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Walden Savings Bank Offers 6 Month CD Rate At 0.75%

Looking for a short term place to store your cash? Placing your money into a certificate of deposit will earn you more than most bank savings accounts. By putting your money into a 6 month CD, you not only earn more than the average savings account, but you also don’t have to wait too long before you have access to that cash again. Short term CDs are a great way to earn a quick few bucks while you wait to make that purchase or if you are waiting to use that cash. I recently placed my money into a 6 month CD because I knew I could earn more than leaving it in a savings account, but also wanted the ability to use my money in the next 6 months to buy a house. Right now isn’t a good time to buy a house, so my money was just sitting in my bank account collecting dust, or a few pennies from its extremely low and offensive interest rate.

Walden Savings Bank has been around for over 135 years and has always provided some of the best CD rates to its customers. Walden is currently offering its six month CD rate at 0.75% APY, with a minimum deposit of only $1,000. This CD will automatically renew at the end of its term so its important that you let the bank know your intentions during that time, otherwise you might get stuck in another 6 month term. There are penalties for early withdrawals so be sure you read the fine print.

Walden Savings Bank is headquartered in Montgomery, New York and is a federal chartered mutual savings bank that opened in 1872. Walden Savings Bank maintains 11 full service branches in southeastern New York (Walden, Washingtonville, Montgomery, Cornwall-on-Hudson, Pine Bush, New Windsor, Gardiner, Scotts Corners, Circleville, Middlehope and Florida). You will want to visit one of their branches to learn more about their savings and other options offered.

Be sure to check out our most up to date CD rates table to find the best rates for any CD term.

24 Month CD Rates Stay At 1.75%

Salem Five BankOver the past few weeks, CD rates have changed quite a bit. Banks seem to be battling out for the top spots of most of the CD rate terms. This battle between banks isn’t much to write home about, but it’s a positive sign that CD rates might actually go up in 2011.

One of the most popular CD terms is the 24 month certificate of deposit which has not moved since Jan. 12, when Salem 5 Bank took over the spot from Melrose Credit Union. The Salem, Mass. based bank offers a rate of 1.75% APY on a minimum deposit of $10,000, kind of high for the average person.

These rates are much higher than what the large banks are offering and are much higher than the national average, which is currently sitting at 0.73% APY (24-month term). So if you want the best CD rates then you must look further than your local bank. Be sure you do your research to find the best CD rates, before signing anything at any bank.

Here are the next best 24-month rates:

If you find it hard to put $10,000 into a certificate of deposit then there are other great options. By putting extra money into a CD, you can usually get the best rates. Some banks offer lower minimums of $500, but you lose some of your interest. Usually the lost interest rates will not make much of a difference. 5 tenths of a percent will make very little difference. For example, if you put $5,000 into a 24 month CD at a rate of 1.60%, at the end of your term (24 months), you would have made $161.28 profit. Now if you placed the same amount of money into the same CD term, but lowered the rate to 1.55%, your profits would be about $156.20, a difference of $5.08 or 1 coffee! So if you cannot afford to meet the minimums of some of these CDs, then find the next best option, you probably aren’t missing out on much.

Be sure you get the best rates from your certificate of deposit by comparing CD rates from our up to date database.

Best CD Rates For February 17, 2011

This could be the first signs that CD rates will start increasing. One day after Sovereign Bank took the top spot for the 60 month CD term, a California based bank- Kaiser Federal Bank matched the same 3.0% APY. Kaiser Federal Bank raised its rates from 2.75% to 3.0% APY, making it a two way tie for the best available 5 year CD.

Kaiser requires a minimum of $10,000, which is much higher than Sovereigns’ minimum of just $500.

Here is a list of the top CD rates available nationally:

*TermBankFebruary 17December 1
3 Month CDCalifornia First0.80% APY0.95% APY
6 Month CDMetropolitan National1.15% APY1.15% APY
12 Month CDIncrediblebank1.45% APY1.51% APY
24 Month CDSalem 5 Bank1.75% APY1.76% APY
36 Month CDMelrose Credit Union2.17% APY2.27% APY
60 Month CDSovereign Bank3.00% APY3.03% APY

Be sure to get the best CD rate available by checking out our CD Rates board.

Mortgage Rates 2010 – January through December

Lets take a look back at 2010 interest rates from January through December according to Primary Mortgage Market Survey.  We are going to use the 30 year fixed rate.  The 15 and 5/1 ARM trended similarly, although there are some subtle differences throughout the year.

We started the year out with higher rates then we would reach throughout the rest of the year save the second week in April where rates spiked shortly and then return downward.

On January 7th the 30 year fixed was at 5.09%.  It held within a few bases points of 5% all the way through the first week of April.  4.93% was the lowest and 5.09% was the highest rates would reach within that 3 month stretch.

April 8th we saw rates hit the high point of the year at 5.21%  After again holding right around 5% through mid May we started seeing the downward spiral which would take the 30 year fixed nearly under 4% in just a few short months.

May 13th marked the beginning of the interest rate decline.  At 4.93% on the 13th rates ended May at 4.78%.

June was the same story.  Down down down.  By the end of June rates were at 4.69%.

July was a large decrease.  Rates ended July at 4.54%.

August we witnessed the 30 year dip below 4.5%.  On August 5th rates were 4.49% and by the end of August 4.5% seemed high as rates were 4.36%.

September and October just continued the downward trend which lead into November when we say rates hit their lowest point.  On November 11th the 30 year fixed rate was 4.17%, the very day that marked the turn around for interest rates.

From that day on rates started rising.  A week later they were 4.40%, then just one month after that on December 16th rates were sitting at 4.83% and ended the year at 4.86%.

January to December 2010 was a wild year for rates and mortgages.  In an economy which many homes across the nation are worth less than that which is owed on them refinancing was a difficult or impossible thing to accomplish with many homeowners.  On the purchasing side of the coin things haven’t been much better than this in decades.  Low interest rates and bottomed out house prices means many people got great deals in 2010 on the home they are now living in.

What does 2011 have in store for our nation? What does 2011 have in store for you?

We hope great things!

Happy New Year!

Be financially wise in 2011.

Holiday Love From BankAim

I hope your Holiday’s have been as great as ours at BankAim.

We have had an insane holiday season.  Our main two writers have been traveling like maniacs and unfortunately we haven’t been able to spend as much time online with you as we would like.

We have some incredible things planned for 2011 so stay tuned.

Thank you for making November and December BankAim’s most popular and successful months online, and we only plan on growing in 2011.

So have a great New Year and we’ll see you next year.

US Bank Mortgage Rates and Review

US BankUS Bank is one of the nations largest and most popular banks.

US Bank headquarters is located in Cincinnati Ohio.  They have $266 billion in assets and operate in over 50% of the states.

What do the people think of US Bank?

According to MyBankTracker, US bank has 2 of 5 stars based on 34 ratings.  The ratings range from “Consistently Good Service” to “Next to impossible to get anything from this bank”.

According to, US bank has 1.6 out of 5 rating based on 36 ratings.  Now keep in mind people are far more inclined to rant online when they have been wronged, you may have a different experience.  I always take the low ratings as average and if there is high ratings that makes that company all the better.

US Bank Mortgage Rates

  • 30 year fixed rate – 4.75% with 1 point and an APR of 4.903%
  • 15 year fixed rate – 4.125% with 1 point and an APR of 4.385%
  • 5/1 ARM – 3.125% with 1 point and an APR of 3.508%

These rates are above the national average for mortgage rates, which as of the day this article was posted is:

  • 30yr fixed  –  4.46%
  • 15 yr fixed  –  3.81%
  • 5/1 ARM  –  3.49%

You can jump over and check out the current mortgage rates.

Unusable Money – Flaw in the New $100 Dollar Bill

Lets burn 1 billion $100 dollar bills.

Sounds crazy right?  That is exactly what the US government is planning on doing with over 1 billion 100 dollar bills that were printed with a flaw.

As of now the enormous amount of useless cash is stored up in a vault in Texas.

So what went wrong?

Turns out the printing presses could not handle the sophistication of the new bills.  The new bills which were 10 years in the making had 3d imagery, a color shifting image of a bell and plenty more goodies to fool counterfeits.

Some of the bills creased during production causing a blank section on the bill.  Another issue is that there are bills that are printed correctly mixed in with the defunct bills.  Sorting these bills by hand would take an estimated 30 years!  A machine will be created to automatically sort the good and bad bills.  This will take a year.

So what does a “minor” mistake like this cost us tax payers?  120 million is what it cost to develop the bills, plus we can take on the machine and time it takes to sort the bills.

The quarantined bills, totaling $110 billion, add up to 10% of the US cash supply, which is $930 billion.  Production has begun on the old 100 dollar bills so there will be a reduced shortfall.

I guess Ben didn’t like his face lift.

Melrose Back On Top Of 2 Year CD Rate

That was fast! It only took a few days and no work on Melrose Credit Union’s part, but they are now back on top of the 2 year CD rate. Bank of Internet lowered their 24 month CD rate to 1.60%, causing Melrose to take the lead once again.

It seems like a bank would want to hold on to the top spot of any CD rate terms, even if it was just for a week, but it only took a matter of a few days before Bank of Internet decided to lower their rates.

The next best 24 month CD rate goes to Stonebridge Bank which is rated 1 out of 5 stars from Bankrate, which means ‘Lowest Rated’. That does not necessarily mean the bank is failing, but can give a good indication on how well the bank is performing. As long as the bank is FDIC insured, your money will be safe up to $250,000.

Here are the most up to date 24 month CD rates after Melrose:

These banks offer no restrictions on who can open an account and invest into their certificate of deposits. Melrose Credit Union has no restrictions on who can apply for their credit union and only charges a $1 fee.

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

Mortgage Rates Continue To Rise But For How Long?

For the 3rd week in a row mortgage rates increased.

As the economy shows signs of growth the bond yields become less attractive to investors and as the bond yields have risen the mortgage rates have followed.

Just last week mortgage rates hit a 3 month high and the mortgage rates continued on the upward trend.

December 2, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.46 % 3.81 % 3.49 % 3.25 %
Fees & Points 0.8 0.7 0.6 0.6

Last week rates were as follows:

  • 30 Year – 4.4%
  • 15 year – 3.77%
  • 5/1 – 3.45%

Does this mean Mortgage Rates will continue to move up?

As long as these trends continue the rates will continue to rise.  As the economy gets stronger there is no where for the rates to go but up.

Experts have been predicting the floor of the mortgage rates for quite some time and we could have finally seen it pass.

Check back often as we update the rates and mortgage information.

Clearing Debt the Sensible Way

The economic crisis by now has impacted everyone and the majority of people have way too much debt. While it will take some time to clear all this debt, there are ways to reduce what the debt is costing you.

If you are really interested to clear debt as soon as possible then you may just want to follow these tips to reduce the costs. You may be on your way to that perfect credit score rating sooner than you think.

First you must assess all of your debt to see which is costing you the most. It would seem obvious that the debts incurring the highest rate of interest are the ones you should try to reduce the fastest. Often this is credit card debt, which is usually closely followed by debt on that new flat screen TV or nice lounge suite. Analyze your credit card bill and your other loans.  Ascertain which one is costing the most in monthly interest and work at trying to pay that off quicker.

If you are not in a position to make additional payments on any debts, there are ways to still reduce what you owe. Instead of a lot of small debts you should look to consolidate them into one debt. It may seem obvious, but in their desperation to clear their debt, many people look past the obvious; ensure that the cost of the consolidated debt is not more than the total of all the small individual ones. If it is then consolidate only the ones at a higher rate into the debt consolidation loan and leave the others.

Although it is nice to think of the lower payment each month, this should not be the only factor to consider. Take into account the remaining period on your individual debts. Even if a debt is at a higher interest rate, it makes little sense to reduce the interest by 2% into a 36 month consolidated loan when there is only 6 months left on it right now. Rather leave that out of the debt consolidation and use the money saved on the other debts to try settling that one even quicker.

Remember that there is a cost involved in consolidating your debt – there are fees involved in the new loan and there are often penalty fees for settling existing loans early without giving 90 days notice. Take this into  account when calculating any potential savings. The cost of the debt is not only in the payment, although that will be the major factor in terms of affordability – a loan at 12% over 12 months will cost you more in interest than a similar loan at 10% over 36 months, for example. Always look at the total interest you are paying, not just the nominal rate.

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