Bank Interest Rates

Discover Bank has some high CD rates on their long term CDs, with a 4.57% APY 4 year CD and a 4.81% 5 year CD. Minimum balance on CDs is $2,500. Short term CDs have lower yields.

Discover Bank also has a money market account with a fairly competitive yield, at 3.04% APY.  Deposits over $50,000 yield 3.14%.

Banking with discover could be useful if you already have other accounts with them.

Pacific State Bank is offering a special 3.83% APY 10-month CD. The bank also has a competitve rate of 3.70% APY on terms from 12 to 60 months. The minimum deposit is $2,500.

They do require a branch visit to open accounts. Branches are located in the California cities of Stockton, Modesto, Arnold, Tracy, Groveland, Angels Camp and Lodi.

Pacific State Bank if FDIC insured.

Wachovia is now listing its featured 4.75% APY 60-month CD on their website. You can see it listed at Wachovia’s Savings Accounts & CDs page. The minimum deposit is $5,000, and a checking account is required.

To see the rate, you still have to enter your zip code.  It appears you can apply online, by phone or at a branch.

First US Community Credit Union continues to offer a 10.00% APY 12 month share certificate special to Military and Civilian Federal Employees and their families in California. There is a maximum deposit limit of $1,000 for this special and at least 50% of the money used to fund this special must be new to the credit union.

Field of membership in First US Community Credit Union is extended to those who live, work, or worship in the California Counties of Sacramento, Amador, Yuba, Yolo, El Dorado, Sutter, San Joaquin, Nevada, Placer, Solano, Sierra or Contra Costa. Membership is also extended to current or retired federal employees (including military and postal) and their families throughout California.

Montauk Credit Union is offering share certificates with yields that range from 4.10% APY for a 12 and 18-month term to 4.20% APY for a 60-month term. These are also available in an IRA.

According to the credit union’s About page, anyone is eligible to join:

MCU has an “open charter” which enables us to extend membership to anyone.

Montauk Credit Union membership requires a minimum deposit of $25 in the share savings account.

The credit union’s main office is located in New York, NY.

Some recent rate cuts to savings and checking accounts include:

• EverBank’s intro rate for its checking and money market account lowered to 5.01% APY (was 5.51%) Standard rate lowered to 4.26% (was 4.51%).
• Citibank’s Ultimate Savings Account and e-Savings Account rates lowered to 3.75% APY (was 4.00%) The Ultimate Money Account rate (which Citi heavily advertises) remains at 4.50% APY but this rate has an online bill payment requirement.
• Capital One’s High Yield Money Market rate lowered to 4.30% APY (was 4.40%)
• Provident Credit Union’s reward checking account rate lowered to 5.51% APY (was 6.01%). Provident CU allows for easy membership so this is one of the few reward checking accounts available nationally.

Washington Mutual has one of the best bank deals available: a combination of their free checking and their new 4.75% APY savings account. This allows you to combine the convenience of local branches and ATMs with the high interest rate yield and online transfers of online banking.

WaMu Free Checking features:

• No minimum balance or direct deposit requirements, open with $1
• Free basic checks for life
• No ATM fees on their end
• One free overdraft per year
• Free outgoing wire transfers.

The Statement Savings account has:

• A competitive 5.00% APY on all balances (rate only available online)
• No minimum balance requirements, open with $1
• Instant transfer to/from the Free Checking

A new checking account is required for this deal, so if you already have one you need to close your old account.

WAMU also offers free online fund transfers that allows you to link your account to external accounts. A soft credit pull is done when you sign up for the account, allowing you to avoid a potential credit ding from hard credit pull. For more information, visit Washington Mutual’s savings account signup page.

Wachovia Bank has a decent 5.15% APY on their 4 month fixed rate certificate of deposit. The minimum requirement on this CD is $5,000. Other than this certificate special, their overall rates are not so great, ranging from 3.31% to 4.46% APY. Rates may vary by state; visit this page and enter your zip code to find out your local rate.

You’ll have seven days after the maturity date to change your term or withdraw your CD funds without penalty. If you choose not to make any changes, your CD automatically renews for the same term at the current interest rate.

Countrywide bank is offering a great 5.45% APY on their 6 month and 1 year CDs. Part of the reason they are offering such high rates is to ensure that they have enough deposits, especially given their problems with the recent subprime mortgage lending crisis. Minimum deposit for Countrywide’s CDs is $10,000 for regular CDs and $2,500 for IRA CDs.

They also have excellent business CD rates of up to 5.70% for 6 month and 1 year CDs. The deposits on these however are quite a bit higher and are probably not insured to the same degree as the personal CDs are.

Despite their financial problems, Countrywide is still a reputable bank, and is still FDIC insured. If you feel uncomfortable about their financial situation, just make sure that your deposits are within FDIC coverage ($100,000).