Best Money Rates

E-LOAN increased the rates on most of its CD terms. The largest increase was on its 60-month term. That rate increased from 4.30% to 4.60% APY.
Here are some of the details on ELOAN CDs:

• Individual, Joint and Living Trust Accounts can be opened.
• Beneficiary can be added in the application
• $10,000 minimum deposit
• No early withdrawal permitted during the first 90 days
• Eary withdrawal penalty: 3 months interest for 1 year or shorter term and 6 months for over 1 year term
• Grace period: 10 calendar days
• No interest is paid past the maturity date on accounts closed during the grace period
• Interest is compounded daily and credited monthly (same as savings)
• CD is opened like savings account with one linked checking/savings account which will fund the CD
• Linked account can be your E-LOAN savings account
• Option is available to transfer interest monthly by ACH from CD to linked account
• At maturity, you can instruct E-LOAN via the secure message system to close CD and transfer money back to your linked account

Flushing Savings Bank has added a high yield checking account to its online bank, iGObanking.com. Like ING Direct’s Electric Orange and HSBC Direct’s Online Payment Account, it’s a no-minimum checking account without paper checks. Instead of writing checks, you use their online bill pay tool.

Here’s a summary of the iGOchecking’s features:

• 2.65% APY on balances $1 and up (as of 5/12/08)
• No monthly service fees
• No paper checks
• Free online bill pay
• MasterCard Debit card (available soon)
• ATM usage is free at Allpoint Network ATMs
• $1.50 fee at an domestic out of network ATM
• $3.00 fee at an international out of network ATM
• $1.00 fee for PIN based debit card purchases
• No charge of signature based debit card purchases
• 5 day hold for all deposits

iGObanking.com has maintained a competitive savings account rate since it was launched in 2006. It’s now down to 3.28% APY, but this is still better than many other online banks such as HSBC and ING Direct. iGObanking.com also has a history of competitive CD rates. Currently, the best deal is a 4% APY 24-month CD. The minimum deposit for CDs is $500. Please see their rates page for the latest rates.

National City Bank has again extended its 5% special CD. The latest expiration date is April 26, 2008. The promotional page at nationalcity.com/SaveNow lists a 4.75% APY 48-month CD and a 4.00% APY 24-month CD. Both have a $10,000 minimum deposit. There’s also a 3.50% APY 12-month CD with a $2,500 minimum deposit.

National City is also advertising a 5% APY 48-month CD for those who have a National City checking account or those who open a non-interest checking account with a minimum deposit of $1,500. Also being advertised is a 3.05% APY money market account with the rate guaranteed for 180 days for a minimum balance of $25,000.

OneUnited Bank has yet to cut the yield on their online savings account, which has remained the same ever since the Fed started cutting rates in September. The yield remains one of the highest interest rates available at 5.30% APY.

OneUnited Bank is FDIC insured. The bank has $632 million in assets and $358 million in deposits. Bankrate.com’s review gives the bank 3 out of 5 stars.

WTDirect is now offering a highly competitive 4.90% APY on their high yield online savings account. The minimum balance required for this rate is $10,000; any balances from $1-$10,000 will earn 4.90% APY for the first 60 days. If your balance is lower than $10,000 after the first 60 days, the interest rate drops to a low 0.60% APY. Here are some of the account’s features:

• No minimum balance fees or online transfer fees
• No hard credit pull when opening your account
• 6 free transfers are available per month
• Allowed an unlimited amount of linked external accounts
• Transfers typically take 3-5 business days
• Interest continues to accrue until the funds actually leave your account
• Interest is compounded daily and will be credited to your savings account monthly
• The daily balance method is used to calculate interest on your account

WTDirect has FDIC insurance on every account with Wilmington Trust FSB, which protects your money up to $100,000 per depositor. Bankrate.com has given WT Direct a review of 4/5, which is a safe and sound rating. For more information, call their customer service hotline at 1-800-WTDIRECT or visit their savings account website here.

BankUnited.com has a special 5 month 5.35% APY CD rate available. You can see their rate table here. Minimum balance on this account is $5,000.

Other than that, it looks like the rest of Bank United’s CD rates are a bit low, ranging from 3.10% to 4.00%.

Call toll free 1-877-779-BANK (2265), or utilize the Bank Locator tool found in the Locate Us section to find the branch closest to you.

Zions Bank just increased the yield on the top tier of its Deseret Money Market Account from 5.36% to 5.56% APY. This top tier requires a minimum balance of $50,000. Balances between $1k and $50k continue to earn 5.30% APY. It’s listed on their website at two alternative URLS: deseret.zionsbank.com and deseretfinancial.zionsbank.com. The Deseret money market account also includes the no monthly fees and limited check writing.

The bank has been FDIC insured since the FDIC program started in 1934. It has 152 branches in Utah and Idaho with over 2,500 employees. Bankrate.com still rates the financial strength of Zions as 4 out of 5 stars.

Countrywide Bank is offering some of the highest CD Rates currently available with maturity terms from 3 months to 84 months (7 years). Their rate table is located here.

Their highest certificate rate is a 5.65% APY for their 1 year CD. Minimum balance on all CDs seems to be $10,000. Above 1 year, the rates drop to 5.10%.

Countrywide Bank is FDIC insured.

Indymac Bank is currently listing a yield of 5.75% APY for balances over $25,000 on its Internet First Rate Money Market account. Balances between $1k and $25k only earn 1.70% and 1.80% so you definitely want to make sure your balance stays above $25k. Standard features that are listed at the website include:

• $1,000 minimum to open
• $1,000 minimum balance to earn interest and to avoid $7/month fee
• Three checks per cycle allowed
• ATM access is available. No ATM charges by Indymac, but no refunds of other banks’ fees.
• No bill pay or Visa check card available
• May not be available in all states

For more information on fees, check the IndyMac Bank fee page.

Indymac also has some very competitive CD rates. The 5 and 12 month CDs have a yield of 5.55% APY. The minimum deposit is $5,000.

Bankrate.com’s review gives Indy Mac Bank a 2/5 star rating. IndyMac is FDIC insured.

Geauga Savings Bank is offering high interest rates on both their money market and savings accounts. Their savings account has a 5.40% APY, and their money market rate is a high 5.25% APY.

The 5.40% APY for savings applies to deposit levels between $25,000 and $99,000. The money market account’s 5.25% APY return requires between $25,000 and $99,000.

In order to sign up and get these great rates, you need to print out a form and fax it in. Unlimited access for over-the-counter transactions. There is a maximum of 6 pre-authorized debits per month.  Transactions in excess will incur an $8.00 per item charge. There is no early closeout penalty.