 branches located in Brooklyn, Queens, Nassau, Suffolk and Westchester. The bank is FDIC insured (FDIC Certificate # 29805).

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

Labels: Astoria Federal Savings Bank, banks, certificates of deposit, New York

5.75% 48-Month / 5.50% 24-Month CD at a Colorado CU (Western Rockies)
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Western Rockies FCU is offering several competitive long-term certificates. The yields include a 5.75% APY for 48 and 60-month terms and a 5.50% APY for 24 and 36-month terms. The minimum deposit is $100. The same rates are offered for IRA certificates for 3 and 5 year terms. Note that the rate page has a January 2007 date, so I called yesterday and confirmed these rates are still in effect.

Field of membership includes those who live, work, worship or attend school in Mesa, Garfield, Pitkin or Eagle County. Branches are located in Grand Junction, Clifton and Rifle, Colorado. The credit union is federally insured by the NCUA (Charter # 1608 ). It has $82 million in assets and 13,121 members.

Labels: certificates of deposit, Colorado, credit unions, Western Rockies FCU

$100 and iPod Bonus for Checking Account at a California CU (NuVision) - Easy Membership
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NuVision FCU is having a promotion for its free checking account. You can receive all of the following:

1GB iPod Shuffle for opening a free checking with a minimum deposit of $100 and with direct deposit of $200/month set up within 90 days
$50 bonus for keeping the checking account active for 90 days (at least 3 transactions per month)
$50 bonus for using online bill pay (at least 3 per month)

The offer expires on 12/31/07. I called their toll-free number (800-444-6327) and I was told that this promotion does require a branch visit. The coupons in the promo page must be submitted when the checking account is opened. The iPod Shuffle will be given at the time of account opening. The $50 bonuses will be credited once the above requirements are validated. The iPod Shuffle and the cash bonuses will be reported as taxable income.

Field of membership includes members of the American Consumer Council. Anyone can join this organization with a $6 membership fee. In the online credit union application, it allows you to select this council for eligibility, and it states: "If you are interested in joining the Council and the credit union, click this option and continue applying for membership." See the site for other ways to be eligible to join the credit union without joining this council. You can be eligible via select employer groups and via immediate family.

Even though anyone appears to be able to join the credit union, it appears that this checking account promotion is limited to those who can visit a branch. Branches are located in the California cities of Huntington Beach, Laguna Hills, Lakewood and Seal Beach. There's also a branch in Mesa, Arizona, but it's only accessible to Boeing employees. The credit union is federally insured by the NCUA (Charter # 566). It has $798.6 million in assets and 51,063 members.

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

Labels: bonuses, California, checking accounts, credit unions, easy membership, NuVision FCU

6.09% 6-Month CD at a Minnesota Bank (White Rock)
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White Rock Bank is offering a 6.09% APY 6-month certificate of deposit. The minimum deposit is $1,000. It requires that you have or open a checking account with direct deposit. The CD special ends on July 1, 2007. It doesn't seem to be listed at the bank's website. A reader emailed me info on this, and I contacted the bank for additional info. A branch visit is required to open accounts.

Branches are located in the Minnesota cities of Cannon Falls, Goodhue, Bellechester, Red Wing and White Rock. These cities are located 20 to 40 miles southwest of Minneapolis-Saint Paul. The bank has been FDIC insured since 1934 (FDIC Certificate # 10168).

Thanks to the reader who emailed me about this special.

Labels: banks, certificates of deposit, Minnesota, White Rock Bank

5.50% 18-Month / 5.50% 23-Month CD at a California Bank (Pacific State)
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Pacific State Bank is offering a 5.50% APY certificate of deposit. Terms from 18 to 23 months are available. There's also a 5.65% APY 60-month CD and a special 8-month CD with a yield of 5.36% APY. For more info, please see the bank's rate table.

Branches are located in the California cities of Stockton, Modesto, Arnold, Tracy, Groveland, Angels Camp and Lodi. The bank has been FDIC insured since 1987 (FDIC Certificate # 27090).

Labels: banks, California, certificates of deposit, Pacific State Bank

5.65% 36-Month CD at an Oklahoma CU (Central Oklahoma)
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Central Oklahoma FCU is offering a 5.65% APY 36-month certificate of deposit (see rate table). The minimum deposit is $1,000, and the early withdrawal penalty is 90 days of dividends. The IRAs are also competitive. The 3-year and 4-year IRA CD's have yields of 5.75% and 5.85% APY.

Field of membership includes those who live, work, worship or attends school in Lincoln County Oklahoma. Family members are are also eligible. Membership requires a $5 membership fee and a minimum deposit of $5 into your share savings account.

The credit union is located in Davenport, OK which is located between Oklahoma City and Tulsa. The credit union is federally insured by the NCUA (Charter # 24350). It has $23 million in assets and 2,617 members.

Labels: Central Oklahoma FCU, certificates of deposit, credit unions, IRAs, Oklahoma

Change in Policy on Pentagon FCU's IRA Certificates
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Pentagon FCU (Penfed) has just sent out notices that it is changing its policy regarding early withdrawal penalties on IRA certificates. Penfed had a very nice IRA feature which allowed members over 59 1/2 to withdraw IRA certificate funds prior to maturity without any early withdrawal penalty. These penalty free withdrawals will no longer be allowed as of 9/01/2007. Penfed is tentatively planning to allow members to redeem each of their IRA certificates established before 9/01/2007 one time with no penalty.

I'm sure this feature came in handy in January when Penfed offered 6.25% APY on its certificates. Qualifying members were able to just call and have Penfed transfer the funds of an older lower-rate IRA certificate into this new high rate IRA certificate.

Perhaps Penfed received many more deposits into these 6.25% APY certificates in January than they had anticipated. With the easy membership and easy online account opening along with the worry of falling rates in January, these 6.25% certificates were likely very popular. In the past they had continued the high rate certificates for a few months into the new year, and in 2006, Penfed had brought back a 6% certificate for one month in late spring. After the 6.25% APY in January, only the 7-year certificate had a 6% APY, and this didn't last long. Now all of these long-term certificate yields are only at 5%.

Based on the financial data at NCUA, Penfed increased its total deposits in the first quarter of 2007 from $8.26 billion to $9.21 billion (a 11.5% increase). As a comparison, the increase in Q1 of 2006 was 8.33%.

For more information on Penfed and how to join, please see my Penfed post.

Thanks to the readers who mentioned this update by email and in the comments.

Labels: credit unions, IRAs, Pentagon FCU

5.65% 6-Month / 5.65% 41-Month CD at a New York/Pennsylvania CU (Visions)
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Visions FCU is offering share certificate rates of 5.65% APY for terms of 6 to 41 months. The minimum deposit for terms under 12 months is $2,500 and $500 for longer terms. The 5.65% yield is a relationship rate. See site for details about eligible relationships. A VisionsPlus Checking with Visa Check Card and a Gold credit card can qualify you. Without this relationship, the yield is 5.39% APY. These rates are also available for IRA certificates.

Visions FCU had been offering rates as high as 6.29% APY. I had reported on this in April.

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

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

The credit union is federally insured by the NCUA (Charter # 17429). It's a large credit union with $1.8 billion in assets and over 116,335 members.

Labels: certificates of deposit, credit unions, New York, Pennsylvania, Visions FCU

ING Direct Business Savings Account and CDs
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ING Direct has started offering online savings accounts and CDs for businesses. The business savings account yield is 5.00% APY which is 0.50% higher than the consumers Orange Savings Account which has remained at 4.50% APY since last November. The business CD rates are the same as the consumer CDs with a top yield of 5.25% APY for 9, 12 and 18 month terms. There's no mention of a business checking account like the consumers Electric Orange.

Like the consumer savings account, the business version has no fees or service charges. Businesses eligible for these accounts include sole proprietorships, partnerships, LLCs, corporations and Not-for-profits. ING lists the required documents for opening the accounts from the different business categories here.

Labels: banks, business accounts, certificates of deposit, ING Direct, nationally available, savings accounts

5.50% 8-Month CD at a Florida Bank (Third Federal)
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Third Federal Savings and Loan is offering a 5.50% APY 8-month certificate of deposit. The minimum deposit is $500. This CD doesn't seem to be listed at the bank's website. It is being advertised in Southwest Florida newspapers. The ad is available online here. Also being advertised is a 5.10% APY savings account for balances of over $25K and a 4.50% checking account for balances of over $5K.

Southwest Florida branches are located in Fort Myers, Naples, Bonita Springs, Tampa, Saint Petersburg, Clearwater, Seminole, New Port Richey and Sarasota. Other branches are located in Southeast Florida and Ohio, but it's not clear if the 5.50% CD is being offered at those branches. Third Federal Savings and Loan is FDIC insured (FDIC Certificate # 30012).

Labels: banks, certificates of deposit, Florida, Third Federal Savings and Loan

5.55% 4-Month / 5.55% 11-Month CD at a Florida Bank (TransCapital)
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TransCapital Bank is offering a promotional 5.55% APY certificate of deposit with a term from 4 to 11 months. The minimum deposit is $5,000. It's only available at the bank's Bonita Springs branch. This special is also being advertised in the Naples newspaper. A ratchet tool set is also being offered when you bring in the ad and open your CD. The ad is available online here. The bank is also offering 5.55% APY on its regular CDs with terms from 36 to 60 months. These have a $1K minimum deposit.

In addition to Bonita Springs, the bank has branches in Hallandale Beach, Delray Beach and Sunrise, Florida. The bank is FDIC insured (FDIC Certificate # 35050).

Labels: banks, certificates of deposit, Florida, TransCapital Bank

Update on Salem Five Direct's Checking Account
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Salem Five Direct just made a rate change to their new eOne Checking account. It probably won't affect many, but for those who are affected, it may cost them thousands if they're not aware of it. Balances over $1 million now only earn 0.50% APY. Previously, balances over $1 million were earning 6.10% APY for the first 60 days and then 5.30% APY thereafter. So for someone who may have a $10 million balance, this change could be costing you $1380 per day.

Being a Massachusetts-chartered savings bank, Salem Five is covered by Deposits Insurance Fund (DIF) which insures all deposits above FDIC limits. DIF seems to have a pretty good record. According to the DIF website no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.

Perhaps the extra safety provided by DIF lured many multi-millionaires into this Salem Five Direct account, and this caused Salem Five to make this change. It's similar to what FNBO Direct did. In FNBO Direct's case, they capped new deposits to $1 million (see post). And FNBO Direct lacks DIF insurance .

For more info on the Salem Five Direct and its eOne checking account, please see my Salem Five Direct review post.

Thanks to Scott who mentioned this update.

Labels: banks, checking accounts, Salem Five Direct

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