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Archive for CD Rates – Page 22

Best 24 Month CD Rates Stay At 2.50%

By BankAim · Comments (0)
Thursday, October 15th, 2009

Over the past month the best 2 year cd rates have not change even though the average returns on a 24 month certificate of deposit plunged to record lows.

In September the top rates ranged from 2.50% APY to 2.40% APY, the same as in the new October ratings that have just been released.

Here are the best deals nationally on the 24 month CDs:

2.50 APY from Hudson City Savings Bank with a minimum deposit $5,000. If you live near one of their branches in New Jersey, New York or Connecticut your minimum deposit drops to $500.

2.50 APY from Frontier Bank with a minimum deposit of $50,000 for “Silver CDs” which has 50 branches in Washington and Oregon.

OR

2.40% APY from Frontier Bank with a minimum deposit of $500.

2.40% APY from Equity Bank in Dallas Texas with a minimum deposit of $1,000.

Check out the best CD rates currently from dozens of other banks as rates change all of the time.

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Highest CD Rates In Portland, Oregon – October 2009

By BankAim · Comments (0)
Wednesday, October 14th, 2009

Here is a list of the best CD (certificate of deposit) rates to the residents of Portland, Oregon. We have posted the rates in the form of 6 month CDs, 12 month CDs and 24 month CDs. After going through many local banks and credit unions serving the city of Portland as well as most of Oregon we have found that rates provided within Portland may be slightly higher than the national averages.

CD rates are time sensitive in nature and are constantly changing, so be sure to check with the date of this article for accuracy. You can always check our CD Rates page for the most up to date CDs available nationwide.

How we came up with this information:

As it is known, the highest CD rates are available to the longer maturities and since we did not want to post the best CD rates, we wanted to give our readers options. Also some of the highest CD rates require much larger deposits, therefore we wanted these rates to be obtainable for the majority of our readers.

Highest 6 Month CD Rates In Portland, Oregon:

  • Providence Health System Federal Credit Union – 6 month CD yields (currently the highest 6 month CD rate) of 2.96% APY with a minimum deposit of $1,000.
  • Pacific West Bank (Lake Oswego, OR) – a promotional 7 month CD yields 1.75% APY with a minimum deposit of $5,000.
  • Frontier Bank – 6 month CD yields 1.65% APY with a minimum deposit of $500.

Highest 12 Month CD Rates In Portland, Oregon:

  • Pacific West Bank – a promotional 13 month CD yields 2.25% APY with a minimum deposit of $5,000.
  • Frontier Bank – 12 month CD yields 2.05% APY with a minimum deposit of $500.
  • HomeStreet Bank – 12 month CD yields 2.0% APY with a minimum deposit of $500.

Highest 24 Month CD Rates In Portland, Oregon:

  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. This is a national institution and will accept deposits nationwide.
  • Washington Federal Savings and Loan Association – 24 month CD yields 2.50% APY with a minimum deposit of $500.
  • Pacific Continental Bank (Vancouver, WA) – 24 month CD yields 2.47% APY with a minimum deposit of $1,000.

All of these banks and credit unions are federally insured by either the FDIC or the NCUA. Be sure to check the current status of these banks and credit unions and never deposit any money with a bank that is not federally insured. If you live in Portland Oregon or anywhere in the state of Oregon and know of better CD rates from your local bank, then please let us know.

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Online Banks Offer Best CD Rates For Week Of October 12, 2009

By BankAim · Comments (0)
Wednesday, October 14th, 2009

online bank cd ratesThis past weekend was the first time in three months that no bank failures where announced, while the number of closed banks for this year is currently set at 98 failed banks. While skipping a week of no bank failures is a welcome reprieve as the FDIC is still feeling the strain of the cost of the 98 current failed banks. When a week goes by that a bank does not fail, it’s a big help to the FDIC and the funds available for the banks that will be failing in the future.

Is this a foretaste of better things that are coming? You cannot come to that conclusion just yet, while the larger banks are trying to build back their assets as the economy slowly gets better, the banks that are “too small to survive” will eventually have to close shop within the next few years causing more bank failures.

While the country is still looking forward to a best case scenario ending, we cannot help but wonder how this will affect the country’s savers. People who have lost so much not only in the stock market and real estate markets but also trying to save money and invest into CDs becomes harder. With such low interest rates you might wonder, what’s the point?

For those who have been diligently saving up, there are still options when looking for competitive CD rates than just going to your local bank. As more and more banks come online, banks that are in ‘healthy’ economies are able to offer even better than average or local rates. The best CD rates this week come from online banks. Here is the full list:

6 month CD Rates

Ascencia is offering the highest 6 month CD at 1.76% APY. According to bankrate the national 6 month cd average is sitting at 1.29% APY. Another short-term investment comes from Everbank’s Yield Pledge Money Market Account which still guarantees 2.51% APY for the first three months.

12 Month CD Rates

Last week Umbrella Bank was offering a 12 month cd rate of 2.15% but currently dropped their rate down to 2.02%. What you lose from Umbrella Bank you can make up with Amboy Direct and ING Direct this week, which are both online banks offering 2.10% APY for a 1 year CD.

With ING Direct, they have options that the customer can opt in with its Added-Value CD that will give the customer an additional 0.15% for new funds deposited. Banks are looking for new money and this allows ING Direct to offer a higher percentage. With this promo the depositor would get a total rate of 2.25% APY, the highest in the nation currently. MetLife Bank’s promo rate would also match the 2.25% APY offered by ING Direct but MetLife requires a $25,000 minimum while with ING Direct you can deposit any amount.

24 Month and 36 Month CDs

Flagstar Direct and E-Loan are at the top of the 2 year CD rate and 3 year CD rates. E-Loan is currently offering 2.37% for the 24 month CD, while Flagstar Direct’s 36 month CD is sitting at 3.00% APY.

48 Month CD Rates

The best 4 year CD rate is offered by Intervest National  Bank, which just lowered their rate from 3.20% to 3.15% APY

60 Month CD Rates

During an economical down turn its not wise to invest in CDs longer than just a few years. Even though the longer term CDs have better rates, your money will be locked in at that rate even as rates continue to increase. If you are looking to stash your money away and not worry about it for the next 5 years then this 5 year CD might be for you.

Citibank just dropped its rate from 3.50% to 3.25% APY which brings other banks close or even better than Citibank in the rates offered for the 60 month term. Ally, Discover Bank, E-Loan and Onewest Bank all offer 3.40% for this long term CD.

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Where To Save Your Money In Tough Times

By BankAim · Comments (1)
Tuesday, October 13th, 2009

Its been just over a year after the collapse of Lehman Bros. and now Americans are starting to spend less and save more. Of course this can be a good thing during a financial crisis that America is currently going through.

Piggy BankSaving your money might help lower your stress level and help you sleep at night, but it sure won’t make you rich or even close to wealthy. The interest rates of very low risk investments such as CD’s (certificates of deposit) and money market funds, are almost too low to make anything from. You should not expect to make a bundle from your emergency savings account and even now, interest on a $1,000 investment in a one year CD will hardly pay for a movie ticket, a coffee from Starbucks or a dinner at your local family restaurant.

Is there good news? Most definitely yes. The situation that Americans are in now cannot last forever as the economy recovers so will interest rates. Take a look at what you can do to get the most out of some popular low-risk investments while we all wait for the economy to recover:

  • Certificates of deposit. Right now the average rate for a one-year CD is 1.71%, according to bankrate.com. By investing in a five year CD, you will bump that rate up to 2.9%, but locking up your money for five years is a bad idea at such a low interest rate. As rates continue to rise you could be stuck at that rate and earn much less than if you had waited a year to invest. Greg McBride, senior financial analyst for bankrate.com says, Investing in CDs with shorter maturities, “will give you the flexibility to reinvest at regular intervals and catch the eventual uptick,” in interest rates.

  • There are many high yield bank accounts that are paying a little higher interest rates than CDs right now but income looking retirees are still better off with CDs because they offer predictability.
    “Even if you lock in a one-year CD at a rate slightly lower than that for a savings account, you know what you’re going to get for the term of the CD.” McBride says. With a high-yield savings account, he notes, “The yield can change at any time.”

  • High-Yield Savings Accounts. Some banks are paying 1.75% or more on their savings accounts, while if you searched you could find banks paying as high as 4.3% according to CheckingFinder. There are some banks and credit unions who offer rewards checking account with rates around 4% or more, but to earn these rates you usually have to set up direct deposit, receive your banking statements online (saves your bank money from mailing them to you) and use your debit card a certain number of times per month.

  • If you are in the search for bank and credit unions who offer rewards accounts take a look at Checkingfinder or Bankdeals.blogspot as they both offer a list of rewards accounts.

    The main reason why someone would opt-in for a high yield savings account is liquidity. You can withdraw your money without taking a penalty. If you are looking at setting up an emergency fund, this would be a great place to park those funds.

    As banks keep failing some people may feel uncomfortable with investing their money in an unfamiliar bank, even if they are offering a higher interest rate than a more familiar one down the street. As long as your bank is covered by the Federal Deposit Insurance Corp. (FDIC), your money will be insured for up to $250,000. Even married couples with joint accounts are safe for up to $500,000. If you use a credit union, make sure they are covered by the National Credit Union Administration and if they are, your money will be insured for up to $250,000.

  • Money Market Mutual Funds. A money market fund is a convenient place to temporarily park money you’re planning to invest in stocks or mutual funds, McBride says. A money market fund allows you to easily move your money quickly if a stock you have been watching hits your target price. To be safe, if you are still looking to stash away some money in your emergency fund, the high-yield bank or credit union accounts are still a better choice.

  • Even the bank that pays the lowest rate will still pay a higher rate than the average money fund. The current seven day average yield on money market mutual funds is 0.05%, according to the Money Fund Report, serviced by iMoneyNet.

Finding the best returns on your savings accounts, CD rates and mutual funds is a worthwhile endeavor, do not lose track of your main goal. The point of investing is to create a cushion against disaster like we are experiencing with the financial crisis of America. Michael Haubrich, a financial planner in Racine, Wis., says he encourages clients to shop around if it motivates them to save, but if they are more likely to save through a payroll deduction plan offered by their employer, that’s fine, too, he says, even if it’s not the best deal around.

The important part is to do something and start somewhere. Start with a certificate of deposit or find a high yield savings account to create an emergency fund.

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When are CD Rates Coming Back Up? Part 1

By Ryan - Your Personal Banker · Comments (0)
Monday, October 12th, 2009
CD Rates are Low

CD Rates are Low

Recently we’ve seen CD rates hit all time lows.  There are a few reasons for this, and understanding them is going to help you structure your CDs in a way that will maximize your interest earned.

Obviously, credit is tight right now.  The minimum FICO scores for lending have increased, banks have arbitrarily cut the limits on credit cards and lines of credit, and banks are still scared to lend in this economy.

These factors coupled with the influx of TARP funds, has created a situation where some banks have too much money.  For these banks, their deposits are beginning to exceed their demand (or desire) to lend.

In response, these banks will have some of the lowest rates in order to slow down the amount of new CDs coming in.  Why would a bank do this? Banks don’t make money on CDs unless they are lending that money out.

As the economy recovers and credit loosens up, we’ll see an increase in CD rates.  In the meantime, look for banks that are located in healthy local economies.  These banks are generally doing more lending, and as a result will generally have higher interest rates on their CDs.  Grab their 12, 18, and 24 month terms.  Don’t go any longer than two years.  If things continue the way they are, we’ll see short term CDs get back around 3% by then.

Read Part 2 of “When Are CD Rates Coming Back Up?“

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Best CD Rates in Milwaukee Wisconsin – October 2009

By BankAim · Comments (0)
Saturday, October 10th, 2009

If you are resident of Milwaukee Wisconsin or the surrounding area, here are some of the highest yielding CD Rates for your area.

Reviewed below are the best 6 month CD’s, 12 month CDs and 24 month CDs for Wisconsin.  Be sure to research local and national CD rates to determine what will be best for you.  Sometimes local CD rates can be higher and sometimes national rates can edge our your local market.

Remember that rates are time sensitive and it is important that you check with the financial institution you wish to conduct business with for up to date rates and quotes

Best 6 month CD rates in Milwaukee, Wisconsin:

  1. People’s Bank of Commerce:
    • 7 month promotional CD which yields 1.90% APY.
    • Minimum deposit of $5,000 is required.
  2. Bay View Federal Savings and Loan:
    • 6 month CD yielding 1.80% APY
    • Minimum deposit of $500 required.
  3. A-B Credit Union:
    • 6 month CD yielding 1.56% APY
    • Minimum deposit of $500 required.

Best 12 month CD rates in Milwaukee, Wisconsin:

  1. Prime Financial Credit Union:
    • Promotional 17 month CD yielding 2.17% APY
    • Minimum deposit of $250 required.
  2. First Service Credit Union:
    • Promotional 13 month CD yielding 2.10% APY
    • Minimum deposit of $1,000 required.
  3. North Milwaukee State Bank:
    • 12 month CD yielding 2.10% APY
    • Minimum deposit of $2,500 required.

Best 24 month CD rates in Milwaukee, Wisconsin:

  1. Hudson City Savings Bank
    • 24 month CD yielding 2.50% APY
    • Minimum deposit of $5,000 required.
    • This is a national institution and can accept deposits from any state.
  2. A-B Credit Union
    • 24 month CD yielding 2.34% APY
    • Minimum deposit of $500 required.
  3. First Service Credit Union
    • Promotional 19 month CD yielding 2.25% APY
    • Minimum deposit of $1,000 required.

Click to see the best cd rates nationwide.

All of these institutions are federally insured by the FDIC or NCUA.

If you live in the Milwaukee Wisconsin area and know of better CD rates from your credit union or bank please do all the other readers a favor and let us all know in the comments.  We at www.BankAim.com are a relatively small amount of people and have limited resources to find all the best deals, but collectively we can find all the best CD rates for the residents of Milwaukee Wisconsin.

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CD Rates Find a New Record Low

By BankAim · Comments (0)
Friday, October 9th, 2009

CD Rates Equal Good InvestmentThis week CD yield averages for 3 month, 6 month and 12 month CDs have hit yet another record low.  And it does not get much better for the longer term accounts.

Bankrate’s weekly survey of large banks and thrifts taken Oct. 7 found the average annual yield for a:

3-month CD fell to 0.41% from 0.43%. That’s the lowest average since the survey began tracking 3-month CD rates in March 1989.

6-month CD fell to 0.61% from 0.62% — the lowest average since the survey began tracking 6-month CD rates in January 1984.

1-year CD fell to 0.93% from 0.95% — the lowest average since the survey began tracking 12-month CD rates in October 1983.

2-year CD fell to 1.43% from 1.46% — the lowest average rate since August 2003.

5-year CD fell to 2.23% from 2.25%. That’s still slightly above the 2.15% reached in July, which was lowest average rate since the survey began tracking 60-month CDs in January 1984.

Do not let the doom and gloom of the averages stop you from checking out our Best CD Rates available nationwide.  There are still some excellent CD rates.

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ING Climbs to the Top of Nationwide CD Rate Leaders

By BankAim · Comments (0)
Thursday, October 8th, 2009

ING Direct Logo

The 12 Month Orange CD Option from ING Direct now sits at the top of the best “No Minimum Deposit” CD rates nation wide.

ING is paying a 2.10% APY on the 12 month CD term.  This offer is good for “New Money”, meaning the money cannot already be deposited with ING.

Deposits to ING are FDIC insured.  You can have the interested withdrawn into your checking or savings account monthly.

This new ING offer is much higher then the Nation 12 month average for CD rates, which is at 1.65%, and even beats out INGs long term 5 year CD which is currently at 1.75%

Compare all the Highest CD Rates Here.

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Best CD Rates in Texas – October 2009

By BankAim · Comments (0)
Tuesday, October 6th, 2009

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

We have reviewed and sifted through many banks to find the best local rates Dallas Texas 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 Dallas Texas’ best local CD rates.

6 Month

  • Texas Federal Credit Union – 1.92% APY – Minimum deposit = $1,000
  • SouthWest Airlines Federal Credit Union – 1.90% APY  – Minimum deposit = $1,000

12 Month

  • Baxter Credit Union – 2.50% APY – Minimum deposit = $50
  • SouthWest Airlines Federal Credit Union – 2.50% APY – Minimum deposit = $1,000
  • Branch Banking and Trust Company – 2.25% APY  – Minimum deposit = $2,500

24 Month

  • First National Bank – 2.68% APY – Minimum deposit = $1,000
  • SouthWest Airlines Federal Credit Union – 2.60% APY – Minimum deposit = $1,000
  • Washington Federal Savings and Loan Association – 2.50% APY – Minimum deposit = $1,000

All of the financial institutions mentioned above are insured by the FDIC or the NCUA.

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.

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