Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite that, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank).
Savings rates dipped slightly this week with the average dropping from 1.45% APY to 1.41% APY. Despite this drop, the top savings rate remained at 2% (ReadySaver.com from Southern Community Bank). Everbank also continued to offer their promo rate of 2.25% APY for the first three months on new money. After three months, the rate drops to 1.26% APY for a 1-year blended APY of 1.51%.
Other notable rates include Franklin Synergy Bank at 1.75% APY and EBSB at 1.67% APY.
The table below shows the distribution of savings rates on the BestCashCow rate table. Remember, these are already the most competitive savings rates in the country. The distribution shows that the best nationally available savings rates are distributed between 1.5% APY and 1.25% APY.
The table below shows the trend with savings rates as well as select cd rates. For savings, the trend is generally down.
iGOBanking is now offering some pretty decent gifts along with their competetitive CD rates to open a CD. They have just launched a new website called giftsforbanking.com that showcases the gifts they provide. The type of gift you'll receive depends on the amount of money you deposit into the cd as well as its term.
iGOBanking is now offering some pretty decent gifts along with their competetitive CD rates to open a CD. They have just launched a new website called giftsforbanking.com that showcases the gifts they provide. The type of gift you'll receive depends on the amount of money you deposit into the cd as well as its term.
I took a look at some of the gifts and they weren't bad. There are still many consumer electronic products, harkening back to the days when banks gave away toasters and televisions to get your money. But there are also some nice trips. If you deposit $100,000 for 5-years some of the gifts include a luxury trip to Hawaii, a getaway to Aruba, or an entertainment system with a 47" plasma screen and a Bose sound system. Lesser amounts and terms get smaller gifts but they're not bad. A $25,000 investment in a 2-year cd provides choices of 26" HDTV or a Trek mountain bike among other comparable options.
Their CD rates aren't bad either. Until last week, their 5-year CD was at the top of the BestCashCow rate tables. The rate has since dropped but it is still competitive. Other terms are also competitive. This is not a bank trying to compensate for bad rates by providing some gift packages. The rates stand on their own.
If you close the CD before the maturity, you will need to refund the bank the cost of the gift along with any relevant shipping charges.You'll also have to pay an early withdrawal penalty. The gift will be reported as income and you'll receive a 1099.
The gifts themselves are provided by a third-party. This is common but it will require that your name and mailing address be sent to the third party so that they can fulfill the offer.
People do not generally have a good feeling toward banks. But Ally Bank is trying to change that with exciting products and features for new and existing customers.
There are always dissatisfied customers in any industry of service. The banking industry is no different. But one bank is striving to change the perception that people have of the banking industry.
Ally Bank is offering no-penalty certificates of deposit to new and existing customers. You may not have heard much about Ally because it was once known as GMAC Financing until it was rebranded recently. Here are some of the details about the no-penalty CD:
• When you sign up for a 9-month CD with a 1.25% interest rate, you do not have to worry about a penalty fee for withdrawing some funds before the CD matures. In addition, this product has a 10-day best guarantee and daily compounded interest to help your money work harder for you.
Ally Bank has other services, too, that customers will find appealing in a bank. Ally's high interest rate savings account is just one of those products, but what is even more appealing is the fact that Ally will reimburse you for fees you incur by using another bank's ATM. Ally will do this if you are a customer with a checking that has an interest rate of at least 1.15%. Ally Bank also offers money market accounts at 1.49% with no minimum deposit and no monthly fees.
Ally Bank has a mission of being a different bank. With great CD rates and other new products, they want to change the reputation that banks have by creating a new customer-friendly atmosphere that will draw the trust of the customers back to the banking industry. And with reports of about $3 billion in secured new deposits, it looks like the bank is on its way to success.
