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Highest Deposit Interest

Here is a new a new post with the greatest 1-year CD Interest Rates that I can locate.

The government has shut-down thirty-eight banks so far in 2010. The FDIC expects to close a record number of banks this year. About 600 banks are in the brink and in a under-capitalized category and most of those will not survive. Mounting residential losses plus impending commercial losses will just break the camels back.

When thinking about top CD rates you want your bank to hang around for Checking your financial institutions soundness is important.

Nevertheless here are some best 1-year CD Rates I found.

It looks like federall NCUA insured credit unions are in the lead.

Alliant Credit Union has a 1.75% APY for a 1-year CD. The interest rate is good from 1-year to 23-months. By the way the two year increases to 2.25%. Interest is paid at maturity only. 5-star Rating.

Melrose Credit Union out of New York has a 2.07% APY.

Amazingly, I found a bank with a 2.00%. Most banks are in the 1.50% range because of the FDIC National rate cap. Check out First City Bank. 2.00% APY. They can be reached at 888-244-5151. Of course there are a couple of caveats. It is a 15-month CD which is what gets them around the national cap. They have a 0-Star rating. And to make it worse, they are found in Florida. CD Rates in Florida are good, but the state has high loan delinquencies. But they are FDIC insured.

Discover bank is one of the most highly rated banks in the country. They have a decent rate of 1.60% They are based in Wilmington, Delaware. The bank is the money behind the Discover credit card.

Franklin Synergy Bank has a 1.95%, also for 15-mos. They are out of Franklin, TN. They have a 2-star rating.
2-star rated banks may be able to recover, but a zero or 1-star rated bank probably will not. Although, you could end up with a penalty free closure and if rates increase, re-invest at higher rates.

Visions FCU is a 4-star rated institution. They are one of the few remaining 2.00% 1-year CDs.

Use the FDIC or NCUA website to do your own health check. Take a look at the various ratios. Look for a capital ratio above 7%, a total risk based capital above 10% (only applicable to banks), and if the institution has a loss, make sure it is only about 25% of the capital when you adjust for yearly earnings. These are just suggestions. The web also offers some free rating tools. One is found at bankrate[dot]com.

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Tags: bank cd rates
Posted in Banking · March 28th, 2010 · Comments (0)

Internet Checking Account – 3 Reasons Why It Is The Best Account To Hold

Money management is important. With the present economic predicament and the regular change in interest rates and banking terms it is worth spending a bit time to make sure that you are in control of your money.

To effectively manage your hard earned dollars you need to have total control. Banks consider their own bottoms line figures, especially with the collapse and mergers which have lately shaken the banking world. They aren’t considering what’s best for you and your financial situation.

Below are our top 3 reasons why i suggest you consider an Internet Checking Account as opposed to traditional checking accounts.

1. No more queuing. Queuing is great for buses and purchasing tickets, they are a first come first serve basis and queuing is therefore suitable. Banking really should not be handled like this. If your requirements are sufficiently uncomplicated that they can be processed through an unnamed person behind a safety screen then there isn’t any need to see the person, you may as well do it all through a computer and lessen the possibility of human error.

2. No more paper statements. With internet banking you are able to ‘turn off’ your paper statements. Meaning no more envelopes landing on your doorstep requiring filling. This will likely save you time, and will also save you space. The online structure is quite trouble-free. The statements are available so that you can down load and save as suits your needs, otherwise you’ll be able to just request them as and when you want to see them.

3. No more going to bank branches. The concept of visiting your bank branch and chatting to them about your banking needs might sound excellent, but the truth is usually quite different. To start with, most decisions need to be made through a central structure, consequently can’t actually be approved at your branch. In addition you’re unlikely to be able to see the same person on each visit, so there isn’t any continuity of care.

Once you realize how impersonal banking through a high street branch is becoming you’ll appreciate that it is a waste of your time and effort.

With an Internet Checking Account, you can be in control. If you want advice about a certain product you can still phone the banks sales team who will know a lot more about the product than your average bank employee.

The banks have realized that they can cut their overheads radically by transferring accounts to the internet. To achieve this transfer of customers they have to make the internet checking accounts appealing. This is the simple motive why offers and rates available on the internet will often be better than those available at a bank branch.

Take advantage of the offers and find yourself a good rate and service with an internet checking account.

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Tags: internet checking account
Posted in Banking · March 18th, 2010 · Comments (0)