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Franklin Synergy Bank

Category: CD Rates, Local Bank Deals, Savings Account Rates- fhuff- 3:00 pm/ December 30, 2010

Open a Franklin Synergy Bank e-Savings Account and earn 1.51 percent annual percentage yield (APY) on balances of $25,000 and up. The online savings account has a 0.8 percent APY for balances below $25,000. Details of the savings offer include:

  • Minimum opening deposit of $500
  • Receive monthly statements by email or pay $3 per mailed statement
  • Interest is paid quarterly

After six transactions you may be charged a fee for excessive transactions. If you continue exceeding the number of transactions each month, you may be forced to convert the savings account to one that allows unlimited transactions.

Franklin Synergy Bank also has an eCD that earns 1.51% APY over a term of 18 months. The interest earned must be credited each month to a Franklin Synergy Bank savings or checking account. A certificate of deposit can be opened with a minimum of $1,000. The maximum single CD value is limited to $99,999 or less, and total CD values are limited to $500,000 per customer. Other CD rates and terms are available at the bank.

Franklin Synergy Bank is based in Franklin, Tenn. Accounts at the bank are insured by the Federal Deposit Insurance Corp. (FDIC).

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Consumer confidence falls in December

Category: News and Notes- fhuff- 12:30 pm/ December 29, 2010

Many Americans opened their wallets during the Christmas shopping season, but now some of those people are concerned that the economy could get worse next year. Consumer confidence in December fell to 52.5 from a revised 54.3 in November, according to the Conference Board, a private research group. The survey must reach 90 to indicate that the economy is healthy.

The continuing high rate of unemployment and other economic challenges are of huge concern to many consumers. But Lynn Franco, director of the Consumer Research Center at the Conference Board, said:

Despite this month’s modest decline, consumer confidence is no worse off today than it was a year ago. Consumers’ assessment of the current state of the economy and the labor market remains tepid, and their outlook cautious. Thus, all signs continue to suggest that the economic expansion will continue well into 2011, but that the pace of growth will remain moderate.

Because of pessimism about the economy many consumers who spent more liberally over the holidays may begin to rein in spending again and try to beef up their savings while they wait to see where the economy heads. If you are taking a more cautious approach and want to look at building more of a savings, you can shop for savings rates here.

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Category: Bank Deals, CD Rates- fhuff- 3:18 pm/ December 26, 2010

Ascencia has competitive CD rates, including 1.4% annual percentage yield (APY) for a 1-year term. The CD rate is current as of Dec. 26, 2010. The quoted CD rate is guaranteed for 20 days from the date of the application. Other CD rates at the bank include:

  • 1.11% APY for 6 months
  • 1.45% APY for 2 years
  • 1.5% APY for 3 years
  • 1.7% APY for 5 years

You need a minimum deposit of $500 to open a certificate of deposit. The maximum initial deposit is $97,000. Ascencia has the right to limit the amount and number of CDs that can be opened. Interest on CDs compounds monthly and begins accruing when the account is processed and funds are collected. The quoted APY assumes that all interest remains on deposit until the certificate of deposit matures. You cannot put money into a certificate of deposit with credit card convenience checks.

Withdrawing money early from a CD results in a penalty of 91 days interest on the amount withdrawn for terms of 12 months or less and 182 days interest for terms greater than 12 months. Accounts at Louisville, Ky.-based Ascensia are insured by the Federal Deposit Insurance Corp. (FDIC).

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Bank of America

Category: Bank Deals, Checking Accounts- fhuff- 3:15 pm/ December 23, 2010

Bank of America credit card customers can earn more than $200 in statement credits for opening a checking account with the bank. The offers is only good for existing credit card customers who are in good standing and do not have a personal checking account with the bank. You must open the checking account online using the CHC220OL offer code by Jan. 21, 2011.

Once the checking account has been opened you can earn a $100 statement credit for setting up direct deposit within three months. You can also earn a $20 statement credit each month for six months when you use the checking account to make an online payment to your Bank of America credit card. The payments can be made with online bill pay, transfers, and pay by phone.

The statement credit is applied to the credit card within 60 days of the qualifying transaction. Statement credits get applied to the existing balance with the highest annual percentage rate (APR) before being applied to balances with lower rates.

The offer is good for customers who have not been a signer on a Bank of America personal checking account within the past six months. It does not apply to second or multiple personal or business checking accounts.

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Melrose Credit Union

Category: Bank Deals, CD Rates- fhuff- 9:59 am/ December 22, 2010

Melrose Credit Union has a 1-year share certificate of deposit that earns 1.41 percent annual percentage yield (APY). The CD rate is current as of Dec. 1, 2010, and is subject to change. Other CD rates and terms include:

  • 1.66 percent APY for 2 years
  • 2.17 percent APY for 3 years
  • 2.42 percent APY for 4 years
  • 2.93 percent APY for 5 years

The certificate of deposit requires a minimum deposit of $5,000, but IRA share certificates can be opened with $4,000. All new purchases and renewals will compound dividends quarterly. You can choose to have quarterly dividends transferred to another account.

Melrose Credit Union is based in Briarwood, N.Y., but there are no restrictions on who can become a member. So no matter where you live or work you may qualify for membership. To join the credit union you must pay a one-time membership fee of $1 and make a minimum opening deposit of $25. The credit union offers a variety of financial products and services, including savings, checking accounts, and loans. Deposits at the credit union are insured to at least $250,000 by the National Credit Union Administration (NCUA).

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