Posted by: Brodie Jerrems in
Bank Rates on March 29th, 2012
March 07, 2012
By Richard Barrington | MoneyRates.com Senior Financial Analyst, CFA
Yesterday the Dow Jones Industrial Average suffered its worst day of 2012 so far. Ordinarily, that news wouldn’t affect depositors in savings accounts, or might even reaffirm their conservative choice of investment. This time though, it represented yet another setback for savings accounts and other deposit vehicles.
The problem in this case was that the tumbling stock market dragged interest rates down with it. Any decline in market interest rates is another sign that depositors could have an even longer wait before they see higher CD, savings and money market rates.
The Dow fell 203.66 points yesterday, representing a 1.6 percent loss in a single day.
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“Another important factor has been the very low level of policy interest rates in the United States and in most other industrialized economies. Indeed, one of the purposes of these policies is to induce investors to shift into riskier and longer-term assets in order to lower the cost and increase the availability of capital to households and businesses. The more accommodative financial conditions, in turn, are intended to induce an increase in spending at a time when the level of output is expected to remain depressed for some time relative to the capacity of the economy to produce.”
— Federal Reserve Board of Governors Vice Chairman Don Kohn in speech Nov. 16, 2009
The Federal Open Market Committee meets Dec. 15 and 16 and maintaining interest rates at record lows “for an extended period” is still central to the Fed’s economic game plan.
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Posted by: Brodie Jerrems in
Bank Rates on July 26th, 2011
Citi just might be the worst of the big banks when it comes to pathetic CD rates.
And that’s saying a lot when you consider most “deals” at these banks barely eke by average.
In Citibank’s case, average is just too much to hope for.
Nothing has improved at this big bank with more than 1,000 branches since I last posted about it at the end of May.
The 60-month CD remains Citi’s top offering. But now it’s below average for every state I checked.
(Citi’s CD rates differ by state or region; you can select your state for your specific rates at www.citibank.com.)
Since March, Californians’ 60-month CD rate has dropped from 2.00% APY to 1.50% APY.
That’s the same rate savers in Florida, Illinois and Texas are earning. Sunshine State sa
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Posted by: Brodie Jerrems in
Bank Rates on July 24th, 2011
Last week, we looked at banks and credit unions that have resisted cutting their 36-month CD rates.
This week, we turn our attention to local institutions (including one that offers its deal nationally) that have held the line on 60-month CD rates.
These three credit unions and one bank, which all top the best nationally available offer on our CD Rates Leaderboard, have maintained their 5-year CD rates since we highlighted their deals earlier this year:
Police and Fire Federal Credit Union is paying 3.00% APY with a $500 minimum deposit. The deal is open to all active and retired Philadelphia police officers and firefighters, their immediate families, and everyone who works for or belongs to hundreds of affiliated businesses, labor unions and civic groups.
Connexus Credit Union is paying 3.00% with a $10,000 minimum deposit.
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Posted by: Brodie Jerrems in
Bank Rates on July 19th, 2011
The Garden State has been abloom with sweet CD rates, this time for 24- and 60-month terms at The Bank of Princeton.
With a $500 minimum deposit, the New Jersey bank is paying 1.75% APY for 24-month CDs and 2.75% APY for 60-month CDs.
Both easily beat the top nationally available CD rates for their terms on our CD Rates Leaderboard — the 24-month CD rates by a quarter percent.
The bank is also offering 2.00% APY for 36-month CDs, which ties the top rate for that term.
You don’t have to be a New Jersey resident to buy these certificates of deposit, but you do need to visit a branch of The Bank of Princeton (www.thebankofprinceton.com) in person.
There are six branches, in Hamilton, Monroe Township, Pennington and Princeton.
And don’t forget the other good New Jersey deals we’ve found recently at:
- Parke Bank, which is offering top 13- and 24-month CD rates.
- Northern State Bank, which is offering top 24- and 36-month CD rates.
See how these returns compare with the best CD rates from scores of banks in our extensive database.
Posted by: Brodie Jerrems in
Bank Rates on July 17th, 2011
You can find 24-month CD rates that are better than the best nationally available deal at Habib American Bank’s two Los Angeles branches.
The institution, owned by Pakistan’s largest bank – Habib Bank Limited – is paying 1.60% APY with a $1,500 minimum deposit.
That’s a tenth of a percentage point better than the best 2-year CDs on our CD Rates Leaderboard.
You must buy these certificates of deposit in person at one of the bank’s two California branches in L.A. or Artesia.
Habib American Bank (www.habibamericanbank.com) also has two New York City branches – in Manhattan and Queens – a branch in Hicksville, N.Y. and a branch in
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Posted by: Brodie Jerrems in
Bank Rates on July 16th, 2011
Central Massachusetts savers should check out Clinton Savings Bank’s 51-month CD rates.
It’s paying 2.51% APY with a $500 minimum deposit.
That’s a pretty good deal when compared with some of the standard terms we track.
The top nationally available CD rate for 36-month CDs on our CD Rates Leaderboard is 2.00% APY; for 60-month CDs, 2.60% APY.
To buy these certificates of deposit, you must live in Clinton Savings Bank’s central Massachusetts “footprint.” The bank serves the communities of Berlin, Bolton, Boylston, Clinton, Sterling and West Boylston.
You can buy CDs at one of Clinton Savings Bank’s six branches, or online (www.clintonsavings.com).
See how these returns compare with the best CD rates from scores of banks in our extensive database.
Posted by: Brodie Jerrems in
Bank Rates on July 12th, 2011
Head to Houston for top CD rates at Chasewood Bank.
With a $1,000 minimum deposit, it’s paying:
- 1.16% APY for 3-month CDs.
- 1.21% APY for 6-month CDs.
- 1.41% APY for 12- to 18-month CDs.
- 1.76% APY for 24-month CDs.
Each beats the best nationally available CD rates for their corresponding terms on our CD Rates Leaderboard.
You don’t need to be a resident of Texas to buy these certificates of deposit, but you do need to visit a branch of Chasewood Bank (www.chasewoodbank.com) in person.
There are two, in Houston and suburban Spring.
See how these returns compare with the best CD rates from scores of banks in our extensive database.
Posted by: Brodie Jerrems in
Bank Rates on July 5th, 2011
Quaint Oak Bank shook up the CD Rates Leaderboard today.
The small suburban Philadelphia bank cut its return on 36-month CDs from 2.10% APY to 2.00% APY and is now tied with Danversbank and NOVA Bank for the best nationally available deal.
Quaint Oak also lowered its 60-month CD rate from 2.85% APY to 2.75% APY, allowing Sovereign Bank to regain the lead for 5-year certificates of deposit with a return of 2.80% APY.
So find all of the top national deals on the Leaderboard right now and then come back later this afternoon. We’re working on a post about three even better offers available to savers in the Los Angeles area.