Bank CD Rates

Wachovia Bank has some pretty high rates on their special promotional CD, with a 5.05% APY yield and 5 month term. Minimum deposit for this certificate is $5,000.

This CD is only available online. Other online CDs have terms ranging from 3 to 24 months, and yields from 3.16% to 4.25%. Visit Wachovia’s rate table for more information.

Indymac Bank is currently running a special internet promotion with a 5.45% APY rate on a 4 month CD. Minimum required to open this certificate of deposit is $5,000. This rate is only available online. This promotional rate applies only to the initial CD term. Interest is compounded daily and paid or reinvested into the account monthly or at maturity.

Here’s Wells Fargo’s CD Rate table:

These certificate of deposit rates aren’t the best, but if you already bank with Wells Fargo it might be worth it to park your money there in a short term CD.

In an effort to compete with various online banks, Bank of America is currently offering a short 4 month certificate of deposit with a 5.10% APY rate. Bank of America also offers a CD with a 4.85% APY. Minimum balance on both these CDs is $5,000.

While these aren’t necessarily the highest CD rates available on the market, Bank of America is probably the least likely bank to go under, and so this is a good choice for those looking for peace of mind. However, it should be noted that the majority of banks are FDIC insured, which means in the event of a bankruptcy you will be compensated up to $100,000 per account.

Opening a CD with Bank of America can also be convenient if you already do all your banking with them.

McGraw-Hill Employees FCU is offering a 6.00% APY 7-month share certificate. The minimum deposit is $1,000. Deposits greater than $20K must be new money. The special is scheduled to last through 8/31/07.

Field of membership is fairly limited. It’s based on Select Employee Groups and family members. See their how-to-join page for more details. Membership requires an initial $5 deposit into the share savings account.

Branches are located in East Windsor, New Jersey and in New Yor, New York. The credit union is federally insured by the NCUA.

Patelco Credit Union is offering 5.50% apy on IRA share certificates with maturities ranging from 24 to 35 months. The minimum deposit requirement for these certificates is $500.

Field of membership in Patelco Credit Union is open to a wide variety of groups and organizations. Anyone who isn’t otherwise eligible for membership can become eligible by joining the California Association for Older Americans which is open to anyone regardless of age or geographic location. Simply indicate California Association for Older Americans on your application for Patelco credit union membership.

Patelco Credit Union is privately insured by American Share Insurance up to $250,000 per account and is not federally insured.

 Here’s a list of tips you should consider when considering online bank accounts:

Confirm that an Online Bank Is Legitimate and that Your Deposits Are Insured

Whether you are selecting a traditional bank or an online bank that has no physical offices, it’s wise to make sure that it is legitimate and that your deposits are federally insured. Here are tips specifically designed for consumers considering banking over the Internet.

Read key information about the bank posted on its Web site.

Most bank Web sites have an “About Us” section or something similar that describes the institution. You may find a brief history of the bank, the official name and address of the bank’s headquarters, and information about its insurance coverage from the FDIC.

Protect yourself from fraudulent Web sites.
For example, watch out for copycat Web sites that deliberately use a name or Web address very similar to, but not the same as, that of a real financial institution. The intent is to lure you into clicking onto their Web site and giving your personal information, such as your account number and password. Always check to see that you have typed the correct Web site address for your bank before conducting a transaction.

Verify the bank’s insurance status.

To verify a bank’s insurance status, look for the familiar FDIC logo or the words “Member FDIC” or “FDIC Insured” on the Web site.

Source: FDIC.gov

Ohio Savings Bank, the parent of AmTrust Bank, recently launched a new internet division called AmTrustDirect which offers online CDs. All the certificates of deposit have a minimum of $1000. The current 6-month, 9-month and 12-month APYs are 5.00%, 5.10% and 5.20%.

Here are some of the CD’s details:

• Online application allows for funding by ACH transfer or check
• IRA CDs are not available online
• The early withdrawal penalty is 3 months of interest for terms 11 months or less, 6 months for terms of 12 to 23 months, 9 months for terms 24 to 47 months and 12 months for terms of 48 months or more
• Accounts can be opened with up to two beneficiaries
• Instructions to close a CD at maturity must be mailed

Bankrate.com’s review gives Ohio Savings Bank a 4/5 star rating. The bank is FDIC insured.

FNBO Direct is offering a promotional 6.00% APY Savings Rate on all balances until September 28, 2007. This deadline is coming up pretty soon but you still have a chance to sign up for one of the best savings rates available, for both CD and savings accounts. If you’re looking for good place to store some money at a high interest rate while maintaining liquidity, FNBO direct is the perfect account for you. Here’s the details:

• $1 minimum deposit
• No monthly fees
• No minimum balances
• Allows 3 external account links
• Limited to six withdrawals per month
• Deposits start accruing interest when transfer is completed
• Interest is calculated daily and is compounded and credited monthly
• If the account is closed no interest is forfeited
• No checks, ATM can be requested but $2.50 fee
• Routing Number: 104000016
• After 9/28/2007, the rate will be based on market conditions

First National Bank is a subsidiary of First National of Nebraska, a multi-state holding company located in the heart of downtown Omaha. First National and its affiliates serve over 6.6 million customers in all 50 states, with more than 90 banking locations in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas. First National is FDIC insured.