The PiggyBanker Newsletter
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Best CD Rates
Updated Comparison List of the Highest CD Rates - 6/13/08
| Maturity | CD Rate | Bank | Min Balance |
|---|---|---|---|
| 3 Month CD | 3.40% | Nexity Bank | 1000 |
| 3 Month CD | 3.35% | Gmac Bank | 500 |
| 6 Month CD | 3.70% | Corus Bank | 10000 |
| 6 Month CD | 3.66% | Ascencia Bank | 500 |
| 12 Month CD | 3.91% | ELOAN | 10000 |
| 12 Month CD | 3.83% | Ascencia Bank | 500 |
| 18 Month CD | 4.15% | IndyMac Bank | 5000 |
| 18 Month CD | 4.00% | Champion Bank | 1000 |
| 2 Year CD | 4.15% | On Bank | 500 |
| 3 Year CD | 4.35% | Champion Bank | 1000 |
| 3 Year CD | 4.30% | ELOAN | 10000 |
| 5 Year CD | 4.85% | ELOAN | 10000 |
| 5 Year CD | 4.81% | Discover Bank | 2500 |
| 5 Year CD | 4.80% | Champion Bank | 1000 |
| 5 Year CD | 4.75% | Capital One Bank | 5000 |
Found a great rate or deal? Feel free to contact me here.
3.30% Savings & Free Checking @ Washington Mutual
By Best Bank Rates | May 16, 2007 | 22 Comments »
Washington Mutual is well known for their Free Checking. But just recently, they’ve rolled out a special online offer for a 3.30% APY high yield savings account if you also apply for their WaMu checking account. Click on the link, and you should be taken to this screen:
This is a great deal, especially if you already have an account with WaMu. Because their checking accounts have no fees or minimums, there’s nothing wrong with adding a new account. However, this deal is only available online. Here are some of WaMu’s online checking features:
- Open for as little as $1.00 online, by phone or at any Financial Center
- No monthly service charge
- Free ATM cash withdrawals worldwide
- Free checks for life!2
- Free ID Theft Services
- Free Gold Debit MasterCard® with Rewards
- One free waiver of an Overdraft/Non-Sufficient Funds fee per year
- Free outgoing wire transfers (foreign and domestic)
- Free account access at more than 3,750 Washington Mutual ATMs nationwide
- 24/7 Telephone Banking
- Free Account Alerts keep you up to date on the status of your account (when signed up through our Personal Online Banking)
- Option of free check return or free check safekeeping
You can also sign up for these free services:
- Free Personal Online Banking with Personal Bill Pay®
- Free Combined Statement
- Free e-alerts
As you’ve probably noticed, Washington Mutual is big on giving you FREE features. : ) Opening an account is even easier if you already have an online account with WaMu. Just click the radio button next to “Do you have an Online ID?” and enter your account information. It only takes about 5 minutes to get your new savings account up and running. Transfers are instant, and of course, FREE. Make sure you are getting the 3.30% rate by viewing your account details.
For more information visit their sign up page.
Topics: Bank Deals | RSS Feed |
Congress Tightening Restrictions on Credit Card Companies Targeting Students
By Best Bank Rates | July 22, 2008 | No Comments »
Credit card companies beware: Congress is watching. A flurry of bills is in the works in the House of Representatives and the Senate that would rein in how those companies do business. One proposed change that’s triggered interest among lawmakers, particularly as the economy sours, would make it harder for college students to qualify for credit cards.
“It really is just too easy,” said Christine Lindstrom, the director of the Higher Education Project at the nonpartisan Public Interest Research Group. “They will do anything to be the first card in college students’ wallets. They don’t do credit checks. They don’t even know if students have income.”
Companies often set up booths on college campuses and entice students with freebies such as T-shirts, sports caps, coupons for food and more, all in exchange for filling out an application.
Topics: Best CD Rates | RSS Feed |
KeyDirect - 4.50% APY 23 Month CD
By Best Bank Rates | July 16, 2008 | No Comments »
KeyDirect is offering a 23-month CD with a yield of 4.50% APY. The minimum deposit is $5,000.
The CDs may be opened online at KeyDirect for people who live in 37 states and in DC which don’t have KeyBank branches. In the other states, you have to open CDs through Key Bank. KeyBank is based in Cleveland, Ohio.
Keybank also has relatively healthy financials. BauerFinancial gives them 4 stars (excellent) based on 3/31/08 data. KeyDirect and Key Bank are both FDIC insured.
Topics: Best CD Rates | RSS Feed |
Wachovia Bank CD Rates
By Best Bank Rates | June 13, 2008 | No Comments »
Wachovia Bank is featuring a 4.75% C.D. with a 5 year maturity. The CD features:
- Lock in our Featured CD rate for the full term and earn interest compounded daily
- Make your opening deposit for just $5,000
- Enjoy peace of mind with maximum FDIC insurance
- Gain superior account protection and security with Wachovia Security PlusSM
- Rollover your CD easily when it matures with our automatic renewal option
- Receive a steady income stream with regular CD interest payments—monthly or quarterly
Aside from this 5 year promo CD, their other CD rates are quite low, ranging from 1.00% to 1.80%.
Topics: Best CD Rates | RSS Feed |
HSBC Direct Increases Savings Rate
By Best Bank Rates | June 5, 2008 | 1 Comment »
HSBC Direct recently raised the rate on their online savings account to 3.50%, which is higher than both E*Trade (3.15%) and Wamu (3.30%). This new rate applies to both new and returning customers.
Here are some of the details:
- No minimums or fees
- Only a $1 deposit required
- The rate is guaranteed through 8/15/2008
- ATM cards are available
- Unlimited links to external accounts
- No hard credit pulls
HSBC is one of the world’s largest and most reputable banks, so losing your money is probably a non-issue. Of course, it’s FDIC insured for the standard $100,000.
UFB Direct $100 Gift Card/Frequent Flier Miles
By Best Bank Rates | May 27, 2008 | No Comments »
You can exchange 17K AA miles you get from UFB Direct for a $100 BestBuy gift card or a gift card for many other stores via Points.com. Of course you can keep the frequent flier miles and apply them towards a ticket as well.
Get the following miles rewards from Union Federal Bank:
- 1,000 - Open Your Mileage Checking Account with at least $200
- 5,000 - Bill Pay Annual Bonus. You are eligible for miles on 12 month anniversary of participating in bill pay service
- 5,000 - Direct deposit on mileage checking account. You are eligible for miles after 3 consecutive months of direct deposit activity.
- 1,000 - Open Your Mileage Savings Account with at least $200
- 5,000 - Direct Deposit on Mileage Savings Account. You are eligible for miles after 3 consecutive months of direct deposit activity.
Topics: Bank Deals | RSS Feed |
Metro National Bank - 3.50% CD
By Best Bank Rates | May 27, 2008 | No Comments »
Metropolitan National Bank has a 3 month CD with a 3.50% APY. Interest can be compounded, paid by check, or deposited to your Metropolitan checking or savings account. Early withdrawals are subject to penalties.
Metropolitan CDs offer:
- Single maturity dates or automatically renewable periods from 30 days to 4 years.
- Minimum initial deposit of $500 for a maturity of one year or more, or $1,000 for a maturity of less than one year.
- Automatic renewals at maturity for the same term, at Metropolitan’s regular interest rate for new CDs of the same term and dollar amount.
- Insurance up to $100,000 by the FDIC for maximum security.
Metro + CD
Metro+Plus CD is designed for individuals and businesses wanting the ability to add to their savings often, while earning interest at CD rates.
Metro+Plus offers:
- Minimum initial deposit of $250 with a six-month term.
- Make additional deposits of $50 or more as often as needed.
- Same great rate as our regular six-month CD.
- Insurance up to $100,000 by the FDIC for maximum security.
To learn more about Metropolitan’s CDs, terms and rates, call or visit a branch location.
Topics: Highest CD Rate | RSS Feed |
Illinois Community CU - 4.00% Share CD
By Best Bank Rates | May 27, 2008 | No Comments »
Illinois Community Credit Union is offering 4.00% apy on a 60 month share certificate. The minimum deposit requirement for this certificate is $1,000, $500 for account holders under 20. The credit union also offers a .10% rate bonus for active ICCU Checking or Visa account holders.
Field of membership in Illinois Community Credit Union is extended to anyone who lives or works within 25 miles of the credit union’s branches. Branches are located in DeGalb, Genoa, Plano, Rochelle, and Sycamore, Illinois.
E*Trade Financial Raises Savings Rates
By Best Bank Rates | May 6, 2008 | 2 Comments »
After months of lowered CD and savings rates, it appears that the tides may be turning for savers. E*Trade financial has recently raised the savings rate on their complete savings account, with a 3.15% APY. While this is a pretty high rate for a savings account, there are a few higher rates online: WT Direct with 3.31% APY, and Washinton Mutual’s with 3.30% APY.
Their savings account features:
- $1 minimum deposit to open account
- No minimums or account fees
- No hard credit inquiry
- Free online ACH transfer system
- 6 withdrawal limits per month
- $100K per day limit on outgoing and incoming ACH transfers
- ACH transfers complete in one business day
- 9 day hold time for initial deposit (ACH or check)
- No hold for wire transfers
You can also sign up for a checking account that features:
- 3.25% APY on balances over $5,000
- Unlimited ATM fee refunds
- Free online bill pay
- Unlimited check writing
- Online check and deposit images
While average CD rates have been relatively flat in April, a handful of banks offering high-yield CDs - such as Capital One Financial Corp., Advanta Corp.’s Advanta Bank and E*Trade Financial Corp. - have recently bumped up yields on some of their CDs stretching out three to five years.
For the banks, a steepening yield curve - when longer-term rates are higher than short-term rates - makes it easier for them to offer higher rates on longer-term CDs. That’s a sharp contrast from a year ago, when the yield curve was relatively flat or inverted. That meant savers were earning about the same, or even more, to hold money in shorter-term instruments as in longer-term ones.
Eloan CD Rates Increase
By Best Bank Rates | April 30, 2008 | No Comments »
After a long period of declining CD rates, things may be finally turning around. Eloan.com has recently raised the rates on all of their CDs, with the largest increases coming in the long term CDs, with the 5 year CD going from 4.30% to 4.60% and the 2 year CD going from 4.10% to 4.25% APY. While Eloan’s rates these aren’t necessarily the best CD rates available, this could be a positive indication of future rate increases to come. Here are some details on E-loan’s CDs:
- $10,000 minimum deposit
- Interest is compounded daily and credited monthly
- No early withdrawal permitted during the first 90 days
- Eary withdrawal penalty is 3 months interest for 1 year or shorter; 6 months for over 1 year
Eloan is a subsidary of Banco Popular North America, which is FDIC insured.
Topics: Best CD Rates | RSS Feed |
IndyMac Bank 4.15% 6 & 12 month CDs
By Best Bank Rates | April 20, 2008 | 1 Comment »
IndyMac Bank once again tops the charts for 6 and 12 month CDs with a 4.15% APY for both maturity yields. All other CDs have yields below 3.00% APY. Minimum balance on IndyMac CDs is $5,000.
- Minimum to open is $5,000
- Interest is compounded daily and paid or reinvested into the account monthly or at maturity
- A penalty will be assessed for early withdrawal
- For your convenience, your CD renews automatically for the same term at the current rate at that time
- CD can be funded by mail, wire transfer, or electronic funds transfer (ETF) via ACH from a checking account at another bank.
- If you fund by check, the rate is locked for 12-days from the date you open the account
- The online application can be done completely online with nothing to print out
IndyMac is another bank that has been hurt by the subprime mortgage lending problems. Because many of these banks are their deposits because of worried customers leaving, they are offering higher rates to help maintain their deposit levels. There is nothing to worry about as long as you keep your deposits lower than the FDIC insured amount.
Topics: Best CD Rates | RSS Feed |
Nexity Bank 3.55% 3 month CD
By Best Bank Rates | April 20, 2008 | No Comments »
Nexity Bank is currently offering a 3.55% APY 3 month CD that tops the charts for our short term certificate of deposits. The minimum balance for this CD is $1,000.
On top of this CD, Nexity also offers competitive short term Business CDs and IRA CDs. 3 month CD rates for their Business CDs yield 3.30% APY. A 12 month Nexity C.D. yields 2.80% APY.
Visit their rates table for more information.
Topics: Best CD Rates | RSS Feed |
Metropolitan Bank Bonus
By Best Bank Rates | April 20, 2008 | No Comments »
Metropolitan National Bank is giving out $200 for every new customer that signs up for a checking account through their bank. According to the bank’s website, the deal is open to all US residents.
Metropolitan National Bank’s free checking account includes the following:
FREE direct deposit
FREE online banking
FREE online billpay
Here are some of the terms and conditions:
- Free checking account and $200 bonus offers subject to change without notice,
- Limited to one account per customer
- Free checking with the $200 bonus requires activating full direct deposit
- $200 bonus will be credited to the account after first full qualifying direct deposit posts
- Account must remain open and full qualifying direct deposit active for 6 months from the date of account opening or the $200 bonus will be debited upon account closure
Topics: Bank Deals | RSS Feed |
Chase Bank Bonuses - Up to $225
By Best Bank Rates | April 19, 2008 | 1 Comment »
Chase Bank has a new bank bonus for signing up for a new checking account. Combined with two other bonuses, this brings the total up to $225. Here are the three bonuses:
- $125 bonus directly through their promotional page
- $25 through their refer-a-friend program
- Applying for a Chase Debit card and getting 10% cash back on all purchases (up to $75)
Some other details of the checking account include:
- The checking account requires $100 minimum opening deposit
- Chase Free Checking has no monthly service fee when you have a monthly direct deposit; if you don’t there is a 6$ fee
- You are limited to one personal checking account-related reward per customer per year
- Checking account must remain open for a minimum of six months or the reward will be debited from the account at closing
- The first direct deposit must be completed within 60 days
- The cash bonus will be deposited into your new account within 4-8 weeks after the initial direct deposit
In order to ensure that you get the bonus, you may have to follow up by phone. On the other hand you can bring a printed coupon into a local Chas branch, which would ensure that you get the $125 bonus.
For the refer-a-friend bonus, you will need to know someone who already does their banking with Chase, or you could request a referal in the comments below.
This bonus expires on April 30, 2008. Here is an alternative $100 offer that expires on May 31, 2008.
Topics: Bank Deals | RSS Feed |
Long Term CD Yields Up at Countrywide
By Best Bank Rates | April 18, 2008 | 1 Comment »
Countrywide Bank has recently raised their long term CD rates by several basis points. All CDs over 18 months have been increased. 18 month CDs now yield 4.10% APY, while 3-5 year CDs yield 4.50% APY, some of the highest rates available. Countrywide CD’s all have a $10,000 minimum balance and are FDIC insured up to $100,000. Here’s some more information on their CDs:
- 91 days of interest early withdrawal penalty for terms under 12 months
- 180 days of interest early withdrawal penalty for terms of 12 to 60 months
- Grace period at maturity when you can close without penalty is 10 calendar days
- No hard credit inquiries for opening CDs or savings accounts
- CD funding options: mail a check, wire transfer, or drop off check at a CW financial center
Countrywide has had its share of subprime mortgage problems recently, and Bank of America is supposed to be buying out Countrywide. However, with continually deteriorating credit conditions, it would be wise to keep your deposits less than the FDIC insured amount.
Topics: Best CD Rates | RSS Feed |
GMAC Bank Long Term CDs - 4.15% APY
By Best Bank Rates | April 6, 2008 | No Comments »
GMAC Bank’s long term CD rates are among the highest available online. Here’s a rate table of their current offerings:
| Balance | Term | Rate | APY |
|---|---|---|---|
| $500 or more | 3 months | 3.44% | 3.50% |
| 6 months | 3.54% | 3.60% | |
| 9 months | 3.54% | 3.60% | |
| 12 months | 3.83% | 3.90% | |
| 18 months | 3.54% | 3.60% | |
| 2 years | 3.68% | 3.75% | |
| 3 years | 3.92% | 4.00% | |
| 4 years | 3.92% | 4.00% | |
| 5 years | 4.07% | 4.15% |
Minimum deposit on their CDs is $500. Opening a CD with GMAC can be done online very quickly. If you are an existing GMAC customer, you can fund your account immediately from your money market account.
Topics: Best CD Rates | RSS Feed |
Gold Vs. The Dollar
By Best Bank Rates | April 5, 2008 | 1 Comment »
Check out this video I came across comparing Gold to the value of the Dollar:
I don’t agree with everything that they mentioned, but it is still nonetheless an interesting watch.
Topics: Personal Finance | RSS Feed |
Key Bank $100 Checking Bonus
By Best Bank Rates | March 30, 2008 | No Comments »
KeyBank is currently running a $100 bank checking promotion if you open a checking account by 4/25/08. You must make two direct deposits or automated payments of $100 or more. Upon completing the requirements, you’ll receive a $100 MasterCard gift card. Here’s some of the details of this bank deal:
- Qualifying checking accounts include Key Express Free Checking and Key Advantage
- Direct deposit transactions are limited to: payroll, social security, pension and government benefits
- Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers
- Not available to those that have opened a checking account with KeyBank
- Closing your account within 180 days will result in a $25 early closure fee
KeyBank’s checking accounts feature:
- No monthly maintenance service charge
- No minimum balance requirement
- No per-check fees or limits
- No monthly or annual KeyBank Debit Card fee
- No fee for using your KeyBank Debit Card on purchases when using a PIN or signing for a purchase
- Free, unlimited use of Key’s nationwide network of ATMs
This promotion expires on April 25, 2008.
Topics: Best CD Rates | RSS Feed |
iGOBanking.com High 5 Year CDs - 4.30% APY
By Best Bank Rates | March 15, 2008 | No Comments »
iGObanking.com has some pretty competitive rates on its internet CDs. The highest rate is 4.30% APY for a 60-month term. There’s also a 4.00% APY for a 15-month term. The yield on all the other terms over 12 months is 3.85% APY. Minimum deposits on these CDs are $500.
iGOBanking.com also has a no minimum online savings account, with a current yield of 3.86% APY.
iGObanking.com is a division of Flushing Savings Bank, FSB so deposits are FDIC insured. According to BankRate.com’s review, Flushing Savings Bank has a 3/5 star rating.
Topics: Best CD Rates | RSS Feed |
Wells Fargo Bank Current Interest Rates
By Best Bank Rates | March 7, 2008 | No Comments »
Among the big brick and mortar banks, Wells Fargo probably has the lowest available rates for their CDs and savings accounts.
Their “special high yield CD” yields an abysmal 2.75% APY, while the CDs with 3 month to 1 year CDs yield between 1.50% APY to 2.15% APY. Minimum deposit is $2500.
The Wells Fargo money market account yields 0.10% APY or 0.90% APY, depending on the amount of your deposit.
The Wells Fargo savings account yields 0.10% APY or 0.25% APY, depending on the deposit.
Topics: Best CD Rates | RSS Feed |
Current Bank of America CD Rates
By Best Bank Rates | March 5, 2008 | No Comments »
Bank of America has dropped their rates along with the rest of the banking industry. Big banks like Bank of America have historically offered lower rates, and their current rates have not broken this trend. Bank of America’s high yield CD has a yield of 3.06% APY, with a 4 month maturity term. Minimum balance on this CD is $5,000.
Their Risk Free CD offers an even lower rate of 2.75% APY and a 9 month term. However, this CD allows you to withdraw funds prior to maturity without a penalty, which makes it similar to a high yield savings account.
The Bank of America regular savings account yields a pitiful .20% APY compared to Washington Mutual’s 4.00% APY or E*Trade Financial’s 4.10% APY.
Topics: Best CD Rates | RSS Feed |
Previous Posts:
- Flagstar Bank Best 1 Year, 18 Month CD
- Everbank Top 2, 3, 5 Year Certificates
- Countrywide Bank - Current Top Short Term CD Accounts
- Aloha Pacific Federal Credit Union 5.00% Checking
- ING Direct Orange C.D. Rates, Savings
- New 3, 6, 9, 12 Month Top CD Rates
- Call Federal Credit Union (NC) 9 Month Share CD
- Pacific Mercantile Bank - 5.10% APY CD Rate
- KeyDirect CD, Money Market Rates
- Austin Telco FCU
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