Best Bank Rates

National City Bank has again extended its 5% special CD. The latest expiration date is April 26, 2008. The promotional page at nationalcity.com/SaveNow lists a 4.75% APY 48-month CD and a 4.00% APY 24-month CD. Both have a $10,000 minimum deposit. There’s also a 3.50% APY 12-month CD with a $2,500 minimum deposit.

National City is also advertising a 5% APY 48-month CD for those who have a National City checking account or those who open a non-interest checking account with a minimum deposit of $1,500. Also being advertised is a 3.05% APY money market account with the rate guaranteed for 180 days for a minimum balance of $25,000.

Justice Federal Credit Union is offering 5.64% apy on their Grow With Me youth share certificate. The minimum/maximum initial funding requirement for this account is $1,000. For every birthday under the age of 18, an additional $1,000 can be deposited into the account. After 12 months this account switches to a variable rate which is based on the Fed Funds Rate plus a margin of 1.00%. At the age of 18 this account will turn into a student checking account.

Field of membership in Justice FCU is open to relatives of eligible members, a variety of contractor employees, US and DC Court employees, Department of Homeland Security and Department of Justice employees and retirees, as well as members of certain Law Enforcement Associations and other eligible groups. Many should be able to find themselves eligible for membership in Justice FCU by being a member of the National Legal Aid and Defender Association.

After the recent Fed interest rate cuts, many banks have been cutting their CD and savings rates as well. Bank of America’s current top CD rate has a 3.80% APY with $5,000 minimum balance.

Bank of America also offers a risk free CD with 3.35% APY and no fee early withdrawals. This means you can get the benefits of a high CD rate with the flexibility of a savings account.

This CD is only available online and not through brick and mortar Bank of America.

Wachovia Bank currently has a promotional CD, with a 5.05% APY yield and 5 month maturity. Minimum deposit for this certificate is $5,000.

This CD is only available online. Other online CDs have terms ranging from 3 to 24 months, and yields from 3.16% to 4.25%. Visit Wachovia’s rate table for more information on their CDs.

Temecula Valley Bank is having a New Year CD Special with a 5.00% APY CD. Terms are 6 and 12 months. Minimum deposit is $10,000. Funds must be new to the bank. The offer is available until 1/31/2008.

Branches are located in the California cities of Temecula, Murrieta, Corona, Carlsbad, El Cajon, Escondido, Fallbrook, Rancho Bernardo, San Marcos, Solana Beach and Ontario. Bankrate.com’s review gives this bank a 4/5 star rating.

WTDirect is now offering a highly competitive 4.90% APY on their high yield online savings account. The minimum balance required for this rate is $10,000; any balances from $1-$10,000 will earn 4.90% APY for the first 60 days. If your balance is lower than $10,000 after the first 60 days, the interest rate drops to a low 0.60% APY. The high yield savings account includes:

• No minimum balance fees or online transfer fees
• No hard credit pull when opening your account
• 6 free transfers are available per month
• Allowed an unlimited amount of linked external accounts

If you’re worried about how safe your money is, Bankrate.com has given WT Direct a review of 4/5, which is a safe and sound rating. For more information, call their customer service hotline at 1-800-WTDIRECT or visit their savings account website here.

Bank of America currently has a a special 4 month CD with a 4.85% APY rate. Minimum deposit on this CD is $5,000, maximum is $500,000. This isn’t the best certificate of deposit rate available, but if you already have a bank account with BofA it might make sense to keep your money in this CD for convenience.

Washington Mutual has a great deal on their high yield 5.0% APY savings account/checking combo.  Here are some of the features:

The WaMu Free Checking account has:

• No minimum balance or direct deposit requirements; open with $1
• Free basic checks for life
• No ATM fees on their end
• One free overdraft per year
• Free outgoing wire transfers.
• 3 ¢ cash back on debit card purchases, up to $250 per year
• Free ID Theft Service
• Option of free check return or free check safekeeping
• Free account access at more than 3,750 Washington Mutual ATMs nationwide
• Free 24/7 Telephone Banking
• Free Account Alerts keep you up to date on the status of your account (when registered for Online Banking)
• Free enrollment in the WaMoola for Schools® program—an easy way to benefit your favorite school with your debit card purchases (customers may choose between the Gold Debit MasterCard® with Rewards program or the WaMoola for Schools® program but cannot enroll in both)

The Statement Savings account (exclusive to the Online Free Checking!) has:

• A competitive 5.00% APY on all balances (rate only available online and with the online checking account only; .25% APY otherwise)
• No minimum balance requirements, open with $1
• Instant transfer to/from the Free Checking

Visit Washington Mutual’s signup page for more information.

Umbrellabank.com has adjusted it’s 90 day intro promotional rate from 5.83% APY to 5.35% APY. However, this rate only applies for the first 2 months, and after 2 months your rate will drop to anywhere from 4.16% to 4.64% depending on your balance.

• Low minimum malance of $1001Online Statements
• Check your balance or review your account activity 24 hours a day (up to 12 months of history)
• 2 FREE Direct Deposit
• FREE Recurring ACH transfers from your Checking Account
• ATM Card Issued upon request
• Limited to 6 Non-ATM transactions per month3
• Interest is compounded daily and credited monthly

Umbrella Bank is FDIC insured.

In the world of low risk investing, money market accounts are a great way for you to earn more than your average savings account while at the same time maintaining more liquidity than certificate of deposits. Here are some of the benefits of money market accounts (MMAs):

• MMAs are liquid
• Check writing and money transfer privileges (often have minimum requirements, limitations and fees)
• MMAs are available at most banks or credit unions
• Deposits may be insured up to $100,000 by the FDIC for non-retirement accounts
• Minimum balance required, may be higher than a savings account requires
• MMAs will earn about twice the interest of a savings account
• Some online banks institutions ofter high-yield MMAs which offer better rates higher risk

Many money market accounts can be linked directly to your other accounts, allowing for easy transfer in and out.