Archive for the ‘bank CD rates’ Category:
Southeast Financial Credit Union CD Rates and Review
Southeast Financial Credit Union, based out of Chatanooga, Tennessee, has some fairly decent CD rates currently available to their members – so we thought we’d give a quick review and recap of their company and current deposit products.
SFCU was first established in 1936 as Tennessee Telco Credit Union and later becoming Southeast Financial. This move was enacted to better reflect the diverse composition of their growing membership. Today, Southeast Financial is one of the largest credit unions in the state of Tennessee. They have more than 60,000 members in several states, with an estimated potential membership of over 1,350,000. Their membership base includes employees of BellSouth, employees of the state of Tennessee, and more than 200 other select employee groups.
Southeast Financial assets total over $416 million. They are state chartered and federally insured through the National Credit Union Share Insurance Fund. They have the 5th largest MEMBERS Financial Services program in the country for investments/annuities.
Current CD Rates offered through Southeast Financial Credit Union:
| Type | Minimum Deposit | APY* |
|---|---|---|
| DreamBuilder 6 Month Certificate | $100.00 | 0.75% |
| 90 Day** | $500.00 | 0.75% |
| 6 Month | $500.00 | 1.00% |
| 1 Year | $500.00 | 1.30% |
| 18 Month | $500.00 | 1.40% |
| 2 Year | $500.00 | 1.50% |
| 30 Month | $500.00 | 1.65% |
| 3 Year | $500.00 | 1.75% |
| 4 Year | $500.00 | 2.00% |
| 5 Year | $500.00 | 2.10% |
To put the above offers in perspective, the current national averages for 6 month CDs, 12 month CDs, and 3 year CDs sits at roughly 0.78% APY, 1.14% APY and 1.90% APY, respectively.
Like all bank rates, these CD rates are time sensitive in nature, so please refer to the date of this article for accuracy. You can compare these rates with the best CD rates in Tennessee to see how they stack up!
Southeast Financial Credit Union has 17 branch locations, including branches in Athens, Knoxville, Chattanooga, Goodlettsville, LaVergne and Jackson, two locations in Brentwood, two in Franklin, two in Memphis, and four locations in Nashville. Outside the state of Tennessee, we have branches in Corinth, Mississippi, and Bowling Green, Kentucky.
TD Bank CD Rates and Review
TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.
About TD Bank:
TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.
Company History:
The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.
Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.
In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.
Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.
Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.
Current CD Rates offered by TD Bank:
Basic CD’s
- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).
- Other terms available, contact a local rep for current rates.
No Catch CD’s
- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.
- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.
Step Rate CD’s
- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.
- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.
* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).
TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.
Also check out: TD Bank’s Checking Account Bonus
Regions Bank CD Rates and Review
Regions Bank, the first multi-bank holding company in Alabama, was originally formed in 1971 as First Alabama Bancshares Inc. With the combination of three well-respected banks, the holding company began operations with a total of $543 million in assets and 40 banking locations in Birmingham , Huntsville and Montgomery. Today they operate in 16 states across most of the southeast to midwest.
How Regions Bank got it’s roots…
Regions Financial Corporation traces its roots back to three Alabama-based banks who became original affiliates of First Alabama Bancshares, Inc., chartered in 1970 as the first multi-bank holding company in the state of Alabama. Those three banks are: the First National Bank of Huntsville, chartered in 1856, the First National Bank of Montgomery, opened in 1871, and the Exchange Security Bank of Birmingham.
Regions Bank’s Product Offerings:
Regions offers a wide array of products for personal, small business and commercial banking customers. Within the personal banking vertical they offer the full assortment of products – checking, savings, CDs, credit cards, mortgages, refi’s, auto loans, student loans, insurance and investing. They also intertwined these products with state of the art online banking technology – online bill pay, mobile banking, etc.
CD Rates available through Regions Bank:
Regions Bank’s CD rates epitomize the miserable state of the current consumer savings market. Their rates provide yields of next to nothing with maturities ranging from 2 months to 5 years. PLEASE NOTE – These rates may be outdated. Refer to the date of this article for accuracy. Visit BankVibe.com’s CD Rates page for updated rates.
| Term | Interest Rate | Annual Percentage Yield | ||||
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| 0-2 months | 0.05% | 0.05% | ||||
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| 3-5 months | 0.05% | 0.05% | ||||
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| 6-11 months | 0.05% | 0.05% | ||||
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| 12-17 months | 0.15% | 0.15% | ||||
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| 18-23 months | 0.15% | 0.15% | ||||
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| 24-29 months | 0.50% | 0.50% | ||||
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| 30-35 months | 0.50% | 0.50% | ||||
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| 36-47 months | 0.75% | 0.75% | ||||
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| 48-59 months | 0.99% | 0.99% | ||||
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| 60-72 months | 1.24% | 1.25% | ||||
CD Rate Terms and Conditions:
For standard Regular CDs with terms of 7-89 days, a $2,500 opening deposit is required. For standard Regular CD with terms longer than 90 days, a $500 opening deposit is required. Fees could reduce earnings on account. Substantial penalty for early withdrawal. Interest on CDs longer than 12 months must be paid at least annually.
Notice to customers opening CD accounts through Regions branches located in Tennessee or in Washington and Bristol Counties, VA; Crittenden County, AR; DeSoto County, MS; or Simpson County, KY: All rates disclosed above are Relationship Pricing rates and are available to customers who meet the following relationship requirements for the entire applicable term of the CD (in addition to any other stated requirements): (i) the CD term must be at least 32 days, (ii) the primary designated owner on the CD must be the primary or secondary designated owner on a Regions Bank checking account, and (iii) the checking account must be and remain open during the entire term of the CD. If you do not meet the Relationship Pricing requirements, or if you fail to meet any Relationship Pricing requirement at any time during the applicable CD term, your CD may earn standard pricing rates, which are not disclosed herein. Please refer to other account disclosures and documentation for details. Please call your branch for standard pricing rate information. Please note that IRA deposits, non-personal deposits, deposits by public entities, brokered deposits, and deposits by financial institutions are not eligible for Relationship Pricing.
Compare the above rates with other CD rates in Alabama.
Allstate Bank CD Rates and Review
Allstate, otherwise known as the “good hands” company, has managed to work its way to the top of the insurance industry. The company is the second-largest personal lines insurer in the US, just behind rival State Farm. Its Allstate Protection segment sells auto, homeowners, property/casualty, and life insurance products to consumers in both Canada and the United States. Allstate Financial provides life insurance through subsidiaries Allstate Life, American Heritage Life, and Lincoln Benefit Life. It also provides investment products, targeting affluent and middle-income consumers. Allstate Motor Club provides emergency road service and, adding to its repertoire, the company also offers the nationwide online Allstate Bank – which offers competitive CD (certificate of deposit) rates, money market accounts and high yield savings accounts. AllState Bank is federally insured by the FDIC and headquartered in Illinois.
Opening an Allstate Bank Certificate of Deposit:
You may open a deposit account with Allstate using one of 4 different methods. You can open an account through participating “STAR” atm’s which accept deposits, you can transfer money electronically via ACH wire transfer, you can make a direct deposit using Allstate Bank’s ABA routing number or you can simply mail them a check.
Current CD rates offered through Allstate Bank:
- 30 day CD rate of 0.20% APY with minimum deposit of $1,000 required.
- 90 day CD rate of 0.40% APY with minimum deposit of $1,000 required.
- 6 month CD rate of 0.60% APY with minimum deposit of $1,000 required.
- 1 year CD rate of 1.10% APY with minimum deposit of $1,000 required.
- 2 year CD rate of 1.25% APY with minimum deposit of $1,000 required.
- 3 year CD rate of 1.60% APY with minimum deposit of $1,000 required.
- 5 year CD rate of 2.30% APY with minimum deposit of $1,000 required.
Additional Terms and Conditions:
Annual Percentage Yield (APY), effective on 6/7/2010. Initial deposit of $1,000 required for Certificates of Deposit ($10,000 for non-personal accounts). A penalty will be imposed for early withdrawal on CDs. Rates subject to change daily. Minimum monthly average daily balance of $250 required to avoid a $4 monthly fee on High Yield Savings. Minimum monthly average daily balance of $2,000 required to avoid an $11 monthly fee on Checking Plus Interest. Minimum monthly average daily balance of $250 required to avoid an $8 monthly fee on Insured Money Market accounts. Rates on Checking Plus Interest, Insured Money Market and High Yield Savings accounts subject to change daily after account is opened. Fees may reduce earnings on accounts.
California First National Bank CD Rates and Review
CalFirst Bank, based out of Irvine, California, is an FDIC insured online bank that can accept deposits from consumers around the country. They offer a small array of banking products within the savings vertical and all of their accounts can be opened online. Their product offerings consist of money market accounts, certificates of deposit, interest checking and “premium savings.” These accounts all come with the option for ATM cards and online bill pay (if applicable).
How to Sign up Online:
Complete the online application form and click the submit button. They will then review your application, and if it’s approved, they will send you a new account opening kit via U.S. mail. Your kit will include a signature card for your review. Then just sign it and return it to us in the postage-paid envelope provided. You can also send them a check to open a deposit account.
Current CD Rates offered through California First National Bank:
- 3 month CD yielding 0.80% APY with a minimum deposit of $5,000 required.
- 6 month CD yielding 1.00% APY with a minimum deposit of $5,000 required.
- 1 year CD yielding 1.30% APY with a minimum deposit of $5,000 required.
- 2 year CD yielding 1.70% APY with a minimum deposit of $5,000 required.
- 3 year CD yielding 1.90% APY with a minimum deposit of $5,000 required.
* If you are opening one of these as IRA CD’s the minimum deposit required is just $2,000.
* Penalty will be imposed for early withdrawal.
* Interest rates accurate as of June 5, 2010. If this review is outdated please view our best CD rates tables for accurate rate information.
Excel National Bank CD Rates and Review
Excel National Bank, although located in Beverly Hills, California, can accept deposits from consumers nationwide. They provide a large variety of both personal and business banking products. Their online presence is still relatively new and many pages within their site are still “coming soon.” They have been online since 2008.
Excel National Bank can handle your needs if you are in the market for certificates of deposit, money market accounts, IRA products, SBA loans, business loans and personal loans. Generally speaking, Excel is capable of offering CD rates with yields exceeding the national average (rates listed below). Because they have a focus of online banking, they can cut the costs in which most traditional brick and mortar banking institutions incur.
Current Deposit Rates offered through Excel National Bank:
- 3 month CD rate yielding 0.65% APY with minimum deposit of $10k required.
- 3 month CD JUMBO rate yielding 0.65% APY with minimum deposit of $100k required.
- 6 month CD rate yielding 1.20% APY with minimum deposit of $10k required.
- 6 month CD JUMBO rate yielding 1.20% APY with minimum deposit of $100k required.
- 12 month CD rate yielding 1.50% APY with minimum deposit of $10k required.
- 12 month CD JUMBO rate yielding 1.20% APY with minimum deposit of $100k required.
- 24 month CD rate yielding 1.95% APY with minimum deposit of $10k required.
- 24 month CD JUMBO rate yielding 1.95% APY with minimum deposit of $100k required.
Features, Terms and Conditions:
*APY = Annual Percentage Yield
(1) Variable Rate Account-Rates may change after accounts are opened.
(2) Fees and withdrawals could reduce the earnings on accounts.
(3) A penalty may be imposed for early withdrawal.
(4) Certificate of Deposit Interest will be compounded daily and credited to the account at maturity. For all other interest bearing accounts the interest will be compounded daily and credited to the account when the periodic statement is produced.
The current national average for 6 month CDs and 12 month CDs sit at 0.78% APY and 1.17% APY, respectively.
Deposit rates accurate as of June 4, 2010. Excel National Bank is federally insured by the FDIC.
NOVA Bank CD rates and review
Philadelphia based NOVA Bank has several branch locations throughout Pennsylvania as well as two branches in New Jersey (Deptford and Woodbury Heights). They operate as a Pennsylvania state-chartered savings bank and are subject to regulations imposed by the Pennsylvania Department of Banking and by the Federal Deposit Insurance Corporations (the “FDIC”). NOVA Bank has operated as a community banking institution for more than 120 years and provides a wide-range of financial products and services to the greater Philadelphia region. Through various delivery points, NOVA Bank offers personal banking services, business banking services, financial planning, and wealth management services. These services are offered directly through NOVA’s subsidiary NOVA Financial Services, Inc. and through NOVA affiliate partners.
Within the personal banking services sector they provide money market accounts, checking accounts, certificates of deposit and interest checking accounts. They typically offer above average rates on their deposits and are frequently noted in BankVibe’s top CD rates charts.
NOVA Bank CD Rates (as of June 1, 2010):
- 3 month CD rate yielding 0.75% APY with minimum deposit of $500 required.
- 6 month CD rate yielding 1.20% APY with minimum deposit of $500 required.
- 12 month CD rate yielding 1.50% APY with minimum deposit of $500 required.
- 18 month CD rate yielding 1.75% APY with minimum deposit of $500 required.
- 2 year CD rate yielding 1.95% APY with minimum deposit of $500 required.
- 3 year CD rate yielding 2.30% APY with minimum deposit of $500 required.
- 4 year CD rate yielding 2.55% APY with minimum deposit of $500 required.
- 5 month CD rate yielding 2.85% APY with minimum deposit of $500 required.
Terms and Conditions:
-Rates are subject to change at any time. APY accurate as of Wednesday, May 19, 2010. Minimum balance to open and obtain the stated APY is $500.00. Fees could reduce earnings. There is a substantial penalty for early withdrawal. These rates apply only to accounts opened at NOVA Bank business centers providing account opening services to the following counties: Chester, Delaware, Montgomery and Philadelphia Counties in Pennsylvania AND Gloucester and Camden Counties in New Jersey. Please call 1-877-NOVABANK for rates available in other counties or out of state.
Harris Bank CD Rates and Review
Harris Bank, based out of Chicago, Illinois was first established in 1882 as NW Harris and Co. Today they control more than $376 billion in assets and have locations (branch or affiliate branches) in 12 states. They operate in several banking verticals including wealth management, small business, middle market, institutional markets as well as personal financial services. Within the personal financial services sector they offer checking, savings, money market accounts, certificates of deposit, mortgages and loans.
Their CD rates are tiered based on the minimum deposits invested. Below are their current rates along with the associated minimum deposit required to earn that rate (interest rates accurte as of May 28, 2010).
Harris Bank CD Rates:
| 3 months | 0.045 | 0.05 |
| 6 months | 0.095 | 0.10 |
| 9 months | 0.345 | 0.35 |
| 12 months | 0.643 | 0.65 |
| 18 months | 0.743 | 0.75 |
| 24 months | 0.792 | 0.80 |
| 30 months | 0.842 | 0.85 |
| 36 months | 0.941 | 0.95 |
| 48 months | 1.090 | 1.10 |
| 60 months | 1.337 | 1.35 |
| $5,000 | ||
| 3 months | 0.095 | 0.10 |
| 6 months | 0.145 | 0.15 |
| 9 months | 0.395 | 0.40 |
| 12 months | 0.693 | 0.70 |
| 18 months | 0.792 | 0.80 |
| 24 months | 0.842 | 0.85 |
| 30 months | 0.892 | 0.90 |
| 36 months | 0.991 | 1.00 |
| 48 months | 1.139 | 1.15 |
| 60 months | 1.386 | 1.40 |
| $100,000 | ||
| 1 month3 | 0.095 | 0.10 |
| 2 months3 | 0.095 | 0.10 |
| 3 months | 0.145 | 0.15 |
| 6 months | 0.195 | 0.20 |
| 9 months | 0.445 | 0.45 |
| 12 months | 0.743 | 0.75 |
| 18 months | 0.842 | 0.85 |
| 24 months | 0.892 | 0.90 |
| 30 months | 0.941 | 0.95 |
| 36 months | 1.040 | 1.05 |
| 48 months | 1.188 | 1.20 |
| 60 months | 1.435 | 1.45 |
Terms and Conditions:
- Maximum opening deposit of $100,000 per CD applied for online.
- The CD must be funded within 10 business days of online application.
- Funds from CDs applied for online may not be withdrawn for the first 11 days after funding.
- CDs applied for online can only be in individual or joint ownership.
- Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor.
Promotions through Harris Bank:
Colonial Bank CD (certificate of deposit) Rates
Colonial Bank (now BB&T Bank), based out of Orlando, Florida is one of the nations top 50 largest banks based on number of deposits. It has over $20 million in deposits (as of July 2009) and roughly 360 offices across the country.
In August last year Federal Agents raided their Orlando offices in conjunction with the US Treasury’s TARP fund program. Shortly after this legal debacle, BB&T Bank took over the failing institution.
Today, Colonial Bank still offers it’s deposit products under their original name, however, beginning May 31st of this year all of Colonial online banking converts to BB&T. This could mark the end of the Colonial Bank brand which has been accepting deposits since 1872.
Current CD Rates offered by Colonial Bank:
To see updated CD rates you will have to visit a local branch. They offer flexible terms for their deposit products and FDIC insurance. They offer short term CD’s with terms ranging from 3 to 24 months as well as long term CDs with maturities ranging from 30 to 60 months. BB&T Bank is known for offering decent bank deals as well, so talk to a local representative about possible promotions before opening a deposit account. The terms and conditions for their deposit products are as follows:
- Tiered rates based on deposited funds
- Rates fixed for term
- Compounded daily for CDs less than $100,000
- Simple interest on collected balances for CDs of $100,000 or more
- Interest earned in the current term may be withdrawn at any time without penalty
- No monthly fees
- Automatically renews
- Grace period at renewal that allows you to negotiate term, rate, or adjust account balance
- If no adjustments are made at grace period, CD continues to grow at interest rate in effect on date of renewal
- May be pledged as loan collateral
Long Term Bank CD’s (certificates of deposit): Should I Invest?
Although we’ve seen long term CD rates tick upward ever-so-slightly over the last month or so, we still maintain the stance that you should resist the urge to move forward with these products based on tiny rate hikes. Many banks have been throwing their net out into the plentiful sea of eager savers in an attempt to catch a fresh batch of customers using their small rate hikes as bait. Sure, earning an FDIC insured 3.0% per year might seem favorable to those looking for the best CD rates – even if it means keeping your money tied down for 3-5 years, but you must look beyond the short term gains. While the highest yielding long term CD’s might seem attractive for the first year or two, the latter years will leave you with very little (if any) gains.
Why?
First, almost all financial analysts suggest we are headed towards a time of rather steep inflation (not to mention a 3% inflation rate is considered average by most analysts). The only debate on this matter is WHEN it will kick in. Second, taxes paid on interest and investment gains stand to eat at your more handsome looking profits in the short term. And third, we are at the end of a steep valley in savings rates. And as a general rule of thumb, you normally want to lock in long term CD’s when the market has peaked and is beginning to trend downward, not the exact opposite – which is what we are currently enduring.
Not convinced? Still think long term CD’s are a good investment strategy? Take a look at Chuck Jaffe, of MarketWatch.com’s article entitled “Stupid Investment of The Week: Don’t go long on CD rates now” for further evidence.
In the article he suggests seeking a “Rewards Checking Account” if you are looking for an FDIC insured investment vehicle with phenomenal returns and decent flexibility – a suggestion we made early this year by proclaiming Rewards Checking Accounts as the best FDIC insured investment vehicle of 2009. After you’ve learned the basics of those accounts you can stack them up against the current 5 year CD rates to help you make an educated decision.
Additional Note: We also think Cash Back Checking Accounts are a great way of having your money work for you by providing monthly dividends in the form of cash back.
