Earn Fast Money With Gateway Bank’s 6 Month CD

Are you looking for a quick way to earn a little extra money? Gateway Bank is offering a 6 Month CD at 0.90% APY. This interest rate will earn you more than most savings accounts. The downside to a certificate of deposit is your money will be locked up for the full 6 months.

Gateway Commercial Bank is located in Mesa, Arizona. Their board of directors understands the issues and needs of local small businesses. They are a small bank with personalized services.

You can open their 6 Month CD with a minimum deposit of $1,000. An Early Withdrawal Penalty will result by closing the CD before the end of the term. Be sure to check out their site for the newest rates as they are subject to change at any time. Since this is a small local bank to Mesa Arizona their CD’s may be more competitive than traditional banks and institutions.

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 5 Year CD Rates Paying 3.80% APY – October 16 2009

The highest 5 year cd rates (certificates of deposit) that are nationally available are currently paying 3.80% APY. Many CD rates are based on the bank who is offering the rate and the economy of that location. Some local economies are flourishing and so are those banks, which allows those banks to offer higher than average CD rates.

The top 5 year CD rate (which are nationally available) goes to Melrose Credit Union. Melrose Credit Union has an open New York State charter and there are no geographic or group affiliation field of membership restrictions. Regardless of where you live you just may qualify for a membership.

Here are the membership requirements for Melrose Credit Union:

A $1.00 one time membership fee and a minimum opening deposit of $25.00 to open an account. However the minimum deposit for the certificates of deposit is $5,000. You must provide:

  • Valid Photo ID (Driver’s License, Passport)
  • Proof of Address (shown on a Utility Bill)
  • Social Security Number

If you can afford a larger CD, your next best bet is Apple Federal Credit Union which has one of the highest 5 year CD rates yielding 3.70% APY, however this cd comes with a minimum deposit of $50,000.

If you are only looking for online banking options for 5 year cds your best bet is to go with iGoBanking, USAA Bank, CitiBank, and FlagStar Bank all have 5 year CDs yielding 3.50% APY. These online banking options have requirements between $500 and $1,000. If you know of a better 5 year cd rate from your local bank please let us know!

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

Where To Save Your Money In Tough Times

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.

ING Climbs to the Top of Nationwide CD Rate Leaders

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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