Posts tagged banking
GiantBank.com MMA, CD Rates
Nov 3rd
Giantbank.com has a money market account that has a 1.16% APY). GiantBank’s money market rate is current as of Oct 12, 2010. The money market account features::
- Minimum opening deposit of $1,000
- Free standard checks when account is opened
- Statements mailed monthly
- Image statements available online up to 12 months
- No monthly charge
You can make up to six transfers per month from a money market account to another account or a third party. That includes preauthorized, automatic, telephone, or computer transfers by check, draft, or similar order. A $10 fee is charged for each additional transaction.
Giantbank.com also has a certificate of deposit that pays 1.46% APY for 12 months. Other CD terms include 3 months, 6 months, 9 months, 24 months, 36 months, and 60 months. You need a minimum of $2,500 to open a certificate of deposit; $1,000 for an IRA of $500 for Coverdell Education Savings Account. The CD rates are current as of Oct 12, 2011, and are subject to change at any time.
Certain fees, including those for early withdrawals, can reduce earnings. Interest can be mailed to you or transferred to a checking account or money market account at the bank.
Giantbank.com is the Internet banking division of Landmark Bank, N.A., based in Fort Lauderdale, Fla.
Flagstar Bank – Checking, CD and Savings Account Promotions
Oct 29th
Flagstar Bank continues to offer some competitive promotions on its S.M.A.R.T. products. In addition, another CD special has been added. The following deals are listed at Flagstar’s front page as of 8/08/2010:
- $100 bonus to open the Express Checking Account. According to the small print, “Customer must open and maintain a new primary checking relationship at Flagstar Bank with a $50 minimum balance to receive the $100 bonus. $100 bonus will be deposited into the account within 30 days of meeting primary checking relationship requirements.” I was told in May by a Flagstar CSR that a primary checking relationship requires a monthly direct deposit of at least $250. A reader who reported to have signed up in Texas commented that an ACH push can qualify, and the bonus will be deposited 30 days after first direct deposit hits the account. The account must remain open for six months to keep the bonus.
- 1.50% APY savings account with the rate guaranteed for 4 months. After promo period, the rate reverts back to the standard Express Savings Account. No minimum balance requirement.
- 1.50% APY 12-month CD with a partial no-penalty feature. In this SMART Choice CD you’re allowed one penalty-free withdrawal during the term, however, it’s limited to half the initial balance. Minimum deposit is $500.
- 1.76% APY 24-month Rising Rate CD with no-penalty feature In this SMART Choice CD you’re allowed penalty-free withdrawals at the end of each 6-month period. The gotcha is that the interest rate starts off as 1% for the first six months and goes up 50 basis points after each 6-month period. So your money won’t earn much until the last year. It’s a stealth type of early withdrawal penalty.
To see the promo pages, you have to enter your zip code. In the past, Flagstar promos were limited to their market area (MI, GA & IN). However, this does not seem to be the case for these current promos. Any zip code appears to show the same promos. In May I was told by the CSR that any zip code can qualify. I also asked the CSR if they do a hard credit inquiry in the application process. According to the CSR, it’s a “soft pull to just view banking history.”
Flagstar Direct
Flagstar also offers CDs, money market accounts and checking accounts at Flagstar Direct which continues to offer two competitive short-term CD deals: 1.25% APY 6-month CD and 1.55% APY 12-month CD (as of 8/08/2010). The advantage of the SMART Choice 12-month CD is the partial early withdrawal penalty. Even though it’s only a partial early withdrawal penalty, it seems to be worth 5 basis points.
Flagstar Overview
Flagstar Bank currently operates around 165 branches in Michigan, Indiana and Georgia. The bank has been a FDIC member since 1987 (FDIC Certificate # 32541).
Sovereign Bank $150 Cash Bank Bonus
Oct 28th
Sovereign Bank is running a bank deal where they are giving a $150 cash bonus for opening a Sovereign Bank Premier Banking Package.
The Premier Banking package consists of a Premier checking account and a Premier money market savings account. This bank bonus is good through 11/12/2010.
Here are some of the details of this promotion:
- Checking account has a minimum deposit of $100
- Must open money market account with at least $100 or have an existing money market
- Must enroll in online banking when opening account
- Must request a Sovereign Debit Card and use it to make five purchases within 60 days of opening account or set up direct deposit
- After all the requirements have been met, you receive the $150 bonus as a credit in your checking account within 75 days of opening the account.
Soverign Bank’s current checking account rates are:
- 0.1% APY for < $15,000
- 0.1% APY for > $15,000
Sovereign Bank’s money market rates are:
- 025% APY < $10,000
- .45% APY $10,000 – $24,999
- .50% APY $25,000 – $49,999
- .55% APY $50,000 – $74,999
- .6% APY $75,000 +
Sovereign bank is FDIC insured.
