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Merchant Bank is offering new customers a $50 bonus when you sign up for their CashRewards checking account.  The CashRewards checking account pays you back 1% of all the purchases you make with your debit card.  The rewards are unlimited!

Here are the details on the checking account bonus –

†$75 minimum deposit to open. $50 incentive applies to new checking accounts with new money only. One $50 incentive per household. Incentive may not be used toward opening deposit minimum. Annual Percentage Yield (APY) for CashRewards Checking as of 01/29/08: $1-$1,499 is 0.15% APY; $1,500-$4,999 is 0.20% APY; $5,000-$9,999 is 0.30% APY; $10,000+ is 0.40% APY. Rates are variable and subject to change. IRS requires incentive value be reported as interest income.

Get more information on Merchant Bank’s website on the $50 bonus deal.

February CD rate averages have been updated and if you look closely, this has been one of the biggest changes in the past few years.  Rate averages on all lengths have fallen almost one full percent.  In the previous months, the rates saw a little decrease but nothing to this measure. The new averages are as follows –

3 months:  5.03% to 3.73%

6 months:  5.11% to 4.14%

1 year:  5.02% to 4.00%

18 months:  4.80% to 3.90%

2 years:  4.85% to 3.88%

3 years:  4.82% to 3.91%

5 years:  4.98% to 4.06%

Get previous rate averages at more on our CD rate averages page.

Despite all the rumors that Countrywide Bank is going out of business, they are still producing some of the best CD rates on the market.  As of 2/5/2008, they are offering two top rates as mentioned below.

3 month – 4.90%

6 month – 4.90%

All of Countrywide’s CDs require a minimum balance of $10,000 or more.  You can find more information on their CD rate sheet.

If you’re looking to invest your money with a new company, you might want to turn to the recently acquired company, Sharebuilder.com.  They’ve recently been acquired by ING Direct.  What does this mean for you?

They’ve lowered their fees and have added outstanding service.  In order to acquire new customers, they’re currently offering a $30 bonus when you sign up for a new account.

In order to receive the $30 bonus, you must purchase at least one stock.  The $30 will be posted 4-6 weeks after the initial transaction.

*$30 Account Bonus You must open a new ShareBuilder account to be eligible to receive the $30 Account Bonus after your first stock purchase. The $30 credit will post to the account approximately 4-6 weeks after the first transaction has executed. Cash offer available for Individual, Joint and Custodial accounts and for U.S. residents only. You must have a U.S. Tax I.D. (Social Security Number) to open a ShareBuilder Account. Limit one per customer. Not valid with any other offers.

Get more information on the deal on their sign-up page.