Bestrateguru's Weblog

First Bank of Lincoln – 3.01% APY CD Rate

bestrateguru — Tue, 15 Nov 2011 22:02:58 +0000

The First Bank of Lincoln, located in Lincoln, MT is offering a 60- Month CD that pays 3.01% APY. That appears to be the best bank rate in the country. If you can find higher, let me know.

I checked out their website, and there’s not much there. Just one page with a picture of the outside of the bank. It looks more like a 1970s coffee shop than a bank, but hey, they do have the best rate.

If you live near Lincoln, MT, check it out and let us know.

First Choice Bank Rocking it with 2.80% APY 60-month CD

bestrateguru — Wed, 02 Nov 2011 18:56:44 +0000

First Choice Bank

Well, we know that average CD rates have continued to drop and so have the best cd rates. It wasn’t long ago that we were discussing 5-year rates above 3%. Now, we’re happy if a rate is close to 3%. According to BestCashCow’s local rate average (which I believe to be the most comprehensive CD rate average) the average 5-year CD rate is now yielding 1.60% APY. Yikes! Why would anyone lock their money away for 5 years for 1.60%? Especially if it looks like the economy may be improving – maybe, just a little.

Anyway, to get a bit more yield we took a survey of banks and found First Choice Bank. They are offering a 60-month CD (same thing as a 5-year CD) for an average busting 2.80% APY with a reasonable $1,000 minimum balance. The bank has five branches in central Jersey (not sure which highway, ha, ha). But the good news is this isn’t some bank located in Fargo, no offense to those in North Dakota but you frigid midwestern states seem to have the best rates. Anyway, if you live in their area, check them out. They are FDIC insured and it might be worth stashing money their for 2.80% versus hiding it under your mattress.

American Airlines Federal Credit Union Offering .75% Savings Rate

bestrateguru — Wed, 26 Oct 2011 02:09:10 +0000

American Airlines Credit Union

For all of you that fly the friendly skies, or rather that help others fly the friendly skies, American Airlines Credit Union offers a very good rate on their savings account. The account pays .75% APY, which is well above the BestCashCow average of .23% APY for non-online savings accounts.

The membership field is actually a bit broader than I originally thought:

All active or retired employees of American Airlines, Inc., American Eagle Airlines, or the Air Transportation Industry as described below:

Employees who work in the Air Transportation Industry such as:

Airline employees.

Government employees, such as TSA, FAA and others, who work directly in administration, regulation or security for airports, airlines or air transportation.

Airport employees who work in air transportation of freight and air courier services; and those working in airport support and service such as janitorial, baggage handling or aircraft maintenance.

Onboard airline food services who work on airport property.

Families: When you’re an AA Credit Union Member, you can sponsor membership for your spouse, children, parents, siblings, grandparents, grandchildren and permanent household members.

The credit union wisely places branches at all major airports that American serves, making it easy for those in the business to manage their finances.

Afena Federal Credit Union Offering 2.550% APY 3-Year CD

bestrateguru — Sat, 15 Oct 2011 20:12:13 +0000

Afena Federal Credit Union

Afena Federal Credit Union of Marion, IN is offering a great rate on a 3-Year CD. It’s 2.550% APY is one of the best CD rates for this term in the country from a NCUA insured credit union or an FDIC insured bank. The average bank rate for a 3-year CD is 1.15% APY according to BestCashCow. Afena is offering 2X the national average.

Afena was founded in 1958 and has approximately $52.44 millions in assets. The credit union has a Texas Ratio of 4.70% versus the national average of 10.30%.

Membership is limited to people who live, work, or worship in Wabash County, IN or who have an immediate family member in that category.

5-Year CD Rate of 3.20% APY at Charles St. Community Credit Union

bestrateguru — Thu, 06 Oct 2011 03:11:50 +0000

Think that all of the CD rates are below 3% APY? Think again. Charles St. Community Credit Union, located in Marion, IN is offering a 3.20% APY 5-year CD with a measly minimum balance of $500. Membership requires that you live, worship, or work in Grant County, IN. I know, most people don’t live in Grant County but still, the offer highlights how credit unions are still kicking some juicy rates for those willing to grab a shovel and do a little digging.

A quick search through the BestCashCow rate tables reveals a couple of other juicy offers.

El Paso Area Teachers Credit Union continues to rope the good deals with a 3.150% APY 60-month CD. Minimum balance of $50,000.
Self Reliance Credit Union of NY, New York is offering a 3.10% APY 60-month CD with no minimum balance.
Greater El Paso Credit Union (GECU) is offering a 3.050% APY 60-month CD. What is is with El Paso and 60-month CDs?

Don’t despair. Rates are low but with some digging you can make the best of the bad. Don’t stick your cash into a bank paying below market. That’s like settling for a guy or gal because you just don’t want to look anymore. Strive to find the best, the greatest, the rate that will make your life better for ever after. Well, that might be a bit too much hyperbole, but you get the idea.

There is no excuse nowadays not to get the best rate you can on your savings.

Signature Bank in Offering 3.04% APY 60-Month CD to Private Clients

bestrateguru — Wed, 01 Jun 2011 14:56:39 +0000

If you are lucky enough to have a boatload of cash to park at Signature Bank, then you can get a 60-Month CD that pays 3.04% APY, that’s one of the highest 60-month CD rates available in the country. Signature focuses “on serving the financial needs of privately owned businesses, their owners and senior managers–a group of clients who often find themselves underserved by the area’s larger financial institutions.”

The bank is located on 565 Fifth Avenue, NY, NY. Posh diggs indeed.

Still, if you can afford it, then the rate is a good one.

Bayer Heritage Offering 3.43% APY 60 Month CD

bestrateguru — Thu, 12 May 2011 18:45:33 +0000

You want a CD that will take away any headache you have, then check out Bayer Heritage. They’re offering a 60-Month CD that pays 3.43% APY. Yes, you heard me right, 3.43% APY. Now, I realize that’s not the 6% you could have gotten a few years ago, but it’s a heck of a lot better than what you’ll get from a big bank. The minimum balance requirement is only $500.

Now, of course, the problem is that not everyone can join Bayer Heritage. According to its membership page,

Following are those eligible for membership:

Employees of Bayer Corporation that are specifically named in the BHFCU Charter.

Immediate family of existing members.

Individuals that live, work, attend school, or worship in approved underserved counties. (Counties defined in BHFCU Charter.)

If you happen to qualify and are looking to park some money, this may be the way to go. The credit union is FCUA insured.

Greater Metro Federal Credit Union Offering 3.30% APY 60-Month CD

bestrateguru — Tue, 05 Apr 2011 20:47:37 +0000

Greater Metro Credit Union of Long Island is offering a 3.30% AY 60-Month CD. That’s one of the highest rates I’ve found. The minimum balance is a relatively low $500. To join, you must be a member of one of the following organizations:

The IBM Corporation
The Veteran’s Administration Hospital in Manhattan
The Interchurch Center, 475 Riverside Drive
Visiting Nurse Service
Fedcap Rehabilitation Services
The Population Council
General Theological Seminary

Patelco Credit Union Offering 5% APY New Member CD

bestrateguru — Fri, 01 Apr 2011 20:01:23 +0000

Yes, you heard that right. Patelco Credit Union is offering a 5% APY 12-Month CD to new members. The catch? There is a $1,000 maximum, and a $1,000 minimum. So, you can earn $50 bucks in a year with the investment. Buy hey, that’s better than the $20 you’d get from most other banks or credit unions.

According to BestCashCow, Patelco has a Texas Ratio of 25.17% versus a national average of 11.64% The lower the ratio the better but it’s still far from 100% where a bank’s soundness can be impaired.

Patelco is pretty open for a credit union. If you want to open an account there is a pretty good change you can find a way to quality.

Savings and CD Rates Continue to Fall – Hitting Record Lows

bestrateguru — Wed, 03 Feb 2010 04:47:43 +0000

More bad news for savers.

The transcript is below:

Hi, welcome to BestCashCow dot com, I’m Lynne Ashminov. Grab your stash of cash because today we’re going to talk about saving!

For Savers, today’s financial market is kind of a letdown. Gone are the days when Internet savings accounts were offering 5% annual percentage yields. These days it sometimes seems no better to put your money in a savings account or CD, then to shove it under your mattress. In fact, this week deposit account rates reached record lows. Most savings rates and CD rates hit record lows last week. According to the BestCashCow rate tables, average savings rates reached a new record low of 1.47% APY, down 4 basis point from 1.51% APY the previous week. Average one-year cd rates showed the largest drop, falling 10 basis points to 1.85% APY. Average three-year cd rates dropped four basis points to 2.63% APY. The only glimmer of good news were five-year CD rates which increased from 3.18% APY to 3.20% APY.