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Financial Resources

Highest CD Rates In Minneapolis, MN – October 2009

By BankAim · Comments (0) · October 26th, 2009
Monday, October 26th, 2009

These are the highest CD (certificate of deposit) rates for the residents of Minneapolis, Minnesota. These rates are in the form of 6 month CDs, 12 month CDs and 24 month CDs. After going through many rates from local banks and credit unions serving Minneapolis as well as the whole state of Minnesota, we found that you will find slightly higher rates from national institutions or online banks.

Remember that CD rates are ever changing, so the rates posted below may be out of date depending on the date of this article. Be sure to check out the most current CD rates from national banks.

As you may know, the longer the maturity date of a CD, the higher the interest rate you will find. Since we did not want to strictly list the highest yielding CDs, we have posted the best rates we have found for the specified time periods.

Highest 6 Month CD Rates In Minneapolis, MN:

  • People’s Bank of Commerce (Edina, MN) – promotional 7 month CD yields 1.90% APY with a minimum deposit of $5,000.
  • TruStone Financial – 6 month CD yields 1.86% APY with a minimum deposit of $500.
  • Union Bank and Trust – 6 month CD yields 1.76% APY with a minimum deposit of $10,000.

Highest 12 Month CD Rates In Minneapolis, MN:

  • TruStone Financial – 12 month CD yields 2.27% APY with a minimum deposit of $500.
  • HiWay Federal Credit Union (St. Paul, MN) – 12 month CD yields 2.10% APY with a minimum deposit of $10,000.
  • Vision Bank (Saint Louis Park, MN) – 12 month CD yields 2.07% APY with a minimum deposit of $1,000.

Highest 24 Month CD Rates In Minneapolis, MN:

  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. This is a national bank and can accept deposits from any state.
  • 1st Regents Bank (Blaine, MN) – 24 month CD yields 2.50% APY with a minimum deposit of $10,000.
  • HiWay Federal Credit Union – 24 month CD yields 2.50% APY with a minimum deposit of $5,000.

All of the above institutions are federally insured by the FDIC or NCUA. Be sure you make sure that the bank or credit union you deposit your month with is federally insured. If you live in or around Minneapolis, MN and know of better CD rates please let us know.

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Highest 6 Month CD Rates At 1.76% – October 2009

By BankAim · Comments (0) · October 23rd, 2009
Friday, October 23rd, 2009

We found the highest rates for a 6 month cd (certificate of deposit) sitting around 1.76% nationally, down roughly 0.05% from the previous week. The current national average for the 6 month CDs sits about 1.16% APY.

Ascencia Bank of Louisville Kentucky holds the current highest rate for any 6 month CD nationally at 1.76%. They are a nationwide bank and will accept deposits from any state. The minimum required deposit is $500 and your interest is compounded monthly.

Banks and Credit Unions sometimes offer promotional rates for odd maturity dates such as a 7 month CD, 13 month CD or 15 month CD. America’s Credit Union has two promotions going on with odd maturity dates. The first is a 7 month CD which pays 2.0% APY, with a minimum deposit of $500. The second promotion is a 13 month CD paying 2.15% APY with a minimum deposit of $500. These odd maturity dates usually have a higher interest rate than what is normally offered. If you know of any higher paying CDs or promotions going on that are noteworthy please send us a message.

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Key Bank Offers Checking Account Bonus Up To $225

By BankAim · Comments (0) · October 22nd, 2009
Thursday, October 22nd, 2009

keybank checking bonusKey Bank has two great checking account bonus offers today! Depending on the type of account you open or can open, you will be eligible to earn $125 or $225 in cash.

To earn the $125 cash bonus from Key Bank you have to open either their ‘Key Express Free Checking Account” or the “Key Advantage Money Market Checking.” Currently the money market account in our state is paying an interest rate of about 0.05% APY, your state may offer better rates.

How To Get The $125:

To make the $125 bonus you must make one debit card transaction and a combination of either two direct deposits or automated payments each of $100 or more.

To earn the $225 cash bonus from Key Bank you have to open either their “Key Privilege Checking Account” or their “Key Privilege Select Checking Account.”

  • The “Key Privilege” account puts both your banking account and investment account together.
  • The “Key Privilege Select” account offers its customers premium solutions and personal services. So to get the $225 bonus you must be a high roller. They make it hard to get bonuses from banks, or at least high bonuses.

How To Get the $225:

To make the $225 bonus you must qualify for their higher end checking account and then make one debit card transaction and a combination of either two direct deposits or automated payments each of $100 or more.

This deal is good until November 20, 2009 and may not be offered to you. Check out Key Bank’s promo page for more details and eligibility. Key bank operates out of many states in the west and most recently Colorado. Be sure to check the promo page to see if you are able to sign up from your state.

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Highest 12 Month CD Rates At 2.25% – October 2009

By BankAim · Comments (0) · October 21st, 2009
Wednesday, October 21st, 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!

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How 0% Credit Cards Can Cost You Money

By BankAim · Comments (0) · October 20th, 2009
Tuesday, October 20th, 2009

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.

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Highest CD Rates In Columbus, OH – October 2009

By BankAim · Comments (0) · October 19th, 2009
Monday, October 19th, 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.

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CitiBank Credit Card Increases Interest Rate to 29.99%!

By Credit Card Deals · Comments (0) · October 19th, 2009
Monday, October 19th, 2009

Guess what I just got in the mail today? A letter from CitiBank (South Dakota) telling me about the changes to my credit card account terms. This is what it says:

Dear ***** ******

We are making changes to your account terms.

To continue to provide our customers with access to credit, we have had to adjust our pricing. The terms of your account will be changing. These changes include an increase in the variable APR for purchases to 29.99% and will take effect November 30, 2009. As always, you have the right to opt out and pay down your balance under your current terms. If you opt out, you may use your account under the current terms until the end of your curent membership year or the expiration date on your card, whichever is later. At that time, we will close your account.

If you accept these changes, we have designed a program where you can earn interest back each month that can help offset the increase in your purchase APR.

Earn interest back every month

Here’s how – make your payment on time every month.

Each month you do, you will receive a credit on your billing statement equal to 10% of your total interest charge on purchase balance. This can help offset the increase in your purchase APR. Start earning interest back in December and January, and you will see the full credit on your statement no later than February 2010 and monthly after that.

If in any month you do not pay on time, you may not be eligible to continue to participate in this program.

We reserve the right to change or end this program with 30 days’ prior written notice. Please see the back of this letter for further details.

I’m not going to bore you with the rest of the letter but here are my thoughts.

29.99%, holy crap! Do the credit card companies really expect people to accept these terms? I know that I will be paying down that credit card by the end of the year and never using it again. Its very important that you DO NOT close your credit cards, no matter how upset you may be. Building a good credit history takes time and, well, a history. So if you close your credit card, then you lose that history for however long you have been building it with that particular card.

It seems like the credit card providers have forgotten about customer service, keeping their customers happy, providing a quality product, but instead it seems like they only care about the future credit laws that are coming out as early as December 1st. It will be interesting to see how this plays out. I have 8 credit cards (only use 3 of them and have very little debt with them), but I do expect to get more of these letters. Hopefully there will still be a credit card provider out there who actually cares for their customers and not charging the he*l out of them.

That’s it for now!

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Mortgage Rate Analysis-Monday October 19th, 2009

By Mortgage Master of Maple Valley · Comments (0) · October 19th, 2009
Monday, October 19th, 2009

Well you never like to start an article with “an I told you so” but I feel that this week it is important to do just that.  People that were “floating” their loan last week saw the rates rise about .25% from the five months lows we had the previous week.  It is always tempting to try and get something better but in this market you need to analyze what you can get and if it is good you need to take it!  We had several “good news” economic reports last week that drove the price of Mortgage Back Securities lower, thus forcing the banks to raise the rates a bit to compensate.  Remember a stronger economy means that we are able to handle higher rates so those two entities tend to work against each other.

Today will not really have any major news in it that will shift the rates one way or the other, but our fearless Fed Chairman Ben Bernanke will be giving a speech later in CA that will get several peoples attention.  It is amazing how much power there is in this mans words.  We will wait to hear any indication that the Fed will either begin to raise the Federal Rate or hold steady.

Rates are holding steady today!

Rates are holding steady today!

Third, I have been reminding readers of the expiration date of the First Time Home Buyer Tax Credit.  The American Recovery and Reinvestment Act of 2009 authorizes an up to $8000 tax credit to any first time home buyer that closes a loan on or before November 30th  on a primary residence.   To qualify you must not have owned a home in the prior 3 years and must make less than $75,000 if filing single or $150,000 for a married couple filing jointly.  The amount of the credit is reduced if your income is higher and completely goes away if your income exceeds $95,000 if single and $170,000 if married filing jointly.   Currently the credit is being extended for veterans of our armed forces who have served overseas for at least 90 days during 2009.  Check out the IRS website for more information and the appropriate forms that must be completed to get the credit.  To receive the tax credit you can either amend your 2008 returns or wait until you file your returns next year.

My review of several other mortgage professionals indicates that the par 30 year conventional mortgage rate remains in the 4.875% to 5.125% range for well-qualified consumers.  I like this rates being published cause as you can see my rates at the bottom of the range!  To get a par interest rate you must have a credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination fee.  You can elect to pay less in fees and secure a higher interest rate, as every lender has a creative way of packaging your closing costs.  It is important to know that there are always closing costs in a loan it only differs how you pay them which is why a trusted mortgage professional is worth their weight in gold!

lock_iconThis week projects to be a pretty steady week as far as rates go, but as I have been saying for a several days now, I don’t see much improvement in the future so lock today and have peace of mind going forward with your mortgage process.

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Highest CD Rates In Denver, Colorado – October 2009

By BankAim · Comments (0) · October 18th, 2009
Sunday, October 18th, 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.

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