Tennessee Commerce Bank’s certificate of deposit rates

Recently, Tennessee Commerce Bank has been showing some very competitive rates with their savings accounts and certificate of deposit products, so we figured we give you a run-down of their current offerings. Currently they have an online savings account that is yielding 2.30% APY for balances up to $100k. This account has a second tier which accommodates balances of $100k and above and it only yields an APY of 1.50%.

A Note From Tennessee Commerce Bank: We are a different kind of bank, a true “business bank,” we have built-in cost efficiencies that translate into better rates for our customers. Check our rates against the competition and we think you’ll find that TCB takes care of you…and your business

Tennessee Commerce Bank CD Rates:

(as seen on their rates page)

Terms and Conditions:

A minimum deposit amount of $2,500 is required to open. Annual Percentage Yields (APY) for deposit instruments with no maturities or maturities of less than one year assume reinvestment at the current rate for original term. Interest is accrued daily and compounded monthly. Interest rates are subject to change without notice. An interest penalty is required on early withdrawal of time deposits. Regular fees or other conditions could reduce the yield

Bank of Internet’s high yield savings account: 2.06% APY

Bank of Internet has a pretty solid deal on their high yield online savings account which is available to customers nationwide. Currently their online savings account is yielding an APY of 2.06% with absolutely no fees or balance requirements.

This rate offered by Bank of Internet currently tops the rates offered by the once high yielding online savings accounts of etrade, IngDirect and HSBC. The Bank of Internet is located in Southern California and is a registered member of the FDIC (which means your deposits are federally insured up to $250,000).

Bank of Internet account features:

(as seen on their promo page)

ProvidentNJ Direct online savings account (intro rate)

ProvidentNJ Direct has a decent deal going on for it’s online savings account they refer to as, “the power savings” account. Currently, new customers nationwide can earn an interest rate of 3.05% APY for the first 90 days upon opening the account. The rate then drops down to a more modest 2.25% APY on balances above $10,000 or 1.75% APY on balances below $10k.

Features of “Power Savings” through Provident NJ Direct

(as seen on their website)

• No required lock-in time to earn advertised interest rate (open and close whenever you please)
• No Fees and/or service charges
• Free ATM card with account
• Periodic account statements in the form of “e-statements”
• No funding fees for transfers to other ProvidentNJ Direct accounts
• Available nationwide

This account is FDIC insured up to $250,000. The interest rate is a variable one and can change at anytime without notice.

ProvidentNJ Direct also has an online interest checking account referred to as the, “Green Checking” account which yields an APY of 3.75% on the first $1,000 only With this account you will also encounter no fees or service charges. You will be provided with a Provident Visa Debit Card and be eligible to receive $20 worth of ATM reimbursements nationwide throughout the course of the month. You will also have access to free online bill pay.

3.0% Savings Rate found with “CommonCents” account

Forum Credit Union is back on our radar today with another great savings account rate as well as a very unique “Savings Challenge”in which the winner could earn $5,000!

Forum CU’s high yield savings account is called the “CommonCents Savings Account” and it comes with an APY of 3.00%. The rate became effective on 6/01 and is subject to change without notice.

The “Save It Up Challenge” started last February and is going on until October 31, 2009. With this challenge Forum Credit Union hopes to not only challenge their customers/contest participants to save money, but also rebuild spending habits.

Forum CU is a not for profit credit union in Indiana which strives to provide excellent rates for savings accounts as well as educational resources for customers to use in order to reach their financial goals.

Best Savings Account Rates in Michigan

Top 5 highest savings account rates in Michigan. These come in various forms of financial products such as interest checking accounts, CD rates, and money market accounts.

Keep in mind the best savings rates listed below may require actions for you to take on a monthly basis in order to receive the advertised interest rate. To learn more about the financial product being offered, click on the associated links below.

Top 5 rates (Michigan state)

(The institution links will take you to their rates page)

United Federal Credit Union 6.01% APY – Checking with Interest – This account has monthly requirements. The interest rate is a variable one, however it is promised by the credit union to remain unchanged until 2010.

Lapeer County Bank & Trust 4.51% APY – “Green Rewards Checking” – This account comes with the same monthly requirements as the above account does. Rates just became effective today (6/24/2009)

Lake Michigan Credit Union 4.00% APY – “Max Checking Account” – You must fulfill the requirements (same as above). This account is available nationwide for a limited time. You may invest up to $25k and earn the advertised rate.

Bank of Northern Michigan 3.80% APY – 60 month Certificate of Deposit – Minimum deposit is $1,000 and you must keep that amount in the account until maturity (sixty months). Traverse City, Michigan.

Settlers Federal Credit Union 2.12% APY – Money Market Account – Minimum balance required to avoid fees is $2,000. You may want to check with the bank to see if their are any additional fees for making withdrawals or wire transfers (if that is what you intend to do on a regular basis).

Michigan state (and much of the mid-west) often offers checking accounts with abnormally high interest rates, as seen above. The accounts are almost always FDIC insured, but come with requirements that must be met on an ongoing basis.

The state of Michigan’s CD rates are generally on par with the rest of the country. If they dip below some of the other average savings rates for various states then consider a large, national bank. Their rates can be found on our CD rate comparison table.

First National Community Bank’s Savings Accounts

First National Community Bank (of Pennslyvania) has two very noteworthy savings/checking accounts. The first one is an online savings account which comes with an APY of 2.25%. The second is a high yield checking account with an APY of 4.51%. Not only do their savings products demolish the current national average they are also available to customers nationwide!

First National Community Bank’s Online Savings Account: 2.25% APY

• Account is paid a premium interest rate (2.25%).
• Account earns interest with an account balance of $.01 and over.
• Receive a monthly Electronic (E) Statement or access your statement through FNCB Online.
• Unlimited deposits including online transfers into the account.
• Excess Transaction Fee -
  If you exceed six preauthorized withdrawals during the month, you will be charged $10.00 for each excess transaction
• Online External Funds Transfer Fees

Baxter Credit Union’s Savings Rates

Much thanks to BankVibe reader Jefferey for submitting a few of Baxter Credit Union’s savings rates (Los Angeles, California) as they currently have a few interesting (and noteworthy) savings products available.

Baxter Credit Union’s “Rainy Day” Savings Account:

(as of June 9, 2009)

The first noteworthy rate comes with a product called the “Rainy Day Savings Account.” This product acts as a typical savings account with an interest rate change after the first 12 months.

For the first 12 consecutive months you will earn an APY of 1.50%. After you have completed year 1, your interest rate gets bumped up to a much more lucrative 3.00% APY.

The second noteworthy rate comes in the form of an interest checking account. They call this product a “power checking account” and it yields an APY of 3.50% (this rate is only applied to balances up to $25,000, 1.0% APY applied to balances above $25k). Like most high interest checking accounts there a monthly requirements in which you must complete to earn the advertised interest rate.

Baxter Credit Union’s Power Checking Account Terms and Conditions:

(as seen in their fine print)

• Must have direct deposit of at least $500 into your POWER CHECKING account
• Enroll in Online statements with a valid E-mail address
• Complete a minimum of ten (10) checking transactions that include any combination of the following transactions: online bill pay, ACH withdrawal, ACH deposit, debit signature based transaction, online credit union loan payment (all other transfers between credit union accounts do not apply). Bill pay is defined as an ACH withdrawal.
• Accounts not meeting all monthly requirements will not earn interest and will be charged the applicable BCU ATM fee for each ATM transaction over five per month.
• Transactions apply toward the monthly requirements in the month they post to your account.
• You will not automatically be enrolled in online statements when opening this share type.
• You can enroll in online statements via the internet. POWER CHECKING is only available as a personal account only.

Sutton Bank Rewards Checking PLUS Savings

Sutton Bank of Ohio has an interesting savings/checking account offer. However, you must sign up for both accounts to reap the benefits. This is how their combo accounts work…

First, you must set up a rewards checking account with them (which currently yields 4.05% APY!). The APY associated with this account will only apply on the first $25k, BUT, you can then take advantage of their “Rewards Savings Account” which has an unlimited maximum balance/deposit and yields a very respectable APY of 2.75%.

So, for example, let’s say you have $75,000 sitting around in which you would like to invest in an FDIC insured investment with a decent interest rate. With Sutton Bank’s offer you would apply the first $25,000 of your $75,000 to the Rewards Checking Account and have that balance earn 4.05%. Visit our Interest Checking Accounts tab to see how they work. Then, you would apply the remaining $50,000 to Sutton Bank’s “Reward Savings Account” and have that balance earn 2.75%.

…So for this $75,000 analogy you would be earning a grand total APY of 3.18%.

Math:

.0405(25,000) + .0275(50,000) = $2,387.50 interest earned after 1 year with a $75,000 balance.

Not too shabby!

Provident NJ Direct Power Savings Account

Provident NJ Direct is advertising a “power savings account” that yields a promotional (90 day) 3.25% APY.

After the 90 days has passed, if you balance is above $10,000 you will still earn a respectable 2.25% APY. If you balance is below $10k you will earn an APY of 1.75%.

The requirements on this online savings account are fairly straight forward. First you must maintain a daily balance of at least $50. Second, you must receive periodic account statements electronically.

Highlights of Power Savings Account through Provident NJ Direct:

(as seen on their promotional page)

• Free online savings account with no fees or service charges
• Free Provident NJ Direct ATM card
• No funding fees on transfers to another Provident NJ Direct Account
• Available to anyone nationwide

Centennial Bank’s Variable Rate Savings Account: 3.30% APY

Thanks to BankVibe reader Trent for pointing out a spectacular savings rate of 3.30% APY through Centennial Bank for balances above $100,000. Before I proceed with the rate details I’d just like to point out that, like most high yield savings accounts this comes with a variable interest rate and can change at anytime. In fact, they even mention on their website that their variable rate changes every month. The 3.30% APY is for the month of April (which is almost over) and will change next month.

These abnormally high (and arguably teaser) rates keep popping on the scene. Remember what just happened with Redneck and Evantage bank? They just had their money market account rates plummet from a currently unheard of 3.10% APY to a rather ordinary 2.00% APY in just a couple months (perhaps just after securing hundreds of new accounts).

Centennial Bank’s Variable Rate Savings Account:

(April 2009)

• For balances of $500 – $10,000 earn an APY of 2.28%
• For balances of $10,000 – $25,000 earn an APY of 2.53%
• For balances of $25,000 – $50,000 earn an APY of 2.79%
• For balances of $50,00 – $100,000 earn an APY of 3.05%
• For balances of $100,000 + earn an APY of 3.30%