Bank Deals, Local Bank Deals, Money Market Rates

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If you have a large sum of money you need to park in a safe place for a while, Quantum National Bank has a Hi-Rate Money Market that earns 1 percent annual percentage yield. The money market rate is good for deposits of $100,000 and up. So if you have a large sum of money saved up for a house down payment, business purchase or some other financial transaction that will take place in the near future, this money market can allow you to earn a modest return on your money rather than have it sit in a non-interest bearing account.

Details of the money market account include:

  • Minimum deposit of $100 required
  • No monthly fee for balances above $1,500
  • $12 monthly fee for balances below $1,500
  • Checks are available
  • Six withdrawals per statement or you get charged $10 per excessive withdrawal

The Hi-Rate Money Market has tiered interest rates. Balances up to $9,999 earn 0.05 percent APY, $10,000 to $49,999 earns 0.15 percent APY and $50,000 to $99,999 earns 0.2 percent APY. The Hi-Rate Money Market is also available for business deposits. Accounts are available only to residents of Georgia.

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Dime Savings Bank has a Prime Rewards Money Market Account earning 1.01 percent annual percentage yield (APY) on balances of $75,000 and up. The money market rate is available for passbook and statement accounts. The money market has tiered interest rates that are currently at:

  • 0.2 percent APY for balances of less than $1,000
  • 0.45 percent APY for $1,000 to $24,999
  • 0.75 percent APY for $25,000 to $49,999
  • 0.9 percent APY for $50,000 to $74,999

If you maintain a Dime Savings Bank checking account you automatically qualify for the money market account. Other details of the money market account include no monthly $10 fee if you maintain an average daily balance of $2,500 and it is insured by the Federal Deposit Insurance Corp. (FDIC). For statement accounts you can write up to six checks per monthly statement, get a free ATM card or Visa check card and check your balance 24 hours a day with online banking.

The bank also has a competitive CD rate of 1.15 percent APY for a 2-year term. To open a certificate of deposit you need a minimum deposit of $500. Interest is compounded daily and credited monthly. CD terms at the bank range from 3 months to 7 years. Dime Savings Bank is based in New York.

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Open a Valley National Bank checking account and you could earn up to $150 in cash bonuses. Setting up a checking account requires a minimum deposit of $100. You’ll receive a cash bonus of $75 after signing up for mobile banking. Another $75 bonus will be credited to your account when you sign up for monthly direct deposit or enroll in online banking and complete three merchant bill payments. Other details of the offer include:

  • Account is free for a year
  • First order of checks is free
  • Free online statements, mobile banking, debit card and banking by phone
  • Funds deposited must be from another institution
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

All requirements must be met within 60 days of opening a checking account to qualify for the cash rewards. Once requirements are met the cash rewards will be credited within 90 days of the account being opened.

Only new checking account customers can qualify for the cash rewards. The offer is limited to one per customer and two per household. Accounts that qualify for the offer are the Perfect Checking, Student Reward Checking, Basic Consumer, Senior Citizen Checking and NOW Checking. Valley National Bank is based in Wayne, N.J.

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If you live in Oklahoma, the First National Bank of Pawnee has competitive CD rates. The bank does not accept out of state deposits to open a certificate of deposit. CD rates available as of July 27, include:

  • 0.5 percent annual percentage yield (APY) for 91-day single maturity
  • 1 percent APY for 182-day
  • 1.21 percent APY for 1 year
  • 1.31 percent APY for 18 months
  • 1.51 percent APY for 2 years
  • 2.02 percent APY for 3 years
  • 2.17 percent APY for 4 years

All of the CD rates are for single maturity and auto-renewable CDs, except for the 91 day CD. The 91- and 182-day CDs require a minimum opening deposit of $2,500.

For other certificates of deposit, the minimum opening deposit is $1,000. You can elect to have interest paid by check, checking deposit, savings deposit or added onto the CD. Early withdrawal penalties include 3 months’ interest for 1-year CDs and 6 months’ interest fo 2, 3, and 4-year CDs. The penalty for early withdrawal of a 91-day certificate of deposit is 91 days interest and 3 months’ interest for a 182-day CD. Deposits at First National Bank of Pawnee are insured by the Federal Deposit Insurance Corp.

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Metcalf Bank is offering a $100 cash bonus for opening up a checking account. The bank is offering the promotion through Aug. 31, 2011. Open a MyChoice checking account and get $50. Open a SaveUp savings account at the same time and get another $50. And when you set up a monthly automatic transfer between the two accounts the bank will double the interest.

The checking account offers free mobile banking and refunds of other banks’ ATM fees. It also offers six months of free identity protection and a free CheckPlus Debit MasterCard. You’ll also receive free estatements, email and text alerts. The $3 monthly fee on the account is waived for meeting certain requirements during each monthly statement cycle.

Other details of the bank’s offer include:

  • Minimum balance of $250 to receive the incentive for the SaveUp Savings
  • SaveUp Savings has a 0.5 percent annual percentage yield (APY)
  • Savings rate falls to 0.25 percent if automatic transfer requirement is not met
  • Savings rate is subject to change after opening account
  • Fees may reduce earnings
  • Fee may be imposed for closing account within first 120 days

Metcalf Bank is based in Lee’s Summit, Mo., and is a leading financial service provider in the state.

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