Bank Interest Rates

Focus Bank, is currently offering 4.51% interest on balances up to $25,000 on it’s MAXimm free checking account. Balances over $25,000 earn 1.01%. Focus bank is based in Arkansas and Missouri.

In order to receive this rate, you must:

• Make 10 debit card purchases every billing cycle
• Receive e-statements
• Access your online account once a month

On the other hand, unlike most rewards checking accounts you don’t need to make direct deposits or set up automatic payments from your account.

It doesn’t charge a fee for using other banks ATMs and will reimburse you for up to $25 a month in ATM fees imposed by the machine’s owners.

You must receive e-statements, which qualifies you for free bill payment, and you have to access your online account once a month, but Focus Bank provides a handy calendar of billing cycle deadlines.

The interest rate drops to 0.10% for the month and you won’t be reimbursed for any ATM fees if you don’t meet the requirements.

ShoreBank is having a money market promotion with a 2.75% APY for balances of at least $25,000. The rate is guaranteed for 6 months. This money market account is different than their online savings account. This promotion doesn’t seem to be listed at the bank’s website, and it appears to be a branch offer. This offer is scheduled to end on Friday, 5/15/09, so jump on it fast!

This money market account requires a $2,500 minimum balance to avoid a $15/month fee.

ShoreBank Direct continues to offer a very competitive yield on its online savings account. As of 5/13/09, the rate is 2.45% APY on all balances. Unlike the money market account, there’s no monthly service fees, and it can be opened online .

ShoreBank is based in Chicago. It also has branches in Cleveland and Detroit.

Delta Community Credit Union currently has some top CD rates with a minimum deposit of $1,000. These include a 12 month CD at 2.85%, 2 year CD at 3.05%, 3 year CD at 3.15%, and 60 month CD at 3.50%.

The Delta Community Credit Union also imposes a mild penalty for early withdrawals at 31 day earnings for CD that has a maturity of 1 year or less, and 3 months of interests for certificates that have maturities of more than 12 months.

Members of the Getting Ahead Association are eligible to sign up for membership with the credit union. The association appears to welcome individuals from any state and only collects a $5 membership fee.

Residents of some Georgia counties in the metro of Atlanta may automatically qualify to join the credit union. There are also select employee groups and membership via family. Membership with Delta Community requires a $5 deposit into the savings account.

Delta Community Credit Union has branches spread across the Metro of Atlanta and also has offices in Cincinnati, Kentucky; Soutlake, Texas; and Salt Lake City, Utah.

Third Federal Savings & Loan is offering a special 4.00% APY 4-month CD. The minimum deposit is $500, and there is no maximum deposit limit. People from any state can apply by phone. They’ll mail you the signature card, and they’ll give you 15 days to mail it back with the check to lock in the rate. They also accept a wire transfer but there is a $10 incoming fee.

Third Federal is still offering a 5% APY on 48-month and longer terms.  For those who prefer opening CDs at a branch, Third Federal’s branches are located in Ohio and in South Florida.

Make sure not to confuse Third Federal with Fifth Third Bank. Unlike Fifth Third Bank, Third Federal has been able to avoid many of the financial problems of the mortgage mess (see news article). Third Federal also has the top star rating at BauerFinancial (5 stars) based on 3/31/08 data.

ING Direct raised CD rates on most of its terms today. The 6 and 9-month rates increased to 3.75% APY, and the 12-month rate increased to 4.00% APY. All longer terms also have the 4.00% APY except the 60-month term which has a 4.25% APY. This is the second CD rate hike at ING Direct this month. The rates on the Orange Savings Account and Electric Orange Account remain the same.

ING Direct CD rates are becoming more competitive, but they are still far behind the leaders. ING Direct has some advantages that may make up for the lower rates for some people. One advantage ING Direct offers is an easy CD account opening process that’s all electronic. Managing the CD is also easy. When the CD matures, you can log in and immediately transfer it back to the funding account or your ING savings account.

ISN Bank is offering some attractive short term CD rates. These include a CD with a yield 3.77% APY for terms of 3 to 5 months, a 3.82% APY 6-month CD and a 3.87% APY 12-month CD. Terms under 6 months require a minimum deposit of $10,000. The minimum for terms of 6 months and over is $1,000.

The bank has an application page which describes how you can mail or fax in the application and fund it with a wire transfer. If you apply, definitely try calling first. They will take your name and give you 7 days to fund the CD at the current rate. They don’t charge for incoming wire transfers.

Outbound wire transfers that you might use when the CD matures is $15. Another thing to note about CD maturity is that the grace period is 7 days and they don’t pay interest during the grace period if you close the CD.

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.