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Ascencia Bank CD rates

Category: Uncategorized- fhuff- 9:53 am/ May 30, 2011

Ascencia Bank has a 1-year certificate of deposit with a 1.22 percent annual percentage yield (APY). The CD rate is current as of May 30, 2011. The bank offers other CD rates and terms, including:

  • 1.04 percent APY for 6 months
  • 1.49 percent APY for 2 years
  • 1.45 percent APY for 2.5 years
  • 1.5 percent APY for 3 years
  • 2.38 percent for 5 years

The Louisville-based bank requires a minimum deposit of $500 to open a certificate of deposit. The maximum that can be deposited in a certificate of deposit is $97,000. Other details of the CD offer include:

  • 24-hour online access to CD accounts
  • Interest is compounded monthly
  • Bank can limit the number of CDs an individual can open
  • Interest rate is guaranteed for 20 days from the date of application
  • No withdrawals for first 90 days account is open
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

Withdrawing funds early results in penalties. The penalty for early withdrawal from CDs with a term of 12 months or less is 91 days interest on the amount withdrawn. The penalty for terms greater than 12 months is 182 days interest on the amount withdrawn.

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Hopkins Federal Savings Bank has a VIP checking account that earns 1.01 percent annual percentage yield (APY). The interest rate is current as of April 28, 2011. New checking accounts at the Baltimore-based bank are available only to residents of Maryland. Details of the bank offer include:

  • Free ATM card
  • Free transactions at ATM machines
  • Free printing of one order of checks each year
  • No monthly maintenance fee with balance of at least $500
  • Minimum balance of $1,000 to earn the APY

Hopkins Federal Savings Bank also has a Money Market Checking Account with a competitive interest rate. You can earn 1.11 percent APY on the account. The checking account offers an ATM card that can be used free at ATM machines and for point-of-sale purchases. You also can issue three checks of at least $500 during each statement cycle. The monthly maintenance fee is waived if you have a minimum daily balance of at least $2,500. The account is ideal for customers who don’t need to make a lot of transactions each month.

Hopkins Federal Savings Bank is a locally owned bank that has served residents of Baltimore and nearby communities since 1921. Accounts are insured by the Federal Deposit Insurance Corporation (FDIC).

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Three banks are entering the online payments race and will let customers send money from checking accounts to other individuals with an email address or cell phone number. Bank of America, Wells Fargo and J.P. Morgan Chase launched the new service in a bid to compete with PayPal, according to the Wall Street Journal.

PayPal is the biggest electronic payment service out there. There are other companies out there trying to cash in on the popularity of online payments, so the banks are facing other competitors. The service is initially being offered free by the banks. While many banks offer the ability to send electronic payments, customers usually have to provide more information than with the new service. The service also does not require checking account holders to register for a separate account to move money the way PayPal does.

Many banks are looking to retain customers and find new sources of revenue. The Wall Street Journal article states that “U.S. households made more than $865 billion of payments between individuals through 11 billion transactions last year, according to a survey from consulting firm Aite Group LLC. That amounts to roughly $7,500 and 96 transactions per household.”

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ING Direct savings account

Category: Bank Deals, Savings Account Rates- fhuff- 12:57 pm/ May 23, 2011

ING Direct has a savings account that earns 1 percent annual percentage yield (APY). The savings rate is effective as of Feb. 23, 2011, and is variable. Details of the Orange Savings Account offer include:

  • No monthly maintenance fees
  • No minimum balance requirement
  • Links to existing checking account at any bank
  • Easy online application
  • Deposits insured by the Federal Deposit Insurance Corp. (FDIC)
  • Maximum of six withdrawals per month

Interest on the savings account accrues daily and is compounded monthly. All deposits are subject to being held for five business days before they can be withdrawn. The initial deposit used to open the savings account will be held for 10 days for security reasons.

The Orange Savings allows you to set up automatic savings plan that allows you to save as frequently as you want. There is no minimum number of deposits required so you can set up deposits on a weekly, monthly, bi-weekly or some other basis. You can also set up more than one automatic savings plan if you want.

ING Direct is based in Wilmington, Del. Banking is done by phone, online or via mail 24 hours a day.

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Everbank has a money market account with a bonus interest rate of 1.26 percent annual percentage yield (APY) and a first-year rate of 1.07 percent. The Yield Pledge Money Market Account is offering the three-month bonus rate to people opening a money market for the first time.

The bonus interest rate is for balances up to $50,000. Balances above that amount earn a variable ongoing money market rate of 1.01 percent APY. Interest rates are current as of May 20, 2011.

Other details of the high-yield money market offer include:

  • Minimum opening balance of $1,500
  • Six withdrawals/transfers per month
  • Free online and mobile banking
  • Make deposits from home
  • Available as an IRA
  • $8.95 monthly fee if balance falls below $5,000
  • Insured by Federal Deposit Insurance Corp. (FDIC)

Islandia, N.Y.-based Everbank is also offering $500 off an appraisal if you apply for a mortgage loan. The appraisal offer applies to new mortgage applications only, not previous applications or those already in progress. The appraisal fee would be reimbursed at closing. The offer cannot be combined with any other offer.

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