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Weymouth Bank

Category: Bank Deals, Local Bank Deals, Money Market Rates- fhuff- 2:59 pm/ May 28, 2010

Open a money market account at Weymouth Bank and earn up to a 1.28% annual percentage yield (APY). Money market rates are variable and can change at any time. Money market rates as of May 28, 2010 are:

  • 0.25% APY for balances under $2,500
  • 0.51% APY for $2,500 to $24,999
  • 1.02% APY for $25,000 to $49,999
  • 1.28% APY for $50,000 and up

You must maintain a minimum daily balance of $25 to receive the disclosed money market rate. Other details of the money market offer include:

  • $2,500 minimum balance to open
  • Interest is compounded daily and paid monthly
  • Free online banking
  • Free 24-hour telephone banking
  • Available for retail and business accounts

Accounts are available for Basic, Gold, and VIP packages. You can open Gold and VIP money markets  if you have a Gold or VIP checking account.

You can make up to six transfers from a Weymouth Bank money market to another account or to third party accounts by check or draft or preauthorized, automatic, telephone, or computer transfers during each statement cycle. Money begins to accrue on deposits of non-cash items on the business day they are made.

Weymout Bank is based in East Weymouth, Mass. Deposits made into the bank’s accounts are insured by the Federal Deposit Insurance Corp. (FDIC).

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BB&T Bank

Category: Checking Accounts- fhuff- 1:36 pm/

Open a checking account at BB&T Bank and you could earn a $100 bonus. The checking account must be opened by June 6, 2010, using promotional code AFJAP. Only new customers who have not had a BB&T personal checking account in the past six months are eligible for the bonus offer. Only one  bonus is allowed per household, and it cannot be combined with other offers. You can open an account online or by phone.

Other details of the checking account offer include:

  • No minimum balance
  • No monthly service fee
  • Free online banking with  bill pay
  • Visa platinum card
  • Some checking accounts may earn interest and bank rates depend upon balance

To receive the $100 bonus, you must make three online bill payments of at least $10 within 60 days of opening a new account, or receive two recurring direct deposits of at least $10 within 90 days of opening. The $100 bonus is deposited within four weeks of meeting the requirements.

You also can apply for a BB&T Platinum Credit Card that has optional rewards.  However, approval for a credit card depends upon credit.

BB&T is based is based in Winston-Salem, N.C. It’s subsidiaries operate more than 1,800 financial centers in several states. The bank has about $165.8 billion in total assets.

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Savings Rate Rises to 3.6%

Category: News and Notes- fhuff- 12:44 pm/

Government data show that U.S. consumers chose to put more money in savings in April rather than spend it. Although incomes rose 0.4%, many households avoided spending the money and instead added it to savings accounts. As a result, the savings rate rose to 3.6%.

Many people are concerned about whether or not the economy is recovering fast enough. But many economist believe the economy is on track and expect it to grow.

In addition to an increase in incomes, some people could ultimately increase their savings if they take advantage of low mortgage rates and refinance home loans. Mortgage rates are averaging 4.78% for 30-year loans and 4.21% on 15-year loans, the lowest level in almost 20 years.

While savings rates are pretty low right now, it still makes sense to put away as much money as possible for your future. Building savings can give you a financial cushion in case of a job layoff or other emergency. Keep in mind that the unemployment rate is at 9.9%, and many people are still having a tough time finding jobs. It’s important to stash away as much money as possible even if you don’t earn much interest on savings accounts.

Shop for savings accounts, money markets, and certificates of deposit.

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Pay Yourself to Build Savings

Category: Articles- fhuff- 7:31 pm/ May 24, 2010

Whether you are just starting out in the work force or have been working for many years, it’s important to allocate a portion of your earnings to a savings plan. Paying yourself the same as you would any other bill is one way to make sure you put away enough money to build a nest egg.

Putting together a budget that includes your savings goal is the best way to force yourself to stick to the plan. Each week or month when you pay bills, write a check to yourself to be deposited into a savings account or money market. Either physically write the check or have a portion of your paycheck direct deposited into a money market or savings account.

Your savings plan should not be an afterthought. It’s important to set specific savings goals and adjust your spending to meet them.

If you currently have a lot of debt that needs to be be repaid, it may make sense to hold off on an aggressive savings plan. Focus on putting  any extra money you have toward your debt first. Once you’ve paid off the debt, redirect those payments toward a savings plan. You can look for savings accounts, money markets, and certificates of deposit to find the best place to stash you cash.

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Main Bank has a savings account with a 1.66% annual percentage yield (APY). Savings rates are variable and can change at any time.  The Mainstream Savings Account requires a minimum deposit of $5,000. Other details of the savings offer include:

  • No quarterly fee for accounts with balances of $5,000 or more
  • Quarter fee of $25 for accounts with balances below $5,000
  • Interest is compounded and paid quarterly
  • Statements delivered electronically

The savings account also requires you to open a checking account with Main Bank. The bank offers a no-frills personal checking account. It requires a minimum of $100 to open. The checking account also has a free ATM card and 40 free debits each month. If you make more than 40 debit transactions there is a fee of 25 cents per month.

The bank also has a Now Personal Checking that requires a minimum deposit of $1,000 to open, minimum $1,000 balance to avoid a monthly fee, and minimum collected balance of $1,000 to earn interest. This checking account allows 40 free debit transactions and has a free ATM card. There is a $10 fee with Check Safekeeping and a $12 fee if items are returned with your statement.

Main Bank is an independent, community-owned bank based in Albuquerque, New Mexico.

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