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Highest 12 Month CD Rates At 2.25% – October 2009

Highest 12 Month CD Rates – October 2009

The current highest 12 month CD rates (certificates of deposit) that are nationally available are currently paying up to 2.25% APY. Depending on where you live in the US, you might be able to find slightly higher interest rates than the national average.

The winner of the top 12 month CD rates currently goes to ING Direct at 2.25% APY. Most new CDs must be funded with new month to get the rate advertised. This is a way for the banks to get new money to lend or to create a cushion for their bank. New money is important to any bank and their financial well being. With their 12 month CD paying 2.25% APY, you will might be able to find local rates in your area higher than ING Direct’s CD rates. If you have an account with ING Direct and wish to transfer funds to this new CD, or if your current CD just matured you can still transfer money over and get a rate of 2.10% APY for the 12 month term.

The next best 1 year CD rate that is available nationally goes to UmbrellaBank which yields 2.06% APY. To get this rate you will need to deposit a minimum of $1,000, which is pretty low compared to some opening balances required for the higher paying CDs.

Discover Bank comes in 3rd with a rate of 2.0% APY on their 12 month CD and also they are throwing in a sign up cash bonus of $25.00. The minimum deposit to open this account is $2,500 and depending on how much you put in at first the sign up bonus could equal close to 1.0% more to the earnings of this 12 month CD.

If you know of other higher paying CD rates for October 2009 please let us know!


How 0% Credit Cards Can Cost You Money

The allure of 0% Credit Cards can sometimes override the logical decision making that needs to take place before transferring the balances of your credit cards to a 0% interest credit card.

0% credit cards exist because credit companies make money from them, otherwise they would be no more. Do not be fooled, they are doing you no favors. The 0% interest draws the people in and often times distracts them what may be worse credit card terms then they currently have with their own credit cards.

Often times 0% credit card offers are used by people transferring other credit balance with higher interest rates over to the card with 0% interest.

Here are a few tips when deciding whether a 0% interest credit card is right for you to transfer balances onto.

  • The 0% Interest Will End: The 0% is only an introductory rate.  The introductory period is usually only 6 months long, sometimes a year.  After this period ends the standard terms of the credit card will apply.  You must educate yourself with the terms of the credit card so you do not put yourself in a worse position after 6 months.  Here is a quick calculation you can do to loosely determine if it may make sense to transfer your credit card balances to 0%.  Figure out the average interest rate of the credit cards you currently have a balance on.  If the average rate is lower then the interest rate that will apply after the 0% intro period than it is probably best to stay with what you have.  I say that is a loose calculation because in order to get an exact figure for combined interest rates you need to calculate in the balances.  But that quick calculation will give you a good general idea if it will make sense.
  • The exception to having a higher interest rate after the intro period is if you can pay large portions of the balance down while in the 0% introductory period.  This can help get you ahead a little bit because all the money you pay will be applied to the balance and not the interest. If you plan on only making the minimum payment through the 0% introductory period, or purchasing more stuff at 0% interest causing your balance to increase, you will most likely put yourself in a worse position if the interest rate is higher at the end of the introductory period.
  • Do not miss a payment: Many times credit card companies have terms in their contract stating something to the effect of if you miss a payment or are delinquent on a payment your 0% interest rate could end immediately.  This could be bad news if you transfer large amounts and then cannot make the payment on the credit card.
  • Transfer Fees: Not all credit card transfers are free.  You need to know if there is going to be a fee to transfer the balance from one credit card to the new zero interest credit card.  This fee can be enough money to make the whole thing not worth it.

When it comes to 0% interest credit cards they can be a tool to help you, or a trap that will hurt you.  Education is the best weapon to arm yourself with.  Do not get distracted by the allure of the 0%, that is how you will get yourself in trouble.

Look over the terms of the credit card, break down the figures of your own debt load, run some calculations to determine if transferring your balances is going to make financial sense for you.

If you want to see a list of 0% cards, click…  0% interest credit cards.


Highest CD Rates In Columbus, OH – October 2009

Here is a list of the highest CD (certificate of deposit) rates to the residents of Columbus, Ohio and the surrounding state.

These cd rates will cover at least the following cities in Ohio: Grove City, Upper Arlington, Dublin, Westerville, Gahanna, Reynoldsburg, Newark and Lancaster. These CDs will be for the 6 month CDs, 12 month CDs and 24 month CDs. After going through the local community banks and credit unions serving Columbus and most of Ohio, we have found that you may be able to find slightly higher rates with national institutions than with local ones.

Always remember that CD rates are time-sensitive in nature and can change at a moment’s notice. Please refer to the date of this article for accuracy and to use it as a reference of what CD rates were at a specific date. To find the most accurate CD rates from national banks, view our CD rates page.

How Did We Come Up With This List?

As with any CD rate, the higher the rate the longer the maturity date and since we did not want to strictly list the longest maturities, since they will boast the highest rates, we decided to list the deposit rates which beat national averages by the highest margins.

Highest 6 Month CD Rates In Columbus, OH:

  • United Midwest Savings Bank – 6 Month CD yields 1.75% APY with a minimum deposit of $500.
  • Benchmark Bank (Gahanna, OH) – 6 Month CD yields 1.50% APY with a minimum deposit of $500.
  • Columbus First Bank (Worthington, OH) – 6 Month CD yields 1.50% APY with a minimum deposit of $500.

Highest 12 Month CD Rates In Columbus, OH:

  • United Midwest Savings Bank – 12 Month CD yields 2.30% APY with a minimum deposit of $500.
  • Benchmark Bank – 12 Month CD yields 2.05% APY with a minimum deposit of $500.
  • Columbus First Bank – 12 Month CD yields 2.05% APY with a minimum deposit of $500.

Highest 24 Month CD Rates In Columbus, OH:

  • First Community Bank (Columbus branch) – a promotional 27 month CD yields 2.50% APY with a minimum deposit of $5,000.
  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. (This is a national bank and will accept deposits from any state.)
  • KEMBA Financial Credit Union – 24 month CD yields 2.30% APY with a minimum deposit of $500.

All of the above institutions are federally insured by either the FDIC or NCUA. Be sure to check with the bank to make sure they are still federally insured before giving them your money. If you know of better rates in or around Columbus Ohio please let us know in the comments.


Highest CD Rates In Denver, Colorado – October 2009

Here is a list of the best CD (certificate of deposit) rates we have found for the residents of Denver, Colorado. We have placed these rates in the 6 month CDs, 12 month CDs and 24 month CDs. After going through many local banks and credit unions we have found these to be some of the best rates available in Denver, but have also found that you may be able to receive higher rates from national institutions than with your local ones.

Keep in mind that CD rates are constantly changing and are time sensitive in nature. Be sure to check the date of this article for accuracy. You can always get the most up to date rates from our best CD rates page.

Highest 6 Month CD Rates In Denver, Colorado:

  • FirsTier Bank – 6 month CD yields 1.75% APY with a minimum deposit of $1,000.
  • Community Banks of Colorado – 6 month CD yields 1.60% APY with a minimum deposit of $1,000.
  • Mile High Banks – 6 month CD yields 1.49% APY with a minimum deposit of $1,000.

Highest 12 Month CD Rates In Denver, Colorado:

  • FirsTier Bank – 12 month CD yields 2.15% APY with a minimum deposit of $1,000.
  • Community Banks of Colorado – 12 month CD yields 2.10% APY with a minimum deposit of $1,000.
  • Bank of Denver – 12 month CD yields 2.07% APY with a minimum deposit of $5,000.

Highest 24 Month CD Rates In Denver, Colorado:

  • Red Rocks Credit Union (Littleton, CO) – 24 month CD yields 2.73% APY with a minimum deposit of $5,000.
  • FirsTier Bank – 24 month CD yields 2.50% APY with a minimum deposit of $1,000.
  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. This is a national bank and will accept deposits nationwide.

All of these banks and credit unions are federally insured with either the FDIC or the NCUA. Be sure your bank or credit union is federally insured before you deposit your funds there. If you live in Denver, Colorado or in the state of Colorado and know of better CD rates, then please let us know.


Highest CD Rates In Baltimore, MD – October 2009

Here is the list of the highest yielding CD rates available to residents of Baltimore, Maryland. These rates come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After going through the local rates from both banks and credit unions for Baltimore and Maryland as a whole, we have found that you can get better rates from national institutions than with your local ones. Remember that local banks give out interest based on the local economy and how much the bank hopes to make from using your money.

Please keep in mind that these local rates may have changed, as all rates are time-sensitive in nature, so please refer to the date of this article for accuracy. You can always find the most current CD rates in our updated CD Rates section.

How is this information compiled?

You will find the highest CD rates on the longer maturities, but since we did not want to strictly list the longer cd rates, we have decided to list a variation of deposit rates which will beat the national average by the highest margins.

Highest 6 Month CD Rates In Baltimore, MD:

  • Arundel Federal Savings Bank – 6 month CD and a 9 month CD yields 1.75% APY with a minimum deposit of $10,000.
  • AmericasBank – 7 month CD yields 1.60% APY with a minimum deposit of $1,000.
  • Kopernik Federal Bank – 6 month CD yields 1.56% APY with a minimum deposit of $1,000.

Highest 12 Month CD Rates In Baltimore, MD:

  • Hamilton Federal Bank – 12 month CD and a 15 month CD yields 2.05% APY with a minimum deposit of $5,000.
  • Essex Bank (Catonsville, MD) – 12 month CD yields 2.02% APY with a minimum deposit of $500.
  • Nexity Bank – 12 month CD yields 2.01% APY with a minimum deposit of $1,000. (This is a national bank and will accept deposits from customers nationwide).

Highest 24 Month CD Rates In Baltimore, MD:

  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. (This is a national bank and will accept deposits from any state).
  • Fairmount Bank – 25 Month CD yields 2.30% APY with a minimum deposit of $10,000.
  • 1st Mariner Bank – 24 month CD yields 2.20% APY with a minimum deposit of $500.

These are the best rates we could find in Baltimore Maryland, but if you know of a better rate please leave a comment. All of the above banks and credit unions are federally insured by either the FDIC or NCUA.

As of this writing the national average for a 6 month CD is 1.33% and a 12 month Cd is 1.70%. CD rates increase and decrease at any time and so we suggest you check with the bank you are interested in for their current CD rate.


East Carolina Bank Offers 2.50% 13 Month CD Rate

The East Carolina Bank is now offering three competitive CD specials

  • 2.50% APY 13 month
  • 3.00% APY 25 month
  • 3.25% APY 36 month

A minimum deposit of $1,000 is required with a maximum of $90,000 per term. If you wish to have more than one open CD and you are maxed at $90,000 deposited you can open multiple CDs. You will not find these specials listed on their bank’s website but can be verified by calling or emailing the bank. These are details as of today (10/14/09).

To get these rates you will have to visit the branch to open the CD. Any resident located in East North Carolina, including the cities of Washington, Leland, Morehead City, New Bern, Currituck, Hatteras, Engelhard, Williamston, Wilmington, Hertford, Greenville and Columbia. If you are looking for a specific locations phone number just go to their website and in the “About Us” link on the top of the page click “Our Locations” to find the bank closest to you with addresses and phone numbers.

If you look at BauerFinancial they rate East Carolina Bank as a 4 star (Excellent) bank but Bankrate rates the bank as a 2 star (below peer group). You can read into both ratings on those sites to see why they rate East Carolina Bank as they do. The bank has been a FDIC member since 1934 (FDIC Certificate # 2017). Remember these competitive CD rates are only available to local residence.


KeyBank Opens In Colorado Offers High CD Rate and $200 Checking Bonus

keybank logoAnyone looking for a new bank may want to take a few minutes to check out KeyBank. Colorado is KeyBank’s first venture outside of the Northwest and Northeast (outside of Florida) and may be a sign of the bank looking to expand across the country. You can find a location near you by visiting their promotional page here.

To celebrate the expansion into Colorado, KeyBank is now offering a 16 month and 32 month CD special with rates of 1.75% and 2.75%. These rates are competitive to the highest cd rates of today, but the minimum deposit is $10,000, which is high compared to what is available. An example is, Discover Bank has a 2.35% rate on a 30 month CD with a minimum deposit of $2,500 and ING Direct’s 2.10% 12 month CD has no minimum deposit. These CD specials are also only available at the new Colorado branches only.

The best deal with KeyBank opening in Colorado is that they are giving out a $200 checking bonus to anyone who opens a new account at one of the new locations. You will not find the deal on its website, but can find a print ad that has been running in the Denver Post. To earn the $200 bonus all you need to do is open the account by 12/4/09 and make one debit card transaction and a combination of two direct deposits and/or automatic payments each of $100 or more by 2/5/10.


How to Choose the Right Credit Card – Part 4

To read the prequels to this article click…

Part 1Uses of Credit Cards, Finding the best rates, Different Types of Rates.

Part 2Credit Card Fees, Credit Limits, Grace Periods

Part 3Interest Calculations, Cash Advances, Premium Credit Cards, Credit Card Features.

Understanding the Terms of Service and Application

By law, credit card companies must show you all the terms of the credit card.  Reading through the terms of service may seem like a daunting task, but if you break it down it is not too bad.  Use How to Choose the right Credit Card Parts 1 – 4 as a guide to help you sift through the information.

Look for the disclosure box which breaks down the

  • Rates
  • Grace period
  • Calculation Methods
  • Fees
  • Minimum Finance Charge
  • and all the other pertinent information.

What to do About a Stolen Credit Card

If your credit card is stolen (or lost/presumed stolen) report this information to the credit card company immediately.  You will be able to find the phone number on your credit card statement or on the credit card companies website.  When you report the card stolen the credit company will immediately put a stop on any further purchases or transactions made from your card.   From that point on that credit card will be useless.  The credit card company will issue you a new credit card if you desire.

You can take precautionary measures by recording your credit card information and phone numbers in a secure location.  If your purse or wallet gets stolen you will be able to contact all your credit cards and banks immediately without having to try and find a whole bunch of phone numbers.

If your credit card is used after it has been stolen you will never be liable for any charges over $50.  The federal truth in lending act protects purchase made without permission that exceed $50.  Extra insurance can be purchased to protect the entire amount if the credit card is stolen and used.

Dealing with Mistakes on Your Bill

If you find a mistake on your bill then there is a few steps you can take to dispute the error.

  1. Place a phone call and speak with a representative. If the error is small they can often times take care of the issue immediately.
  2. If you cannot settle the dispute by phone you must write a letter to the credit card company within 60 days of the statement.  There will be an address on the bill where you can send the dispute.  Include:
  • Full Name
  • Date
  • Account Number
  • Explanation of the Error
  • The Dollar Amount of the Error

You still must pay all the other parts of the bill, but the disputed amount does not need to be paid until settled.

If the error was the credit companies fault, they will correct the bill and you will not have to pay the disputed amount or any interest charges.

If there is no error the credit company is require to write you a letter back explaining the bill.  They must also include a statement indicating how much you owe from the disputed amount, including interest charges.


Best CD Rates in Utah – October 2009

Below you will see the best CD rates for the state of Utah.

We have reviewed and sifted through many banks to find the best local rates Utah, and more specifically Salt Lake City, has to offer.

While with local CD rates you often get the personal touch of a friendly local banker, you may find the rates to be just under the national average.  You can check out our best cd rates to help you determine whether your local cd rates or national cd rates are better.

We determine the “highest” local rates by factoring in the CD rates with their respective term and comparing them to the national average.

Here are Salt Lake City, Utah’s best local CD rates.

6 Month –

  • First Utah Bank – 1.76% APY – Minimum deposit = $500
  • Delta Community Credit Union – 1.50% APY – Minimum deposit = $1,000

12 Month –

  • First Utah Bank – 2.02% APY – Minimum deposit = $500
  • Delta Community Credit Union – 2.00% APY – Minimum deposit = $1,000
  • Home Savings Bank – 2.00% APY – Minimum deposit = $1,000

24 Month –

  • Hudson City Savings Bank – 2.50% APY – Minimum deposit of $5,000
  • First Financial Bank – 2.50% APY – Minimum deposit = $5,000

All of the banks listed are FDIC or NCUA insured.

Remember CD rates are time sensitive.  Please check with the financial institution for current rates and more details.  Refer to the date of this article for probable accuracy of cd rates.


BofA To Impose Credit Card Annual Fees By Next Year

bank of america nycEven though new credit card reforms are sweeping the industry, which is scheduled to go into effect as early as December 1st, Bank of America customers have not yet seen the last of the credit card fees and charges that are costing them their hard earned dollars.

Charlotte, N.C. based Bank of America said last week that they will not raise credit card interest rates before the implementation of the new credit card laws, but that announcement did not state that it will not charge ‘new’ credit card fees. This is a move by Bank of America to gain back the anticipated revenue loss caused by the new credit card laws. Bank of America revealed that they are making plans to impose annual fees on a number of their cardholders as soon as next year.

According to BofA spokesperson Betty Reiss, the annual fees would range from $29 to $99, and the proposed fee would initially affect about 1% of the bank’s credit card customers. “We’re testing this to see what the feedback is. In terms of any plans going forward, we haven’t made any decisions yet,” said Reiss.

Bank of America is one of the largest credit card companies in the country with about 80.2 million cards issued and in circulation. BofA is third only to Chase with 119.4 million cards and Citibanks with 92 million cards.

So who will be affected by the annual credit card fees? The customers that could be the first affected are being selected based on their risk and profitability, which means, those cardholders who are in good standing, never pay late and almost never get charged with interest fees could be the first ones hit by the new annual fees. I guess it does not pay to be a good customer anymore, or you have to pay because you are a good customer.

Customer complaints of the steep interest rate hikes and the sudden cut in credit card limits prompted congress to take action against some banks’ practices. The new credit card consumer protection laws include how and when a bank or credit card company can raise interest rates and fees, the reason why banks are changing their policies now, before the law takes effect, as early as December 1st of this year.

Bank of America states that their decision to charge the additional annual fee is “in response to market changes, new federal laws and regulations, and the increasing cost of providing unsecure credit.” If a customer is affected by the new changes and is required to pay the annual fee, they will have the option to reject it, but by rejecting the fee the card company can have their account closed.
Does this sound fair? I know when I get those new terms I’m rejecting it as I have a credit card from Bank of America and would fall under the ‘good customer’ category.

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