Bank rates may be out of date. Please check bank websites for current rates.
One of my CDs at Ally was recently expiring and I called them to cash out a CD. Most of the time a bank will count on you not paying attention to when your CD matures and try to roll you into a low interest rate. I was pleasantly surprised when Ally’s representative offered me a retention bonus of 0.5%, allowing me to get a 1 year CD at 0.50% above their current posted rates. I was also able to deposit additional money into the account at that rate.
I currently do most of my online banking with Ally Bank because they have some of the best CD rates and savings rates available. T
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Ally Bank, Bank
President Obama intends to impose levies on up to 50 large banks that benefited from taxpayer bailouts.
This may be a good idea for other reasons, but it’s very difficult to see how this will not be a negative for CD rates, money market account rates, and savings account rates.
Jamie Dimon, CEO of JPMorgan Chase, said it best when testifying before Congress about this matter:
“All businesses tend to pass their costs on to customers.”
One of the prime ways to “pass on the costs” of new bank levies is for banks to continue to pay extremely low interest rates on deposits.
Without a doubt, this new program is a troubling development for people who rely on bank interest income for living expenses, such as senior citizens who have saved all their lives in hopes of living off bank interest in their golden years.
Also at issue is whether or not, as Obama senior staffer Valerie Jarrett argues, “it’s clear that financial institutions have rebounded.”
That is in fact far, far, far from clear. Banks are still ve
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Bank, Bank Rates
The money market rates at Greystone Bank have dropped a bit since we lasted reported on them in June. Here is an updated of the bank’s money market rates:
- o.75% APY – $25,000 to $49,999
- 1.26% APY – $50,000$99,999
- 1.51% APY – $100,000-$749,999
- 1.77% APY – $750,000 and above
While the rates on the account have dropped, the details remain the same:
- Additional deposits may be made
- Interest is compounded daily and credited to the account
- Tiered interest rates apply; the more you deposit, the more interest you earn
- Service charges apply if the balance drops below $25,000
Government Restrictions
- Up to six withdrawals or transfers allowed each month (3 may be by check)
- After three electronic withdrawals in a month, there is a charge for each additional electronic transfer
- If more than six withdrawals are made in a month, the account may convert to a non-interest bearing account
The minimum deposit is $25,000 to get you started.
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Bank, Greystone Bank, Market Rates, Money Market Rates
Liberty Bank is offering a competitive 3.51% APY on its eSmart Checking account. Like many reward checking accounts, there are specific rates available based on meeting specific monthly requirements:
- 3.51% APY paid on portion of balance below $25,000
- 1.25% APY paid on portion of balance above $25,000
- 0.50% APY if requirements are not met
- ATM fees reimbursed nationwide up to $20 per month
Here are the requirements you need to fulfill each statement cycle:
- A minimum of 15 debit card purchases (ATM usage doesn’t count)
- 1 automatic payment or direct deposit transfer and 1 bill pay transfer
- Receive electronic statements
Some other great features of the account include:
- No Minimum Balance
- Free MasterCard Debit Card
- Free Online Banking
- Free Online Bill Pay
- Free Checking
The opening deposit required is only $1.
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Bank, Esmart Checking, Liberty Bank
Bank rates may be out of date. Please check bank websites for current rates.
The parent company of UmbrellaBank.com – New South Federal Savings Bank has failed. All deposits should be secured because Beal Bank has taken over the bank. Here is the excerpt from the FDIC press release:
New South Federal Savings Bank, Irondale, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. T
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Bank, Bank Fails
The Quarterly Banking Profile from the Federal Deposit Insurance Corporation (FDIC) showed a dramatic de-leveraging of bank risk levels in the third quarter of 2009. This is a necessary step in curing part of what ails the banking system — but it is a bitter pill for depositors to swallow.
In the third quarter, loan balances took their largest quarterly drop on record. This is partly because of write-offs of bad loans, and partly because of the slow volume of new loans. Meanwhile capital reserves were up sharply. The loan-to-capital ratio is a reflection of the amount of financial leverage in the banking system. Re
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Bank, Bank Deleveraging
Beacon Bank in Minnesota is offering a great 1.90% APY on its Money Market Reward Account. Some features of the account include:
- 1.90% APY on balances of $50,000 or more
- 0.50% APY on balances $25,000 – $49,999.99
- 0.25% APY on balances $15,000 – $24,999.99
- 0.15% APY on balances under $15,000
To qualify for rewards, you must have an active checking, you must:
- Have an active checking account
- Receive e-Statements
The minimum requirement to open the account is $50. If your balance falls below $15,000, your account will be charged $25.
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Bank, Beacon Bank, Money Market
