Capital One is offering $50 to open an online savings account, money market, or CD. The account currently pays 2.01% APY on balances above $10,000. That's somewhat competitive according to the BestCashCow rate tables.
Capital One is offering $50 to open an online savings account, money market account or certificate of deposit. The savings account currently pays 2.01% APY on balances above $10,000. That's a somewhat competitive online savings rate according to the BestCashCow rate tables. The Certificates of Deposit are not rate competitive on their own.
To get the money, you'll need to open one of the products before April, 15, 2009 and have at least $10,000 on deposit by 05/8/2009. Other important information includes:
This must be your first account with Capital One Direct Banking. They are only looking for new money.
Interest credits will be deposited into your account 4-6 weeks after 5/2/2009.
Freedom Bank of Georgia was closed yesterday by the Georgia Department of Banking and Finance. Northeast Georgia Bank assumed the deposits of the bank.
Freedom Bank of Georgia was closed yesterday by the Georgia Department of Banking and Finance. Northeast Georgia Bank assumed the deposits of the bank.
As of March 4, 2009, Freedom Bank of Georgia had total assets of approximately $173 million and total deposits of $161 million. In addition to assuming all of the deposits of the failed bank, Northeast Georgia Bank agreed to purchase approximately $167 million in assets at a discount of $13.65 million. The FDIC will retain the remaining assets for later disposition.
These remaining assets are most likely brokered deposits which the FDIC typically covers up to the FDIC maximum. Once again, it appears that the FDIC has backstopped an arrangement that will keep depositors, except for brokered deposits, whole. The downside is that these transactions are depleting the FDIC insurance fund, requiring the agency to raise more money from the very banking system that is under stress.
Out of curiosity, I wanted to see what rating Baeur Financial gave to Freedom Bank. For those that don't know, Bauer Financial is a company that analyzes banks' financial statements and provides a quarterly rating on their safety and soundness. I was pleased to see that they had rated Freedom Bank a ZERO in their last update, the worst possible score. The score is based on data from several months ago so there does seem to be some predictive ability there, at least with Freedom Bank.
AmericaNet Bank, a division of Oklahoma based All-America Bank, is offering 3.10% APY on its Mega Money Market Account. Key featured of the account include:
Includes 6 FREE withdrawals per month ($5 fee for each additional withdrawal)
FREE Account (No Monthly Maintenance Fee)
FREE Daily Email Notification if Overdrawn
NO MINIMUM BALANCE
The account application is all electronic. Identify is authenticated via several questions pulled from your credit report. Funding the account can be electronically via ACH.
AmericaNet also offers a 5.25% APY Rewards Checking account on the first $25,000 deposited. The subsequent funds receive a lower rate of 2.25% APY, which is still competitive. To get the rate the sole requirement is that you must make 10 AmericaNet Bank® VISA® CheckCard sales transactions per month.
Safety and Soundness
All-America Bank, the parent company of AmericaNet Bank has a Bauer rating of 4 out of 5 stars (Excellent) for its safety and soudness. The bank has been FDIC insured since December 22, 1969 (Certificate # 20093).
