Highest Interest Rates » CD Rates

Flagstar Direct Free Interest Checking Account

Highest Interest Rates — Sun, 09 Jan 2011 04:46:14 +0000

Flagstar Direct continues to offer a nice promotion on its free interest Checking Account. First, it’s offering an intro rate of 1.50% APY for the first 4 months. Second, it’s offering an additional $100 bonus for establishing direct deposit within the first four months. Only one promotional account is allowed per household. This promo is listed at Flagstar Direct’s Express Checking Account page.

The Express Checking Account features::

No monthly maintenance fees
$1 minimum opening deposit
Free checks
Fee-free access to ATMs in the Allpoint and Presto! networks in all 50 states

The standard interest rate isn’t the best, but it’s competitive for regular checking accounts (non-reward). As of 12/21/2010, the rate is 0.85% APY on all balances.

Flagstar Direct used to offer some good deals on its CDs, but its CD rates are now under 1.00%.

Its Express Money Market account has a yield of 1.06% APY (1.20% APY for $100K+) as of 12/21/2010. Like the checking account, the money market account is free with no minimum balance requirement and checks are free. A reader mentioned that they have an ACH bank-to-bank transfer service via Cashedge. It allows up to 5 links to external banks, and transfers take 3 business days.

Imperial Capital Bank Internet CDs

Highest Interest Rates — Thu, 28 Aug 2008 00:21:42 +0000

Imperial Capital Bank increased the yields on its internet CDs. The short-term CDs have the most competitive rates: 4.10% APY for a 6-month term and 4.15% APY for a 9-month term. The 12-month CD has a decent yield of 4.25% APY. The minimum deposit is $2,000.

Accounts can be opened online or by mail. According to the online application, you can fund accounts by mailing a check, wire transfer or a transfer from another ICB account. The wire transfer fees are $12 for incoming and $25 for outgoing.

There’s also has been a slight bump to the top yield of the iMoney Market Checking. The top yield increased from 3.65% to 3.75% APY. This requires a minimum balance of $100K. The yield for the lowest tier remains at 3.00% APY for balances between $2.5K and $25K.

Like many of the banks in California, Imperial Capital has been hurt by the mortgage crisis. The San Diego’s Union Tribune reported last week that “Imperial Capital Bank has entered into a written agreement with federal and state banking regulators to fix several potential trouble spots found in a recent examination, including reducing its exposure to some types of loans.” Imperial Capital has been FDIC insured since 1985.

Discover Bank CD Rates

Highest Interest Rates — Sat, 14 Jun 2008 05:35:11 +0000

Discover Bank has some high CD rates on their long term CDs, with a 4.57% APY 4 year CD and a 4.81% 5 year CD. Minimum balance on CDs is $2,500. Short term CDs have lower yields.

Discover Bank also has a money market account with a fairly competitive yield, at 3.04% APY. Deposits over $50,000 yield 3.14%.

Banking with discover could be useful if you already have other accounts with them.

Countrywide Top Long Term C.D.s

Highest Interest Rates — Sun, 20 Apr 2008 22:34:34 +0000

Countrywide Bank has recently raised their long term CD rates by several basis points. All CDs over 18 months have been increased. 18 month CDs now yield 4.10% APY, while 3-5 year CDs yield 4.50% APY, some of the highest rates available. Countrywide CD’s all have a $10,000 minimum balance and are FDIC insured up to $100,000.

91 days of interest early withdrawal penalty for terms under 12 months
180 days of interest early withdrawal penalty for terms of 12 to 60 months
Grace period at maturity when you can close without penalty is 10 calendar days
No hard credit inquiries for opening CDs or savings accounts
CD funding options: mail a check, wire transfer, or drop off check at a CW financial center

Countrywide has had its share of subprime mortgage problems recently, and it’s slated to be bought out by Bank of America. However, with continually deteriorating credit conditions, it would be wise to keep your deposits less than the FDIC insured amount.

Wells Fargo CD Rates

Highest Interest Rates — Sun, 19 Aug 2007 01:34:18 +0000

Wells Fargo is currently offering a 4.90% APY CD rate on their 5 month certificates of deposit. As a whole, Wells Fargo CD rates are not really the highest rates available, as many other online banks offer higher rates. However, with the recent credit problems and many banks facing loan defaults, one might sleep better at night with a safe bank such as Wells Fargo or Bank of America. Minimum deposit required for this rate is $5,000. The CD rate table is available at the Wells Fargo website.