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Incrediblebank has a money market account that earns 1.25 percent annual percentage yield (APY) on balances of $2,500 to $249,999. Money markets with balances above $250,000 earn 0.8% APY. Details of the money market offer include:

  • Minimum opening deposit of $2,500
  • $10 monthly maintenance fee if balance falls below $2,500
  • Insured by the Federal Deposit Insurance Corp. (FDIC)

The bank also has a checking account that earns 1.21 percent APY on balances up to $249,000. Balances above that amount earn 0.8 percent APY. The checking account requires a minimum deposit of $1,000. Fees that may reduce earnings on the account include $15 a month for paper statements. $29 for stop payments and $34 per item for overdrafts created by check, in-person withdrawal, ATM withdrawal or other electronic means. There is a maximum of $340 per day for overdraft charges.

Incrediblebank, a division of River Valley Bank, based in Wausau, Wis., also has competitive CD rates. You need a minimum opening deposit of $10,000 to open a certificate of deposit. The maximum deposit allowed for CDs is $90,000. CD terms include 9 months, 13 months and 19 months. Interest earned must be added back to the certificate of deposit.

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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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Fed to keep federal funds rate unchanged

Category: News and Notes- fhuff- 2:05 pm/ August 10, 2011

The Federal Reserve said it will keep the target range for the federal funds rate at 0 to 1/4 percent. The lack of movement in the interest rate is designed to promote an economic recovery and keep inflation in check.

The Fed said in a statement that “the Committee currently anticipates that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.”

Economic growth has been slower than expected this year, according to the Fed, which said, “Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up. Household spending has flattened out, investment in nonresidential structures is still weak, and the housing sector remains depressed.”

The federal funds rate is the interest rate at which depository institutions lend money to each other, usually overnight. With the federal funds rate remaining unchanged it’s likely that you won’t see much upward movement in savings rates. That’s because savings rates move in the same direction as the federal funds rate. So when the rate is increased, your savings rate also should rise.

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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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Customers Bank has a money market account that earns 1.2 percent annual percentage yield (APY). The account requires a minimum opening deposit of $10,000 to obtain the promotional money market rate. The maximum deposit on the account is $500,000. Money market accounts are limited to six transfers to other bank accounts per statement cycle. A $5 fee may be imposed for excess transfers during each statement cycle and the account may be converted to a checking account for repeated excess transfers.

The bank also has other savings accounts with competitive interest rates. The Reserve Savings Account has a 1 percent APY and requires a minimum of $10 to open. Interest on the savings account is compounded and credited on a quarterly basis. The bank uses the daily balance method to calculate interest on the account.

A 13-month certificate of deposit is also available to help grow your money. The CD rate for the period is 1.15 percent APY and you need a minimum opening deposit of $10,000. After the guarantee period the CD rate may fluctuate.

Customers Bank has 11 offices in Pennsylvania, New Jersey and New York. Deposits with the bank are insured by the Federal Deposit Insurance Corp.

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