Here are the BankingMyWay.com "Deals Of the Week" for May 28.
CDs
With certificate of deposit rates pretty much falling across the board this week, getting a good CD rate becomes even more of a priority, and thankfully, not much of an ordeal.
BankingMyWay.com has uncovered some good deals that can get you into a higher CD rate category, as long as you follow the rules.
Take Acacia Federal Savings Bank (www.afsb.com). Acacia has a robust 3.75% APY on its five-year CD, with only a minimum investment of $500.00.
Online, where most good CD deals can be found these days (at least on a national level), Discover Bank (Stock Quote: DFS) offers another whopper of a rate (www.discoverbank.com). It’s a five-year CD with an APY of 3.70%, but does require a minimum deposit of $2,500.
We found some good deals on shorter-term CD deals, as well. GMAC Bank (Stock Quote: GJM), which has now changed its name to Ally Bank, but with the old web site address when we check this week (www.gmacbank.com), boasts a 2.80% APY on its one-year CD with no minimum deposit and fairly flexible withdrawal rules. We checked around, and the GMAC/Ally rate of 2.80 is light years ahead of other national headliners like Wells Fargo (Stock Quote: WFC) (1.10%) and Bank of America (Stock Quote: BAC) (1.25%)
Money Markets
BankingMyWay.com pegs the average money market rate this week at 0.49%, but if you dig deep enough, you can do way better than that.
Check out Corus Bank (www.corusbank.com), where its Ultimate Money Market yields 2.15%, as of May 27. It’s another deal where you need some significant money -- $10,000 to get the good rate. But it could be worth it if you have the cash and want a great money market rate. You also get free checks when you open the account. Open an account online or visit a branch (mainly in the Chicago area).
High-Interest Checking
According to the BankingMyWay.com’s weekly interest-checking rate index, bank account rates are sinking like a stone, with bank checking account rates mired at 0.512%.
But it’s different, and higher on the rewards checking front. One of the best deals we found this week is at Oregon-based St. Helens Community Federal Credit Union (www.schfcu.org). Available to members only, the credit union’s “Simply Rewarding Checking Account” offers an APY reward rate of 3.50% for deposits under $25,000 and 1.01% deposits over the $25,000 amount. St. Helens says that if you don’t meet the qualifications per cycle, your account will still function as a free checking account earning a base rate of 0.05% APY, but you won’t receive ATM fee refunds for that period.
—For more ways to save, spend, invest and borrow, visit MainStreet.com.
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Higher Rates