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First Trade Union Bank has a High & Mighty Savings earning 1.05 percent annual percentage yield (APY). The savings rate can only go higher but never lower through September 30, 2011. Existing customers can open the high-yield savings account online. Details of the savings offer include:

  • Minimum opening deposit of $250
  • 1.05 percent APY is for balances of $2,500 and up
  • 0.25 percent APY on balances between $10 and $2,500
  • No monthly service fees
  • Free online banking
  • Get statements online
  • ATM card available
  • Set up direct deposit

Interest on the savings accounts accrues daily and is compounded and credited monthly. The savings rate is current as of June 29, 2011. Funds can be transferred between First Trade Union Bank and external accounts for no fee. The savings account also can be used with the banks overdraft protection program. The bank also reimburses some ATM fees for transactions at machines displaying the Cirrus, SUM Program or NYCE Payment Network logos.

First Trade Union Bank has been in business since 1987 and is based in Boston. Deposits at the bank are insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor.

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MetLife Bank CDs with tiered interest rates

Category: Bank Deals, CD Rates- fhuff- 7:36 am/ June 27, 2011

MetLife Bank has a 1-year certificate of deposit that earns 1.3 percent annual percentage yield (APY). The CD rate is for balances of $25,000 and up that are deposited in a single transaction. Certifcates of deposit can be opened online or by phone using offer code Snoopy16. Other terms of the certificate of deposit offer include:

  • Choose a traditional CD or IRA CD
  • IRA CDs cannot be opened online
  • Funds deposited into CD must come from non-MetLife source
  • Minimum deposit to open CD is $2,000
  • Early withdrawal results in a penalty
  • Insured by the Federal Deposit Insurance Corporation (FDIC)
  • Free Identity Theft Resolution Services for being a MetLife customer

The certificate of deposit has tiered interest rates that include 0.9 percent APY for balances of 2,000 to $14,999 and 1.1 percent APY for $15,000 to $24,999. MetLife Bank has other CD rates and terms from 3 months to 5 years. Among the CD rates are 1.35 percent APY for 18 months, 1.55 percent APY for 2 years, 1.9 percent APY for 3, 4, and 5 years. Those CD rates are for deposits of $25,000 to $49,999.

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You can earn up to $120 each year with any checking account enrolled in Green$ense at Citizens Bank. The checking account pays 10 cents each time you make a payment without writing a check, such as with a debit card, online bill payment or by setting up automatic payments. Green$ense checking accounts receive a debit card made from recycled plastic and online statements.

According to the Citizens Bank Web site, after just one year of enrolling in Green$ense, for every dollar you earn through the program you will:

  • Save emissions equal to more than 87 miles of driving
  • Save almost 4 gallons of gas consumed by transporting statements and bills
  • Prevent more than 3.5 gallons of waste water
  • Lower the global warming impact equal to turning off your refrigerator for a week
  • Save more than 7 square feet of forest

Citizens Bank offers several personal checking accounts that can be enrolled in Green$ense, including:

  • Green Checking, which has no minimum balance requirement and a low fee
  • Circle Gold Checking with Interest which has preferred rates on saving and borrowing, plus rewards and special perks
  • The Personal Checking with Interest which has no monthly fee when you carry a minimum balance
  • Circle Checking which allows combined balances in the checking, savings and loans to offset the monthly fee.

Other checking accounts are available at the bank, which is based in Providence, R.I.

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Fed says economy growing slower than expected

Category: News and Notes- fhuff- 12:58 pm/ June 22, 2011

The Federal Reserve said the U.S. economy is growing slower than expected, although the economic recovery is continuing at a moderate pace. The economy is expected to grow 2.7 percent to 2.9 percent this year. It also projecting unemployment to be about 8.6 percent to 8.9 percent by the end of the year.

The Fed said in a statement:

Recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.

As a result of the economic outlook, the Fed decided to keep the target range for the federal funds rate a 0 to 1/4 percent. The federal funds rate is the interest rate at which institutions such as banks and credit unions lend balances to each other overnight.

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VirtualBank money market rates

Category: Bank Deals, Money Market Rates- fhuff- 12:47 pm/ June 20, 2011

Do you have a large sum of money that needs to be parked in a savings account for a while, such as a down payment on a home? VirtualBank has an eMoney market account that is earning 1.06 percent annual percentage yield (APY) on deposits of $100,000 and up. The money market rate is current as of June 20, 2011. Interest rates are subject to change at any time. Tiered interest rates are available for lower balances. Details of the money market offer include:

  • Minimum opening deposit of $100
  • No monthly fees
  • Free online statements
  • Free transfers from your existing personal checking account
  • Free electronic deposits and withdrawals
  • Maximum of six withdrawals and preauthorized transfers per statement cycle

Interest on money market accounts is compounded daily and credited monthly. Fees on the account may reduce your earnings. The money market account does not allow wire transfers, mail in deposits or issuance of bank checks. During the first 30 days that the money market is open there will be a hold on funds deposited into the account for 10 business days.

VirtualBank is the Internet banking division of Lydian Private Bank, based in Palm Beach County, Fla. Accounts held at the bank are insured by the Federal Deposit Insurance Corp. (FDIC).

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