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Author Archive for BankAim

Highest CD Rates For September 3 2010

Friday, September 3rd, 2010

We are heading into Labor Day weekend, a three day holiday for most Americans. Nothing has really changed from the highest CD rates that we are tracking. The only real change was to the 24-month certificate of deposit, which has fallen below the 2.00% level, down to 1.95% APY.

If you are looking at getting into a CD, it might be best to hold off and wait for the CD rates to increase in 2011, which is only a speculative guess and should not be taken as fact. Any long term Certificate of Deposit might be a bad idea now that rates are so low.

Always consult a certified financial adviser when making any decisions.

*TermBankSeptember 3rdLast Week
3 Month CDiGoBanking1.35% APY1.35% APY
6 Month CDNewDominion Bank1.25% APY1.25% APY
12 Month CDSallie Mae Bank1.55% APY1.55% APY
24 Month CDNewDominion Bank1.95% APY2.00% APY
36 Month CDDanversbank2.50% APY2.50% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

You can always view the latest CD rates from our database of banks and other financial institutions that we follow from our CD rates page.

24 Month CD Rates Fall Below 2.00%

Wednesday, September 1st, 2010

Can it be a sign of what is ahead in the game of CD rates? Finding the highest and most worthwhile investments is becoming more difficult than in times past. Is a 2 year CD under 2.00% APY really worth the time and money? Sure a certificate of deposit will be the safest place to store your cash, but for what you get back its almost better to put the cash into an investment like real estate or a high yielding savings account.

For the sake of making this simple and using an amount that is more achievable by the average American, a $1,000, 24 month CD at 2.00% will net you $40.78 AFTER 2 years! This is more than most savings accounts, but I bet you could find a car on Craigslist, fix it up and make a profit more than $40. In fact I bet you could do that a few times within the next 2 years. The point being, is it really worth sticking your money into a 2 year CD at 2.00%? That’s the question you have to ask yourself.

Here is a list of the highest paying 24-month certificate of deposits:

  • NewDominion Bank just cut their 24 month CD rate from 2.00% to 1.95%. They are still the highest paying 24-month CD and requires a minimum deposit of $3,000.
    • With a deposit of $3,000 @ 1.95%, this certificate of deposit will net you $119.21 in two years.
  • Bank of Internet which is an online bank based in San Diego is paying 1.89% APY with a minimum deposit of $1,000.
  • Acacia Federal Savings Bank, also an online bank owned by the Acacia Life Insurance Co. is paying 1.80% APY with a minimum deposit of $500.
  • Discover Bank, an online bank by the credit card company ‘Discover’ is paying 1.80% APY on a minimum deposit of $2,500.
  • Colorado Federal Savings Bank, also an online bank located in Greenwood Village, CO is paying 1.80% APY with a minimum deposit of $5,000.

Since these are all online banks they allow anyone from anywhere to open an account and deposit funds into their certificate of deposits.

Be sure to compare the best CD rates from our database of banks and financial institutions.

Wells Fargo Mortgage Rate Review

Wednesday, September 1st, 2010

Wells FargoWells Fargo is one of the nations largest banks.  Sometimes large banks are able to offer very competitive mortgage rates for their customers.

In this case Wells Fargo is showing some good average mortgage rates.  Most of the rates are falling right in line with national average.

Remember rates may change depending on where you live, but this is a good start.

These rates are based on 1 point (1% of the loan amount) being paid for origination.

Term Rate APR
30-Year Fixed 4.375% 4.559%
30-Year Fixed FHA 4.375% 5.100%
15-Year Fixed 3.750% 4.069%
5-Year ARM 2.875% 3.209%
5-Year ARM FHA 3.250% 3.074%

If you want to check out more info at Wells Fargo or read the fine print click here.

Check out the National Mortgage Rate Averages Here.

Wells Fargo has been around for well over a century. Over 150 years ago, Henry Wells and William Fargo founded a company that has become a legendary part of America. This heritage is still very much a part of Wells Fargo’s identity today.

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Categories : Bank Info, Mortgage

Bank of America Mortgages Rates and Tips

Tuesday, August 31st, 2010

Bank of AmericaBank of America is one of the nations largest financial and lending institutions.  Because of their size Bank of America can offer some very competitive mortgage rates often times below the national average.

Bank of America has a system which will show you the rates for your local area.  Different parts of the nation may have higher or lower interest rates than others.  B of A helps you narrow down the mortgage rates to your area.

For this example I am going to use Washington State because that is where BankAim was founded.

Washington State Purchase Mortgage Rates from B of A:

  • 30-Year Fixed-Rate – 4.500% with an APR of 4.656%
  • 15-Year Fixed-Rate – 4.125% with an APR of 4.414%
  • 3/1 ARM – 3.375% with an APR of 3.365%
  • 5/1 ARM – 3.375% with an APR of 3.296%

Mortgage rates for purchases are based on 1 point which is equal to 1% of the loan size, 20% down payment and a conforming loan amount which is typically under $417,000*.

(*Conforming loan amounts may change due to the area you live.)

Washington State Refinance Mortgage Rates from B of A:

Rates for a refinance remain the same assuming you have an 80% Loan to Value(LTV) or lower, and are under the conforming loan limit for your area.  These refinance rates are also based on 1 point.

For Washington State Bank of America rates are above the national average mortgage rates. Personally I know of a few mortgage brokers that can currently offer under the national average so I would definitely shop this rate around instead of going with Bank of America.

If you want to see what B of A offers in your area and read their fine print you can do that here.

Remember to check the articles date for accuracy.

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Categories : Bank Info, Mortgage

Top CD Rates For August 30 2010

Monday, August 30th, 2010

CD Rates Hold SteadyThere have not been many changes to the top CD Rates in the past few months. Most banks have either lowered their short-term and long-term rates or stayed steady. Nothing has changed which can either mean one of two things. The US economy is holding steady or banks have mixed emotions on what will happen next. The Fed has stated they will step in and ‘do something’ if the US economy begins to falter. As long as the Fed keeps interest rates near zero percent, CD rates and mortgage rates will continue at their low levels.

The only certificate of deposit that has moved the most in the past few weeks is the 2 year CD.

Here are the best CDs currently available to resident’s nationwide:

  • 3 Month CD – 1.35% APY at iGobanking with a minimum deposit of $500.
  • 6 Month CD – 1.25% APY at NewDominion Bank with a minimum deposit of $3,000.
  • 12 Month CD – 1.55% APY at Sallie Mae Bank with no minimum deposit.
  • 24 Month CD – 1.95% APY at NewDominion Bank with a minimum deposit of $3,000.
  • 36 Month CD – 2.50% APY at Danversbank with a minimum deposit of $500.
  • 60 Month CD – 3.03% APY at Melrose Credit Union with a minimum deposit of $5,000.

The credit union listed in our leadership board is open to anyone in the U.S. regardless of where they live or work.

Be sure to check our CD rates page for the most up to date rates.

Free Falling – Mortgage Rates – August 26th

Thursday, August 26th, 2010

According to the Primary Mortgage Market Survey by Freddie Mac mortgage rates have continued to free fall.

Currently Rates are:

  • 30 year fixed – Averaged 4.36% – Last week it was at an average of 4.42%. A year ago this week the 30 year rate was at 5.14%.
  • 15 year fixed – Averaged 3.86% – Last week it was at an average of3.90%. A year ago this week the 15 year fixed 4.58%.
  • 5 year ARM (Adjustable Rate Mortgage) – Averaged 3.56% which was the same as last week. A year ago this week the 5-year ARM 4.67%.

The 30 year fixed and 5 year arm are based on an average of 0.7 points, and the 15 year fixed is based on .06 points.  Additionally the rates posted are based on an average from across the nation and may not necessary reflect the mortgage rate you will receive if you refinance today.

This is a wonderful time for those that have a mortgage to refinance to take advantage of the lowest rates this country has seen in decades. Hundreds and thousands of dollars are being saved by those able to refinance their existing mortgage to a lower rate.  The trouble for most homeowners is the lack of equity in their home caused by the current recession which makes them unable to refinance.

How will this effect the ecomony?

As for how this will effect the economy the opinions are being reflected as both positive and negative. Many believe this is just more troubling news for an ever weakening economy. Signs that things are getting worse and we are not on the road to recovery quite yet.

Other experts feel these low rates could put more money in consumers pockets due to the savings from refinancing.  This higher cash flow could help spur the economy on for the better.

Time will tell.  Let us know your thoughts in the comments below.

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Categories : Mortgage

Ally Bank 12 Month Highest Yielding CD

Tuesday, August 24th, 2010

Ally Bank has the highest yielding 12 Month CD rate of 1.44% APY. With Ally Bank you can open a certificate of deposit with no money down, have no monthly fees and get their best rate guarantee. Ally Bank carries a Ten Day Best Rate Guarantee, which means that within 10 days of opening your account, if CD rates increase you will be bumped up to the higher rate automatically.

Ally Bank has a 60 days interest, early withdrawal fee for closing out your CD early. They also have a ‘No Penalty CD’ offer at a lower rate, but your money is not locked up for the term of the certificate of deposit.

How much can you earn from this rate?

If you were to deposit at least $25,000 into the 12 Month CD from Ally Bank, you would earn $360.06 in 12 months.

Ally Bank also has a competitive 5 year CD at 2.79% APY, that would earn $3,684.89 for the same deposit.

If you decide to invest into any Ally CD’s be sure to watch your maturity date, as Ally will automatically renew the account if it is not closed. Check out their current rates here.

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