Highest 3 year CD rates in Florida (February 2012 Edition)

It seems that the hunch we had in this post came true. Ben Bernanke has publicly proclaimed that key rates will remain at near zero levels through 2013 and well into 2014. While savers must be banging their heads against the wall after hearing this announcement, we immediately went on a hunt to track down the best 3 year CD rates in a number of states.

The first state we chose to survey was Florida. As most people know (especially those into politics or those that reside in the state) Florida’s demographics primarily consists of an aging population. A population that has made their contributions to society and have earned their wages for doing so – be it large, small or somewhere in between – and are looking for fixed income investment vehicles to stick at least a portion of their nest egg. And here at BankVibe.com we currently are recommending the 3 year CD. We find this to be the optimal time in which to invest. After the FED’s most recent meeting and public announcement, we think the 36 month deposit, if invested in today, will expire at precisely the time in which interest rates will begin to rise, thus freeing up those funds to put back into another certificate of deposit with a higher annual percentage yield.

The top 3 year CD rates in FL are listed below. Keep in mind that the current national average for 36 month certificates of deposit hovers around an incredibly low 1.0% APY.

Top Five 3 year CD Rates in Florida (February 2012)

(If you don’t live in Florida and would like to review the best CD rates available nationwide, stop by our CD rate center.)

1) Peoples Alliance Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.67% APY requiring a minimum deposit of $500.

2) American Airlines Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.61% APY requiring a steep minimum deposit of $10,000.

3) Florida Credit Union (Starke, FL) has a 36 month deposit yielding 1.61% APY requiring a minimum deposit of $1,000.

4) Flagier Bank (West Palm Beach, FL) has a 36 month deposit yielding 1.60% APY requiring a minimum deposit of $500.

5) GulfSouth Private Bank (Santa Rosa Beach, FL) has a 36 month deposit yielding 1.60% APY requiring another rather steep minimum deposit of $10,000.

Have you locked in a 3 year CD lately in the sunshine state with a higher interest rate than what we’ve listed above? If so, please share by leaving a comment!

3 Year Certificates of Deposit Worth Considering Currently

One could make a valid argument currently for 3 year CD’s as being a decent investment vehicle in today’s landscape for those on the hunt for FDIC insured bank deposits.

Why 3 year CD’s?

Because interest rates are horrendous and are expected to remain this low for the foreseeable future. We made a similar argument based on this reasoning for 2 year CD’s a short while ago but we believe the same could likely apply for 36 month deposit products as well.

Basically the FED has made it quite clear that interest rates are not going to rise anytime in 2012 or 2013. And as a hunch, we see it completely rational to assume that key rates could also remain at these historically low levels even through 2014 as well.

A number of economical factors must change (and rather dramatically at that) for anything significant to change on the interest rate front for savers within the next 3 years. First, regardless of the record low mortgage rates for both new home purchases and refinancing, there is still a vast supply of homes on the market (and in foreclosure) that simply aren’t selling. This dynamic gives the FED absolutely zero incentive to increase rates when homes can’t even sell with the lowest mortgage rates we’ve seen in decades. Second, the jobless rate is still sitting at an unprecedentedly high rate which means there is a shortage of potential home buyers to soak up this plethora of real estate on the market. So while these factors need to make a positive turn for interest rates to begin to rise we find it highly unlikely.

That being said, rates will inevitabley rise again. So for those looking to lock in the most optimal rates for our current economic conditions, which then free up these funds at a time when savings rates could be on the rise again, we find the 36 month deposit as one of the best FDIC insured savings product to take advantage of in 2012.

Checking Account Promotions for New Customers in 2012 (Top 5)

2012 has started out with a good amount of cash bonuses and prizes for customers opening new checking accounts. If you recall, last year ended quite badly for the big banks and their checking account products. After the threat then immediate retreat of new checking fees from Citibank, Bank of America and Wells Fargo, consumers flooded into credit unions at a rapid pace. These fees – that never actually arrived due to widespread unpopularity – were in many ways, the final straw that broke the camels back for a large segment of consumers that were already fed up with the nation’s largest banks.

Now the good news!

Since then, crafty online banks and banks who cater to a more diverse set of consumers (not just the most profitable ones) have seen this as a golden opportunity to dangle tempting promotional offers in front of consumers contemplating a new checking account. So in many respects now is an optimal time to either switch your checking account over to a new bank or credit union or start a new account all together while cashing in on some freebies and cash!

Some of the accounts you will see here will be limited to a select group of consumers in order to avoid fees or even take advantage of the offer in the first place, but the top 2 (which are by far the most lucrative offers in the long run) are available online and to everyone in all 50 states.

Top 5 Checking Account Promotions of 2012:

(We will attempt to keep these offers up-to-date throughout the course of 2012. If you feel we’ve missed one, please let us know in the comment section below!)

1) ING Direct Checking Account - $50 Sign-Up Bonus and No Fees! This was last year’s number 2 top checking offer but took over at the one spot because they’ve managed to attach an interest rate to the account that is higher than the current national average for interest checking accounts. When you combine this with the sign-up bonus and the zero fees and the ease and simplicity of the account, it makes for a pretty enticing offer in 2012. The account is available to open online.

2) Perkstreet Cash Back Checking Account – Have you heard of this checking account before? It not, you better get to know them because it will likely become a household name in years to come. We’ve mentioned this company so many times before on BankVibe.com we feel like we are beating a dead horse by going over the facts again. Just click on the link above to see our full review. In a nutshell you’ll get 1% cash back on all purchases with a balance under $5k and 2% cash back on all purchases when your balance is above $5k. Consumers can earn up to $600 in cash back each year according to Perkstreet.

3) MB Financial Checking Account – Up to $200 in bonuses. This bonus structure, like many checking promo’s, is set up in tiers so that you earn a little bit of money for completing a certain number of requirements. For example, to earn the first hundred you have to set up a monthly recurring direct deposit. This likely means you’ll have to make this your primary checking account. You’ll also earn additional $50 and $25 incentives for things like opening additional accounts with the bank and enrolling in e-statements. Check out the bonus link here.

4) Chase Bank Checking Account – $125 Bonus. This is another bonus that is on and off the market every other day it seems. Right now just Google “Chase 125″ and you’ll get to the proper page. Basically you just need to set up a direct deposit with their “Chase Total Checking Account” either by stopping into a local branch or by having the coupon emailed to you. Watch out for fees with these accounts though, if you keep a limited balance you might get dinged pretty hard. Their latest promo is dated to expire at the end of February 2012.

5) Sovereign Bank – 3 promotions with $125, $75 and $50 cash bonuses for new checking accounts. Their premier checking account package (watch out for fees!) provides the $125 bounty. Sovereign Bank’s Preferred Checking Account pays the $75 bonus once you make 5 debit card transactions (again check fine print for fees!). The last offer is for their ‘less profitable clients’ and comes with a $50 bonus. It’s called their “Classic Checking Account.”

Know of a better existing deal in 2012? Tell us about it in the comment section below!

A few 1 Year CD Rates in Lousiana are Doubling the National Average!

We just got word of a few small community banks and credit unions out of Louisiana that are featuring 12 month CD rates that are currently demolishing today’s national average for these particular products. The banks and credit unions featured below are geographically exclusive (and may have other membership requirements as well) so unless you reside in the Bayou, you may be tough out of luck in obtaining one of these certificates of deposit.

Before mentioning the institutions and their APY’s on their 1 year CD’s we should note that as of today the national average for these products sits at a meager 0.66% APY. You may also want to compare that with the top 12 month CD rates from our database of nationally available CD’s if you reside outside of Louisiana.

Top Three 12 month CD Rates in Louisiana:

(Interest rates accurate as of January 2012.)

1) First NBC Bank (Terrytown, Louisiana) has a 12 month CD featuring an APY of 1.26% requiring a minimum deposit of $1,000. First NBC Bank received it’s charter to begin operations in 2006 and now controls roughly $60 million in assets.

2) Beauregard Federal Savings Bank (Deridder, Louisiana) has a 12 month CD featuring an APY of 1.25% requiring a minimum deposit of $1,000. Beauregard Federal Savings Bank, originally established in 1948, is still relatively small with just 3 locations. They acquired their latest bank in 1988 which is also located in Deridder, LA.

3) Jefferson Financial Credit Union (Metairie, Louisiana) also has a 12 month CD featuring an APY of 1.25% however, their minimum deposit requirement is slightly more steep at $10,000. To join Jefferson Financial Credit Union you must submit a written request detailing why you wish to join. Visit their website for a sample letter or give them a call at 348-2424 ext. 123 for further instructions.

Think you know of a better 12 month CD rate in Louisiana? We doubt it! But let us know by leaving a comment!

How Much Can You Save From “No Balance Transfer Fee” Credit Cards?

For consumers bloated with debt from perhaps indulging in a little more holiday spending than they could immediately afford, a balance transfer credit card with a 0% APR program is often times a phenomenal tool available to alleviate this pain. Credit card companies know this all too well and typically, around this time of year, come out with these very enticing offers. But which balance transfer credit card allows consumers to save the most money while truly assisting them in eliminating or at least heavily alleviating their debt?

Your first option would be to find a card with an extended 0% intro APR option. The longest term we’ve ever come across has been a 21 month 0% APR card from both Discover and Citibank. Fortunately for consumers in the market for these types of cards there are several 21 month 0% APR cards still on the market. Visit our balance transfer credit card marketplace to compare all the features of these cards as well as any promotional offers.

Now on to our favorite type of balance transfer card – the no balance transfer fee credit card.

These types of cards are always promotional offers that never last more than a few weeks. And we generally see them come around right after the new year. There is one still available through the end of this month in which we covered in an earlier article. However, for those that may have missed the offer it can be found using the link below (or read our review here).

Discover More “No Balance Transfer Fee” Credit Card

Here are some quick highlights of the card:

1) No Balance Transfer Fee. (Only if you sign up before Jan 31.)

2) 0% Intro APR on both balance transfers and purchases for 12 months.

3) 5% cash back in a rotating set of everyday type categories (gas, groceries, etc).

4) 20% cash back when you shop online through the Discover website.

No let’s further examine how valuable these “no balance transfer fee” cards really are and how much you can potentially save by transferring your existing debt to one of them.

First, the average balance transfer fee is between 3% and 5% for ALL balance transfer credit cards. Discover Bank is the only credit card issuer that we’ve seen waive this fee. Ever.

If you bank with a credit union and have an existing balance with another credit card outside of your credit union, you may want to see if they can provide a similar card as well if you’d prefer not to open a Discover Card, but we find it unlikely they have a similar offer.

Potential Savings with Discover Bank’s No Balance Transfer Fee Credit Card:

Assuming you have $1,000 in credit card debt and transfer it to a 0% APR balance transfer card you would be saving $50 assuming a 5% balance transfer fee.

5% x $1,000 = $50 in savings

Now assume you have $5,000 in credit card debt and transferred it over to a 0% APR card. Your savings would then be a much more substantial $250 (again assuming a 5% BT fee).

5% x $5,000 = $250 in savings

Now let’s go further and assume you have a whopping $15,000 in credit card debt and need to transfer it immediately to a 0% APR card because you’re likely getting smothered with interest charges. In this more extreme example you would be saving an incredible $750 (assuming 5% BT fee).

5% x $15,000 = $750 in savings

When obtaining one of these cards it’s absolutely crucial that you budget your monthly payments so that the debt you’ve transferred can be fully paid off before the 0% intro APR period is over otherwise you will likely be hit with an APR between 10.99% and 19.99% depending on your credit standing. And although they allow the 0% APR to cover new purchases as well, we would highly recommend never using the card for purchases only as a tool to recover from suffocating credit card debt.

When ‘no balance transfer fee credit card promotions’ become available they never last long, so if you’ve wracked up somewhat of a high credit card debt and are stuck with an unfavorable APR, now is the time to transfer your balance and take advantage of the potential savings.

You can Apply for the Discover More “No Balance Transfer Fee” Credit Card using this link.

– Offer Available Through January 2012 Only –

CiT Bank Still Leading the Way in 2 Year CD Rates Available Nationwide

If you’ve got $25k and are in the market for a high yield 2 year CD, you’ll want to check out CiT Bank’s current offer of 1.26% APY. CiT Bank has lead our CD rate market place for a while now on a number of products but was just recently bumped from the number 1 spot on 1 year certificate of deposits.

We love the ease in which one can obtain a CD through CiT Bank. It takes only minutes to set up and you can do it online with a direct deposit. The only catch is that they require a relatively steep minimum deposit requirement of $25,000.

Early this month we hinted that two year CD’s were likely the best FDIC insured deposit account to get involved at this time. Ben Bernanke and the FED has made note that these record low rates will likely remain this low throughout 2012 and most of 2013 as well. Even though he publicly stated this recently it doesn’t mean it’s set in stone, but it is more than likely the most probable outcome. Unless the economy as a whole takes a rapid turn for the better, interest rates in general will likely not budge.

The reason 2 year CD’s pose an enticing term is because your CD will mature at the precise time deposit rates may begin to rise – allowing you to re-invest your funds into a more lucrative CD rate with an alternative term.

An important reminder when investing in bank CDs is this: always call your bank ahead of time (as in one to two months before you CD matures) to make sure they know you would like your funds removed from the deposit account. In almost all situations banks and credit unions alike will automatically reinvest your funds in the exact same deposit product they were in beforehand unless you take the proactive approach in contacting them directly. We routinely receive complaints on our comment sections of people enraged at their bank or credit union for failing to do this.

Top 2 year CD Rates Available Nationally and Online (January 2012 Edition):

1) CiT Bank features a 2 year CD with an interest rate of 1.25% compounded daily (1.26% APY) and requires a $25,000 deposit.

2) VirtualBank holds the number 2 spot featuring a 2 year CD with an interest rate of 1.20% compounded daily (1.21% APY) and requires a $10,000 deposit.

3) USAA Bank and Discover Bank are tied for the third spot featuring 2 year CD’s with an interest rate of 1.19% compounded monthly for USAA Bank and 1.19% compounded daily for Discover Bank. USAA Bank requires a $1,000 minimum deposit while Discover Bank requires a $2,500 minimum deposit.

Banks and Credit Unions in California with No Overdraft Fees

We will be conducting research on a number of checking account products from hundreds of banks and credit unions throughout the country and publishing our results of the institutions imposing no overdraft fees associated with their checking accounts on a state by state basis. Although we are starting with California this week, stay tuned as your state will pop up in the near future. If you happen to be one of those individuals that occasionally withdrawals slightly more than you have, rest assured that you wont be hit with overdraft fees from the following accounts.

Top 5 Checking Accounts with No Overdraft Fees in California

1) Perkstreet Checking Account – This account with it’s current features will always hold the number one spot simply because it’s the most rewarding checking account on the market and it’s widely available. You can view our full review here. Just as a quick synopsis of this account, it essentially pioneered the way for “cash back checking accounts.” It comes with zero fees (including no overdraft fees). Plus it gives customers between 1% and 2% cash back on purchases – which can quickly add up to substantial savings. It was also featured in our top checking account promotions of 2011 publication.

2) ING Direct’s Checking Account with $50 Bonus – People regularly forget about this account because ING is cutting back on their physical branch locations but it has one of the simplest fees structures around – and that is that there is none. And we mean ZERO. Just like with Perkstreet mentioned above, there are no overdraft fees or monthly maintenance fees associated with this checking account. This account is available to California residents as well as consumers in all 50 states as well. Plus for a limited time, you’ll nab a $50 bonus just for opening the account!

3) Star One Credit Union – This checking account comes from a California based credit union and is geographically exclusive to that area. The way in which their overdraft fee protection works is that your checking account (debit card) is linked to your credit card so that if you withdrawal more funds than you possess in your checking account it will simply withdrawal it from your credit account without imposing any cash advance fees from the credit card as is typical with most cash withdrawals from credit cards. Star One Credit Union was established in 1956 and is based out of Sunnyvale, California and controls roughly $5.5 billion in assets from 86,000 members.

4) Patelco Credit Union – Patelco Credit Union based out of San Francisco, California has 42 locations throughout California and bordering states. Their “Free Checking Account” is a fairly straight forward checking account with no monthly maintenance fees and free overdraft protection. They will impose zero overdraft fees but they will take the overdrawn funds from another account you have with them (similar to Star One Credit Unions approach above).

5) California Credit Union – CCU based out of Glendale, CA has just 14 locations throughout the state and has been around since 1933. Their “Free Checking Account” also comes with overdraft protection that must be secured by a line of credit either through a credit card or an additional line of credit set up with the institution. Keep in mind though that interest will be paid on the advanced amount.

Since the constant threat of new checking account fees especially associated with the countries largest banks, we figured we’d give a state by state run down of alternative options that still believe in straight forward and easy-going checking. Let us know if you know of a noteworthy checking account in this respect.

Lowest Mortgage Rates in Nevada (2012) Local Institutions Onlys

In our recent 2012 survey of mortgage rates found in locally based banks and credit unions in Nevada, we found that in most instances you’d be better off (from an APR standpoint) in going with direct or online lenders. The lowest rates offered in Nevada from our mortgage rate database sits at roughly 3.71% APR assuming a 30 year fixed rate loan of a value no more than $165k (rate survey based out of Carson City, NV). Keep in mind that this product, from Mortgage Capital Associates, also comes with $950 in closing costs is based on the same assumptions above.

Below are the top two offers from locally based institutions only

(The rates and APRs featured below are accurate as of January 2012.)

1) Operating Engineers Local Union 3 FCU, based out of Reno, Nevada, is featuring a 30 year fixed rate mortgage with an interest rate of 4.0% and an APR of 4.023% assuming 20% down. Operating Engineers Local Union was originally established in 1964 to support the town’s engineers and their families with affordable banking products. Today they have 74,000 members and 22 locations throughout most of the southwest. As of 2010 they had assets totaling $754 million.

2) SCE Federal Credit Union, based out of Las Vegas, Nevada, is featuring a 30 year fixed rate mortgage with an interest rate of 3.875% and an APR of 4.056% assuming 20% down and 1% origination fees. SCE Federal Credit Union is an easy credit union to join no matter where you live. You simply need to open a checking and savings account with a minimum of $10 in the checking and $5 in the savings. SCE Federal Credit Union has its roots in Europe over 160 years ago but has been operating in the US for just 60 years.

If you live in Nevada and have obtained a more competitive 30 year fixed rate mortgage, please share by leaving a comment!

2 year deposits may be optimal term for CD’s at this time

With the Fed going so far as to say rates may sit at these levels throughout 2013, many deposit investors have been flocking to lock in 2 year CD’s so that their maturities are up at the precise time key rates may begin to rise again. This is, of course, speculation and rates could remain this low for a significantly loner time or begin to rise in the nearer future if economic conditions make a turn for the better.

Here at BankVibe.com, we’ve seen an increase in interest amongst these products lately (in both 2012 and towards the end of 2011). With search queries for the highest two year deposit rates seeing more activity than previously seen in recent memory.

As of 2012, we have a new leader in 2 year CD rates (CiT Bank) which features a 1.26% APY based on a 1.25% interest that is compounded daily. The minimum deposit is rather steep at $25,000, however, you should always check with your local credit union to see if they can at least match the interest rate and perhaps be a little more lenient on minimum deposit requirements.

One more thing to note before hopping into one of these products is that the interest rate you’d receive from even the best two year CD’s is still barley above the interest rate you’d receive from some of the top 12 month CD rates or even liquid money market rates. So don’t feel the need to lock your funds away for 24 months if you feel there may be a more productive opportunity for your savings in the near future.

Other 2 year CD rates topping our charts (view complete list here):

- Virtual Bank featuring a 2 year CD yielding 1.21% APY with a minimum deposit requirement of $10,000.

- USAA Bank featuring a 2 year CD yielding 1.20% APY with a minimum deposit requirement of $1,000.

- Discover Bank featuring a 2 year CD yielding 1.20% APY with a minimum deposit requirement of $2,500.

Discover Bank’s “No Balance Transfer Fee” Credit Card is Back!

One of the most popular promotional offers by Discover Bank is back once again!

The Discover More “No Balance Transfer Fee” Credit Card usually surfaces around this time each year to help relieve consumers of any debt they may have racked up from Holiday spending.

The purpose of balance transfer credit cards is relatively straight forward – you’ll get a promotional 0% APR period (usually 6 months to 12 months) in which you can transfer over debt from another card and pay it off before the zero interest period is over. However, the big kicker with these cards is that they almost always come with a one time balance transfer fee of between 3% and 5% depending on which card you choose. In fact, this is the only balance transfer credit card promotion we’ve seen that waives this fee.

The savings from a “no balance transfer fee” credit card is immense.

For example, let’s say you’ve got $5,000 in credit card debt that is accompanied with an unfavorable interest rate from your current bank. You then decide to apply for a 0% intro APR balance transfer credit card and transfer the entire $5,000 over to your new card. This card imposes a standard 5% up front balance transfer fee. That would mean you would need to cough up $250 right off the bat in exchange for a 12 month 0% APR period.

Given the above scenario you can see how beneficial these no balance transfer fee cards from Discover Bank can be especially if you’re dealing with more credit card debt then mentioned in our hypothetical situation.

Discover More “No Balance Transfer Fee” Credit Card Details (Limited Time Promotion):

• Limited Time Offer – $0 Balance Transfer Fee!
• 0% intro APR on purchases and balance transfers for 12 months, then the variable standard purchase APR of 10.99% – 19.99%
• 5% Cash back Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply
• Up to 20% Cash back Bonus at popular retailers when you shop online through Discover.com
• Discover is ranked 1 in customer loyalty–15 years in a row! (2011 Brand Keys Customer Loyalty Engagement Index report)
• 24/7 access to a U.S.-based Account Manager within 60 seconds
• Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
• Click apply to view rates, fees, rewards, limitations and other important information

  Apply Now!

- Offer Expires on January 31, 2012 -