Archives for July 2008

Another confirmation that banks are starting to raise interest rates on Savings and certificate of deposit (CD) accounts, Washington Mutual Bank has just increased the rate it is paying on it’s Online Savings Account to 3.75% APR from 3.30% APR. The minimum opening balance is $1.00 and the account must be opened and linked to a WaMu Free Checking Account or any other WaMu checking account.

The online savings account can be opened online, at a Washington Mutual Bank branch or by calling 1-800-788-7000. No direct deposit is required for the checking account and checks can be ordered online.

WaMu Online Savings Account Application 

Chase Bank will give you $100.00 for opening a Chase Business Checking Account, you have to make a minimum deposit of $500.00 within 30 days of opening the account. 

You can’t sign up for this offer online, you will have to visit a Chase Bank branch to take advantage of this offer. Just print the coupon and bring it to your local Chase Bank. Funds currently deposited with Chase Bank cannot be used to fund the new checking account. Hurry because this offer ends on 8/01/2008.

Bank of America is offering a promotional online checking account which give you a $75.00 credit within 90 days of opening an account online. The “MyAccess” checking account offer is only for existing Bank of America credit card customers that open a new MyAccess checking account.

Additional checking benefits:

• No monthly maintenance fees
• No minimum balance
• You do not have to sign up for direct deposit
• Free online banking
• Free BofA Visa checking card

The limited time offer is only for checking accounts opened online. You have to fund the account with a minimum of $25 within the first 30 days of opening the account. The offer code is CH75TAD and the offer expires on 11/30/2008.

Bank of America $75.00 Online Checking Account offer. Apply here

 Washington Mutual Bank is currently offering a 8 month CD rate of 4.25%, though rates vary depending on the state you are in and the minimum deposit is $1,000. After being approved for the account you must deposit funds within 7 calendar days. This rate is a special online CD rate, you won’t receive this rate at a branch location.

To open the online Certificate of Deposit account, you will need the following:

• Social Security number or tax payer ID number
• Driver’s licence or state ID
• Account and routing number if you want to make your deposit from another bank account.

Washington Mutual Online CD Application

The housing relief bill which will be signed by President Bush sometime next week offers benefits not only to folks that are troubled homeowners but almost everyone that owns a home or is a first time home buyer. The benefits range from a federal tax credit for first time home buyers to permanently raising the conforming loan amount, which benefits higher priced housing markets.

Here are some of the benefits:

First time home buyer tax credit:

If you are a first time home buyer and the residence you are buying is going to be your primary home you are eligible for a federal tax credit of $7,500 or 10 percent of the purchase price, whichever is smaller. The credit is applied to your tax bill, so if you owed $2,000 to the IRS, you would receive a $5,000 refund. The credit is more like a loan because you have to it back in equal amounts each year over the next 15 years.  

To qualify you must have purchased or purchase your home between April 9th, 2008 and July 1st 2009. There are also income restrictions, if your modified adjusted gross income (AGI) is more then $75,000 for single filers or $150,000 for married filers the credit starts to phase out.

Break for Veterans:

Veterans returning from military service are given special treatment if their house is being foreclosed on, lenders have to wait nine months before starting proceedings, the traditional period is 90 days and lenders must wait a year before raising interest rates on loans for veterans returning from duty, these breaks expire on December 31st 2010.

Resizing Jumbo Loans:

Conforming loans, loans under $417,000, that Fannie Mae and Freddie Mac can purchase from banks have lower interest rates then jumbo loans, loans over $417,000. The new permanent conforming loan rate is going to be $625,500 for single family homes, this change will benefit higher priced housing markets. There is a current temporary higher conforming limit of  $729,750 (except in Alaska, Hawaii, Guam and the U.S. Virgin Islands where higher limits may apply) that were passed with the stimulus package earlier this year, that limit expires on December 31st, 2008.

Reverse Mortgage Changes:

Reverse mortgages allow people 62 and over access to the equity in homes without having to pay back the loan until they sell. The largest allowable mortgage will be raised from $400,000 to $625,000. Also, in the past, these mortgages came with high fees and sometimes lenders made qualifying for the mortgage contingent on purchasing some type of financial product, like an insurance policy or annuity.  The new law caps origination fees at 2% of the first $200,000 browwed and 1% beyond $200,000, the total limit for fees is $6,000 and borrowers cannot be forced to purchase a financial products to qualify for the loan.

Millennium Bank of St. Vincent and The Grenadines (in the West Indies) is offering some of the best Certificate of Deposit (CD) rates. There are two caveats, the first is your deposit is NOT FDIC insured since this bank is a foreign financial institution, the second is, to qualify for the Premium CD rate, your deposit can NOT be redeemed prior to maturity. This bank should not be confused with Millennium Bank of Des Plaines, Illinois.

If you are willing to relinquish the right to redeem your CD before maturity and you can sleep at night even though the account isn’t FDIC insured then take a look at rates. 

To apply for an account you have to download the application, fill it out and send it to Millennium Bank. The bank also requires you to send them a letter of reference from your existing bank. The easiest way to go about this is to just call Millennium Bank toll free at 1-888-776-7720 and talk to one of their account representatives. Here is a link to the Bank’s applications if you choose to do it on your own.

Millennium Bank is a wholly-owned subsidiary of United Trust of Switzerland S.A. a Geneva based private trust established in 1931. You can make deposits and withdrawals in dollars to avoid any currency transaction costs. The interest you earn on your account is tax-exempt in St. Vincent and the Grenadines.

CitiBank is offering one of the highest rates on a 9 month Certificate of Deposit (CD), the current annual percentage yield (APY) is 3.50%, this CD rate is a special bank promotional rate. The minimum deposit for opening a 9 month CD is $500. The CD rate only applies to accounts opened through the bank’s site www.citibank.com.

When opening the CD account, you can select either to receive interest on the CD monthly or at maturity, we recommend taking the monthly option. The offer code for this promotional CD is CKC6. Existing and new CitiBank customers can qualify for the special rate and you don not need to open a checking account or savings account. The CD is FDIC insured up to $100,000.

CitiBank 9 Month Certificate of Deposit Application – Citibank

Chase Bank is offering some of the highest Certificate of Deposit rates, to qualify for these rates you must have a Chase checking account. The special rate is for the initial term of the CD, after maturity, the CD will be renewed with the same term at the regular prevailing interest rate at the time.

Accounts can be opened online, at a branch or by calling 1-877-68-CHASE

Chase Bank Online CD Application

 Wells Fargo Bank is currently offering 3 different promotional Certificate of Deposit rates, the rates are 2.40% APY for a 5 month CD, 2.65% APY for a 9 month CD and 3.30% APY for an 18 month CD. The rates are for the initial CD term and then are renewed at the standard CD rates if you choose to renew.  The minimum deposit is $5,000 and the CD account is FDIC insured up to $100,000.

As with most certificate of deposit accounts there are early withdrawal penalties, Wells Fargo imposes the following penalties:

• For terms less than 3 months, fee is one month’s interest
• For terms of 3-12 months, fee is 3 months’ interest
• For terms greater than 12 months, fee is 6 months’ interest
• Minimum fee amount is $25

For more information and an online CD application please visit https://www.wellsfargo.com/savings_cds/cds/index?state=none

HSBC is offering an Online Savings Account that currently yields 3.50%.  The minimum opening balance is $1.00, there are no monthly fees, no minimum balance requirements and you do not have to opening a checking account.  The really good thing about this Online Savings Account is you can make deposits and withdrawals at HSBC ATM in the United States.

The offer is avalible until 8/15/08 and the online savings account is FDIC insured up to $100,000.

HSBC Online Savings Account Application

Millennium Bank if offering a 6 month Certificate of Deposit that currently has a 3.25% APY. The special rate is a promotion rate and the offer can be withdrawn at any time. The minimum opening deposit $1,000.

The Bank may impose a penalty for early withdrawal from a CD. Millennium Bank also uses the daily balance method to calculate interest on accounts. This method applies a daily rate to the principle in the account each day.

Millennium Bank’s terms and conditions for the CD account

• Minimum Opening Balance: $1,000.00
• Interest on the CD account will be compounded and paid quarterly.
• You can choose to have interest paid by check or transferred to another Account.
• The Certificate of Deposit will automatically be renewed at maturity for an equal term at the then current rate.
• 10 Business day grace period after the maturity date to withdrawal funds without being charged for an early withdrawal penalty (you will be sent a reminder before the CD matures and confirmation of the renewal)
• There are early withdrawal penalties based on the term of the CD.

At this time the bank does not allow you to open a CD online or over the phone, you will have to visit a Millennium bank branch location to open an account.

FNBO Direct is currently offering the following Certificate of Deposit (CD) rates. The CD will automatically be renewed at maturity with the same term and the current rate. The CD application can be filled out online in about 5 minutes. The CD is FDIC insured. To qualify you must be a U.S resident and be at least 18 years old.

 You will need the following information to complete an individual or joint application.

1. Your Social Security or Tax ID Number.
2. Your Driver’s License or ID card issued by a state DMV.
3. Information about any loans or mortgages that you may have to help us confirm your identity.
4. For instant funding, you will need your current bank account and routing numbers.
5. If applying for a joint account, you will need the Secondary Applicant’s name, Social Security or Tax ID Number, and Date of Birth.

FNBO CD Application

E*Trade Financial is currently offering the following CD Rates with CD terms between 3 months to 5 years. The minimum deposit for opening a Certificate of Deposit account is $1,000. Interest is compounded daily and the CDs are FDIC insured up to $100,000.

Current E*Trade Certificate of Deposit (CD) Rates

You can open a CD account online or download the application and mail it to E*Trade.

E*Trade CD Application

CapitalOne Bank is offering an Online Savings Account that currently yields 3.50% for balances over $10,000. Balances under $10,000 yield 2.50%.  The minimum initial deposit amount is only $1, there are no monthly fees and the account is FDIC insured up to $100,000. You can fill out an application online at CapitalOne Bank Online Savings Account or call one of CapitalOne’s Direct Banking Experts at 1-800-378-9233.

Wachovia Bank is offering a truly free checking account, there are no minimum balance requirements, no monthly service fees and you do not have to sign up for direct deposit to qualify for the free checking account. Wachovia also gives you a free Check Card that you can earn rewards with for qualifying purchases, including groceries and paying bills. More information and the free checking account application: Wachovia Free Checking Account

Countrywide Bank is now offering a 7 month certificate of deposit (CD) that has a 4.10% APR, probably to compete with Bank of America’s 4.11% APY 7 month CD  (minimum deposit is $5,000). The Countrywide high yield CD is for individual and joint consumer accounts opened online. The minimum deposit is $10,000.

Open a Citibank Checking Account and Citibank will give you $150.00 in gift cards and triple points on your debit card purchases and for everyday banking activities linked to your checking account the first year. If you maintain a balance of over $6,000 with your combined Citibank accounts there are no monthly fees and you have unlimited checking writing.

To qualify for the $150 (16,000 Thank you points which you can convert into $150 in gift cards) gift cards offer you just do the following

• Open a new qualifying regular checking account in the Citibank Account, Citibank Everything Counts or Citigold account relationship package by 8/31/08 and deposit at least $1,000 in account between account opening date and 9/30/08.
• Within 60 days of account opening, you must enroll your new checking account in ThankYou Network.
• Complete one direct deposit per month, two electronic bill payments or five signature debit card transactions and continue for three consecutive months.

To qualify for the triple ThankYou Points offer you must do the following.

• Open a new qualifying regular checking account in the Citibank Account, Citibank Everything Counts or Citigold account relationship package and enroll account in ThankYou Network. Your points from both qualifying debit card purchases and your checking relationship will be tripled for twelve (12) checking statement cycles commencing with the second full statement cycle after the statement period in which you enroll the new checking account in ThankYou Network.
• Monthly points for checking relationship require customer to maintain an active checking account with customer initiating minimum of one credit or debit transaction to the account per statement cycle.

You can qualify for either or both offers but with the same checking account only. There is a  Limit one of each offer per customer and the offer expires on 8/31/08. Existing Citibank checking customers are not eligible and this offer is for Consumer accounts only.

Citibank Checking Account Application

For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. The special rate is a promotional online CD rate and the minimum opening balance is $5,000. The online application takes 5 to 10 minutes to complete and you will need the following information

• Social Security number
• Credit card or bank account number
• Home address
• Current e-mail address
• Online Banking ID and pass code (if applicable)
• Co-applicant’s personal information (if applicable)

When opening the account be sure to use code HYCD to get the promotional CD rate.

Bank of America 7 month CD Application

Bank of America is offering their CampusEdge Checking Checking Account, which is geared toward high school and college students there is no monthly fees. After 5 years the checking account will be converted to Bank America’s MyAccess checking account. Bank of America requires proof that you are a student before they will approve the checking account.

The checking account doesn’t earn interest but you has the following benefits

• Stuff Happens – You can get a one-time refund of one of the following fees: overdraft item fee, NSF: returned item fee, overdraft protection transfer fee, stop payment fee or non-Bank of America ATM fee
• No minimum balance required
• Free Bank of America Visa® Check Card
• Free Online Banking service with unlimited bill pay
• Easy for parents to directly deposit funds into your account, free of charge
• Available online for students 18 years and older

CampusEdge Checking Account Application

EverBank is offering their FreeNet Checking Account with an introductory rate of 4.76%, the checking rate applies to the first $100,000 deposited and the intro period is for 3 months. After the 3 month period the following rates apply. The minimum opening balance is $1,500.

If you are not satisfied with their checking account they will give you $50.00 just for having an account open for 3 months. To qualify you have to cancel your account within 30 days after the 3 month period and you have to have used their online bill payment 3 times.

The FreeNet checking account also has the following benefits.

• No minimum balance requirement to earn interest
• No Monthly Fees
• Free Online and Mobile Banking
• Free Visa Check Card
• Free Unlimited Check Writing
• No EverBank ATM Fees
• $6 per month ATM Fee Reimbursement
• Overdraft Protection

Everbank High Yield Checking Account Application

Discover Bank is offering the following money market account rates. If you already have a Discover debt card or credit card you can link your accounts with the money market account.

• The money market account also has the following benefits.
• Use your Discover Bank Debit Card to pay for purchases wherever Discover is accepted
• Link your Discover Card to your Discover Bank Money Market Account
• Write checks from your account for free
• Access your account at any ATM with the Discover Network Acceptance Mark or the Pulse Logo
• Earn rewards points on your purchases with the Perks Everyday program

 Discover Bank Money Market Account Application

Find the best mortgage rates

Discover Bank is offering the following Certificate of Deposit (CD) Rates. CD terms range from 3 months to 5 years, the minimum deposit to open a CD account is $2,500. Discover Bank will contact you three weeks before the CD matures to offer you a variety of renewal options. If you do not respond Discover Bank will automatically renew the CD with the same term at the current rate.

As with any CD account there are early withdrawal penalties, Discover Bank charges the following fees.

A CD term of one year or less – 3 months of interest on the amount withdrawn

A CD term of 1 year up to 5 years – 6 months of interest on the amount withdrawn

A CD term of more then 5 years – 9 months of interest on the amount withdrawn

Discover Bank CD Application

M&T Bank has the following CD Rates, CD Rate terms are from 3 months to 5 years, you can apply online by filling out the application which will take 10 minutes to complete, or you can use the bank’s “click Talk To Us Now” feature between the hours of 8:00 am to 6:00 pm EST Monday through Friday and they will call you back to help you with the CD application process. The minimum deposit is $5,000.

You will need to fill out the application, print it and mail it to M&T along with a check for the CD deposit.

M&T Bank Certificate of Deposit application

You can apply for a Jumbo CD or IRA by calling M&T at 1-800-528-6532 Monday through Friday, 8am to 6pm(EST).

E-Loan is offering the following rates for CDs.

A 6 month certificate of deposit (CD) rate of 3.61 APY for balances of $10,000 or more as of 7/1/08. The minimum opening balance for a 12 month CD is also $10,000. 

A 12 month certificate of deposit (CD) rate of 3.91 APY for balances of $10,000 or more as of 7/1/08. The minimum opening balace for a 12 month CD is also $10,000.

A 2 year certificate of deposit (CD) rate of 4.25 APY for balances of $10,000 or more as of 7/1/08. The minimum opening balance for a 12 month CD is also $10,000.

A 3 year certificate of deposit (CD) rate of 4.50 APY for balances of $10,000 or more as of 7/1/08. The minimum opening balance for a 12 month CD is also $10,000.

A 4 year certificate of deposit (CD) rate of 4.80 APY for balances of $10,000 or more as of 7/1/08. The minimum opening balance for a 12 month CD is also $10,000.

A 5 year certificate of deposit (CD) rate of 5.25 APY for balances of $100,000 or more and a CD rate of 5.01% APY for balances between $10,000 and $99,999.99 as of 7/1/08. The minimum opening balance for a 12 month CD is also $10,000.

The certificate of deposit application can be filled out online and is through Banco Popular North America.

Wachovia Bank is offering a free checking account, the opening balance is $100, there are no minimum balance to maintain, no monthly service charges and you do not have to sign up for direct deposit to qualify for the free checking account. The account also has the following benefits:

• Unlimited Free checking writing
• Unlimited Free ATM use
• Free online banking with Wachovia BillPay
• Access your account with Wachovia Mobile, securely view your account, bill payments and more.
• Free Direct Deposits
• Free notary services

In addition to the above, you can sign up for their free Balance Alerts through Online Banking with BillPay, and receive your account balance daily or be notified when your account balance falls above or below the amount you set.

Bank of America is offering a “Risk Free” certificate of deposit (CD) that currently pays a 2.80% APY, the risk free CD allows you to withdrawl your money without paying penalites after the first six days. The minimum opening balance is $5,000 and you might be limited to a maximum of $500,000.

The 2.80% APY is a promotional rate and only applies to the initial term of a new 9 month “Risk Free” CD with Bank of America. The CD is also FDIC insured to the maximum permitted by law.

Bank of America is offering a short term High Yield Certificate of Deposit (CD) with a current CD rate of 3.20% APY for a seven month CD. There is a $5,000 minimum opening balance and the 3.20% APY is a special online rate.

The promotional APY rate only applies to the initial term of a new high yield CD opened through bankofamerica.com and is FDIC insured. There also is a $500,000 maximum limit that you can invent in high yield CDs and penalties apply for early withdrawals.