Update: go to High Yield Savings Accounts - May, 2007 for an updated summary
This is another update from the banking expert at BankDeals — my favorite banking blog. The CD rates seem to have dropped slightly compared to the last update which I made on March 24, 2007.
Checking/Savings/Money Market Accounts:
- Geauga Savings Bank - 5.45% ($25K min), info
- AmTrustDirect - 5.36% ($1K min), info
- BankUnited - 5.35% (min $5K), info
3-Month Certificates of Deposit:
- TD Ameritrade - 5.40% (min $10K), info
- UmbrellaBank.com - 5.35% (min $1K)
- UFB Direct - 5.31% (min $8K)
6-Month Certificates of Deposit:
- Northrop Grumman FCU - 5.69% (min $40K), info
- NASA FCU - 5.50% (5 months) (min $5K), info
- FirstFedDirect - 5.46% (min $10K), info
9-Month Certificates of Deposit:
- World Savings - 5.46% (min $10K) (10-month), info
- UmbrellaBank.com - 5.40% (min $1K)
- AmTrustDirect - 5.36% (min $1K), info
12-Month Certificates of Deposit:
- Melrose CU - 5.56% (min $5K), info
- Northrop Grumman FCU - 5.56% (min $40K), info
- Amalgamated Bank - 5.50%, (min $500) (13-month), info
18-Month Certificates of Deposit:
- Bank of Internet - 5.36% (min $1K), info
- iGobanking - 5.30% (min $500), info
- E-LOAN - 5.40% ($10K min), info
36-Month Certificate of Deposit:
- Pentagon Federal CU - 5.50% (min $1K), info
- Agriculture FCU - 5.50% (min $1K), info
- Mutual Bank - 5.47% (min $5K), info
48-Month Certificate of Deposit:
- Melrose CU - 5.51% (min $5K), info
- Pentagon Federal CU - 5.50% (min $1K), info
- Navy FCU - 5.50% ($20K min) restrictions to membership, info
60-Month Certificate of Deposit:
- Agriculture FCU - 5.75% (min $1K), info
- Navy FCU - 5.70% ($20K min) restrictions to membership, info
- Melrose CU - 5.56% (min $5K), info
High Rates with Conditions / Large Balances - Open to All
- 10% Affinity Savings Account for kids ($500 max)
- 6.01% Everbank 3-month intro rate on checking account
- 6.00% HSBC Savings Account New Money Promo
Source: Bank Deals Weekly Summary for April 21, 2007 at BankDeals
RE: # Geauga Savings Bank - 5.45%
I don’t like how banks are throwing out “teaser” rates for savings accounts now. If they offer a rate on a savings account, it should fluctuate with other rates.
5.45% is nice, but after July 15th, who knows what the new rate will be. To open an account for 2-3 months of interest is a real hassle these days..
For this one you really need to read the fine print though:
*Signature Savings Annual Percentage Yield (APY) assumes principal and interest remain on deposit for one year. Interest is paid annually on December 31st of each year. Initial Rate is guaranteed through 07/15/07. For funds not currently on deposit with GSB. Rates subject to change without notice. Quarterly Statements. Deposit Range 0-24,999,99 Rate 0.0%/APY 0.0% $25,000-99,000 Rate/APY 5.45% $99,000.01-up Rate/APY 2.00%
Your interest is paid on 12/31/2007! This seems more like a CD where you need to keep your $$ in for a specified amount of time before you see a return. You’re better off using an established savings account (emigrant, ing direct) then taking a chance on this. They don’t even offer online banking either!
Yes, you have to look at details with each of these deals. Clicking on “info” may help since they guy often summarizes what you should be looking at with each offer.
In this particular case (Geauga Savings Bank), I don’t see anything unusual with the short guarantee. Banks adjust savings rates all the time. If you need a longer guarantee — go with a CD.