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Financial Resources

Highest CD Rates In Las Vegas, Nevada – October 2009

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

Here are the best CD (certificate of deposit) rates for the residents of Las Vegas, Nevada. We have put these rates in the form of the 6 month CDs, 12 month CDs and 24 month CDs. After going through many local banks and credit unions serving the city of Las Vegas as well as most of the state of Nevada, we found for the most part that you will find better rates with national institutions than with your local banks.

Keep in mind that CD rates are always changing so you will want to refer to the date of this article for accuracy. You can always get the most up to date CD rates from our national CD Rates page.

How do we choose which CDs are best?

As you may already know, the higher CD rates tend to accompany the longer maturities and/or the higher deposit minimums and therefore we wanted to give our reads options in choosing which CD is best for them. Instead of putting only information of the highest CD rates, which tend to accompany the Jumbo CDs, we have come up with a list of banks and credit unions that are easier to obtain.

Highest 6 Month CD Rates In Las Vegas, Nevada:

  • Nevada Commerce Bank – 6 month CD yields 1.77% APY with a minimum deposit of $10,000.
  • Branch Banking and Trust Company (Henderson, NV) – 6 month CD yields 1.75% APY with a minimum deposit of $1,000.
  • Nevada National Bank – 6 month CD yields 1.65% APY with a minimum deposit of $1,000.

Highest 12 Month CD Rates In Las Vegas, Nevada:

  • Black Mountain Community Bank – 12 month CD yields 2.15% APY with a minimum deposit of $1,000.
  • Bank of Las Vegas – 13 month CD yields 2.10% APY with a minimum deposit of $500.
  • Mutual of Omaha Bank – 16 month CD yields 2.10% APY with a minimum deposit of $2,500.

Highest 24 Month CD Rates In Las Vegas, Nevada:

  • Nevada Commerce Bank – 24 month CD yields 2.53% APY with a minimum deposit of $10,000.
  • 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.
  • Washington Federal Savings and Loan Association – 24 month CD yields 2.50% APY with a minimum deposit of $1,000.

All of these banks and credit unions are federally insured by either the FDIC or NCUA. Be sure you check with your bank to make sure they are federally insured and only deposit money in banks and credit unions that are insured. If you live in Las Vegas or in the state of Nevada and know of better CD rates from your local bank or credit union, then please let us know.

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Watch Out For Chase’s CD Early Withdrawal Penalty

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

chase logoWe have all heard stories about hidden bank fees from ATMs and overdrafts, but there is another fee that savers need to worry about and that is the early withdrawal penalty of a certificate of deposit (CD). This penalty usually varies depending on the length of cd and what bank the cd is with. Usually for a long term CD the typical penalty is six months of interest. However, the early withdrawal penalty at Chase Bank is much more severe.


Last year if you had a CD at 5% with WaMu and that CD is now maturing as a Chase CD, it is very important to NOT allow it to automatically renew. You have a choice to not allow your CD to renew automatically, while some banks do not practice auto renewed cds, there are still those banks who like to keep your money as long as they can. This story comes from the site Bank Deals who reported about Chase’s early withdrawal penalty.

“A friend of mine had a Chase/WaMu CD flip over. It used to be at WaMu. To Cancel this Chase $100k CD, Chase wants $3k + $25. At the new interest rate of 0.20 for 12 months, that is a 15 YEAR interest penalty for canceling the CD. I know of no other bank in the world that charges this.”

Let’s say if you are on vacation and your $100k CD or even a $10k CD is coming up to maturity date. If you forget to close the CD during the grace period or the CD automatically renews, you will be liable for the early withdrawal penalty if you decide to try to get out of a second CD term. As Bank Deals’ reader found out, the penalty is much more than the usual six months of interest. Here is Chase’s disclosure (page 11), of the early withdrawal penalty for a 12 month CD:

‘For terms of one year or more, the early withdrawal penalty is equal to $25 plus 3% of the amount withdrawn.’

Plus your penalty may eat into the principal:

‘Early withdrawal penalties may require a reduction in the principle amount if the amount of accrued and unpaid interest on the deposit is less than the penalty.’

So by missing the grace period and doing an early withdrawal of the full amount, you will have to pay a large penalty to get your money out of the CD. An example is a $10k CD for more than 1 year you will have to pay a fee of $325.

Currently the Chase CD rates are not competitive, you can easily find better deals, higher interest and less penalties by going with a different bank.

Chase’s standard 12 month CD rate for Texas is only 0.25%, which you can find better rates just by searching for them. One positive note about Chase is they are a very financially sound bank and your money will be safe.

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Amboy Direct Offers 2.10% APY On 1 Year CD

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

Amboy Direct another online banking site is offering a 2.10% APY 1 Year CD for balances over $10,000, called the eSavings CD. The minimum opening deposit is a mere $100 but the CD rate drops to 1%. Any deposit over $10,000 will lock your rate at the 2.10% level, plus the great thing about AmboyDirect is that you can add to the CD within the first 6 months! So if you start off with a deposit of $10,000 you can continue adding to it like a savings account with much higher interest. Most certificate of deposits do not allow you to continue adding to the balance, so if you came across more cash you would have to open another CD. With the eSavings CD it makes saving so much easier and the maximum deposit you can have is $100,000 for the CD. Visit Amboy Direct here.

How To Start With Amboy Direct

Amboy Direct makes it easy to get started by having an online application form and if you are already an Amboy Direct customer you will still have to fill out the application. As soon as you submit the application your cd rate is locked at the current offering which is 2.10%. As soon as the cd matures it is converted over to an eSavings account automatically unless if you ask for it to be renewed, making it that much easier to manage your savings.

It’s important to find out about any early withdrawal penalty on any CD that you get. With Amboy Direct their early withdrawal penalty is only 3 months’ interest (unlike Chases’ massive penalties that you can read about here). A great strategy for this type of CD is to start with $100, then watch to see how rates increase over the next few months and if the 2.10% is still a competitive rate, then bump up your balance over the $10,000 mark to get the 2.10% APY. If rates increase past 2.10% then start another CD at the higher rate and go from there. Just remember you have 6 months to add to your eSavings CD.

Watch out for possible issues with Amboy Direct as they currently have 1 out of 5 stars for soundness rating from bankrate, so be careful and do not go over the FDIC’s $250,000 limit to protect your money in case of a bank failure.

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How to Choose the Right Credit Card – Part 2

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

To Read Part 1 of this Series Click – Choose the Right Credit Card Part 1

Part 1 covers the many ways to use a credit card, how you will use yours, understanding all the different types of rates and finding a good interest rate for your needs.

Know the Credit Card Fees

There are many types of fees associated with different aspects of a credit card. Most people think that the only fee with a credit card is an annual fee. This is incorrect as there are many different fees. A fee is not the interest you pay on the credit card. Fees are extra costs, either to have the credit card or use certain features of the credit card.

  • Annual Fee – Some credit companies charge a yearly fee in order for you to use the credit card.  These fees are popular for points and mileage reward credit cards. The annual fee can often times be billed monthly.
  • Late Payment Fees – If you miss the due date of your payment you will be charged a late payment fee.
  • Overdraw Fee – If you borrow over your credit limit you may be charged an overdraw fee.
  • Balance Transfer Fee – Some credit companies will charge a fee to transfer your balance from one credit card to another credit card.
  • Cash Advance Fee – Charged when taking a cash advance.  This fee may be a percent of the cash advance or just a flat fee.
  • Credit Limit Increase – Some credit companies will charge a fee for increasing the amount of your credit limit.
  • Bounced Check Fee – If your check is returned with insufficient funds you will be charged a fee.
  • Credit Card Set Up – In order to set up a credit account some companies require a fee.
  • Payment Fees - Some types of payments can have fees attached to them.  For instance some companies charge a fee to make a payment by phone, or to make a same day payment if you are about to be late on that months payment.
  • Customer Service Fees - There are some fees that may be accrued for certain customer service actions.

Remember to always review your credit card statements at least once a month.  If you see any fee’s that do not seem right place a call to your credit company.  Many credit companies are willing to work with you, and often times you can get fees removed with just a phone call and asking them to be removed.

Credit Limits

Your credit limit will be set by the credit card company based on what you qualify for.  Your credit limit is the maximum that you can borrow against the credit card.  Adding all types of transactions including purchases, transfers, advances and any other usage of the credit card will cause your balance to get closer to your credit limit.

There may be a fee if you exceed your credit limit.

Your credit limit may increase or decrease depending on credit activity, payment history, credit scores and many other factors.  You can request that your credit limit be increased, but this may accrue a fee.  Be sure to check before making the request.

Grace Period

The grace period is the number of days you have to pay your credit card bill before accruing any interest charges.  If you make a purchase and want to pay it off before any interest accrues then you have to pay it off within the grace period.  Most of the time there is no grace period for transfers and cash advances.  Interest will accrue immediately on those forms of borrowing.

Some credit cards only extend a grace period if the bill is paid in full every month, within the grace period.  Once a balance is carried from one month to the next the grace period may be forfeited from that point on.  Be sure to read the grace period terms in your credit card contract.  If you are confused or need help be sure to ask the credit provider to explain in detail.

To Conitue this article… Click How to Choose the Right Credit Card – Part 3

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When Are CD Rates Coming Back Up? Part 2

By Ryan - Your Personal Banker · Comments (0) · October 15th, 2009
Thursday, October 15th, 2009

Read Part 1 To “When Are CD Rates Coming Back Up?“

rates going up graphAnother reason that we’re seeing such low CD rates is that banks are able to borrow from the fed at ridiculously low rates. As of October 14, 2009, banks are able to borrow from each other at .25% and directly from a Federal Reserve bank at .50%. If this is the case, why would a bank borrow from you (for example, issuing a CD) at three, four, or five percent? The fact of the matter is that they will not.

You can use this truth to gain an advantage though, even in this economy. Banks that are doing more lending need more funds from customers, as there are minimums that banks must maintain in order to borrow from the Federal Reserve, or from other banks. These healthy banks will often offer some of the highest interest rates in order to attract more deposits. Banks really make their money on lending anyway, so it’s in the best interest of these banks to offer attractive rates.

Another way to find higher rates is to look for banks that are in trouble. You can often find the highest CD rates at these banks as they are desperate to bring in more deposits in order to hedge up their losses on loans that have gone bad. Please note that I do not advocate this method. I would rather earn a lower rate and know that my money is safe and secure. However, if you know that your funds are FDIC insured and you are okay with the possibility of having to claim your funds through the FDIC in case of a possible bank failure, go for it. Like I said, you can get some of the best rates from these banks. Be aware that FDIC insurance only guarantees the principal of a CD, not the interest earned. However, if another bank buys your failed bank, you should still get all the interest you’re entitled to.

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Best 24 Month CD Rates Stay At 2.50%

By BankAim · Comments (0) · October 15th, 2009
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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How To Choose the Right Credit Card – Part 1

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

Choosing the right credit card for your needs is important and will save you money in fees and interest.  Not all credit cards are the same.  They have different rates, fees, benefits, features, points, ratings, limits, cash features and the list goes on and on.

Use these tips to help you pick the right credit card.

1. Determine how you will use your Credit Card

Yes there are different ways to use a credit card. Here are a few of the more common ways to use a credit card and the benefits of each.

  • Purchasing an item and paying only the  minimum payment.  This usage of a credit card is typically discouraged. If you only pay the minimum payment, you will carry a balance from month to month and be charged an interest fee.  Even if you pay extra every month, but still carry a balance to the following month you will be charged interest on the balance.  If you anticipate this action on your credit card you will want a card with a low interest rate.
  • If you plan to use your credit card and pay the total balance off before the end of the month, rate will not be as big of a factor.  Look for a card with a longer grace period and one that has no annual fees.
  • If you plan to take cash advances on your credit card you will want to find a card with little or no cash advance fees.  Also keep in mind the interest rate on cash advances.  Often times money taken on a cash advance will accrue higher interest credit used for a standard purchase.
  • Collection of Miles and Reward Points is common use for credit cards.  Often times people combine this technique with paying off the total balance every month.  Selecting a few common purchases like grocieries and gasoline will help build points and miles quicker.  Remember miles or points credit cards typically have annual fees, and cash advances do not usually accrue miles.

2. Finding the Best Interest Rates

The interest rate on a credit card is stated as the APR or Annual Percentage Rate.  The interest rate will determine the interest accrued for cash advances, transfers and balances carried from month to month.

Credit cards can carry different rates for many different aspects of the borrowing process.  Here are some of the APRs you may encounter with a credit card.

  • Introductory Rates: Credit Cards will often times offer a lower rate for purchases made within the introductory period of the card.  The Introductory period lasts from the time you open the card until the introductory term expires per the contract.  Many times the introductory rate will be 0% or close to that in order to entice you to borrow or transfer money immediatley after opening the credit card.
  • Purchases, Cash Advance and Transfers: Credit cards may have different rates for common purchases, cash advances and transfers from other credit cards.  Most of the time the cash advance and balance transfers will have higher interest rates then standard purchases.
  • Balance Rates: Credit Cards may charge different interest rates depending on the balance of your credit card.  For example: If you have a balance of $1-$500 you may have a rate of 13%. And for a balance over $500 your rate may increase to 15%.
  • Penalty Rate: A penalty rate will typically occur when you have been late on a monthly payment.  Penalty rates are usually very high.  For example, your rate may be a 14%, but if you miss a payment or miss a few payments within a certain time frame your penalty rate of 28% may now apply.
  • Post Dated APR: You will see these usually as special offers.  A credit company may offer no interest for 6 months, or no interest until a certain date.  Be sure to know what the interest will be after the special offer expires.  Note: Most of the time if you do not have the balance paid off before interest starts accruing the credit card company will charge interested based on either the original balance or current balance, which ever is HIGHER.  That means if you started out with a $2,000 purchase, have paid it down to $300, but your no interest time frame expires they can charge interest on the $2,000.

Fixed and Variable Credit Card Rates

A fixed rate credit card does not necessarily mean that the rate will be fixed the entire time you have the account open.  It will remain fixed, but if the credit card company changes the rate they are required by law to notify you of the change.

The Variable rate credit cards are usually based on other financial market information.  Most follow the prime rate, and if the prime rate moves up or down your credit card rate will follow.

(To Continue Reading Click How to Choose the Right Credit Card Part – 2. Learn about fees, credit limits and your grace period.)

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Highest CD Rates In Portland, Oregon – October 2009

By BankAim · Comments (0) · October 14th, 2009
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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Mortgage Rate Analysis-Wednesday October 14th, 2009

By Mortgage Master of Maple Valley · Comments (0) · October 14th, 2009
Wednesday, October 14th, 2009

Today is a great day if you are trader on Wall Street or anyone that is following the overall economy as we have received several reports in the past 24 hours that indicates that we are pulling out of the recession!  JP Morgan posted profits that simply blew the projections out of the water, because a mini sell off of Mortgage Back Securities.  Simply put, as the stock market looks more attractive to investors they will sell their safer bonds for higher reward stocks.

Rates are up across the board today

Rates are up across the board today

To entice those investors back to MBSs we will see the bank raise their rates so the return for the investors is more attractive.

There was also a report release from the Mortgage Bankers Association that indicate that bases on the economy and where we are heading that they believe that rates are going to hold around 5% for the rest of the year, and then in 2010 we could see a slow climb up to around 5.5%.  Now if you are looking at the low point we hit a while back of 4.5% you might say that those are really high, but as my father likes to remind me, “when your mother and I bought our first house we had an 18% rate, and were so happy when we refinanced it down to 16%!”.  Great mortgage rates are very relative to where you are in life!

We are now pretty much at the end of qualifying for the First Time Home Buyers Tax Credit, as you will need 30-45 days to close a loan and the deadline is November 30th.  That means you need to have your deal closed on the 30th, not a “cute house” picked out by then.  We will post any updates that we hear concerning an extension or modification to the tax credit, similar to the one we talked about yesterday for active military personal.

lock_iconWe are defiantly of the opinion that today is a day to lock and not float!

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

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