United Bank Offers 4.0% APY Checking (Michigan Only)

United Bank (Michigan) is offering a 4.0% APY with their "Points2U" checking account. The maximum deposit amount that will earn the high interest rate is $10,000. This checking account does not have a minimum balance requirement and comes with online bill payment and account management service. By offering a 4.0% APY in their checking account they have catapulted into the top-tier checking accounts. It is a shame that this high yield checking account is available to Michigan Residents only.

Gifts for Banking - are they worth it?

Today I reviewed some of the gifts that were offered by iGoBanking (giftsforbanking.com) for opening long term CDs. Here is some interesting analysis....

Analyzing 10,000 invested for 2 years @ 1.0% APY

Rate offered for a 2 year CD on 02/09/2011: 1.0% APY. The various gifts and their approximate fair value are:
1. Dinner and a Movie Date Night for 3 Months   (worth approximately $170)
2. Ralph Lauren® Bath Robes and Champagne Flutes (worth approximately $125)
3. Bushnell® Stadium Kit & $100 NFL SHOP.com (worth approximately $150)
4. Lois Hill® Earrings & Champagne Celebration  (worth approximately $170)
The costliest gift offered with this 2 year CD is worth approximately $170. When this amount is factored into the CD rate of 1.0%, it increases the composite rate of the CD to 1.8% APY. This rate in slightly better than the highest rate offered by Alliant Credit Union (1.7% APY 2 Yr CD)

Analyzing 10,000 invested for 3 years @ 1.25% APY

1. Dinner and a Movie Date Night for 9 Months (worth approximately $345)
2. $250 BedandBreakfast.com Certificate & Luggage Set (worth approximately $325)
3. Ultimate Sports Fan Package (worth approximately $300)
4. Fresh Flowers & Pave Heart Diamond (worth approximately $250)
The costliest gift offered with this 3 year CD is worth approximately $345. When this amount is factored into the CD rate of 1.25%, it increases the composite rate of the CD to 2.4% APY. This rate in slightly better than the highest rate offered by Melrose Credit Union (2.17% APY 3 Yr CD)

Analyzing 10,000 invested for 5 years @ 1.75% APY

1. David Yurman® Classic 7mm Cable Bracelet (worth approximately $500)
2. Cleveland® CG16 and Irons with Pro Fitting (worth approximately $650)
3. Wine Fridge & 6 Months to Rich Reds Wine Club (worth approximately $500)
The costliest gift offered with this 5 year CD is worth approximately $650. When this amount is factored into the CD rate of 1.75%, it increases the composite rate of the CD to 3.8% APY. This rate in much better than the highest rate offered by Connexus CU (3.0% APY 5 Yr CD)

Virtual Bank Raises CD Rates by 0.05%

Today(02/09/2010) Virtual Bank raised the interest offered on all their CD by at least 0.05% APY. This news bodes very well for savers, and I am hoping that other online banks like ING Direct follow in their footsteps. Virtual Bank is now offering one of the best rates for short term CDs (18 months or less).
The new CD rates for various terms are listed below.

• 1 Month  0.35%  $10,000  minimum deposit
• 2 Month  0.40%  $10,000  minimum deposit
• 3 Month  0.75%  $10,000  minimum deposit (top rate)
• 6 Month  1.06%  $10,000  minimum deposit (top rate)
• 9 Month  1.11%  $10,000  minimum deposit (top rate)
• 12 Month 1.25%  $10,000  minimum deposit (top rate)
• 18 Month 1.36%  $10,000  minimum deposit
• 2 Year   1.51%  $10,000  minimum deposit
• 3 Year   1.82%  $10,000  minimum deposit
• 4 Year   2.02%  $10,000  minimum deposit
• 5 Year   2.33%  $10,000  minimum deposit

Bank of the Sierra Reward Checking 2.09% APY

Bank of the Sierra is promoting their rewards checking account by oferring a nice 2.09% APY on the checking account balance up to $25,000. This account is totally free and offers $25 in ATM fee waivers. In order to qualify for the higher interest in this account the following conditions must be met:

• 12 check card purchases, these purchases can be signature purchases made with the debit card.
• One direct deposit per month.
• One online bill payment per month.
• Enroll for eStatements.
• Open the account online.

Overall, I would rate this as a good alternative to a long term CDs as one could use account to park some cash while waiting for the banks to offer higher interest rates.

Virtual Bank Offers Better Rate on eCDs

Virtual Bank is offering at least .05% extra on their eCD in comparison to their regular CDs. eCDs are electronic certificates of deposits that have to managed completely online. i.e. no paper statements or copies for someone who loves to file stuff. I personally would take an extra 0.05% for going paperless. The latest rates for Virtual Bank as of 02/07/2011 for the eCDs are:

• 0.75% APY for 3 Month eCD, minimum deposit $10,000
• 1.06% APY for 6 Month eCD, minimum deposit $10,000
• 1.25% APY for 1 Year eCD, minimum deposit $10,000
• 1.36% APY for 18 Month eCD, minimum deposit $10,000
• 1.51% APY for 2 Year eCD, minimum deposit $10,000
• 1.82% APY for 3 Year eCD, minimum deposit $10,000
• 2.02% APY for 4 Year eCD, minimum deposit $10,000
• 2.33% APY for 2 Year eCD, minimum deposit $10,000

Going forward I will be monitoring these rates for providing my weekly rate roundup.

Acacia Federal Reduces CD Rates

Acacia Federal Savings Bank announced new CD rates today. The APY for the 18 month CD has fallen from 1.3% to 1.25% and the APY for the 4 year CD has fallen from 2.1% APY down to 2.0% APY. It appears that they are reaching their goal in shoring up their capital and the top rates that we had come to expect from Acacia may no longer be available.

Savings Rate Roundup for week 02/06/2011

High Yeild Savings Rates

• 1.3% APY by American Express Bank with min. deposit $1: details here
• 1.25% APY by Capital One Direct Banking with min. deposit $1000: details here
• 1.2% APY by Discover Bank with min. deposit $500: details here
• 1.11% APY by Zions Bank with min. deposit $2500: details here
• 1.1% APY by FNBO Direct with min. deposit $1: details here
• 1.1% APY by ING Direct with min. deposit $1: details here
• 1.09% APY by Ally Bank with min. deposit $1: details here

3 Month CD Rates

• 1.01% APY by Bank of the Sierra with min. deposit $10000: details here
• 0.75% APY by Easthampton Savings Bank with min. deposit $1000: details here
• 0.75% APY by Goldwater Bank with min. deposit $5000: details here
• 0.75% APY by H&R Block Bank with min. deposit $: details here
• 0.75% APY by Hudson City Savings Bank with min. deposit $500: details here
• 0.75% APY by Lockheed Federal Credit Union with min. deposit $1000: details here
• 0.75% APY by RiverLand Credit Union with min. deposit $1000: details here
• 0.75% APY by Virtual Bank with min. deposit $10000: details here
• 0.65% APY by Acacia Federal Savings Bank with min. deposit $500: details here
• 0.64% APY by Ally Bank with min. deposit $1: details here
• 0.55% APY by Discover Bank with min. deposit $2500: details here
• 0.55% APY by USAA Bank with min. deposit $1000: details here
• 0.35% APY by Bank of Internet USA with min. deposit $1000: details here

6 Month CD Rates

• 1.5% APY by Connexus Credit Union with min. deposit $500: details here
• 1.07% APY by Bank of Internet USA with min. deposit $1000: details here
• 1.06% APY by Ascencia Bank with min. deposit $500: details here
• 1.06% APY by Virtual Bank with min. deposit $10000: details here
• 1.04% APY by Ally Bank with min. deposit $1: details here
• 1.02% APY by Goldwater Bank with min. deposit $5000: details here
• 1% APY by H&R Block Bank with min. deposit $1: details here
• 0.9% APY by Discover Bank with min. deposit $2500: details here
• 0.9% APY by Grand Yield Direct with min. deposit $5000: details here
• 0.9% APY by Nationwide Bank with min. deposit $1: details here
• 0.85% APY by Giantbank with min. deposit $2500: details here
• 0.85% APY by State Bank of Toledo with min. deposit $1000: details here
• 0.8% APY by AIG Bank with min. deposit $2500: details here
• 0.75% APY by ING Direct with min. deposit $1: details here

1 Year CD Rates

• 1.75% APY by Connexus Credit Union with min. deposit $500: details here
• 1.41% APY by Melrose Credit Union with min. deposit $5000: details here
• 1.36% APY by Bank of Internet USA with min. deposit $1: details here
• 1.3% APY by Ascencia Bank with min. deposit $500: details here
• 1.3% APY by Southeast Financial Federal Credit Union with min. deposit $500: details here
• 1.29% APY by Ally Bank with min. deposit $1: details here
• 1.27% APY by Goldwater Bank with min. deposit $5000: details here
• 1.26% APY by Pentagon Federal Credit Union with min. deposit $1000: details here
• 1.26% APY by Virtual Bank with min. deposit $10000: details here
• 1.25% APY by Discover Bank with min. deposit $2500: details here
• 1.25% APY by Nationwide Bank with min. deposit $1: details here
• 1.2% APY by Alliant Credit Union with min. deposit $1000: details here
• 1.15% APY by Acacia Federal Savings Bank with min. deposit $500: details here
• 1.15% APY by AIG Bank with min. deposit $2500: details here

18 Month CD Rates

• 1.56% APY by Franklin Synergy Bank with min. deposit $1000: details here
• 1.45% APY by Alliant Credit Union with min. deposit $1000: details here
• 1.4% APY by Goldwater Bank with min. deposit $5000: details here
• 1.4% APY by Nationwide Bank with min. deposit $1: details here
• 1.36% APY by Bank of Internet USA with min. deposit $1000: details here
• 1.36% APY by Virtual Bank with min. deposit $10000: details here
• 1.35% APY by Ally Bank with min. deposit $1: details here
• 1.35% APY by Lockheed Federal Credit Union with min. deposit $1000: details here
• 1.35% APY by USAA Bank with min. deposit $1000: details here
• 1.3% APY by Acacia Federal Savings Bank with min. deposit $500: details here
• 1.3% APY by State Bank of Toledo with min. deposit $10000: details here
• 1.25% APY by AIG Bank with min. deposit $2500: details here
• 1.25% APY by Discover Bank with min. deposit $2500: details here
• 1.15% APY by MetLife Bank with min. deposit $2000: details here

2 Year CD Rates

• 1.66% APY by Melrose Credit Union with min. deposit $5000: details here
• 1.66% APY by Wings Financial Credit Union with min. deposit $1: details here
• 1.6% APY by Alliant Credit Union with min. deposit $1000: details here
• 1.55% APY by Bank of Internet USA with min. deposit $1: details here
• 1.55% APY by Lockheed Federal Credit Union with min. deposit $1000: details here
• 1.51% APY by Virtual Bank with min. deposit $10000: details here
• 1.5% APY by Hudson City Savings Bank with min. deposit $500: details here
• 1.5% APY by Intervest National Bank with min. deposit $2500: details here
• 1.5% APY by Pentagon Federal Credit Union with min. deposit $1000: details here
• 1.5% APY by S-Bank with min. deposit $1000: details here
• 1.5% APY by Southern Community Bank & Trust with min. deposit $500: details here

3 Year CD Rates

• 2.17% APY by Melrose Credit Union with min. deposit $5000: details here
• 2% APY by Lockheed Federal Credit Union with min. deposit $1000: details here
• 1.95% APY by Nationwide Bank with min. deposit $1: details here
• 1.92% APY by Wings Financial Credit Union with min. deposit $1: details here
• 1.86% APY by Bank of Internet USA with min. deposit $1: details here
• 1.85% APY by USAA Bank with min. deposit $1000: details here
• 1.84% APY by Ally Bank with min. deposit $1: details here
• 1.83% APY by Goldwater Bank with min. deposit $5000: details here
• 1.83% APY by Intervest National Bank with min. deposit $2500: details here
• 1.82% APY by Virtual Bank with min. deposit $10000: details here
• 1.8% APY by Alliant Credit Union with min. deposit $1000: details here
• 1.8% APY by Ameriprise Bank FSB with min. deposit $10000: details here

4 Year CD Rates

• 2.5% APY by Lockheed Federal Credit Union with min. deposit $1000: details here
• 2.42% APY by Melrose Credit Union with min. deposit $5000: details here
• 2.25% APY by Hudson City Savings Bank with min. deposit $500: details here
• 2.25% APY by Pentagon Federal Credit Union with min. deposit $1000: details here
• 2.2% APY by Alliant Credit Union with min. deposit $1000: details here
• 2.2% APY by Nationwide Bank with min. deposit $1: details here
• 2.19% APY by EverBank with min. deposit $1500: details here
• 2.11% APY by Bank of Internet USA with min. deposit $1: details here
• 2.11% APY by State Bank of Toledo with min. deposit $1: details here
• 2.1% APY by Acacia Federal Savings Bank with min. deposit $500: details here

5 Year CD Rates

• 3% APY by Connexus Credit Union with min. deposit $500: details here
• 2.93% APY by Melrose Credit Union with min. deposit $5000: details here
• 2.61% APY by EverBank with min. deposit $1500: details here
• 2.58% APY by Wings Financial Credit Union with min. deposit $1: details here
• 2.55% APY by Lockheed Federal Credit Union with min. deposit $1000: details here
• 2.55% APY by Nationwide Bank with min. deposit $1: details here
• 2.5% APY by Consumers Credit Union (IL) with min. deposit $250: details here
• 2.5% APY by Hudson City Savings Bank with min. deposit $500: details here
• 2.5% APY by Pentagon Federal Credit Union with min. deposit $1000: details here
• 2.49% APY by Bank of Internet USA with min. deposit $1: details here

5+ Year CD Rates

• 3.25% APY by Apple Federal Credit Union with min. deposit $1: details here
• 3.05% APY by Capital One Direct Banking with min. deposit $1: details here
• 3% APY by Discover Bank with min. deposit $2500: details here
• 3% APY by Pentagon Federal Credit Union with min. deposit $1000: details here
• 2.75% APY by Bank of Oklahoma with min. deposit $1: details here
• 2.75% APY by Navy Federal Credit Union with min. deposit $1000: details here
• 2.6% APY by USAA Bank with min. deposit $1000: details here
• 2.4% APY by Third Federal with min. deposit $500: details here
• 2.34% APY by Intervest National Bank with min. deposit $2500: details here
• 2.05% APY by E-LOAN with min. deposit $10000: details here
• 2.02% APY by Broadway Federal Bank with min. deposit $1000: details here
• 1.84% APY by Flagstar Bank with min. deposit $500: details here
• 1.5% APY by Chase Manhattan Bank with min. deposit $1000: details here

CD Rate Roundup (month end) for 01/31/2011

Best High Yield Savings Account / Money Market Account Rates

1.       1.35% APY SmartyPig Savings Account: apply here

2.       1.30% APY American Express High Yield Savings Account: apply here

3.       1.25% APY Capital One Bank, InterestPlus Online Savings Account: apply here

Best Short Term CD Rates (less than 12 months)

1.       1.20% APY Ally Bank’s No penalty CD (11 month CD): apply here

2.       1.07% APY Bank of Internet (6 month CD): apply here

3.       1.05% APY Discover Bank(6 month CD): apply here

Best 12 Month CD Rates

1.       1.36% APY from Bank of Internet USA for a 12 month CD: apply here

2.       1.30% APY from Bank of Internet USA for a 12 month CD: apply here

3.       1.29% APY from Ally Bank for a 12 month CD: apply here

Best 2 Year CD Rates

1.       1. 60% APY from Bank of Internet USA 2 yr CD: apply here

2.       1.54% APY from Aurora Bank 2 yr CD: apply here

3.       1.51% APY from Virtual Bank 2 yr CD: apply here

Best 3 Year CD Rate

1.       2.17% APY from Melrose Credit Union 3 yr CD: apply here

2.       2. 0% APY from OneWest Bank 3 yr CD: apply here

3.       2.0% APY from Nationwide Bank 3 yr CD: apply here

Best 5 Year CD Rate

1.       2.93% APY from Melrose Credit Union 5 yr CD: apply here

2.       2.60% APY from Astoria Federal Savings 5 yr CD: apply here

3.       2. 54% APY from Bank of Internet USA 3 yr CD: apply here

FDIC Closes Banks in January 2011 (11 and counting)

FDIC has been quite busy closing banks in January 2011. So far the tally of banks closed has reached 11. The complete list of all banks closed in January 2011:

1. First Commercial Bank of Florida Orlando FL
1. Acquired by: First Southern Bank
2. Date Closed: January 7, 2011
3. Source: http://fdic.gov/bank/individual/failed/firstcommercial.html
2. Legacy Bank, Scottsdale, AZ
1. Acquired by: Enterprise Bank & Trust
2. Date Closed: January 7, 2011
3. Source: http://fdic.gov/bank/individual/failed/legacybank.html
3. Oglethorpe Bank Brunswick GA
1. Acquired by: Bank of the Ozarks 
2. Date Closed: January 14, 2011
3. Source: http://fdic.gov/bank/individual/failed/oglethorpe.html
4. Enterprise Banking Company McDonough GA
1. Acquired by: Not yet announced 
2. Date Closed: January 21, 2011
3. Source: http://fdic.gov/bank/individual/failed/enterprise.html
5. CommunitySouth Bank & Trust Easley SC
1. Acquired by: Certus Bank, N.A.
2. Date Closed: January 21, 2011
3. Source: http://fdic.gov/bank/individual/failed/commsouth.html
6. The Bank of Asheville Asheville NC
1. Acquired by: First Bank
2. Date Closed: January 21, 2011
3. Source: http://fdic.gov/bank/individual/failed/bankofasheville.html
7. United Western Bank Denver CO
1. Acquired by: First-Citizens Bank & Trust Co.
2. Date Closed: January 21, 2011
3. Source: http://fdic.gov/bank/individual/failed/unitedwestern.html
8. The First State Bank Camargo OK
1. Acquired by: Bank 7
2. Date Closed: January 28, 2011
3. Source: http://fdic.gov/bank/individual/failed/firststatebank_ok.html
9. Evergreen State Bank Stoughton WI
1. Acquired by: McFarland State Bank
2. Date Closed: January 28, 2011
3. Source: http://fdic.gov/bank/individual/failed/evergreenstatewi.html
10. FirsTier Bank Louisville CO
1. Acquired by: Not yet announced 
2. Date Closed: January 28, 2011
3. Source: http://fdic.gov/bank/individual/failed/firstier.html
11. First Community Bank Taos NM
1. Acquired by: U.S. Bank, National Association
2. Date Closed: January 28, 2011
3. Source: http://fdic.gov/bank/individual/failed/firstcomm_nm.html