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Ally Bank Review – CD Rates, Savings, Money Market

Ally Bank is the online subisdary of Ally financial services. Ally has always had competitive interest rates on all their deposit products, along with no minimum balances, 24/7 customer support, and no monthly fees. I’ve found Ally’s interface to be intuitive and easy to use, and their customer service has also been excellent when I have needed help.

allybank Ally Bank Review – CD Rates, Savings, Money Market

Ally Bank offers many online deposit accounts, did, including savings and money market accounts, and certificate of deposits.

Current Ally Bank Rates

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Ally Savings Account

The AllyBank savings account features:

  • APY yield
  • No minimum balance
  • No monthly fees
  • Daily compounded interest
  • Six withdrawals or transfers per billing cycle

Ally Certificate of Deposits

Ally CDs have no  minimum balance requirements; apparently you can open a CD with $0. It seems to be more of a gimmick as it doesn’t really make sense. Aside from regular CDs, Ally also has a 11 month No-Penalty CD, which states:

“You can withdraw your money 6 days after funding – and anytime thereafter – and you won’t be charged a fee. Just remember, if you do make an early withdrawal it must be for the full balance plus all interest earned.”

This is a good bonus for those who want to earn a decent return on their CD but don’t want an easy out in case better rates are available. The no penalty CD currently has a yield of
.

Ally also has a new CD product called the Raise Your Rate CD that allows you to lock in a rate now, and have a one rate increase option within the 2 year term if rates go up.

Continue reading…

ING Direct $175 in Bank Bonuses

ING Direct has the opportunity to earn up to $175 in bonuses for opening various accounts.

If you aren’t a current ING Direct savings account member, email me at ratestracker at gmail.com to get a referral link. This will start you off with $25. The ING Direct savings account has a pretty decent savings yield and is a highly reviewed online savings account that’s top rated for customer service as well as ease of use.

You can then open a ING Electric Orange Checking Account and get an additional $50 bonus.

The ING Orange checking account features the following:

  • No minimum balance
  • No ATM surcharge
  • No monthly fee
  • No overdraft charge
  • Free MasterCard® Debit Card for all purchases
  • Free Online Bill Pay
  • Free access at over 35,000 ATMs – find one near you
  • Free postage – we’ll mail your paper checks for you

In order to get the $50 Electric Orange checking bonus, you have to open Electric Orange and make a total of 3 Card purchases or Person2Person Payments (or any combo of the two) within 45 days of account opening.

sharebuilder 100 bonus ING Direct $175 in Bank Bonuses

Finally, to get the last $100 bonus you need to open a ShareBuilder account and complete a a full brokerage transfer of $500 or more from a competing broker to Sharebuilder. The $100 bonus offer is available for Individual, Joint and Custodial accounts only. Offer not valid for IRA or Education Savings Accounts. The $100 bonus will post to your account approximately 4-6 weeks after completing a full brokerage transfer from a competing broker and is not available for withdrawal for 180 days. This offer is not valid with any other offers and is non-transferrable. Limit one ShareBuilder promotional award per unique customer.

Upon completion of these 3 steps you’ll end up with $175 in bank bonuses from ING Direct!

Bank of America $50 Checking Account Bonus

Bank of America’s done a 180 on their checking account policy – not only are they now providing free checking accounts, but on top of that they are offering a $50 checking account bonus for signing up for a new checking account.

In order to get the $50 bonus, you have to sign up for one of the following Bank of America checking accounts:

1) “ebanking” – No monthly service charge when you choose online paperless statements and make your deposits and withdrawals online or by ATM, without a teller.

2) “My Access Checking” – No monthly service charge when you set up at least one qualifying direct deposit of $250 or more each month, for example with payroll or Social Security payments, or maintain an average daily balance of $1,500 or more in your account. Otherwise the charge is $12 per month.

3) Prima with Tiered Interest Checking – Maintain a $10,000 average daily balance, otherwise $25 monthly service charge.

Of the three, the eBanking account is obviously the easiest choice because it’s completely free as long as you use the ATM/your computer to do your banking. My Access Checking is pretty straightforward too; all you need to do is set up a direct deposit paycheck or keep 1.5k in your account to waive the fee.

To qualify for the $50 bonus, you must complete the following:

  1. Fill out our easy online application using Offer Code GROUP50 (New customers only)
  2. Set up a qualifying Direct Deposit into your new checking account within 60 days of account opening
  3. Get your $50 bonus directly deposited to your new checking account within 120 days, once the qualifications are met.

This offer is available through 7/31/2012.

Aurora Bank Tops 6 month CDs

Aurora bank is currently offering 6 month bank CD rates at 1.00% with a yield of 1.00%. That rate is more than three times the current national average 6 month rate of 0.308% as reported by MonitorBankRates.com. The minimum opening deposit for a certificate of deposit account at Aurora Bank is $1,000.

Discover Bank has the second best 6 month CD rate on our list of national rates. 6 month Discover Bank CD rates are at 0.85% with a yield of 0.85%. The minimum opening deposit for a Discover Bank CD is $2,500.

Coming in with the third highest CD rate on our list is Ally Bank. The bank’s current 6 month CD rate is 0.84% with a yield of 0.84%. The minimum opening deposit at Ally Bank is only $1.

Other banks on our national rate list that are offering 6 month rates higher than the national average include First Internet Bank of IN offering 6 month rates at 0.75%. AIG Bank is offering CD rates at .070% and Everbank is offering 6 month rates at 0.61%.

Best 9 Month CD Rates Dropping

The best 9 month CD rates from our database topped out at a fairly low 1.0% APY this week, with the best 12 month CDs topping out at just 1.20% APY.

You may be able to find a local community bank or credit union offering a slightly higher interest rate, however, these institutions tend to be fairly exclusive, with membership based on location or place of employment.

Today’s top CD rates available online:

  • 3 month CD yielding 0.60% APY with a minimum deposit of $1,000 required (OneWest Bank)
  • 6 month CD yielding 1.00% APY with a minimum deposit of $1,000 required (Aurora Bank and Ascencia Bank)
  • 9 month CD yielding 1.00% APY with a minimum deposit of $1,000 required (Discover Bank and GiantBank)
  • 12 month CD yielding 1.20% APY with a minimum deposit of $1,000 required (SallieMae)

Best 9 Month CD Rates from Credit Unions:

  • Navy Federal Credit Union has a 9 month CD yielding 0.80% APY with a minimum deposit of $10k required.
  • Affinity Credit Union has a 9 month CD yielding 0.75% APY with a minimum deposit of $500 required.
  • Velocity Credit Union has a 9 month CD yielding 0.60% APY with a minimum deposit of $1k required.

Top MMA Rates at Huntington Bank

Huntington bank currently has a Premium Plus Money Market that offers 1.25% APY on balances above 20k. To qualify for this account you must also open a checking account and maintain a 1500 balance.

Huntington Bank is available to people nationwide, except for residents in California and Massachusetts. They have over 600 branches in the US.

Compared to the top money market accounts, it’s by far one of the top money market interest rates currently available. The national average for money market rates on balances above $25k sits at roughly 0.80% APY. The national average for money market accounts with balances of $0-$10k and $10k-$20k sit at roughly 0.55% APY and 0.63% APY, respectively.

Dime Savings Bank Prime Rewards Money Market Account

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.

Bank of the West $100 Checking Account Bonus

Bank of the West has a $100 checking account bonus available. All you have to do is sign up for a new checking account, and establish a monthly direct deposit of $250 or more. Direct deposit must be payroll, Social Security, pension or other government benefit.

100 checking bonus bank of the west Bank of the West $100 Checking Account Bonus

The first 2 deposits must be posted to the account within 60 days of account opening. Bonus will be paid within 60 days of meeting requirements. Limit of one $100 bonus per personal household or business entity address per 13-month period. Customers who received a bonus from Bank of the West between 7/6/10–8/7/11 are not eligible. Offer subject to change or termination without prior notice at the Bank’s discretion. Offer cannot be combined with any other offer and does not apply to second or multiple checking accounts. Accounts with a zero balance, overdrawn or closed at the time the bonus is awarded are not eligible. Any applicable taxes are the responsibility of the account holder.

Bank of the West is one of the large regional banks. It has $61.18 billion in assets and $41.38 billion in deposits. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).

You can find the bank bonus promotional page here.

Southwest Airlines Premier Card – 2 Free Flights

EDIT: This offer has expired. 

Chase offers 50,000 Bonus Points with Southwest Airlines Premier Credit Card after your first purchase. These points are redeemable for 2 Roundtrip Flights, or $950 worth of Southwest flights.

southwest 2 free flights Southwest Airlines Premier Card   2 Free Flights

There is a $99 annual membership fee (not waived for first year), but you get 6,000 points on your anniversary, which is equal to $100 towards a wanna get away fare.

This card also features the following:

  • 1 point per dollar spent on purchases, which equals a rebate of 1.9%
  • 2 pts per dollar spent on southwest related purchases, including hotel and car rentals using Southwest, which roughly equals 3.8%.
  • Free companion pass if you earn 110,000 points in a year.
  • You will also earn 1 point for each $1 of balance transfers for the first 90 days from your enrollment date in the program, up to 15,000 in points.

Over-the-Credit-Limit Fee:
None for Signature; Up to $35 for Classic.

Additional info:

Bonus Points

Rapid Rewards points can be redeemed for Wanna Get Away fares at a rate of 60 points for each $1 of fare price. You will qualify for and receive your bonus points after your first purchase. First purchase does not include using your account for balance transfers or cash advances, or using any checks that access your account. After qualifying, please allow 6 to 8 weeks for bonus points to post to your Rapid Rewards account. To be eligible for this bonus offer, account must be open and not in default at the time of fulfillment. This one-time bonus offer is valid only for first-time Southwest Airlines Rapid Rewards personal Cardmembers with new accounts. Previous and existing Southwest Airlines Rapid Rewards personal Cardmembers/accounts are not eligible for this bonus offer.

Earning Points

You will earn 2 points for each $1 of net purchases made directly with Southwest Airlines, including flight, inflight, southwestgiftcard, Jackpot Deals, and Southwest Airlines Vacations package purchases, and at participating Southwest Airlines Rapid Rewards Hotel and Rental Car Partners. You will earn 1 point for each $1 of all other net purchases. You will earn 1,500 Tier Qualifying Points (TQPs) for each $10,000 of eligible net purchases. TQPs are used solely towards elite status qualification. Each year, you will receive 6,000 points after your Anniversary. (“Anniversary” is the date that is twelve months after your enrollment date, and the same date each twelve months thereafter.) You will also earn 1 point for each $1 of balance transfers for the first 90 days from your enrollment date in the program, up to a maximum of 15k points.

Visit Southwest.com to apply for the card today!

Bank of Internet CD Rates

Bank of Internet just raised its 1 year CD from 1.21% to 1.27%. This isn’t really a huge rate increase but it is nice to see some rate increases when overall CD rates have been dropping steadily. The minimum deposit on this CD is $1000.

The Bank of Internet CDs feature:

  • Multiple beneficiaries can be included in the application
  • You can select ownership designation as POD, ITF or ATF
  • You can select the following types of accounts in the application: Joint, Trust, Non-Profit Corp. and UTMA
  • In the application you can select to have interest added back into the CD or paid out monthly to an outside bank via ACH
  • The CD rate is determined on the day Bank of Internet receives your application – this rate is reserved for a period of 10 business days to allow time for your deposit to arrive
  • No IRA accounts available
  • Early withdrawal penalty is 6 months of interest for terms of 12 to 23 months
  • Grace period at maturity is 10 days
  • Forfeit interest earned during grace period if you close the CD
This rate is current as of 7/6/2011.

Chase Freedom – $200 Cashback, 5% on Airlines, Hotels, Gas

**EDIT** This offer is no longer available. 

Chase has increased the cashback on their Chase Freedom credit card to a total of $200 cashback! This offer is only available for a limited time.

You get $200 cash back after spending just $500 in the first 3 months!

 

The Chase Freedom card also gives you %5 cash back on select rotating categories  (the next group of categories include airlines, hotels, and gas) as well as 1% cash back on everything else.

You also get up to 10% cash back on select merchants through the Chase website.

I have been using the Chase freedom card for over 2 years now and have received over $900 in the form of rewards checks. It also has excellent fraud protection and no annual fee. I’ve had my card stolen once and they refunded me the fraudulent amounts within a week. Customer service was was very helpful and prompt.

Visit their website today for more information.

If you already have a Chase Freedom card, you can enroll in 5% cashback here.

Best CD Rates in California

The current top CD rates in California are:

  • 3 month CD – OneUnited Bank – .50% APY, 1,000 min deposit
  • 6 month CD – Pacific Mercantile Bank – 1.00% APY, 10,000 min deposit
  • 9 month CD – OneUnited Bank – 1.00% APY, 1,000 min deposit
  • 1 year CD – PatelCO Credit Union – 5.00% APY, 1,000 max deposit (special CD)
  • 18 month CD – Pacific Mercantile Bank – 1.31% APY, 10,000 min deposit
  • 3 year CD – United Central Bank – 1.81% APY, 1,000 min deposit
  • 5 year CD – Pacific Mercantile Bank – 1.31% APY, 10,000 min deposit

These are all local rates available at California banks and credit unions. Better CD rates can, for the most part, be found in online CDs.

Best CD Rates in Florida

Here’s a list of the current top CD rates in Florida:

  • 3 month CD – OneUnited Bank Unity CD – 0.50% APY, 1000 min deposit
  • 7 month CD – TotalBank Promotional CD – 1.10% APY, 1000 min deposit
  • 9 month CD – ONeUnited Bank Unity CD – 1.00% APY, 1000 min deposit
  • 1 year CD – First Florida Credit Union CD – 1.24% APY, 1000 min deposit
  • 18 month CD – OneUnited Unity CD – 1.25% APY 1000 min deposit
  • 2 year CD – First Florida Credit Union CD – 1.31% APY, 1000 min deposit
  • 3 year CD – First Florida Credit Union CD – 1.79% APY, 1000 min deposit
  • 5 year CD – SunTrust Bank Special CD – 2.70% APY, 2000 min deposit

All these CD rates area available locally at Florida credit union or banks.

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FirstBank Checking Giveaway – Kindle, iPod Touch, or Garmin

For residents of Colorado, Arizona, or California, FirstBank is has a checking promotion where you can get  get an Amazon Kindle, iPod touch, or Garmin GPS for opening a FirstBank Free Checking account. Just open an account, then set up direct deposit or make 3 bill payments to get this checking bonus.

  • Offer valid only for customers residing in Colorado, Arizona, or Riverside County, CA.
  • Offer valid for new personal checking accounts opened.
  • Limit one gift award per household, per 24 month period, Limit one gift per account.
  • The gift is redeemable online and a redemption code will be given if the account opened is in good standing, the customer enrolls for online banking, and (1) a direct deposit greater than $300 posts to the account, or (2) three bill payments are made from the account to corporate entities.
  • Requirements (1) and (2) above must be met within 60 days of account opening and the code will be given within 90 days of account opening.
  • Direct deposit must be payroll, pension, Social Security or other government benefits.
  • Direct deposit or Bill Pay enrollment must be new to FirstBank.
  • We reserve the right to substitute gifts offered at any time with an item of similar value.
  • The cost of the gift is considered interest and is subject to IRS and other tax reporting.
  • The cost of the gift is considered a bonus that can be revoked if the account is closed within six months of opening.
  • FirstBank employees are not eligible to receive the gift. iPod Touch© is a registered trademark of Apple Inc.
  • Apple, Garmin, and Amazon are not participants in or sponsors of this promotion.

Chase Business Checking $100 Bonus Valid Through 5/27/11

chase 100 checking Chase Business Checking $100 Bonus Valid Through 5/27/11

Chase is currently offering a $100 bonus for opening a Business Checking account. To get the bonus you need to visit the promotional page and get a $100 coupon to take to your nearest Chase bank branch.

Offer valid thru May 27, 2011. A qualifying Chase business checking account is required (please talk to a Banker for details). Offer does not apply to IOLTA and Client Funds Checking accounts. Offer not available to existing Chase business checking customers, on account conversions or in combination with any other offer and is non-transferable. To qualify for this offer, deposit $500 or more into your new business checking account within 30 days of account opening with funds not currently on deposit with Chase or any of its affiliates. Cash premium will be deposited automatically into your checking account within 10 business days after confirmation of the qualifying deposit. Account opening and award of premium are subject to approval. Limit one business checking account-related premium per customer per calendar year. Chase reserves the right to withdraw this offer at any time without notice. Attempts to earn multiple premiums may be voided by Chase, at its discretion. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Cash bonus may be considered interest reportable on IRS Form 1099-INT.

The following checking accounts qualify for this bonus:

  • Chase BusinessClassic Checking
  • BusinessClassic Checking with Interest
  • Chase Advanced BusinessChecking
  • Advanced Business Checking with Interest
  • Commercial Checking
  • Commercial Checking with Interest
  • Chase BusinessPlus Extra Checking account

Best CD Rates in Texas

The current top CD rates in Texas include:

  • 3 month – Featured CD with .60% APY at Equity Bank, 1000 min deposit
  • 6 month – Featured CD with .80% APY at Equity Bank, 1000 min deposit
  • 9 month – Share CD with .80% APY at Navy FCU, 1000 min deposit
  • 1 year – Super Saver CD with 1.51% APY at United Central Bank, 1000 min deposit
  • 2 year – Super Saver CD with 1.81% APY at United Central Bank, 1000 min deposit
  • 3 year – Air Force CD with 2.00% APY at Air Force Credit Union, 12500 min deposit
  • 5 year – Air Force CD with 2.75% APY at Air Force Credit Union, 12500 min deposit

These are all local rates available at local Texas Banks. Online rates are typically higher.

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Salem Five Direct – 1.25% APY Guaranteed

Traditional savings accounts feature variable APYs that can be changed at any time.

Salem Five Direct is bucking this trend by offering a guaranteed 1.25% APY on their eOneSavings account, which has a minimum of $100.

If you apply by June 1, the rate will be guaranteed for one year until April 1, 2012.

The advantage is that you get the benefits of a CD (guaranteed rate) with the flexibility of a savings account.

This product is actually very similar to the Ally No Penalty CD, which features a guaranteed 1.15% APY but ability to withdraw at any time.

Salem Five Direct is the online division of Salem Five Bank.

You must apply online by June 1 to qualify for this deal.