Best IRA Certificate of Deposit Rates – October 2009

This month there have been a few institutions raising their IRA investment rates. One, a small community bank in Texas, had a 2.53% APY for 2-years with a one-time bump option. They have since pulled the rate and really aren’t that big, I won’t name them. However, I might in the future so you may want to stay in touch. Wink, Wink, nod, nod.

The big player seems to be Alliant Credit Union. They actually have CD rate specials quite often. If you are an existing member the process is much faster than trying to become a member and then get a CD done. So even if you run out of time, I think it would be a good idea to complete their process. The hardest thing with them is they don’t guarantee the rate beyond the current day. So if you put the IRA process into gear and the rate drops, you’re out of luck. Anyone can become a member by first joining the National PTA. This is $25, I believe. You then can complete the Alliant member application. Be forewarned that their online process has proven difficult for many in the past. It asks a series of questions about information it pulls from the credit bureaus and I’ve known several people that claimed the information was erroneous and thus they couldn’t complete it online. You can always go the route of snail mail if necessary. Anyway, the current highest IRA CD rates are as follows:
1y — 2.30% APY
2Y — 2.55% APY
3Y — 3.00% APY
5Y — 3.25% APY.

Their NCUA# is 67955 and they are based in the windy city of Chicago, IL. They are quite large with over $6 Billion in assets. As of March 2009 data, they have a 4-star rating.
Website

Another big player is Ally Bank, but they don’t offer rates for IRA CDs. People’s Trust Federal Credit Union has an 18-month IRA for 2.12% APY. They are based in Houston, TX. They have a 2-star rating. People’s NCUA # is 177. Looks like they have been around for a while.I did have to make quite a few clicks to get to the rates. I hate that. The link below should save you some time.
Website

If you’re wanting to stick with a bank try Nationwide Bank, FDIC# 34710. Their process isn’t too difficult. They are about $2.25 Billion in assets, had a nice second quarter profit, and 4.5 stars. They are based in Ohio. Rates are:
1Y — 2.05% APY
2Y — 2.35% APY
3Y — 2.60% APY
5Y — 3.20% APY.
Website

Well there you go.

Happy Investing.
cd :O)

CD Rates California

CD Rates California

I will be starting a series of posts that will be providing some free Bank CD Rate information. I’m going to start with California CD Rates. These posts will be an experiment to see how well our advertisements support our site. So if the information is helpful, please tell your friends and/or link to the post or blog. Also, leaving comments is always appreciative. Of course, please let me know if there is anyway to improve the information. We’ve added a feature where we color code the ratings. Hopefully, that will give you a quick visual on whether or not a bank or credit union is worth putting money into.

OneWest Bank, FSB — OneWest was formerlly IndyMac Bank which the FDIC took over. The FDIC actually kept the bank open and ran it as IndyMac Bank, FSB. They finally found a group of investors to move it back to private ownership. The investors got to take the good and leave the bad so have had a nice healthy start. They are currently about $17BB in assets with a very healthy 11.8% capital ratio. They made about $377MM in the first 6-months. Their CD Rates are not limited to people in California and are currently quite competitive. They will also accept IRAs, but the rates are a little lower. The are currently pushing the 1-year CD most heavily.

Visit their site for current rates and to open a CD. They also have a nice savings/money market account for 1.75% APY. Check the site for restrictions and details.
Rated 4-stars (****).FDIC# 58978.

Imperial Capital Bank — Imperial Capital has good rates and they offer either an on-line process or CDs can be opened through the mail. CD Rates are:

FDIC# 26348. The bank has $4BB in assets, but their Capital ratio is quite low at 4.20%.
Rated 1-star (*). Site.

The California Credit Union — California CU is open to all. You have to either be a current member of the PTA or PTSA or make a $5 donation. You can also gain membership by contributing to an organization like PBS. They need an additional $5 to go into a savings account. They are large for a credit union with about $1.5BB in assets. They have a 9.53% capital ratio.

They currently have a loss, but still are rated 3-stars (***). NCUA# 60784. Site.

That’s it for our CD Rates California post.

BBT Banking online

BBT Banking

It seems that many people are looking for info on BBT and their Banking Products. BBT’s official name is Branch Banking and Trust Company. They were established in 1872 so certainly have weathered quite a few storms. So let’s check-out BBT Banking. :O)

They are a large bank based in the south east of the US. They have about $147 Billion in assets. They indicated that checking accounts and savings accounts can be opened over the phone, but CDs require a branch visit. So it seems like they are good for locals only. The BBT CD Rates were pretty awful, 0.80% APY for a 1-year CD and 1.00% for a 2-year.

However, they do have a $100 bonus on their checking account if you attach Direct Deposit or do 3 Bill pays.

Their FDIC number is 9846.
Phone: 800-BANK-BBT (800-226-5228)
Main Location: Winston-Salem, NC
Rating: 5-stars
Website

Mortgage refinance and mortgage refinance rates also seems to be a popular search for BBT.

That’s all I know about BBT Banking.

cd :O)

America’s Credit Union CD Rates

America’s Credit Union has some nice CD Rates. I’m giving you a freebie so if you like what you see, hop on over to their website. The promotional rates aren’t good for IRAs. Membership is open to all. You can either be a current or retired member of the military or join the Association of the US Army ($33), link.

[Updated: 9/30/09] America’s Credit Union is federally insured by the NCUA. They have a 7-month CD at 2.00% APY, 13-month at 2.15% APY, and a 25-month at 2.50%. Those are really good for this time. They do require $50 to be put into a savings account.

The credit union is federally insured by the NCUA. Currently up to $250,000 through 12/31/13. They have about $344MM in assets and a healthy 7.91% capital ratio. They had a $1.9MM profit for through 6/09. The ratings we use give them 4-stars.

Here is their site.

I hope you find the rates helpful. Leave a comment on your experiences.

You can also view Highest CD Rates for other current rates.
cd :O)

Highest CD Rates — September 2009 Update

Highest CD Rates – Update 9/22/09
1-year: 2.15% APY (3-Star)
18-months:2.30% APY (1-Star)
2-year: 2.53% APY, 1xBump (2-Star)
3-year: 3.00% APY (2-Star)
5-year: 3.70% APY (4-Star)

Although the talking heads keep pushing that the economy is recovering I think the millions of jobless, may disagree. The talking heads are focused on profit. So if a company can make lots of money while being lean and mean, well more power to them. The problem is we will see profits long before a serious recovey begins. Don’t get me wrong, a company needs profits before it can start hiring, but this will be a slow, slow recovery.

Commercial real estate appears to be the next big problem. Many developers built small business complexes expecting them to be filled with entrepreneurs looking to serve all of the new homeowners. As the complexes remain empty, the commercial property owners can’t afford to continue to take the losses each month. Many are letting them go into foreclosure or selling for steep discounts.

Residential property is still also posing problems. Many states had issued moratoriums on the foreclosing the property and those are beginning to expire. Banks have been trying to hold off showing losses, but they can only do that for so long.

Short-term CD Rates have continued to drop. Our high 1-year at 2.50% dropped to a 2.00%. The next highest rate, 2.35% APY, held this week, we’ll see for how long. Some of the big boys such as Ally Bank and Discover Bank have continued to adjust rates down. Ally Bank
had a 1Y at 2.25% for a while, but it has dropped to 2.00%. Some long-term rates have inched up a bit. At the beginning of the month we had a 5-year CD at 3.70% APY. It stands today at 3.80% APY. Of course, 5-year CDs may not be the best idea right now unless you have a great ladder or the penalty is low for closing the CD early. The other side of the coin, we just don’t know when the rates will be increasing. The Fed is talking like it could be a while. A while could be six-months or it could be over a year. Check-out First National Community Bank (here’s the link). They have some good rates and a 0.25% bonus if you add a “Performance Checking Account”.

So do I have any good news. The workweek as reported for average hours worked increased a little. Income overall snuck up 0.1%. And my kids’ soccer team, the Big Dogs will be starting in Div. B in a couple of weeks. Our highest start ever. Yes, I am a very proud coach and father. So how about you guys? I know you read this. My logs tell me that. But let me know what is going on in your life. Or ask a question in the comments.

Mention this post and receive a 20% discount on our services.
cd :O)

Brokered Deposits, FDIC Scrutiny, Low Rates – Oh My

I really just wanted to bring a couple of articles to your attention and certainly be curious what your thoughts are. So please feel free to visit them, leave a comment, and let me know your thoughts.

The first involves a fraud case with a bank called MetaBank. Unfortunately, a few of our clients have been involved. I almost don’t want to post this, because I don’t want to cause a panic. In all of our years, we have never experienced a situation like this. Here is the link “customers sue bank to get back CD money”. On this one especially I would like to know your thoughts as CD investors.

The second as an article on Kiplinger about how FDIC scrutiny has banks worried and the banks are using some fear tactics that this will prolong the recession. I don’t really way in on that, but I think the banks should look in the mirror. They certainly helped us get into this mess. And the link for that is: FDIC Scrutiny to Lengthen Recession

Finally, yes rates continue to be low and probably will for awhile yet. In my last commentary I suggested it could be six to nine months before the Fed begins raising rates. We do have a 1Y at 2.50% APY and a 2Y at 3.05%. I’ll give a 30% discount to our loyal readers who would like to open a CD at either (or both institutions :O) ). One bank requires $100,000 and the other would need a minimum of $50,000. These are for personal funds only.

Have an awesome weekend.
cd :O)

Discover Bank Promo

Discover Bank CD rates update: Aug. 18, 2009. The rates are also good for IRAs. They are offering 1Y at 2.00%, 18mo at 2.15% , 2-Year at 2.30%, 3-year at 2.75%, and 5Y at 3.25%.

Here is the link for the regular CDs: Regular CD Pageand
IRA CDs: IRA CD Page

Discover Bank is FDIC insured and their FDIC# is 5649. The rating system we use gives them 5-stars so even if the rate is lower than some other banks, they look like they will be around for a while. According to the data from the FDIC for March 2009, they have lost $69MM. They earned about $600MM for 2008. As of March, they do have about $5BB in capital, so it would seem they will be okay.

IRA CDs are insured up to $250,000 and through 12/31/09 regular CDs are insured up to the same. The rumor mill is whispering that regular CDs will have the 12/31/09 extended, but not made entirely permanent. Of course, that is just a rumor.

Have a great Day
cd :O)

Looking for the best CD Rates – Introducing MoneyAisle

While searching for the best rates for you guys, I came across MoneyAisle awhile back. After some talks back and forth I felt comfortable with their service. You’ve probably seen their ad on our rates page. They offered to write an introduction piece for us, their blogger, Kevin Cafferty, provide the below information. They have competitive rates. I ran an auction today and a 2.50% APY was the top rate. That is in the top 10 rates that we are seeing. So enough of me, here is Kevin. Please leave any questions in the comments, I’m sure we can get Kevin to come over and respond.

Looking for the best CD Rates?
Recent market volatility has made safe investments like certificates of deposit more attractive to consumers looking to get a steady return on their savings. Rates between different financial institutions may vary to the point where it’s difficult to find out if you’re getting the most out of your cash.

The Solution: MoneyAisle
MoneyAisle takes guesswork and time-consuming comparison shopping out of the equation by providing you with great rates, free of charge. Over 100 banks in the MoneyAisle network all want to acquire you as a depositor and are willing to bid against each other in a live instant auction for that privilege.

Here’s how it works: you enter the terms of your CD (deposit amount and duration) into MoneyAisle and then watch the banks battle it out in a live automated auction – the winning rate at the end of the auction is the highest rate available in MoneyAisle’s system at that time. You’ll be presented with comparison rates on a national and state level to give you a sense of what your return will be and you’ll be provided with information on the bank.

It’s free, and you don’t have to commit until you’ve gone over all the information. The entire auction process only takes a few minutes, every bank in the network is a member of the FDIC, and the banks have been further pre-screened using an independent bank rating agency for additional consumer protection (banks rated in danger of failing are not in the network.)

Northeast Community Bank — 1Y at 2.79% APY

Okay, a true freebie for you. My last attempt didn’t fare so well, so no strings attached. The CD Rates are decent.

Northeast Community Bank — FDIC# 29147.
1-year CD at 2.79% APY
18-month CD at 3.05% APY

Their stats look healthy and the rating system we use gives them 5-stars.

They need a copy of your driver’s license and a second form of ID sent in the mail after the on-line process is completed.

Visit their website. Click the open Your NECB account link. The rate isn’t locked in, until they receive the funds.

Let me know how it goes. I also came across this site with some good money advice.

cd :O)

Bank CD Special – 15-month – 2.90% APY | 1-year – 4.00% APY

[Update 3/6/09: The 4% rate is no longer available.]

Here is a Freebie (almost) for you. There is a catch. Nothing is really free, we all know that. So I figured we could have some fun. I’ll give up the bank info for some link or social love.

The CD Rate Special is 2.90% APY for 15-months. They require you to open up a checking account, but there are no service fees and you can put $20 in it. The minimum deposit for the CD is $500.

We also have a 1Y at 4.00% APY, but it requires $100,000, $500 in a checking account, and $1000 initial deposit into a savings account. These are both with FDIC insured banks.

Most of a site’s standings in the web revolve around backlinks. Standings equals traffic to the site. Traffic equals revenue. There are also social sites such as Digg, StumbleUpon, Reddit, etc. that can be a good source of referrals.

The best backlink is a contextual link such as cd rates. That tells the various search engines that the site jumbocdinvestments[dot]com is about cd rates. The more of those, the better our standings.

So here is the deal. If you provide a backlink or a posting to a social site, I’ll give you the bank names and details for free. Please use our contact form when completed and provide me the source of the link.

Here are some suggestions.
For http://www.jumbocdinvestments.com: best cd rates, cd rates, cd rates best, cd interest rates, bank cd rates.

For http://www.jumbocdinvestments.com/iracdrates.htm: ira cd rates, best ira rates, ira rates

For http://www.jumbocdinvestments.com/rates.htm: certificate of deposit rates

By the way, if CD Rates aren’t your thing I found a site with some good basic tips for best money market rates.

If you are unsure of how to do this, send me a note, and I’ll provide you instructions. You can also send an email to chris at jumbocdinvestments[dot]com. Of course substitute “@” for at and “.” for [dot]. Put “Link Love” in the subject line.

Have a great day.

You can also leave a comment. I’ll have your email address from there.
cd :O)