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Bank Rates on October 22nd, 2009
Bank rates may be out of date. Please check bank websites for current rates.
Key Bank is currently offering a few of the best checking account bonuses available. You can earn either $125 or $225 in cash by opening a new checking account with Key Bank.
To get the $125 bonus you need to open the Key Express Free Checking Account or Key Advantage Money Market Checking Account. The money market account pays an interest rate but it’s a pretty low rate. After opening the account, you need to make one non pin debit card transaction, as well as two direct deposits or automated payments of $100 or more each.
To get the $225 bonus, you need to open the Key Privilege Checking Account or the Key Privilege Select Chcking Account. T
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Bank Rates on October 20th, 2009
Consumers from the Northeastern states have until October 30, 2009 to open the best checking account with Sovereign Bank and benefit from the $100 cash bonus.
The checking account bonus can be enjoyed if you open an Interest or Premier Checking account with Sovereign. The initial deposit needed to open an account is just $100.
You should request a Check Card and use it to complete six purchases within 2 months amounting to at least $250 after opening the checking account. The bonus also requires you enroll with the online banking facility. Once you are qualified, the $100 bonus will be credited within 75 days to your checking account.
The checking account bonus is limited to the District of Columbia, DE, MD, WV, PA, NJ, NY, MA, RI, CT, NH, VT, ME. The bank also requires that the bonus should be reported to the IRS.
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Bank Rates on October 20th, 2009
EDS Credit Union has cut its special certificate rates since my last post, but the special rates remain very competitive. One is a 9-month special with a 2.00% APY for a $1,000 minimum and a 2.15% APY for a $50,000 minimum. The 5-month CD special now has a 2.00% APY. Minimum deposit is $25,000. The standard certificate rates are also fairly competitive. The most competitive include a Jumbo 18-month CD with a 2.20% APY and a Jumbo 60-month CD with a 3.40% APY. These rates are listed in the credit union’s rates page as of 10/22/09.
In addition to EDS employees, membership is open to persons who live or work in Collin County, Texas. Also, eligible are persons who live, work, worship or attend school within a 10-mile radius of certain EDS Credit Union locations. For more details on eligibility, please refer to the credit union’s How to Join page. Read more…
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Bank Rates on October 16th, 2009
What does any company do when they are bleeding money? Well raise prices of course. But interesteringly enough for the cash strapped United States Postal Service, they have decided not to increase stamp prices in 2010. So that means your forever stamps aren’t going to increase in value this year. According to the USPS:
The Postal Service will not increase prices for market dominant products in calendar year 2010.
Simply stated, there will not be a price increase for market dominant products including First-Class Mail, Standard Mail, periodicals and single-piece Parcel Post.
I think the USPS is on that catch-22 of needing to make more money since consumer mail revenue is down, but raising prices will drive that down even further. There are talks on the books about closing some 3500 post offices and laying off non essential employees. I
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Bank Rates on October 9th, 2009
What Are Certificate of Deposits?
A certificate of deposit (CD) is a note issued by a bank when an individual makes a deposit to the bank, often for a particular length of time. Basically, investors are lending money to the bank for a specified period. In return, the bank offers a higher interest rate to the investor than compared to a savings account or money market account. The higher interest rate is in exchange for not withdrawing the money from the bank for the period listed.
CDs offer a low risk method of investing. They are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, so if your financial institution fails, your money is safe. Also, the length of term of a CD can be anywhere from a few weeks to a few years, making the funds as liquid as required. It is worth noting that deposits for longer usually have higher interest rates, as do larger deposits.
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Bank Rates on October 8th, 2009
GENCO Federal Credit Union
is pushing for their GENCO Advantage checking which is a high interest reward checking account that earns 3.51% APY for balances through $25,000 if certain conditions are met. Deposits over the $25K ceiling are given 1.01% APY. The base rate for this reward checking account is 0.10% in case the requirements are not satisfied. The bank also returns ATM Fees for as much as $25 every cycle.
High yield checking account holders can enjoy the high interest rates as long as the following requirements are met:
Complete at least 10 purchases using the MasterCard Check Card
Make a direct deposit or set up an automatic payment
Use the online banking system of the credit union
Opt for electronic statements
Members can open an account for as little as $50 of initial funding. The bank does not have balance requirements nor do they collect any monthly service fees.
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Bank Rates on October 7th, 2009
Capital One’s online savings account sign-up bonus: $50
October 8th, 2009 Posted in High Yield Savings Accounts
Capital One has a pretty decent promotion going on with their online savings account. Thanks to BankVibe reader James for tipping us off on this one!
When you sign up for Capital One’s online savings account and fund it with at least $10,000 they will toss in an extra $50 into your account. Thi
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Bank Rates on October 7th, 2009
Bank failures on Fridays have been so common that it’s news when there aren’t any closures. Unless the FDIC is very late, today will be one of those rare Fridays this year. The last Friday that was free of bank failures was on July 3rd. However, that’s a special case since the FDIC moved its closures to Thursday July 2nd before the long 4th of July weekend. Below is the list of all 2009 Fridays that were free of bank failures:
- October 9
- July 3
- June 12
- May 29
- May 15
- April 3
- March 13
- January 9
- January 2
This is based on the FDIC Failed Bank List. If you see a Friday that I missed, please leave a comment.
On September 29th the FDIC announced its plans to bolster the FDIC Deposit Insurance Fund (see post). In the plan, banks would prepay their assessments for the next three years. Read more…
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Bank Rates on October 3rd, 2009
Last July the Federal Reserve approved final rules regarding home mortgage loans that took effect October 1, 2009. The rules are designed to better protect consumers by facilitating responsible home mortgage lending by banks, mortgage companies and mortgage brokers… something that wasn’t done during the go-go years of the housing bubble.
The final rule amends Regulation Z (Truth in Lending) and was adopted under the Home Ownership and Equity Protection Act (HOEPA). New ru
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