Interest rates have been falling. E-Loans great 5.75% CDs gone with lower and tired rates. World Savings has no impressive rates or terms. Citibank, Bank of America rates are disappointing. But with the trend of falling rates, try to lock in the highest rate and term that meets your needs. I think I made a mistake giving up on some 6.00% CDs thinking rates might go higher a while back.
I have never used AmTrust but they have very attractive CD rates with low minimums. The highest yield is in the 12 month CD with the 5.71% APY this might be a good option for those who are looking to lock in a good rate. Even their long term CDs have much better rates that other banks. AmTrust Direct is FDIC insured. I am going to look into this any maybe put away some money for a while.
| Interest Rate | APY | CD Term | Compound Frequency | Min. to Open | |
|---|---|---|---|---|---|
| 6 Month Promo CD | 5.459% | 5.61% | 6 months | Daily | $1,000.00 |
| 9 Month Promo CD | 5.450% | 5.60% | 9 months | Daily | $1,000.00 |
| 12 Month Promo CD | 5.554% | 5.71% | 12 months | Daily | $1,000.00 |
| 18 Month Promo CD | 5.402% | 5.55% | 18 months | Daily | $1,000.00 |
| 24 Month Promo CD | 5.364% | 5.51% | 24 months | Daily | $1,000.00 |
| 30 Month Promo CD | 5.317% | 5.46% | 30 months | Daily | $1,000.00 |
| 36 Month Promo CD | 5.289% | 5.43% | 36 months | Daily | $1,000.00 |
| 60 Month Promo CD | 5.317% | 5.46% | 60 months | Daily | $1,000.00 |
After weeks of slashing rates, this week we see a little improvement. GMAC Bank raised their savings rate from 5.00% to 5.25% and today they raised their CD rates up from 5.30% to 5.40%
GMAC BANK (Min deposit $500):
Term: Rate: APY:
| 3 months | 5.12% | 5.25% | |
| 6 months | 5.21% | 5.35% | |
| 9 months | 5.21% | 5.35% | |
| 12 months | 5.26% | 5.40% |
Extended or re-introduced the Bank of America customer referrals are an easy few bucks in your pocket. The last promotion expired on 9/27 but I just found out that the same promotion offer extended until 1/24/07 ! The basic gist:
The prime rate was untouched and now we can see its effects. CD rates have been dropping every week. World Savings 6.01% 15 Month CD has expired after a fairly short run. They are now offering a 5.76% 13 Month CD. They do have an in-branch special only for the 6.01% CD for more information on that contact your local branch. Their website: www.worldsavings.com
So if you need to park some of your money it might be the best time to find a good deal and lock in a great rate. If you come across some stellar rates please let me know!
Many places now offer a refer a friend bonus from online survey sites, rebate sites to banks. One very good deal is going on at Bank of America where you get $25 for referring someone to checking account and $10 for referring a student checking account. The person opening the account can get up to $50. This deal is good for you if you have friends looking to open accounts because you can make a lot of money! I received an email from "GimmeMoreMoney" who informed me that in a period of less than two months he has made $275 from Bank of America by referring people. Not a bad deal!
Information Link: "Click Here"
Things to note: If you do in fact refer someone make sure you give them your name and address. Your account number is not necessary. On the website it says offer expires 9/27/06 so hurry!
I got some mail from Bank of America offering me money to open an account and then I came across some online. Here are some of the offers that just might be worth your time! Two things to mention if you are looking to bank with BoA, they have online specialists that you can ch
at with before you open an account and they have only customer service for customers. One negative might be that they have no completely free checking account, except for the Student Checking account which is free for 5 years.
Offer # 1:
Get up to $125 for opening a checking account and savings account. This offer seems to be for people who already have some sort of account with Bank of America. I signed up last month with this offer and confirmed with the Customer Service online that my offer is valid. Be sure to use the offer code to get your bonus. Offer expires 12/31/2006
To see offer details click OFFER # 1
http://www.bankofamerica.com/promos/jump/125signup/
Offer # 2
Get $100 to open a My Access Checking account which is free with direct deposit. Anyone can apply. Offer expires 12/31/2006
To see offer details click OFFER # 2
http://www.bankofamerica.com/deposits/checksave/100mya/
Note: I asked the CSR's and they informed me that there is hard pull on your credit when you first open an account. But if you are an existing customer, there is no hard pull rather a soft pull that does not affect your credit. Please ask a CSR to confirm this.
**Picture of cash found online.
It seems like the Feds are done for rate hikes for the year. So, this might be the best time to park some of your cash in a high yield CD. The rates have been dropping across the board from the 6% to the low 5%'s now and they might continue to drop.
There are a few good deals out there depending on where you live. A few available to most are from the World Savings Bank that have a 15 month CD for 6.01% APY with a minimum deposit of $10,000 and it has to be "new" money i.e. from outside the bank. Another good one is the Citibank 6 month CD at 5.50% APY and 6.00% in Texas.
So if you are looking to lock in a great rate now is the time. At least that's what I think. If you want rates in the upper 6% to 8% look at your local credit unions as many have very high yields on their CD's and deposit shares.
If you find some good deals please let me know!
Some banks like GMAC is offering CD's up to 5.40% and INGDIRECT up to 5.20%
For a detailed account of the prime rate prediction visit the Wall Street Journal Prime Rate Blog
