Bank Interest Rates

If you are looking for the top CD rates, NMTW Community Credit Union might be able to help you thru their certificate of deposit account. This money in the bank deal has the following current CD rates:

• 2 years 1.15% APY
• 30 months 1.25% APY
• 3 years 1.50% APY
• 4 years 1.75% APY
• 5 years 2.00% APY

To enjoy this top certificate of deposit rate, you are required to deposit a minimum of $500 to open an account. In case you decide to take some money out of your account before the maturity date, you will have to shoulder an early withdrawal penalty. The credit union gives you a privilege of monitoring your account at your convenience just by enrolling through online banking. Please be reminded the once your CD account is open the interest rate may change, so make sure to check with the credit union for the latest CD rates.

If you are still not a member of NMTW Community Credit Union, you must at least work, attend school, or live in the counties of Essex, Middlesex, Worcester and Norfolk in the state of Massachusetts. Residents of Hillsborough and Rockingham counties in the state of New Hampshire is also eligible to join the credit union. Do not forget to include relative of existing members can also join the membership. All you need to do is to visit the credit unions website and complete the application. You may also call customer service with regard to field of membership and current interest rates thru 800-942-9575.

NMTW Community Credit Union is a member of the NCUA with charter number 66365.

Seacoast Commerce Bank of San Diego has an Investors Money Market Account earning 1.25 percent annual percentage yield (APY). The interest rate is current as of May 31, 2011.

The money market account requires a minimum deposit of $25,000. Once the account is open you need a minimum daily balance of $25,000 to continue earning the interest rate. If you don’t meet the balance requirement, the monthly service fee is $25. The Investors Money Market Account can be opened by personal and business customers.

If you don’t have as much money to get started, you can open a Basic Money Market Account with a minimum opening deposit of $2,500. The account requires a minimum daily balance of $2,500 to avoid a $12 monthly fee. You get six free automatic transfers per statement cycle, and that includes up to six checks. The money market account has an interest rate of 0.25 percent APY.

Seacoast Commerce Bank also offers a Premium Business Money Market that requires a minimum opening deposit of $500 and has tiered interest rates. The High Yield Business Money Market, which also has tiered interest rates, requires a minimum opening deposit of $25,000 and a minimum daily balance is $1,000.

Connexus Credit Union Reward Checking Account

The bad news about their reward checking accounts is that the rates have gone down. The top rates are 2.55% APY for up to $25K in the Xtraordinary Checking and 2.25% APY for up to $25K in the MyRewards Checking. The Xtraordinary Checking requires 15 debit card purchases a month instead of 10 that’s required by MyRewards Checking. It also has an extra requirement of bill pay.

Connexus Credit Union has been offering a reward checking account since 2007 when the yield was 6.01%. There are not many reward checking accounts that have been available nationwide for 2 or more years that have held up well. Danversbank is one of the exceptions. It continues to pay 4.01% APY on balances up to $25K.

Acacia Federal Savings Bank is offering some very competitive market accounts at tiered rates. Here are some of their current money market rates:

• 1.75% APY with deposit of $125,000+
• 1.50% APY with deposit of $75,000 – $124,999
• 1.25% APY with deposit of $25,000 – $74,999
• 1.00% APY with deposit of $10,000 – $24,999
• 0.5% APY with deposit of $0 – $9,999

Their money market account details:

• Rates are subject to change without notice
• Fees and penalties may reduce earnings
• Withdrawals will affect the APY earnings

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.