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Ally Bank

Category: Bank Deals, CD Rates- fhuff- 1:31 pm/ June 29, 2010

Open a high yield certificate of deposit (CD) with Ally Bank and earn a 1.49% annual percentage yield (APY) for 12 months. The CD rate is fixed and other rates and terms are available. Ally Bank CD rates as of June 23, 2010, are:

  • 0.74% APY for 3 months
  • 1.14% APY for 6 months
  • 1% for 9 months
  • 1.64% APY for 18 months
  • 2.29% APY for 3 years
  • 2.5% APY for 4 years
  • 2.95% for 5 years

Interest is compounded daily and paid monthly on Ally Bank (CDs). The bank offers a 10-day best rate guarantee if you fund your CD within 10 days of opening or renewing it. The guarantee allows you to receive the best rate offered during that period.

Other details of the CD offer include:

  • No minimum opening deposit
  • No monthly fees
  • Automatic renewal upon maturity
  • FDIC insured up to $250,000 per depositor
  • Earned interest can be received as income

When you withdraw money early from a CD, you pay a penalty fee equal to 60 days’ interest. The penalty fee is waived if the account holder dies or is judged to be mentally incompetent. No penalty CDs are not subject to early withdrawal fees.

You cannot make additional deposits to a CD during the term. When it reaches maturity you have a 10-day grace period to deposit additional funds.

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Acacia Federal Savings Bank

Category: Bank Deals, Money Market Rates- fhuff- 11:11 am/ June 23, 2010

Acacia Federal Savings Bank has a tiered money market account that rewards higher balances. The money market can allow you to earn interest without tying up your savings for a long period of time.

The money market rate you earn automatically changes as your balances changes. Money market rates as of June 21, 2010 are:

  • 1.5% APY for balances of $125,000 and up
  • 1.25% APY for $75,000 to $124,999
  • 1% APY for $25,000 to $74,999
  • 0.75% APY for $10,000 to $24,999
  • 0.25% for balances up to $9,999

Other details of the money market accounts include:

  • Minimum opening deposit of $1,000
  • No penalty for early withdrawal
  • $10 monthly service charge for balances under $1,000
  • Insured by Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor

The money market allows unlimited withdrawals by mail or phone if you receive the funds as a check.  There is a fee of $7 if you write more than three checks during each month. Inactive or dormant money market accounts are charged a fee of $5 per month. The money market also allows  24-hour account access online.

Acacia Federal Savings Bank is based in Falls Church, VA. It has been operating in the Washington, DC area since 1985. It is a unit of Acacia Life Insurance Company. You can open a money market online.

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1st Constitution Direct

Category: Bank Deals, Savings Account Rates- fhuff- 6:14 pm/ June 17, 2010

Open a new online Super Savings Account at Cranbury, NJ-based 1st Constitution Direct and earn a special annual percentage yield (APY) of 1.5%. That rate is subject to change at any time. Details of the savings account offer include:

  • 1.5% savings rate good on balances of $10,000 and up
  • Balances of $9,999 and below earn 0.5% APY
  • No fees or services charges
  • Minimum opening deposit of $100
  • Savings rates subject to change at any time
  • Account balance limit of $250,000 per individual

The bank also has a savings account that earns 1% APY on balances of $3,000 and up. Balances of $2,999 and under earn 0.5% APY. Interest rates on this account are variable and can change at any time.

When you open a savings account online, you have 24-hour banking access and receive monthly statements electronically. The initial deposit for an online savings account must come from a checking account at an institution other than 1st Constitution Direct. You can make deposits, withdrawals, and transfers between the linked savings and checking accounts.

When you make an electronic deposit into the online savings account, the interest begins to accrue on the business day the deposit is made. Electronic transfers normally are available in two to three business days. The savings account does not allow wire transfers or deposits by mail.

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OneWest Bank

Category: Bank Deals, CD Rates- fhuff- 5:39 pm/

OneWest Bank has a three-year certificate of deposit (CD) with a fixed 2.25% annual percentage yield (APY). The CD rate is good for accounts opened online as of June 11, 2010. The bank CD rates and terms include:

  • 1.1% APY for 9 months
  • 1.4% for 1 year
  • 1.5% for 18 months
  • 1.9% for 2 years
  • 2.9% for 4 years
  • 3% for 5 years

Interest on CDs compounds daily and is reinvested monthly or upon maturity. Other terms are available, with the shortest term being one month. Accounts that are opened by Southern California residents in a branch or the call center may have different CD rates from online accounts and require a checking account.

You can only make withdrawals from a CD upon maturity. There is a seven-day grace period. You can make additional deposits to a CD during the grace period and for retirement accounts with terms of two years or less. The CD automatically renews upon maturity for the same term at the current rate unless you choose to close the account.

OneWest Bank CDs require a minimum opening deposit of $1,000 to receive the advertised rates. You must maintain the minimum balance requirement to receive the best interest rates.

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Have you been saving money like crazy to buy a home? The good news is that mortgage interest rates are near historical lows, making this a great time to purchase a home. It may be time to crunch some numbers to determine if you have enough for a down payment to make your dreams of home ownership a reality.

Mortgage lenders are offering an average interest rate of 4.75% for fixed 30-year mortgages, according to Freddie Mac. Keep in mind that only borrowers with the best credit scores are going to qualify for the best interest rates.

The amount of savings you have can also influence the type of mortgage deal you are offered by banks. The more money you have in savings to make a down payment, the lower your monthly payments are going to be.

When running the numbers on home ownership, use a mortgage calculator that lets you play with the numbers. You can determine whether your current savings is sufficient, or if you need to keep adding money to a savings account a while longer. A mortgage calculator can also help you determine whether paying points can help lower the mortgage rate you are offered by banks.

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