Are Battered Banks Still Buys?
[from ]
Hardly had the ink dried on Beat the Rush to the Banks , in our November issue, when Lehman Brothers declared bankruptcy, setting in motion dramatic events that have altered the landscape of the U.S. banking sector. The most significant: Uncle Sam’s move to inject $250 billion into U.S. banks and…
Think You’re Grandfathered In? Your Grandfather May Have Left The Building.
[from ]
This week I’ve been getting calls from the satellite provider we use in our RV. They’re forcing me to “upgrade” my old package to their new, similar package. A couple of years ago I got a notice from them that my package was being discontinued, but that I could keep it as long as I […]
Where Do You Stash Your Money?
[from ]
I once read that 1 in 10 people don’t use banks for saving money. That’s hard to believe. Hiding your money is unsafe and unwise. But people do it all the time. I’ve done it. You’ve probably done it at one time or another. When my son was young, he used to hide his allowance […]
Beat the Rush to the Banks
[from ]
As Warren Buffett once said, you never know who’s been swimming au naturel until the tide goes out. And as investors have discovered, the U.S. banking system spent the better part of the past decade’s housing bubble doing an underwater striptease. Now we’re all getting an eyeful as banks,…
Bullish, Yes Bullish, on Banks
[from ]
For now, at least, ace fund manager Ken Heebner has turned bullish on financial stocks. At the same time, Heebner, who has been running mutual funds for more than 30 years and is known for his uncanny ability to measure the pulse of the market, has sharply pared back his funds’ commitment to…
6.06% 58-Month CD at a Missouri Bank (Hawthorn)
[from Bank Deals - Best Rates and Deals]
Hawthorn Bank is offering a special 6.06% APY 58-month CD. The minimum deposit is $2,000, and the maximum deposit is $50,000 per social security number. It’s not listed at the bank’s website. A reader sent me email on this special, and I just called for additional details. According to the CSR, it just started last Friday so she expected it to last for a while. No checking account is required.
5.15% 48-Month / 4.75% 30-Month CD at a Delaware Bank (MidCoast Community)
[from ]
MidCoast Community Bank is offering some competitive long-term CD rates. Below is a list of the most competitive rates:
4.35% APY 18-month4.45% APY 24-month4.75% APY 30-month5.15% APY 48-month5.25% APY 60-monthThe minimum deposit is $500. These are available as an IRA CD and a business CD.
Money Market and Checking Deals
In addition to the CDs, the bank has some good deals on checking and money
Update on Providentdirect’s Online Savings Account and CDs
[from ]
With the recent rate hike at Providentdirect and its new ACH transfer system, I thought it would be worthwhile to take a new look at Providentdirect. The online savings account yield was recently increased from 3.50% to 3.75% APY. It does have a history of competitive rates since it was launched in November of 2007. Below are the savings account’s basic features:
$100 minimum opening balanceNo
3.75% Savings Account Promotion Guaranteed into Jan 2009 at Imperial Capital Bank
[from ]
Imperial Capital Bank has extended its savings account promotion. A yield of 3.75% APY is now guaranteed through 1/20/2009. Unlike Imperial Capital’s iMoney Market Account, this savings account is only an in-branch product. The 3.75% APY now applies to all of its branches in Baltimore, MD, Las Vegas, NV and in several California cities (see branch location page).
Opening minimum deposit and
5.00% Reward Checking Account at a Kansas Bank (Verus)
[from ]
Verus Bank is offering a reward checking account that pays 5.00% APY on balances up to $25,000 (1% for above) and refunds ATM fees if the following monthly requirements are met:
12 debit card purchases1 direct deposit or ACH debitreceive electronic statementsIf these are not met, the rate falls to 0.25%. The minimum initial deposit is $100. There are no monthly service charges and no minimum
4.07% Reward Checking Account on All Balances at City Bank New Mexico
[from Bank Deals - Best Rates and Deals]
City Bank New Mexico is offering a reward checking account that pays 4.07% APY on all balances and refunds ATM fees if the following monthly requirements are met:
20 debit card purchases4 ACH debits or creditsone online bill paymentaccess your online accountreceive electronic statementsIf this is too much work, the bank has a secondary level with a yield of 2.02% APY if only the following monthly
4.44% Reward Checking Account at a Florida Bank (Ocala National)
[from Bank Deals - Best Rates and Deals]
Ocala National Bank is offering a reward checking account that pays 4.44% APY on balances up to $50,000 (1% for above) and refunds ATM fees without limit if the following monthly requirements are met:
10 check card purchases1 direct deposit or ACH debitelectronic statement deliveryIf these are not met, the rate falls to 0.50%. The minimum initial deposit is $100. There are no minimum balance
3.85% 3-Month CD at Crestmark Bank - Nationally Available
[from Bank Deals - Best Rates and Deals]
Crestmark Bank is once again offering CDs with some competitive rates. The most competitive CD is a 3-month CD which has a rate of 3.85%. The other terms are also fairly competitive. These include a 3.60% 30-day CD, a 3.65% 60-day CD, a 3.90% 180-day CD, a 3.95% 270-day CD and a 4.20% CD for terms of 1 year and longer. The minimum deposit is $25,000, and the maximum is $200,000. They do not
5.25% Reward Checking Account at The Citizens Bank of Ashville, Ohio
[from Bank Deals - Best Rates and Deals]
The Citizens Bank of Ashville is offering a reward checking account that pays 5.25% APY on balances up to $25,000 (1.51% for above) and refunds ATM fees if the following monthly requirements are met:
15 debit card purchasesone direct deposit or ACH debitaccess online bankingreceive electronic statementsIf these are not met, the rate falls to 0.20%. The minimum initial deposit is $50. There are
4.08% 7-Month CD at a Massachusetts Bank (United Commercial)
[from ]
United Commercial Bank is advertising a CD promotion which includes a 4.08% APY 7-month CD and a 4.18% APY 11-month CD. The minimum deposit is $10,000, and the maximum is $88,888. This special doesn’t seem to be listed at the bank’s website. It was advertised in the 8/28/08 MA newspaper. The ad is available online here.
It appears a branch visit may be required to open a new account. The ad
4.30% 9-Month CD with Rate Bump Feature at FirstFedDirect - Nationally Available
[from Bank Deals - Best Rates and Deals]
FirstFedDirect just came out with a special 9-month CD with a yield of 4.30% APY. The minimum deposit is $10,000. There’s an online application serviced by andera.com that allows funding by an ACH transfer from your existing account at another bank. You can also open by mail with a check. A beneficiary can be included in the application (see FAQ), but I’m not sure if the account title will be
New Online Savings Account at Venture Bank Direct
[from Bank Deals - Best Rates and Deals]
Venture Bank has started a new internet bank called Venture Bank Direct which offers a no-minimum high yield savings account. The yield is currently 3.30% APY which is competitive, but it’s nothing to get excited about when there are several online banks offering 3.50% APY and above.
The online account seems to be fairly typical. Some of the basic features include:
No minimum balance
BankUnited Raises Online Savings Account Yield
[from ]
BankUnited raised the yield on its online savings account from 3.55% to 3.75% APY. The minimum deposit to open is $5,000. This account has a decent history of high rates (see post), however, both the bank and this account have several issues that hurt this deal. I first started reporting on this account back in 2006, and ever since there have been discrepancies in the documentation and the info I
4.42% 12-Month / 5.30% 60-Month CD Nationally Available at State Bank of India - New York
[from Bank Deals - Best Rates and Deals]
State Bank of India in New York recently increased some of its CD rates. The competitive rates include a 4.42% APY 1-year CD, a 4.89% APY 3-year CD and a 5.30% APY 5-year CD. The minimum deposit is $5,000. In the past they used to have higher rates for larger deposits, but currently the rates are the same across for all tiers.
The rate table has a date range of 8/27/08 to 9/02/08. These CDs are
6.01% Reward Checking Account at an IL/IN Bank (Legence)
[from Bank Deals - Best Rates and Deals]
Legence Bank is offering a reward checking account that pays 6.01% APY on balances up to $25,000 (1% for above) and refunds ATM fees if the following monthly requirements are met:
10 debit card purchases1 direct deposit, ACH debit or online bill payaccess online bankingreceive statements electronicallyIf these are not met, the rate falls to 0.25%. There are no minimum balances and no service
4.75% 11-Month / 4.50% 4-Month CD at Banco Popular in New York.
[from Bank Deals - Best Rates and Deals]
Banco Popular is offering some very competitive short-term CD rates for its New York branches: 4.75% APY for an 11-month term and a 4.50% APY for a 4-month term. The minimum deposit is $1,000, and the maximum is $249,000.
These CD specials are not listed at the bank’s website. A reader mentioned seeing these advertised, and I just called for additional details (1-800-377-0800). I was able to
4.00% 4-Month CD at Third Federal Savings & Loan - Nationally Available
[from ]
Third Federal Savings & Loan is offering a special 4.00% APY 4-month CD. The minimum deposit is $500, and there is no maximum deposit limit. This doesn’t seem to be listed at the bank’s rate table. A reader mentioned it to me, and I just called their toll-free number (1-800-844-7333) for more details. According to the CSR, people from any state can apply by phone. They’ll mail you the signature
4.75% 21-Month / 5.35% 60-Month CD at a Florida Bank (Heritage)
[from Bank Deals - Best Rates and Deals]
Heritage Bank of Florida has some competitive certificate of deposit rates. The most competitive rates include a 4.75% APY for a 21-month term and a 5.35% APY for a 60-month term. Other decent rates include a 4.25% APY for a 14-month term and a 5.00% APY for a 48-month term. The minimum deposit is $1,000. These are also available in an IRA.
A branch visit is required to open new accounts.
Update on National City’s CD Promotion: 5.25% 36-Month CD
[from ]
National City Bank is again offering some attractive CD and money market specials. You now can get a CD with a yield of 5.25% APY on a term of 36 months. On Sunday, I reported on the new 5% APY CD for terms as low as 19 months. This was being advertised in some newspapers. More details are provided at this National City CD promotion page, but this doesn’t list all of the terms. I just called for
Another CD Rate Increase at ING Direct
[from Bank Deals - Best Rates and Deals]
ING Direct raised CD rates on most of its terms today. The 6 and 9-month rates increased to 3.75% APY, and the 12-month rate increased to 4.00% APY. All longer terms also have the 4.00% APY except the 60-month term which has a 4.25% APY. This is the second CD rate hike at ING Direct this month. The last one was on August 12th. The rates on the Orange Savings Account and Electric Orange Account
Up to $150 Checking Bonus at Cal National Bank in Southern California
[from Bank Deals - Best Rates and Deals]
Cal National Bank is offering a bonus of up to $150 in gift cards for opening a free checking account and performing certain activities. The promotion is listed on the right side of the bank’s checking page. There’s also more info on this promotion in ad in yesterday’s Orange County Register. The ad is available online here and here.
The promotion rewards points, and these can be used for travel
4.30% 10-Month CD at a Florida Bank (East Coast Community)
[from ]
East Coast Community Bank is offering a special 4.30% APY 10-month CD. The minimum deposit is $1,000, and the maximum is $100,000. This special CD doesn’t seem to be listed at the bank’s website. It was advertised in yesterday’s Daytona Beach News Journal. The ad is available online here.
It appears that a branch visit may be required to open an account. Branches are located in Ormond Beach and
Big Increases in Corus Bank’s CD Rates - Nationally Available
[from Bank Deals - Best Rates and Deals]
Corus Bank made a large increase to its 12-month CD rate today. The 12-month CD yield was increased from 4.36% to 4.75% APY. There was a smaller increase in the 6-month CD yield, but the increase makes the CD the best nationwide 6-month CD from a bank. The new 6-month yield is 4.25% APY (up from 4.05%). The 3-month CD yield remained at 3.56% APY, and the money market account yield also remained
4.25% 10-Month CD at a Pennsylvania Bank (Eagle National)
[from ]
Eagle National Bank is offering a special 4.25% APY 10-month CD. The minimum deposit is $1,000. There’s also a 17-month special CD with a yield of 3.75% APY which is not nearly as competitive as the 10-month CD. The specials are listed in the bank’s rate table.
It appears that a branch visit may be required to open accounts. Branches are located in the suburbs of Philadelphia in the cities of
4.00% 6-Month CD at a California Bank (Guaranty)
[from Bank Deals - Best Rates and Deals]
Guaranty Bank is offering a special 4.00% APY 6-month CD at its California branches. The minimum deposit is $1,000. It’s also available as an IRA CD. The bank has a 4.00% APY CD at its Texas branches, but the term is 12 months which makes it much less competitive. These CDs are listed in the pdf documents available at this Guaranty CD page.
Branches are located in California and Texas. The bank