Archive for the ‘bank CD rates’ Category:
Doral Bank Direct: CD rates and Review
Doral Bank, based out of New York, is currently offering some decent CD rates through their online banking division - Doral Bank Direct. Doral Bank Direct is a wholly owned subsidiary of Doral Financial Corporation. (NYSE: DRL), a diversified financial services company headquartered in Puerto Rico with 35 years in the banking industry. Although headquartered in Puerto Rico, they are still member FDIC and your deposits are federally insured up to $250,000.
Doral Bank Direct Current CD Rates
- 6 month CD yielding 1.25% APY with a minimum deposit of $1,000 required.
- 9 month CD yielding 1.40% APY with a minimum deposit of $1,000 required.
- 12 month CD yielding 1.90% APY with a minimum deposit of $1,000 required.
- 18 month CD yielding 1.50% APY with a minimum deposit of $1,000 required.
- 24 month CD yielding 1.75% APY with a minimum deposit of $1,000 required.
- 36 month CD yielding 2.00% APY with a minimum deposit of $1,000 required.
- 48 month CD yielding 2.25% APY with a minimum deposit of $1,000 required.
- 60 month CD yielding 2.50% APY with a minimum deposit of $1,000 required.
Although some of the above products are not offering higher rates than the national averages, most of the rates associated with the short-duration products (ie: 6 months through 2 years) are signifantly higher than national average rates. To put the above offers in perspective, the national average for 6 month CDs, 12 month CDs, and 3 year CDs are 0.92% APY, 1.34% APY, and 2.07% APY respectively.
Features, Terms and Conditions:
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$1,000 minimum opening deposit. |
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Maintain a minimum daily balance of $1,000 to earn the effective APY*. |
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Six (6) month to sixty (60) month terms. |
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Interest compounded daily and credited quarterly. |
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Withdraw your credited interest earnings without penalty. |
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Guaranteed rate for the entire CD term. |
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Early withdrawal penalties apply. |
Tags: Doral Bank Direct
Village Bank CD Rates: 20% higher than national average
Village Bank, based out of Richmond, Virginia, is offering some fairly decent CD (certificate of deposit) rates as of this week. Unfortunately for most of us, however, these products are only available to those residing within their community.
Some of their deposit products which are beating the national averages by the highest margins are: a 6 month CD yielding 1.36% APY with a minimum deposit of a $1,000 required, a 12 month CD yielding 1.71% APY with a minimum deposit of $500 required, and a 3 year CD yielding 2.68% APY with a minimum deposit of $500 required. The national averages for 6 month, 1 year and 3 year CDs are 0.89% APY, 1.31% APY, and 2.05% APY respectively.
Village Bank’s Current CD Rates:
| Minimum Openings Deposit | Interest Rates | Annual Percentage Yield | |
| 1 Month Certificate | $1,000.00 | 1.10% | 1.10% |
| 3 Month Certificate | $1,000.00 | 1.15% | 1.16% |
| 6 Month Certificate | $1,000.00 | 1.35% | 1.36% |
| 9 Month Certificate | $1,000.00 | 1.50% | 1.51% |
| 12 Month Certificate | $500.00 | 1.70% | 1.71% |
| 12 Month No Penalty Certificate (1 Withdrawal No Penalty) |
$15,000.00 | 1.25% | 1.26% |
| 15 Month Certificate | $500.00 | 2.05% | 2.07% |
| 18 Month Certificate | $500.00 | 2.10% | 2.12% |
| 21 Month Certificate | $500.00 | 2.15% | 2.17% |
| 24 Month Certificate | $500.00 | 2.25% | 2.28% |
| 30 Month Certificate | $500.00 | 2.40% | 2.43% |
| 36 Month Certificate | $500.00 | 2.65% | 2.68% |
| 37 Month Certificate | $1,000.00 | 2.70% | 2.74% |
| 48 Month Certificate | $500.00 | 2.80% | 2.84% |
| 60 Month Certificate | $500.00 | 3.00% | 3.04% |
To find an optimal product, compare the above CD rates with the best CD rates in Virginia.
Village Bank’s footprint within the community:
- Employees get two days paid time off each year to donate their time and resources to community projects of their choosing.
- Village Bank created the Village Bank High School Scholarship program that offers $2,500 scholarships to outstanding high school students interested in continuing their education.
- Their green initiative includes installing recycling bins at all of their locations, moving their customers towards using electronic statements instead of paper ones and instituting a recycling program for all of their employees both at the branches and at their offices to reduce waste going to landfills.
Fort Campbell Federal Credit Union: CD Rates and Review
Fort Campbell Federal Credit Union based out of Clarksville, Tennessee has some superb short-term CD (certificate of deposit) rates. Currently, with a minimum deposit of $1,000 you can receive a 90 day or 3 month CD yielding 1.70% APY. To put this offer in perspective, the national average for 6 month CD rates only sits at 0.98% APY. Also, with a minimum deposit of $1,000, Fort Campbell Federal Credit Union is offering it’s members a 6 month CD yielding 1.90% APY.
To invest in any of these NCUA-insured (FDIC equivilent for credit unions) products you must first become a member.
Becoming A Member at Fort Campbell Federal Credit Union:
Membership is available to anyone who lives, works, worships or attends school in Montgomery or Stewart counties in Tennessee or Christian, Trigg or Todd counties in Kentucky.
Since 1954 Fort Campbell Federal Credit Union served the military and their families posted at Fort Campbell. They have since expanded to include offering their financial services to everyone in their local community. Today, the Credit Union has more than 36,000 members worldwide, with over $345 million in assets, offering a complete range of products and services.
CD (Certificate of Deposit) Rates offered by Fort Campbell Federal Credit Union
| Account Type | Term | Min. Opening Dep. | Rate | APY* |
| Share Fixed | 90-180 Days | $1,000 | 1.690% | 1.70% |
| Share Fixed | 6 Months | $1,000 | 1.885% | 1.90% |
| Share Fixed | 12 Months | $1,000 | 2.083% | 2.10% |
| Share Fixed | 18 Months | $1,000 | 2.183% | 2.20% |
| Share Fixed | 24 Months | $1,000 | 2.380% | 2.40% |
| Share Fixed | 30 Months | $1,000 | 2.428% | 2.45% |
| Share Fixed | 36 Months | $1,000 | 2.574% | 2.60% |
| Share Fixed | 48 Months | $1,000 | 2.771% | 2.80% |
| Share Fixed | 60 Months | $1,000 | 3.064% | 3.10% |
Ally Bank’s Current Offers: CD, money market and online savings
Ally Bank, formerly GMAC, frequently dabbles in the top 5 when it comes to savings rates. They are frequently regarded as one of the top online banks when it comes to interest rates and “no penalty guarantees.”
If you are unfamiliar with Ally Bank’s story, here it is in a nut shell…
Because Ally Bank was built on the foundation of GMAC Financial Services, they’ve learned that these times demand change and a new way of banking. They’ve claimed to take banking in a new direction.
They claim to value integrity as much as deposit rates and be a bank that will always be open, accountable, and honest. They swear to never deal in half-truths, kinda-truths, or truths only buried in fine print. They claim this is because they don’t have anything to hide (aka they are always going to give it to you straight).
On top of their self-proclaimed integrity, they also kicked off 2010 with some fairly solid savings rates that we wanted to reiterate here:
12 month CD - (no minimum deposit required) is yielding 1.80% APY. The national average for 1 year CD rates sits at 1.40% APY.
Money Market Account - (no minimum balance required) is yielding 1.49% APY. This account also comes with free checks, no ATM fees, and interest which is compounded daily. The national average for money market rates sits at 0.95% APY.
Online Savings Account - (no minimum balance required) is yielding 1.49% APY. This account also comes with no fees and the interest is compounded daily.
Bank certificate of deposits finish 2009 with abysmal rates
For bank deposit investors, the year of 2009 has been a year of extremes. The beginning of 2009 coincided with the first, and most severe half of the banking crisis which left many of the large national institutions desperate for funds and thus competing against one another for consumer deposits. Through this competition some of the most lucrative returns (through CD rates, money market rates, etc) were provided to consumers with excess cash seeking FDIC insured investments. This, needless to say, is no more.
A recent NYTimes article was sent in to BankVibe regarding the current state of bank CD rates. Upon reading the article you immediately gain a better understanding of how bleak the situation has become.
Unfortunately for us savers, the government’s response to the imminent collapse of some of the nations largest financial institutions may not have had our best interest in mind. The $200 billion spent on the bank bailout has allowed banks to pass on practically no returns in the form of savings rates to customers.
The outrage, however, lies in the audacity in which some of these banking executives possess — by proclaiming a 1.2% return on a “Savings Plus Account” as a “great rate” — which is what a recent CitiBank advertisement has done. To make matters worse, upon reading the fine print you notice the this rate only applies to balances of $25,000 and above. Shameful.
The NYTimes article goes on to state that in some cases people are actually losing money by opening these deposit accounts after the rate of inflation and potential fees that come with the banking product are factored in.
Timeline of Interest Rates Paid on CD’s throughout 2009:
- January 2009 - Elevations Credit Union offers a 7 month CD yeilding 7.0% APY
- Feburary 2009 - Regal Financial Bank offers 4.0% APY on a 12 month CD
- March 2009 - Navy Federal Credit Union offers 3.75% APY on a 12 month CD
- April 2009 - A 4 month online CD yields 3.0% APY by Danvers Bank
- May 2009 - A 12 month CD yielding 3.0% APY is offered through Melrose Credit Union
- June 2009 - Quantum National Bank offers a 12 month CD yielding 2.76% APY
- July 2009 - WYMAR Federal Credit Union offers highest CD rates in the country: 12 month CD yielding 3.30% APY with a minimum deposit of $5,000.
- August 2009 - Central Sunbelt Federal Credit Union offers 2.76% APY on a 12 month CD
- September 2009 - The best CD rates in New jersey (Newark) are only paying 2.50% APY
- October 2009 - The best CD rates in North Carolina (Charlotte) are only paying 2.25% APY - and that’s for a 5 year CD.
- November 2009 - The best 7 year CD rates are only paying 4.0% APY
- December 2009 - The best 6 month CD rates in Florida beat the national average by almost 2 x - and they only pay 1.76% APY.
Tags: 2009 CD Rates
Bank of America’s CD (certificate of deposit) Rates and Review
Bank of America, based out of Charlotte, North Carolina is one of the largest banks in the country. They have over 5,000 locations and thousands of ATM’s in 35 states. They offer online banking nationwide, including brokerage and private banking through U.S. Trust and have the ability to lend in all 50 states, through credit cards, mortgages and home equity loans. Their savings rates have slid recently along with the rest of the industry but still offer money market accounts, CD’s (certificate of deposits), checking and traditional savings.
Recent Developments - In mid-2008 Bank of America acquired Countrywide Financial in a stock deal. Countrywide now operates as a subsidiary of Bank of America Corporation under the title “Bank of America Home Loans”.
Bank of America’s CD Rates:
Bank of America only offers “short term deposit products.” They have 12 month CD’s as well as 24 month CD’s.
- Their 12 month CD yields 1.00% APY with a minimum deposit of $5,000 required
- Their 24 month CD yields 1.50% APY with a minimum deposit of $5,000 required
Please note - The Annual Percentage Yield (APY) is accurate as of 12/11/2009. The minimum balance required to open a High Yield CD is $5,000. They may limit the amount you may invest in one or more High Yield CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica.com). Alternative terms not allowed and additional restrictions may apply. Fees could reduce the earnings on the account and a penalty is imposed for early withdrawal.
Bank of America’s promotions and popular accounts:
Bank Of America is publicly traded on the New York Stock Exchange (NYSE: BAC).
US Bank CD (certificate of deposit) rates an review
U.S. Bancorp (NYSE: USB), with $265 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,851 banking offices and 5,175 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.
US Bank offers certificate of deposit accounts, money market accounts as well as other FDIC insured savings vehicles which help your money grow over time.
To open a US Bank deposit product, you will need to visit one of your local branches to apply. Rates vary from branch to brach. Some of the deposit rates available nationwide through US Bank are listed below. These deposits require a minimum deposit of $1,000 to open.
US Bank CD Rates:
- 21 month CD pays interest rate of 1.00% and 1.01% APY. Interest is paid annually and at maturity.
- 42 month CD pays interest rate of 1.98% and 2.00% APY. Interest is paid annually and at maturity.
- 59 month CD pays interest rate of 2.71% and 2.75% APY. Interest is paid annually and at maturity.
- Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate.
- All interest payments for the advertised APY will be made at the end of the term or annually, whichever occurs first.
- Penalty will be imposed for early withdrawal.
- APY is subject to change without prior notice.
- CDs are automatically renewed at maturity.
- Online application is not valid for single maturity CDs, business or retirement CDs, brokerage deposits, institutional investors, public funds or in conjunction with other promotional offers.
Interest rates paid on deposit products have dropped significantly over the course of 2009. Earlier this summer US Bank was paying 4.0% APY on their 59 month CD, this rate has now dropped to a much more modest 2.75% APY.
Contact Info:
Citibank CD rates and review
Citi is organized into two major segments, CitiCorp and Citi Holdings. CitiCorp is responsible for the consumer banking products in which the US population can purchase. These include mortgages, credit cards, savings products, auto loans, as well as other financial vehicles. Citi Holdings has a 49% stake in Morgan Stanley Smith Barney, which offers a variety of “retail alternative investments.”
Citi claims to be today’s pre-eminent financial services company, with some 200 million customer accounts in more than 100 countries. Their history dates back to the founding of Citibank in 1812, Bank Handlowy in 1870, Smith Barney in 1873, Banamex in 1884, and Salomon Brothers in 1910.
Current CD (certificate of deposit) rates offered by CitiBank:
(rates as of December 7, 2009)
- 3 month CD yields interest rate of 0.25%, and 0.25% APY
- 6 month CD yields interest rate of 0.50%, and 0.50% APY
- 9 month CD yields interest rate of 0.50%, and 0.50% APY
- 12 month CD yields interest rate of 1.04%, and 1.05% APY
- 18 month CD yields interest rate of 1.19%, and 1.20% APY
- 2 year CD yields interest rate of 1.49%, and 1.50% APY
- 3 year CD yields interest rate of 1.73%, and 1.75% APY
- 4 year CD yields interest rate of 1.98%, and 2.00% APY
- 5 year CD yields interest rate of 2.47%, and 2.50% APY
Rates apply only to accounts opened online or by calling 1-800-374-9500. A penalty will be imposed for early withdrawal of principal. Fees may reduce earnings. APY assumes interest earned is kept in the CD for the full term. Minimum opening deposit is $500.
To receive a premium rate for your Certificate of Deposit, you must have a linked checking account in the Citigold® Account Package, and the checking account must be your primary account.
Contact:
Phone: (800) 374-9500
Website: CitiBank.com
Address: Citibank Client Services. Citi Inquiries. 100 Citibank Drive. San Antonio, TX 78245
Tags: Citibank
Pacific Mercantile Bank CD Rates and Review
Pacific Mercantile Bank, based out of Costa Mesa, California, is a publicly traded national bank (nasdaq: PMBC) which can accept deposits from consumers nationwide. They offer a full range of banking products - checking accounts, savings accounts, money market accounts, CD (certificate of deposit) accounts, mortgages and other loan products.
Pacific Mercantile Bank’s current CD rates (as of Dec. 2009):
| Personal Certificate of Deposit | Minimum Deposit | Interest Rate | APY* |
| 3 Month CD | $10,000.00 | 1.20% | 1.21% |
| 6 Month CD | $10,000.00 | 1.51% | 1.52% |
| 12 Month CD | $10,000.00 | 1.99% | 2.01% |
| 18 Month CD | $10,000.00 | 2.08% | 2.10% |
| 24 Month CD | $10,000.00 | 2.12% | 2.14% |
| 36 Month CD | $10,000.00 | 2.12% | 2.14% |
| 60 Month CD | $10,000.00 | 2.12% | 2.14% |
Additional Features with these accounts:
- No fees associated with these accounts
- Choose the term that’s right for you, from 30 days to 5 years
- FDIC insured
- The interest earned can be transferred monthly to any other PMB account
- Access to your account information using our Online Banking Solution
- Download account information to Intuit QuickBooks® or Microsoft® Money
The above annual percentage yields (APY) are accurate as of 12/1/2009. Rates on bank CDs are fixed for the term of the CD at the time of opening. For all other interest bearing accounts, the interest rate may change after account is opened. Rates offered are subject to change at any time without prior notice. Fees and early withdrawal penalties could reduce earnings on the above accounts.
Phone: (866) 450-5600
Website: PMBank.com
Address: 949 South Coast Drive. Third Floor. Costa Mesa, CA 92626
Aurora Bank FSB: CD rates and review
Aurora Bank FSB, headquartered in Wilmington, Delaware, was founded in 1921 and today has assets totaling over $5 billion while providing loan servicing to over 400,000 customers.
Aurora Bank is a member of the Federal Home Loan Bank System and deposits are insured to the extent permitted by law by the Federal Deposit Insurance Corporation (FDIC). They offer a variety of banking products such as money market accounts, CD’s (certificate of deposits), checking/savings, home loans and debit cards.
Aurora Bank FSB CD rates:
Their deposit products can be opened with durations from 6 months to 5 years. You will also be provided a greater interest rate if you opt for a jumbo CD. Early withdrawals may reduce earnings.
Interest rates are accurate as of December 4, 2009. Check with our CD rate tables for updated rates.
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Although Aurora Bank is headquartered in Delaware, they accept deposits from consumers nationwide. You can make deposits by mail, using direct deposit, and/or electronic transfers. And you can make withdrawals at your convenience through their ATMs, check writing, check card purchases, and electronic transfers.
Contact Info:
Phone: (888) 522-9295
Website: AuroraBankFSB.com
Address: BrandyWine Building 100 West Street. Suite 200. Wilmington, DE 19801
