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Aurora Bank offers competitive CD rates

Category: CD Rates, Local Bank Deals- fhuff- 5:00 pm/ February 28, 2011

Aurora Bank has competitive CD rates for terms ranging from 6 to 60 months. The certificates of deposit have tiered interest rates. CD rates at the bank as of Feb. 28, 2011, include:

  • 1.09 percent annual percentage yield (AP) for 6 months for $1,000 to $99,999
  • 1.11 percent APY for 6 months for $100,000 and up
  • 1.26 percent APY for 1 year for $1,000 to $99,999
  • 1.28 percent APY for 1 year for $100,000 and up
  • 1.39 percent APY for 18 months for $1,000 to $99,999
  • 1.42 percent APY for 18 months $100,000 and up
  • 1.53 percent APY for 2 years for $1,000 to $99,999
  • 1.56 percent APY for 2 years for $100,000 and up
  • 1.85 percent APY for 3 years for $1,000 to $99,999
  • 1.88 percent APY for 3 years for $100,000 and up
  • 2.09 percent APY for 4 years for $1,000 to $99,999
  • 2.13 percent APY for 4 years for $100,000 and up
  • 2.42 percent APY for 5 years for $1,000 to $99,999
  • 2.46 percent APY for 5 years for $100,000 and up

Opening a certificate of deposit requires a minimum deposit of $1,000. Interest is compounded daily and posted monthly. CDs renew automatically at maturity.

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Nationwide Bank money market account

Category: Bank Deals, Money Market Rates- fhuff- 2:02 pm/ February 24, 2011

Nationwide Bank has a money market account with a 1.05 percent annual percentage yield (APY). The interest rate on the account is higher than the national average, and is current as of Feb. 24, 2011. Other details of the money market include:

  • $1,000 minimum to open account
  • $1,000 minimum daily balance to avoid monthly maintenance fee of $8
  • Link to checking account for overdraft protection
  • Free transfers between Nationwide Bank accounts and no charge for transfers to and from other banks
  • Two free Nationwide Bank transactions per month–additional transactions are $1.50 each
  • Access to more than 37,000 Allpoint surcharge-free ATMs and 400,000 Visa/PLUS ATMs across the U.S.
  • Free online statements
  • Six pre-authorized withdrawals per monthly statement cycle

Money market accounts can be opened online in a matter of minutes. You must be at least 18 years old, a U.S. resident and have a valid driver’s license or state or military ID.

Nationwide Bank is based in Columbus, Ohio, and is part of a larger financial company that offers a full range of products and services, including insurance, mortgages, annuities, pensions and other financial products. The company has been in business for 80 years.

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It’s America Saves Week, a good time to re-evaluate your savings strategy. The week is aimed at encouraging individuals to develop healthy financial habits that will help them build a nest egg. Employers, banks, credit unions, educators and financial professionals around the country are offering programs to help educate consumers.

Even if you are already stashing money in a savings account, it’s a good ideal to periodically review how your money is doing. After reviewing your account statements, it may make sense to shop around to compare savings, money markets or certificates of deposit that may allow you to earn more interest. Before switching to a new institution, make sure you have reviewed the terms of your current bank accounts so you won’t be hit with any penalties.

If you don’t have any savings, this is a good time to open a new account. Shop around for a bank or credit union that has a low opening deposit requirement. Then set up an automatic savings plan so that you can become consistent with adding money over time. Even if you can only deposit a small amount out of each paycheck you’ll begin to make saving a habit that will stick.

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AIG Bank money market account

Category: Bank Deals, Money Market Rates- fhuff- 10:25 am/ February 21, 2011

AIG Bank has a Signature Money Market Account with interest rates above the national average. The high-yield money market account can be opened online. The tiered interest rates as of Feb. 17, 2011, are:

  • 0.5 percent annual percentage yield (APY) for balances of $2,500 to $9,999
  • 1 percent APY for $10,000 to $49,000
  • 1.03 percent APY for $50,000 to $99,999
  • 1.06 percent APY for $100,000 to $249,999
  • 1.09 percent APY for $250,000 or more

Other features of the money market account include personalized checks, a Visa Check Card and free incoming wires for fund transfers. Money market accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor. The minimum opening deposit for a money market account is $2,500, and no interest is earned when the balance falls below $1,000.

The following transactions are limited to six per monthly statement cycle:

  • transfers to third parties by pre-authorized automatic transfer
  • telephone order checks
  • point-of-sale purchase with Visa Check Card
  • outgoing wire transfers not initiated at an AIG Bank branch
  • automatic, telephone or electronic transfers to your other AIG Bank accounts

AIG Bank is headquartered in Wilmington, Del., but serves customers throughout the U.S.

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It’s relatively easy to apply for a checking account these days, and you don’t even have to visit a bank branch to do so. But there are some situations where banks may deny a checking account application.

Here are some reasons you could find yourself rejected for an account:

  1. You have a history of bouncing checks. When you apply for a checking account banks usually gets a report from ChexSystems, a consumer-reporting agency that shares information with financial institutions. A bad report could keep you from opening a checking account. If you are denied a bank account based on ChexSystems information, you can request a copy of the report.
  2. You could be a victim of identity fraud. A bank may deny you if there have been other accounts opened in your name or it suspects fraud. If you believe that someone has opened fraudulent bank and other financial accounts in your name it’s important to review your credit report to figure out exactly what’s going on so you can close those accounts.
  3. There may be errors on your ChexSystems report. Review your report and contact the appropriate financial institutions to correct the errors.

It’s important to keep careful records when you get problems cleared up on your report. These records may work in your favor when you are trying to open a bank account.

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