April 21st, 2009

A Roundup of the Best Rates for the Week

This bank deal has expired. For the most up to date bank deals, check out our fresh list of bank deals.

Despite the big banks’ surprisingly solid first quarter performances that were reported over the past week or two, many banks are still struggling to overcome the effects of the economic downturn. In fact, just last Friday April 17th 2009, two more banks went into the receivership of the FDIC. This brings the number of failed banks for the year to a total of 25 – the total number for last year (2008). While the public’s growing optimism and hopes of the economy bottoming are all good news, so far it hasn’t quite translated yet to an ease in the bank failures that continue to threaten the smaller banks.

Talks of a possible economic recovery in the near future however, have boosted stock prices, with even some of the country’s big but troubled banks showing marked improvements in investor confidence.

But what do all these mean for the average depositor? For one, the supposed recovery in sight has not sent the government raising interest rates, and we don’t see that happening anytime soon, so don’t expect a boost in your savings or CD rates as well.

On the upside, as the Fed rates have gone bottom low, we have not seen as many rate cuts in the past few weeks. And if you look closely enough, you may find some better deals than what you might currently be getting from your banks.

Of the banks that we are covering, here are best APY rates as of April 21st 2009 of the lot.

Best CD Rates (12-month):

GMAC Bank – 2.75% APY, $500 minimum

Runners-up:

Corus Bank – 2.74% APY, $10,000 minimum
Umbrella Bank – 2.65% APY, $1,000 minimum

Best CD Rates (60-month):

FNBO Direct - 4.00% APY, $500 minimum

Runners-up:

Intervest National Bank – 3.66% APY, $2,500 minimum
First National Bank – 3.51% APY, $500 minimum

Best Savings Rate:

Wachovia (Way to Save) – 5% APY, $1 minimum

Runners-Up:

Centennial Bank (Variable Savings) – 2.28% to 3.30% APY, $500 to $100K minimum
FlagStar Bank (Express Money Market Promo) – 2.30%, $1 minimum

Best Interest Checking Rate:

Corus Bank (Ultimate Interest Checking) – 2.18% APY, $100,000 minimum

Runners-up:

Presidential Online Bank (Checking Plus) – 2% APY, $1,500 minimum
ING Direct (Electric Orange) – 1.65% APY, $100,000 minimum

This Information is provided ‘as is’ and solely for informational purposes, not for advice and may be out of date. Please check My Bank Tracker bank profiles to get the latest rates.

About the banks

Centennial Bank

Centennial Bank offers outstanding rates on FDIC insured deposits. Commercial loan customers may select from a wide range of products, rates and terms to fit their specific project.

View profile

Corus Bank

Corus Bankshares, Inc., a part of the NASDAQ Financial-100 Index and the KBW Regional Banking Index, was incorporated in Minnesota in 1958 and is headquartered in Chicago, Illinois. Corus provides consumer and corporate banking products and services throu