CD Rates, Credit Union Deals

Navy Federal Credit Union has a Special EasyStart Certificate that earns 2.9 percent annual percentage yield (APY). The certificate of deposit (CD) has a 12-month term and requires a minimum opening deposit of $50. Other details include:

• Add minimum of $15 each month
• Maximum balance of $3,000
• Penalty for early withdrawal
• One Special Easy Start Certificate per member

If you are 18 or older you must have direct deposit of net pay, with a minimum per direct deposit of $300. You also must have a Navy Federal checking account. Not meeting the requirements reduces the CD rate to the prevailing standard rate. When the CD matures it renews to a $100 minimum standard EasyStart Certificate unless you specify otherwise.

The credit union offers other CD rates and terms that range from six months to seven years. It also has several checking accounts, and some of them pay interest. Members of the credit union can fill out an account application online.

Navy Federal Credit Union serves members of the Army, Navy, Marine Corps, Air Force, Department of Defense and their families. The credit union has been operating since 1933.

Discover Bank has a certificate of deposit (CD) rate of 1.8 percent annual percentage yield for a three-year term. The CD rate is current as of Jan. 18, 2011, and could change at any time. The CD offer is for personal accounts only. Other details of the CD include:

• Minimum opening deposit of $2,500
• $2,500 minimum balance to earn best interest rate
• Fees may reduce earnings
• Penalty for early withdrawal
• Insured by Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor
• Interest is compounded daily and credited monthly

Interest earned on CDs can remain in the account or be transferred monthly to a Discover Bank Money Market or another bank account. If you receive interest payments via a check, there is a $5 fee. You receive statements each year in January. But if you choose to have interest automatically transferred to another bank account, you receive monthly statements. You can also view statements online.

Discover Bank notifies you about three weeks before the CD matures with options to renew. The CD automatically renews if you do not contact the bank at least 10 days prior to maturity. Additional deposits can only be made during the grace period following maturity.

Open a high-yield checking account at IncredibleBank and you could earn an interest rate of 1.35% annual percentage yield (APY). The interest rate is current as of Dec. 8, 2010, and rates are subject to change without notice. Other details of the checking account offer include:

• Balances up to $250,001 earn 1.35% APY
• Balances above $250,001 earn 0.8% APY
• Minimum opening deposit of $1,000
• Electronic statements
• Free ATM transactions
• Free mobile banking and bill pay can be added

Fees may reduce earnings on account. Among the fees you may have to pay are $5 to replace a lost check card, $5 for deposited checks that are returned unpaid, $29 for stop payments, $15 for paper statements, and $34 per returned item.

The bank also offers a 12-month certificate of deposit (CD) with a 1.3% APY. The CD requires a minimum opening deposit of $10,000 and there must be a minimum balance of $10,000 to earn the stated CD rate.

IncredibleBank is an Internet-only bank. It is a division of River Valley Bank, based in Wausau, Wis., which has been in business since 1967. Accounts at IncredibleBank are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000 per depositor.

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).

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).