Apple Federal Credit Union IRA CD Special

Apple Federal Credit Union has again started the year with an IRA CD special. The rate is not as competitive as last year, but it’s a decent deal in today’s low-rate environment. The special is a 1.40% APY 14-Month IRA certificate. Minimum deposit is $500, and the maximum is $500,000. It’s scheduled to end on 2/28/2011.

Apple FCU continues to offer one of the best 10-year CD rates available with a 3.25% APY. The shorter terms are not quite as competitive.

Credit union membership is open to members of Northern Virginia Athletic Directors, Administrators, and Coaches Association (NVADACA). NVADACA is listed in the credit union’s field of membership list. Membership into NVADACA is open to anyone. There is a $20 membership fee. For more ways to be eligible to join Apple FCU, please refer to the credit union’s Membership Page. Membership requires a minimum balance of $5 in the regular savings account.

Apple Federal Credit Union does a soft hit through Equifax on a new membership application. There’s no hard pull.

Apple FCU is located in Fairfax, Virginia and has additional branches in Centreville, Falls Church, Herndon, Manassas, Alexandria, Springfield, Stafford, Winchester, Woodbridge and Washington, DC.

Wilshire State Bank Flex CD

Wilshire State Bank still offers their top cd rates for their Flex certificate of deposit. The interest rates have been pegged for the past two months and will most likely continue be very competitive. The current cd rates are 2.40% APY for their 18-month CD and 2.30% APY for the 12-month money in the bank deal.

To enjoy the highest cd rates, new money deposit is required for a minimum of $10,000. The certificate of deposit program also has some liquid features which allow unlimited deposits for a minimum of $1000 through the set cap of $95,000. The bank also allows 6 withdrawals of $1000 or up during the term.

The add-on features give you some leverage. In case the rates go up, you can take out the money for greener pastures elsewhere. If the rates don’t spike, you can always beef up the funds for better returns.

Interested parties who want to enjoy the best interest rates can complete an online application. This deal is good nationwide. You have to send this mail by post so the bank can send you the other documents to complete.

During the application, you can choose how you want the interest rate be played. You can ask the bank to credit it to your Wilshire State Bank account or to an outside account.

Funding the account presents you with two options. You can mail a check or move funds from your Wilshire account.

The rates may change any time but it is accurate as of 10 August. It will be wise to contact the bank to ask for some details that you may want to know about the CD programs,

Wilshire State Bank has several branches in New Jersey, New York, Southern California, and Dallas, Texas. It is a Korean-American financial institution.

Virtual Bank increases CDs and Money Market

Virtual Bank has recently increased the rates on its eCDs and its eMoney Market. VirtualBank now offers both Regular CDs and these eCDs. The eCDs have rates up to 15 basis points higher than the Regular CDs.

The most competitive CD rates are for terms of 2 years and under. These include a 4.08% APY 6-month CD, a 4.13% APY 9-month CD and a 4.45% APY 12-month CD. The minimum deposit is $10,000.

The eMoney Market Account also had some rate bumps. Most of the higher rates were on the top tiers. For balances of $50K to $100K, the yield is now 3.72% APY.

ELOAN High CD Rates and Promotion

E-LOAN raised its CD rates today, and it also has started a new CD promotion. E-LOAN’s 6-month CD is now over 4% (4.02% APY). The 12-month CD yield was raised to 4.35% APY which puts it close to WaMu’s 4.50%.

E-LOAN has also started a new CD promotion. You can earn an extra $500 on a 5-year CD and an extra $250 on an 18-month CD. Both require a minimum deposit of $50,000, and both expire on 9/30/08. Here’s part of the small print for the 5-year CD bonus:

The $500 bonus offering is applied in the form of a 0.20% interest increase applied to the rate in effect on the date a 5 year Certificate of Deposit (CD) is opened. $500 is the minimum additional interest that can be earned when this additional interest is applied throughout the term of the 5 year CD

The 18-month CD bonus small print is the same except that the bonus is $250 and the extra interest is 0.34%. It apppears that if you deposit $100K instead of $50K, you’ll receive twice the bonus.

With these extra bonus interest, this gives the 18-month and 5-year CDs a very competitive yield: approximately 4.70% APY for the 18-month term and 5.30% APY for the 5-year term.

Charles Schwab Brokered CDs

Charles Schwab is offering some high rates on its brokered CDs. The most competitive rates as of 7/16/08 include a 4% APY 12-month CD, a 4.45% APY 24-month CD, a 4.60% APY 36-month CD and a 5.50% APY 10-year CD.

Schwab CD OneSource is a marketplace of CDs from FDIC-insured banks across the country. As is described by Schwab, you can purchase CDs online in your Schwab account as you would a stock or mutual fund.

For an overview of brokered CDs, refer to this article and this FDIC article. One of the risks of brokered CDs is that if you need to make an early withdrawal, you’ll have to sell it at the current market rate which could be at a loss. One benefit according to Schwab is that there are no early withdrawal penalties.

AmTrust Direct Raises Online CD Rates

AmTrustDirect just increased the rates on many of its online CDs. A yield of 4.00% APY is now available on all terms from 12 months to 60 months. The previous 12-month yield was 3.77% APY. The yields for the shorter terms remain the same: 3.51% APY 6-month and 3.76% APY 9-month. The minimum deposit on these accounts is $1,000.

Here are the details on their certificates:

  • Online application allows for funding by ACH transfer or check
  • IRA CDs are not available online
  • The early withdrawal penalty is 3 months of interest for terms 11 months or less, 6 months for terms of 12 to 23 months, 9 months for terms 24 to 47 months and 12 months for terms of 48 months or more
  • Accounts can be opened with up to two beneficiaries
  • When CD matures, you can request closure of the CD by either mail or online by a secure message

High Yield Long Term CD Rates @ US Bank

US Bank has increased the rate on its CD specials. The new 59-month CD yield is 4.65% APY, and the 43-month CD yield is 4.10% APY. The shorter term yields are much lower: 3.50% APY for a 23-month CD and 2.80% APY for a 11-month CD.

One important detail regarding this CD is a severe early withdrawal penalty. According to the CD disclosure, the penalty for the 59 month CD would be over 29.5 months of interest on the amount withdrawn. Here’s how it’s described in the disclosure:

If your account has an original maturity greater than one year, the penalty will be the greater of either A or B, plus a $25 early withdrawal fee.

A. One-half of the interest that would have been earned on the funds withdrawn if held for the entire term.

B. 3% of the amount withdrawn.

Early withdrawal penalties for long term CDs are typically only 6 months of interest, so this is much worse. If inflation forces interest rates to shoot up, a small early withdrawal penalty can save you a lot of money, when you want to close the CD and move the money into an account with a higher rate.

US Bank does have an online application. However, you can only open the CD online if you already have a checking account with them and you use the checking account to fund the CD. Otherwise, you have to come into one of their branches. They do not accept checks by mail to fund a CD.

US Bank has branches in 26 states. It’s a large bank with $232.8 billion in assets.

M&I Bank 4.50% 5 year CD

M&I Bank has a CD promotion with a 60-month CD with a competitive yield of 4.50% APY. The minimum deposit is $2,500. They also offer two other CD specials with less competitive rates: a 3.75% APY 40-month CD and a 3.25% APY 20-month CD.

Branches are located in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. It’s a large bank with $53.7 billion in assets.’s review gives it a 3/5 star rating.

Current CD Rate Trends

We can’t be lulled into thinking that this is a turning point because, as much as the Fed may want to stop cutting short-term rates to quell inflation, they seem to be more concerned with fending off a recession.

The average yield for one-year CDs dropped 4 basis points to 2.43 percent. The five-year CD average lost 4 basis points and now stands at 2.82 percent.

Jumbos fared about the same with the one-year averaging 2.64 percent and the five-year 2.97 percent, down 5 basis points and 4 basis points; respectively.

Rates are probably heading lower in the next few months.

Premier America Credit Union 7.00% APY

Premier America Credit Union has a new 7.00% certificate promotion. Unlike the previous ones that I’ve recently reported on, this one is listed at the credit union’s website. It’s a 7.00% APY 6-month certifcate with a minimum deposit of $1,000, and a maximum of $5,000. A checking account is required, and funds must be new to the credit union. There’s a limit of one certificate per member/social security number. The last day for this CD special is February 15, 2008.

Field of membership includes members of the Alliance for the Advancement of Arts & Education (AAAE). Anyone can join this organization. According to the membership page:

When you apply for membership, be sure to select “AAAE” on the company listing. Then complete the AAAE application that will be provided during online account opening.

AAAE’s one-time membership fee is $25. Premier America Credit Union will grant this fee on your behalf when you join AAAE to become a qualifying member with Premier America Credit Union. The funds will be sent to the AAAE office, and will be used to support arts and education mission.

You can qualify to join Premier without joining AAAE if you live, work, worship or attend school in parts of California or within 10 miles of our Westchase branch in Houston, Texas. In addition, you can be eligible if you’re an employee or member of a long list of companies and organizations.