Best Bank Rates and Deals

CharterBank is offering a competitive 5.01% APY on its RewardsChecking Account. Here are the rate tiers and features on the account based on meeting monthly requirements:

• 5.01% APY on balances up to $25,000
• 1.01% APY on the portion of the balance over $25,000
• 0.101% APY base rate if the monthly requirements are not met
• ATM fee refunds up to $20 per cycle

The monthly requirements for the account include:

• 10 check card purchases
• 1 direct deposit or automatic payment
• Receive online statements

Some extra features of the account include a $50 minimum initial deposit, no minimum balance requirement, and no monthly service charges.

There’s an online application to open the account; however, it must be printed and taken to a branch location to finish the process.

>> Checking Specials

Dear Dr. Don,
I am 54 years old and have $10,000 to invest. I plan to retire at age 65. What is the best strategy for the most gain? The money is currently in a safe-deposit box not earning any interest. I also have a small safety net for emergencies. Should I see a financial planner?
– Rivera Retirement

Dear Rivera,
You definitely should have this money earning a return versus sitting in a safe-deposit box. How much risk you should take while investing the funds depends on your overall finances and your attitude toward risk.

If you keep your money in a safe-deposit box, you aren’t likely to be comfortable investing for the most gain. There’s a trade-off between risk and what you can expect to earn on an investment.

I think meeting with a financial planner is an excellent idea. He or she will be able to look at your overall financial situation and give you an idea of what you can expect in retirement income.

Full article…

The money market rate at Zions Bank has recently lowered to 1.35% APY. The rate was previously listed at 1.40%.

Here are a few details of the account:

• $1,000 initial opening deposit
• $2,500 required to earn interest
• Account earnings compounded daily and credited monthly

You are limited to 6 pre-authorized, internet, auto or phone transfers per month. Branches are located in Texas, Washington, California, Utah, Nevada, Arizona, Colorado and Mexico.

>> Money Market Promotions

One Georgia Bank is offering a highly competitive 2.10% APY for the Prime Money Market Account. The account requires a minimum of $100,000 to earn this top rate.

The bank offers other competitive money market account rates:

• 2.00% APY – $50,000 and over
• 1.75% APY – $25,000 – $49,999.99
• 1.50% APY – $10,000 – $24,999.99
• 1.00% APY – $0 – $9,999.99

All accounts require $5,000 to open and offer free online banking, bill pay and electronic statements. Interest is calculated daily and credited monthly.

To open an account, visit one of the branch locations in Atlanta.

>> Special Money Market

Now that we have validation that the economy is growing again — as evidenced by the first look at third quarter GDP — is it time for the Fed to start reeling in the lines of liquidity? Expect a whole lot more debate about that, inside and outside the halls of the Federal Reserve, surrounding the Nov. 3 to 4 meeting of the Federal Open Market Committee.

The Fed has begun to test the unwinding of some of its other liquidity programs already, but the real significance to consumers revolves around expectations for eventual rate hikes and the Fed’s support of the mortgage market.

The Fed’s mortgage purchases will taper off through the end of 2010′s first quarter after having extended the timeframe by an extra three months, but not increasing the amount of the buybacks.

Full article…

Bank rates may be out of date. Please check bank websites for current rates.

Discover Bank currently has some relatively high CD rates available nationwide.

Current CD rates include:

• 3 month CD – 1.00% APY
• 6 month CD – 1.35% APY
• 9 month CD – 1.50% APY
• 12 month CD – 2.00% APY
• 18 month CD – 2.05% APY
• 24 month CD – 2.35% APY
• 30 month CD – 2.35% APY
• 3 year CD – 2.75% APY
• 4 year CD – 2.95% APY
• 5 year CD – 3.40% APY
• 7 year CD – 3.55% APY
• 10 year CD – 3.85% APY

IRA CDs are also available with slightly lower yields. Minimum desposit for discover bank CDs is $2500.

Discover Bank also has an online savings account with a rate of 1.75% APY, and an online money market account with a rate of 1.50% APY.

All Discover Bank rates are current as of Nov 3, 2009. Discover Bank is FDIC i

Full article…

Take advantage of competitive money market rates from Neighbors Federal Credit Union. The rate tiers for the Money Market Account are as follows:

• 1.51% APY – balances over $50,000
• 1.25% APY – $25,000 – $49,999.99
• 1.00% APY – $10,000 – $24,999.99
• 0.75% APY – $2,500 – $9,999.99
• 0.00% APY – $0 – $2,499.99

The account requires $2,500 minimum balance and $250 minimum withdrawal amount. There are no annual fees. Also, the account receives:

• Free checks
• Free travelers checks, money orders and cashier checks
• 6 withdrawals allowed per month (maximum of 3 withdrawals by check)
• Charges: $10 for dropping below minimum balance, $10 for excessive withdrawal

To join, you must live, work, worship, or attend school in one of the 9 Louisiana parishes: East Baton Rouge, West Baton Rouge, Ascension, Livingston, Iberville, Pointe Coupee, East Feliciana, West Feliciana, or Saint Helena.

Full article…