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Archive for High CD Rates – Page 3

Earning more from Less with Sallie Mae CD

By BankAim · Comments (0)
Thursday, January 12th, 2012

Issuing a Certificate of Deposit, or CD as it is commonly known, is a great way to let your money grow. Just like harvesting crops, this service relies on the principle of you can reap only that which you have sown. Simply put, the more money you invest, the greater your rewards will be. But what happens if you want to open a CD account, yet you don’t have the minimum deposit of $1,000 or even $25,000 that some banks ask for?

In this case, Sallie Mae Bank is perfect for you. Being one of the very few banks that absolutely does not require any minimum deposit, you can start putting aside your hard-earned money, whatever amount it may be, and allow it to mature.

The Good Side

Although the highest reported APY today is fixed at 1.15%, with Doral Bank leading the pack, you can still get the most value of your money with Sallie Mae Bank. Being one of the only two CD competitive banks that offer no minimum deposit, it still provides a higher APY than the other. At 1.00% APY, it outshines Ally Banks’s 0.99%, despite its same offer of no minimum deposit. Your money is compounded daily at the same rate, which still allows you to enjoy more benefits than those which are compounded monthly or annually.

The Down Side

After a 12-month period, you get the expected 1.00% APY, and at 36 months, this grows to 1.30% APY. However, by the end of 60 months or 5 years, an APY of 1.50% is all you get. This is a far comparison with most banks’ 2.00% APY for the same time period. If you are looking for a long-term arrangement, you might do well with offers from banks such as Alma Bank or First American Bank, which are currently offering a 2.00% or more APY.

In it for the Short Run

If you are thinking of holding it out for only a year or two, Sallie Mae Bank is your best choice. They do not require a hefty sum, but you’re sure that your money will grow at a rate that’s comparable to others. There are no monthly fees as well. Once you reach maturity, you can withdraw the whole lot with full and guaranteed returns. Or you can always renew your account.

The Sallie Mae CD offer is best for first time investors who want to test the waters before diving in. If you want a short-term, no minimum deposit CD with competitive rates, then this bank’s for you.

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Find Competitive CD Rates with Discover Bank

By BankAim · Comments (0)
Wednesday, January 4th, 2012

Discover Bank is one of the nation’s most popular banks because of its many credit card rewards and promotions. And it’s not just the credit cards that you need to unveil with Discover Bank, but their CD rates are also something worth considering.

Discover Bank currently holds some of the nation’s top rates for certificates of deposit in many categories. Below are the CD rates of Discover Bank as of January 2012:

3 Months – 0.40%
6 Months – 0.75%
9 Months – 0.85%
12 Months – 1.00%
18 Months – 1.10%
24 Months – 1.20%
30 Months – 1.25%
3 Years – 1.40%
4 Years – 1.60%
5 Years – 1.80%
7 Years – 2.05%
10 Years – 2.50%

How These Rates Compare

Discover Bank’s rates are certainly comparable with other banks that are currently on the leader board for the nation’s highest CD rates. Whether for short term or long term deposits, Discover Bank’s rates shows just how much Discover can offer back to their customers.

Discover’s rate of 0.75% for a 6 month CD is the second highest rate nationally available, after VirtualBank’s 0.85%. Discover’s 5 year CD is just also slightly lower than Intervest National Bank’s 1.95% rate. Other interesting rates from Discover is their 7 year and ten year term at a good 2.50%.

How To Start A CD Account with Discover

Starting your savings is easy with Discover. All you have to do is choose an account type, (you can even choose five at a time), enter your personal information, fund the account using any checking or savings account with either a personal check or wire transfer, and once you’ve verified your information, you can submit your application.

Managing Your CD

Once you already have your CD account opened, it doesn’t mean that you don’t have to see it up until it matures. Discover allows you to track and manage your account 24 hours a day using either phone or Internet. You can choose to accumulate interest in your CD account, and you also have the option to transfer the interest to another account. The advantage of this is that if you need to use the earnings made by your CD, you don’t have to withdraw your whole CD and suffer a penalty. It’s as if your money is really earning for you.

Discover Bank is well known for offering credit cards with great promotions for their users, but their CD rates aren’t too bad as well. If you’re looking to invest with a stable bank that offers fixed returns, then Discover Bank is a good choice.

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Alostar Bank Offers Highest Six Month CD at 0.760%

By BankAim · Comments (0)
Thursday, December 29th, 2011

Several banks nowadays usually offer different rates for certificate of deposits that change from time to time. If you’re already thinking about investing in one, you may want to consider placing your money with AloStar Bank of Commerce. Effective December 28, 2011; AloStar Bank of Commerce offers the highest CD rate for a CD period of six months which is 0.760%, a rate which is 0.020% higher than its counterpart, Ally Bank.

Comparing the Top Three

The latest comparison of rates show that AloStar Bank of Commerce gives out an Annual Percentage Yield of 0.760%, followed by Ally Bank which offers a six-month CD rate of 0.740% and CIT Bank which offers a 0.450% CD rate, all of which are compounded daily. With a minimum deposit of $1000, you can already avail of AloStar Bank’s six-month CD Rate. Thus, after a year’s worth of having this certificate of deposit with AloStar Bank, your minimum deposit of $1000 can go to as much as $1760, that’s almost double your initial deposit! How much more if you deposited an even larger amount.

AloStar Bank’s CD Rates

Terms Rates

30 Day CD – 0.26% APY
90 Day CD – 0.41% APY
6 Month CD – 0.76% APY
9 Month CD – 0.95% APY
12 Month CD – 1.03% APY
24 Month CD* 1.19% APY

National Average for 6 month CD: 0.22%
*Minimum Initial Deposit: $1,000 to open.

Getting It Started

In order for you to avail of this high rate, you could either open a certificate of deposit account personally with any of AloStar Bank’s branches or download a PDF form from their website and just fill out all the necessary information. You may be required to present your Driver’s License or any other identifying documentation and your Social Security Number. They also have some standby Customer Service Representatives that will assist you with your needs.

About AloStar Bank of Commerce

AloStar bank of Commerce is a National bank with a vast coverage of depositors in over forty-eight states. Its headquarters is in Birmingham, Alabama with a commercial office in Atlanta. Through dedication and passion for service, they sought to be the guiding light in the world of commerce with several branches nationwide that caters financial and banking services personally and online.

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Highest 1 Year CD from Alma Bank at 1.35% APY

By BankAim · Comments (0)
Saturday, December 24th, 2011

CD rates from banks have more or less been uneventful these days. They have held steady with the highest 1 year CD from CIT bank and Doral Bank at 1.15% APY. It is surprising then to find a higher CD rate than this from a bank and not from a credit union. But indeed it is so as Alma Bank offers 1.35% APY on their 1 year CD.

Rates from Alma Bank

1 month CD – 0.50%
3 month CD – 0.70%
6 month CD – 0.90%
9 month CD – 0.90%
1 year Alma Liquid CD – 1.35%
2 year CD – 1.65%
3 year CD – 1.75%
5 year CD – 2.00%

Minimum balance required to open an account is only $2,500.

How These Rates Compare

It’s interesting to note that Alma Bank is offering a higher CD rate than banks that are advertised in CD leader boards. Aside from their 1 year CD, the 5 year CD from Alma Bank is also higher than Intervest National Bank’s 1.95% APY rate which is reported to be the highest nationally available. The same also goes for their 3 month CD, where the highest available is reported to be Virtual Bank at 0.60%.

1 month CDs are also rarely offered by banks since this is really a short term type of CD. For those who are looking for a temporary place to park their cash, that might be a good option to use. The other rates such as the 2 year and 3 year CD are competitive as well.

About Alma Bank

Alma Bank is a relatively new bank that opened its doors last October 15th 2007. Since then it has already mushroomed to have 9 branches in the New York State.

Although there are many credit unions who offer better rates, those who prefer banks can get the best rates at Alma Bank. Despite being new, it is FDIC insured, insuring your deposits per account to a maximum of $250,000.

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Great CD Rates from First American Credit Union

By BankAim · Comments (0)
Thursday, December 1st, 2011

Now that the sales and discounts from Black Friday and Cyber Monday are over, we can finally start getting out of hyper mode. However, despite the fact that sale holidays are over, we can still continue to rejoice over great deals that happen to be available for extended periods of time. Take for example these great CD rates from First American Credit Union. Great rates include 1.26% for a 1 year CD, 1.76% for a 3 year CD, and 2.52% for a 5 year CD.

How These Rates Compare

Right now the highest 1 year CD nationally available from banks is 1.15% from CIT Bank. This puts First American Credit Union’s rate higher. CIT Bank also holds the higher rate for 3 year CDs with a 1.54% APY, however, First American CU’s rate is still higher. This also holds true for the 5 year CD rate where the highest nationally available from banks is only at 1.99% from Intervest National Bank.

What’s the Catch?

When we see such great rates, we always end up wondering if there’s a catch somewhere. First of all, we have to remember that the institution offering these rates is a credit union, and not a bank. One issue with credit unions is that they are sometimes restrictive with their membership. According to their website, First American Credit Union’s membership is open to anyone who lives or works in Rock County, WI, Green County, WI, Walworth County, WI or Winnebago County, IL. However, according to one consumer, if you ask their customer representative, the credit union has no requirements for membership. Just open an account with a minimum deposit of $5.

Another thing to notice is that these CD rates are available only for minimum deposits of $50,000 which is relatively a large amount which not everyone may be able to have.

About First American Credit Union

First American Credit Union has its roots in 1933 and was acquired by First Community Federal Credit Union in Michigan by 2010. It currently serves 78,500 members and it has 16 operating branches.

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Patelco Credit Union Surpasses All CD Rates with 5.00% on 1 Year CD

By BankAim · Comments (0)
Wednesday, November 16th, 2011

For those who are still searching for the best CD rates available, it seems your search has come to an end. Patelco Credit Union is offering one of the highest CD rates available whether from banks or from credit unions. Patelco Credit Union is currently giving away a soaring rate of 5.00% on a 1 year CD. Right now, the highest 1 year CD rate available from banks is at 1.15% from Popular Bank and Doral Bank, while the highest 1 year CD from a credit union is from Alliant Credit Union with 1.20%.

Where’s The Catch?

For a rate as colossal such as this, we would probably end up asking, what’s the catch? Well, the rate is only available for new members, which is why it is called the New Member CD. This CD only comes with a 12 month term, with a $1,000 minimum opening balance and a maximum of also $1,000. This low ceiling rate for their CD can limit investors to putting only just as much money.

Other things to notice is that the credit union’s regular CD rates are below average as compared to the leading CD rates from other financial institutions. Their regular 12 year CD is only at 0.25%, while their 60 month CD is at 1.61% APY. Better rates can be found from other banks or credit unions.

Patelco Credit Union Membership

Credit unions are notorious for their exclusive membership, serving only those who work in the same company, or live in the same area. Their community includes California counties and California cities, and also if you are an employee or pensioner of one of the 1100 companies served by Patelco Credit Union. However, those who do not meet this eligibility criteria may still become a member of Patelco CU by joining the Community Association for Engaging Youth or CAFE-Y.

About Patelco Credit Union

The credit union was formed in 1936 as a means to serve the employees of their company, Pacific Telephone and Telegraph Company. Before their initial assets had a total of a mere $500, but now, with over 290,000 members, the credit union has grown to have over $3.7 billion in assets.

Despite a few disadvantages such as the limit on the amount invested, and the relatively low regular CD rates, it can’t be denied that the rate of the New Member CD still tops every other rate by a far stretch. For those who just have the right amount of cash to invest, and who aren’t a member of Patelco CU yet, now may be the perfect time to catch the biggest earnings on your $1,000 for a 1 year CD.

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iGoBanking Gives Best 60 month CD at 2.25%

By BankAim · Comments (0)
Tuesday, November 15th, 2011

It seems that iGoBanking.com has awoken with some ridiculously high CD rates that trumps all other rates being offered by other banks. iGoBanking is currently holding the top rates for the 5 year CD category with a 2.25% APY. That’s not all, it also gives competitive rates for other CD term categories. Below are iGoBanking.com’s available rates for different term CDs.

iGoBanking.com CD Rates

3 month CD – 0.15% APY
6 month CD – 0.15% APY
8 month CD – 0.15% APY
9 month CD – 0.15% APY
12 month CD – 0.15% APY
13 month CD – 0.15% APY
15 month CD – 0.15% APY
18 month CD – 0.15% APY
24 month CD – 1.25% APY
36 month CD – 1.70% APY
48 month CD – 1.00% APY
60 month CD -2.25% APY
7 year CD – 1.35% APY
10 year CD – 1.75% APY

How These Rates Compare

It is surprising how iGoBanking is offering the same rate starting from their 3 month CD all the way to their 18 month CD. Competitive rates only start from their 24 month, or 2 year CD. Right now, their 2 year CD at 1.25% is still lower than the highest nationally available which is from CIT Bank and AloStar Bank of Commerce at a 1.30% APY. However, iGoBanking.com leads the way in long term CDs such as their 3 year and 5 year CD which are the highest nationally available from banks.

The only other institutions that give out better long term rates are from credit unions. Melrose credit union is offering the 5 year CD at 2.68%, and the 3 year CD at 1.91%. Fairwinds Credit Union is also giving a 2.33% APY on a 5 year CD.

About iGoBanking

iGoBanking is the online arm of Flushing Savings Bank that allows consumers to make deposits and transactions easily through their personal computer. Flushing Savings Bank has been in business since 1929 and it is an FDIC insured institution, insuring savings to the maximum of $250,000 per account.

For those who are looking for places to park their money for the long term, these rates from iGoBanking are some of the highest nationally available among banks. Managing your accounts are also made easy since everything is done online.

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Consistently High CD Rates from Melrose Credit Union

By BankAim · Comments (0)
Sunday, November 13th, 2011

Credit unions, because of the way their system works, can usually offer their depositors higher interest rates and lower mortgage payments. One of the credit unions that consistently gives competitive rates is Melrose Credit Union. During the economic dip last August, Melrose Credit Union provided some of the best rates nationally available for certificates of deposit. Until today, the credit union still offers some aggressive rates.

Melrose Credit Union Certificate of Deposit Rates

1 year – 1.15% APY
2 year – 1.41% APY
3 year – 1.91% APY
4 year – 2.17% APY
5 year – 2.68% APY

How These Rates Compare

Melrose offers some of the highest long term CDs. The highest nationally available among banks for a 5 year CD is from iGobanking.com at 2.25% APY. Despite this rate already being high, Melrose still tops it with a 2.68% APY rate. The same also rings true for a 3 year CD, the highest nationally available is still from iGobanking.com at 1.70%, but Melrose gives it at 1.91%. Melrose also offers a higher 2 year CD than the bank’s highest at 1.30% from CIT Bank and Alostar Bank of Commerce.

About Melrose Credit Union

The credit union has been in service since 1922, and today it has grown to accommodate 20,000 customers with over $1 billion in deposits. Melrose Credit Union is the 10th largest credit union in the state of New York, and is the 99th largest credit union in the nation. It is federally insured under the National Credit Union Share Insurance Fund (NCUSIF), to at least $250,000 per account by the National Credit Union Administration (NCUA).

Membership

Despite having its roots in New York, Melrose Credit Union has an open state New York Charter meaning membership is open to anyone. Regardless of where you live or work, anyone can be a member to this credit union.

In order to be member, there is a $1.00 membership fee and a minimum deposit of $25.00. individuals must provide the following requirements: a valid photo id such as Driver’s License, proof of address, and social security number.

Melrose Credit Union has consistently given out great rates, and it doesn’t look like these good rates are going to end soon. And with open membership for all, anyone can avail of the potential earnings that Melrose CDs can offer.

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Categories : CD Rates, Credit Union, Credit Unions
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Connexus Credit Union Gives 1.75% CD Rate

By BankAim · Comments (0)
Wednesday, August 10th, 2011

Nowadays Credit Unions are the only institutions that can give relatively high CD Rates. There is no bank today that can offer the rates credit unions have on their table. The only problem is, you have to be a member of the union to avail of these rates. By definition, the members who have accounts in the union are also the owners of the union. And normally, it is only the members of the union who are capable of depositing money with the credit union, or borrow funds from it. This system allows the union to provide superior service, plus help monitor member’s financial health.

Today, one credit union that offers the highest CD rates is Melrose Credit Union. However, another union has stepped up and is offering rates even higher than Melrose. And that’s from Connexus Credit Union. Below are some comparisons of the rates they offer:

1. 6- month CD
Melrose Credit Union: (none)
Connexus Credit Union: 1.50%

2. 1 year CD
Melrose Credit Union: 1.31% APY
Connexus Credit Union: 1.75% APY

3. 5 year CD
Melrose Credit Union: 2.83% APY
Connexus Credit Union: 3.00% APY

Rates from both credit unions are extremely competitive and better than what traditional banks have to offer. Rates from Connexus Credit Union is available for deposits $10,000 and up with active checking. Rates for deposits less than $10,000 can enjoy slightly lower rates that are still higher than other banks. For accounts $1-$9,999, the rate for a 6 month CD is 1.00%, 1 year CD is 1.25%, and 5 year CD is 2.25%.

Although the rates are juicy, the first qualification questions they will ask is whether or not you are a member of the Connexus Association, Northcentral Technical College, Liberty Mutual Insurance, UMR, and Wasau City Employers credit union. If you have that under your belt, then the rest of the application form should be easy.

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Categories : CD Rates, Credit Union, Credit Unions
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Ally Bank Offers No Penalty CD!

By BankAim · Comments (0)
Monday, July 4th, 2011

Certificates of deposits are a great place to park your money while waiting for the next investment to come. The only problem is, when the opportunity does come, you find your money stuck within the term and the only way you can get it out is by paying a penalty that might be worth all your earned interest.

If this has proved to be a problem for you before, then rejoice! rejoice! Because Ally Bank has found a way to clear away your troubles. The best CD by far, Ally Bank offers a certificate of deposit with no penalty charges for early withdrawals.

Get a fixed rate CD without having to worry about withdrawing early, because even if you take out your money before the specified term, Ally Bank won’t charge you a penny. Other great features to this offer is that you can open an account with no minimum balance required and no fees whatsoever. The rates are also competitive since you can get the best rate they offer with their Ally Ten Day Best Rate Guarantee. Plus, you get to have your money compounded daily, allowing your cash to grow as fast as it possibly can. Automatic renewals at maturity becomes a positive rather than a negative, since after all, there are no penalties to be made when the money is taken out early. Ally Bank is FDIC Insured to the possible maximum by law.

So, are you wondering what the fine print is? Well, I’m wondering the same thing, because there is none! This is possibly one of the best offers Ally Bank (or any bank for that matter) has made, offering the best rates, the best features, and the best conveniences we all look for in an investment.

Ally Bank has been around for 90 years, making it one of the most trusted banks in America. Ally Bank can be found in key locations in the US such as New York, New York, Salt Lake City, Utah, and Fort Washington, Pennsylvania. It has also gone global, with branches in Shanghai China, Toronto Canada, Sao Paulo Brazil, the United Kingdom and Germany.

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