Best 12 month CD rates topping 1.75% APY
After another abysmal month for bank CD rates, we tracked down a couple decent (decent being a relative term) rates offered on 12 month bank CDs. The national average for this particular product currently sits at a historically pathetic 1.26% APY - down from 1.30% APY at just the beginning of March. However, if you look hard enough you can still find FDIC or NCUA insured banking institutions offering above 1.70% APY on 1 year certificate of deposits.
For our readers in the west, Alaska USA Federal Credit Union’s CD rates are beating the national average by a pretty substantial margin. Their 12 month CD rate hovers around 1.75% APY with a minimum deposit of $500 required. Alaska USA Federal Credit Union is the 13th largest credit union in the country in terms of membership (roughly 350,000 members) and 17th largest in terms of assets (roughly $3.8 billion). They have branches throughout Alaska, the Puget Sound area of Washington State, and California’s Victor Valley.
For consumers whom don’t reside in those areas, Tennessee Commerce Bank’s CD rates are topping the chart for banking institutions whom can accept deposits from customers in every state. Their 12 month CD is currently providing an annual interest rate of 1.70% APY with a minimum deposit of $2,500 required.
If your local bank or credit union is offering higher rates on their 12 month CD’s, please share by leaving a comment!
Harris Bank’s Interest Checking Account Bonus: $150
Harris Bank, serving most of the Midwest, currently has a checking account bonus offer of $150 for those who sign up for a new “interest checking account.” Although we believe it’s slightly misleading for them to call this checking account an “interest checking account” considering the fact that the interest rate is less than 0.05% APY, they are still offering a very enticing $150 bonus for signing up (and completing a few steps).
Thanks to BankVibe.com reader Jennifer for submitting this offer!
This is yet another checking account bonus we’ve seen after reporting on over a half dozen last month! You can compare this offer to the other checking account promotions we’ve covered recently to ensure you’re finding an optimal account for your needs.
Details of Interest Checking Account Bonus by Harris Bank:
- Open an interest checking account with a minimum opening deposit of $100.
- Setup a monthly direct deposit within 90 days of account opening or make at least five online bill payment transactions within 60 days of account opening.
- Open a Harris Savings Account and activate the AutoSave feature.
Additional Details regarding Bonus Collection:
- $100 cash will be deposited into your new Harris personal Interest-Checking Account approximately 120 days after account opening
- $50 will be deposited into your savings account after Auto Save feature is activated
- No maintenance or transaction fees for account holders with a combined total of $20,000 or more in any qualifying Harris deposit accounts
Learn more by visiting their promo page.
The Mango Prepaid Mastercard Review
With decent credit cards being harder to obtain these days (especially for those with shaky credit) the prepaid debit card alternative is becoming more and more popular. And if the prepaid option has the ability to assist in the rebuilding of credit, then it’s even better! One of the more popular options among consumers is the Mango Prepaid MasterCard.
The most notable benefits of this card are…
1) It is accepted wherever MasterCard is accepted.
2) You will not incur any credit checks, overdraft fees or activation fees that other prepaid options have.
3) You can manage your account online and/or with your mobile phone.
The Mango Prepaid MasterCard - Complete List of Features:
- FREE Prepaid MasterCard
- $0 Activation Fee
- FREE Direct Deposit
- FREE unlimited purchase / signature transactions
- FREE account management online or with your mobile phone
- FREE to check your balance with your mobile phone
- No monthly fee when you load $500/month
- Send money with your mobile phone
- Load cash at tens of thousands of retailers nationwide
- No credit check, no bank account needed, no overdraft fees
FNBO Direct’s Online Savings Account’s Features and Rate
As anyone in the market for an online savings account will tell you, the current interest rates being provided by these FDIC insured accounts are terrible. The national average for online savings accounts sits below 1.0% and some analysts suggest this “interest rate slump” may be here for a longer period of time than what was originally predicted (and hoped for). That is why we found it necessary to cover one of the better offers on the market for not only interest rates but account features, flexibility and functionality.
FNBO Direct has been at the top of their class for years due to their consistently high interest rates (their online savings account is currently providing 1.25% APY, 0.30% APY higher than the national average), their easy-to-use interface, and simple money transfer capabilities. Learn More.
FNBO Direct’s online savings account comes with no minimum balance (open an account for as little as $1.00), allows access to your money at anytime (no penalty for withdrawals), comes with superior online security and extremely easy transfer options for sending money in and out of your account.
Features of FNBO Direct’s Online Savings Account:
- Earn 5X more on your savings
- FNBO Direct offers you a great rate and the ease of online banking
- No balance minimums – No fees
- Manage your account securely online
- Deposits insured by the FDIC up to $250,000
- Send mobile and email payments directly from your FNBO Direct accounts.
- Received money? Deposit it into your FNBO Direct accounts.
- Free yourself from the hassle of check writing and bank visits.
SallieMae: CD rates and savings account review
SallieMae, traditionally a provider of student loans both federally and privately, has entered the online banking retail space by offering both “high yield savings accounts” and high interest CD’s (certificate of deposits). These accounts are federally insured by the FDIC and SallieMae claims the rates to be 5x the national average.
Their online savings account comes with no monthly fees and no minimum balances, similar to other online banking products such as Ally Bank’s online savings account and American Express’s high interest savings account.
Features of Online Savings Account by SallieMae:
- No minimum balance required
- No monthly fees
- Interest compounded daily
- FDIC insured
- 1.35% APY
- 10% annual match on Upromise earnings. Learn more.
Features of CD accounts (Certifate of Deposits) by SallieMae:
- No monthly fees
- FDIC insured
- minimum deposit not disclosed - contact SallieMae for this information
- 12 month CD’s paying 1.50% APY
- 36 month CD’s paying 2.20% APY
- 60 month CD’s paying 3.00% APY
SallieMae’s interest rates are subject to change without notice. Like most CD’s, the interest paid is fixed for the life of the product. The interest paid on the online savings account, however, is variable and subject to change based on market conditions. View SallieMae’s current savings rates here.
Community Bank of Pleasant Hill’s Rewards Checking Account
Another high interest checking account came in to our inbox yesterday - this time from Community Bank of Pleasant Hill, based out of Missouri. As of last December any member of Community Bank of Pleasant Hill can receive 2.51% APY on checking account balances of $0 - $25,000 as long as the given criteria are met. This account, while lucrative, is providing lower returns than most of the rewards checking accounts we’ve covered in the past. If you’re in the market for one of these accounts and are not yet a member of Community Bank, I’d suggest searching through our archives for “best checking accounts in Missouri” to compare this offer to other similar accounts.
Details of Rewards Checking with Community Bank of Pleasant Hill:
- 2.51% Annual Percentage Yield (APY) paid on balances between one penny and $25,000, and 0.50% APY paid on all amounts above $25,000 each monthly cycle the minimum requirements are met.
- To qualify for the higher rate the account must be enrolled for E-Statement, have one direct deposit or ACH transaction and have 10 debit card transactions post per cycle.
- If you do not meet the requirements per cycle, your account will still function as a free checking account earning 0.10% APY.
- Interest rates were effective December 31st, 2009.
- They may change the interest rate and APY at any time after the account is opened without notice.
- Fees may reduce earnings.
- No monthly service charge.
- No minimum balance required.
- Must deposit a minimum of $100 to open this account.
- ATM fees incurred at non-Community Bank machines anywhere in the U.S. will be refunded if the requirements are met.
- Rewards Checking is available to personal accounts only and has a limit of one account per customer.
Open a Chase Checking Account online and earn $100!
BankVibe reader Tom just sent us in another great checking account bonus from Chase Bank. It’s fairly similar to the other checking account promotions Chase has run in the past. Follow this link to grab the coupon code for this promotion. Here are the details…
Get $100 when you open a Chase Checking account
- You’ll need to make 5 debit card purchases or set up direct deposit.
- The offer is good until April 30, 2010, and you can apply online or get a coupon to take to a branch.
- To qualify for the bonus you must open a new Chase CheckingSM account with a $100 minimum deposit of new money (money not currently held by Chase or its affiliates).
- Also, within 60 days of account opening you must initiate a monthly direct deposit which includes payroll, pension, Social Security or other government benefits, or make five debit card purchases. The bonus will be automatically deposited into your new account within 10 business days after the initial direct deposit or five debit card purchases have posted to your account.
- Bonus is not considered part of minimum opening deposit. Limit one checking account-related reward/premium per customer, per calendar year.
- Offer not available on account conversions or in combination with any other offer. Offer not available to existing Chase checking customers.
- Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible.
- Checking account must remain open for a minimum of six months or the bonus will be debited from the account at closing.
- Account is subject to approval.
- Bonus is considered interest and will be reported on IRS form 1099-INT.
Citizens Bank Checking Account Promotion: Up to $220
Here is a very noteworthy checking account promotion form Citizens Bank out of Rhode Island. From now until March 26th you can earn up to $220 just for opening a new checking account with them. Even if you don’t reside near a physical branch you may still take advantage of this offer by opening it online. The checking account bonus is set up in tiers so that you earn a portion of the bonus after completing required steps.
This is how it works…
- Earn $50 after opening the account and setting up a direct deposit of at least $250.
- Earn $25 after the completion of 5 online bill payments.
- Earn $25 after the completion of 5 debit or credit card purchases.
- Earn $120 when you enroll in GreenSense (They will pay you to go paperless…up to $120 per year!)
About Citizens Bank:
In 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island. Today, Citizens Financial Group, Inc. is a $148 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, more than 3,500 ATMs and approximately 22,700 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc).
Additional Terms and Conditions Regarding Checking Account Promotion:
- To qualify you must open your first new checking, debit card or credit card account between February 20 and March 26, 2010.
- You must not be or have been a signer on any personal checking account within the prior six months. Student Checking accounts not eligible.
- Cannot be combined with any other checking offers and is limited to one per new household.
- If you have at least 1 electronic Direct Deposit of $250 or more you will be paid a $50 bonus.
- If you make at least 5 online bill payments using our Online Banking site, you will be paid a $25 bonus.
- If you make a minimum combination of 5 signature-based purchases or non PIN purchases using your Debit Card or Credit Card you will be paid a $25 bonus.
- Requirements must be met by 4/30/2010.
- Bonus will be deposited into the checking account by 6/30/2010 and reported to the IRS.
- Checking account must remain open for at least 6 months or the amount of the banking bonus will be debited from the account at closing.
Lending Club’s Net Annualized Returns to Investors: 9.65% APY
Once again Lending Club has come into our radar after raising their net annualized returns to their investors by 0.60% APY. A few months ago Lending Club had provided average returns of 9.05% APY, now this number has increased to 9.65% APY.
What is Lending Club?
Essentially Lending Club has set out to eliminate the complexity of the banking system by allowing borrowers and lenders to directly invest from each other through a moderated online platform. Investors open an account and build a portfolio of loans. Investors can select the loans they would like to fund based on how aggressive their investment style is. The investor may also spread their deposit over hundreds of different loans to diversify their savings. Since Lending Club’s inception in 2007 they have provided investors with an annual return of 9.65% APY and were recently given the “Breakthough idea of 2009″ award by Harvard Business Review. Learn More.
Lending Club Facts:
- As of February 28, 2010, Lending Club has funded over $89,000,000 in loans and provided $6,200,000 in interest to it’s individual investors.
- Lending Club’s approval rate for loan applications sit at roughly 14% (only prime borrows approved), reducing risk for investors.
- Extremely low default rate on loans - less than 3% after 18 months
- Eliminates the high cost of traditional banks to provide you with better rates
Lending Club’s Recognition in the Press:
- “Breakthrough idea for 2009.”
Harvard Business Review - “As major financial institutions stumble or fail completely, online lending sites like Lending Club are on the rise.”
CBS News - “…the increased efficiency of cutting out the banks…”
The New York Times
Get $50 Bonus with Discover More Credit Card!
We just got forwarded a pretty sweet offer from Discover Card. For a limited time, you can receive a $50 cash bonus once approved for a new Discover More Credit Card after your first $599 in purchases!
The Discover More Credit Card is already one of the most popular consumer credit cards on the market - offering 0% APR on balance transfers for the first year, 0% APR on all purchases for your first 6 months, as well as 5% cash back on a rotating set of purchases such as gas, groceries, travel, leisure, etc.
Feature of Discover More Credit Card:
- 0% APR on Balance Transfers for a FULL 12 months
- 0% APR on Purchases for a FULL 6 months
- Get $50 Cashback Bonus after your first $599 in purchases
- 5% Cashback Bonus in categories that change like travel, gas, groceries, restaurants and more
- Up to 1% unlimited Cashback Bonus on all other purchases automatically
- Turn your Cashback Bonus into bigger rewards by redeeming for gift cards from over 100 brand-name Partners
- Instant Response within 60 seconds
- No Annual Fee
