RateNerd

Where Are CD Rates Headed Next?

Rate Nerd — Mon, 06 Sep 2010 07:38:49 PDT

CD rates are all over the place.

Short term CD Rates are higher, longer term CD rates dropping.

3 Year CD Rates Over The Last 6 Months

1-5 year terms have dropped in most cases. The average one-year CD yield ticked up 1 basis point to 0.67 percent. The average five-year CD yield suffered though, falling 5 basis points to 1.88 percent.

The power of the internet lets us quickly find the best CD Rates. CD investments are one way to diversify and add stability to your portfolio. While CD rates are not as attractive as they were a few years ago, you can still get a decent rate if you shop around.

CD investments or certificates of deposits are a great way to tame a high-risk portfolio into a low-risk one. However, short-term CD yields are unlikely to improve significantly until the Fed raises rates.

That’s why it pays to shop around. As an example, Discover Bank is bucking the trend by offering competitive CD rates on CDs from three months to five years, paying higher than the national average. Here are the current Discover Bank CD Rates:

3 month CD – 0.7% APY

6 month CD – 1.00% APY

9 month CD – 1.10% APY

12 month CD – 1.45% APY

18 month CD – 1.60% APY

24 month CD – 1.80% APY

30 month CD – 1.90% APY

3 year CD – 2.10% APY

4 year CD – 2.30% APY

5 year CD – 2.90% APY

7 year CD – 3.00% APY

10 year CD – 3.25% APY

The minimum to open an account is $2,500. Interest from the advertised CD rates is accumulated daily and credited monthly. Discover Bank is FDIC insured and your deposits are covered up to $250,000.

Advantages of CDs with short maturities

CDs with short maturities of three months, six months or one year allow you to take advantage of rates that might increase right when you’re ready to reinvest your money. If your portfolio is full of CDs with long-term maturities and you don’t have more cash to invest, you won’t be able to take advantage of higher interest rates that might pop up in the market.

Benefits of CDs with long maturities

Longer term three-year, five-year and 10-year CDs offer higher interest rates for allowing the bank to hold and use your money longer. This gives you the benefit of gaining more from your investment. Ideally, your portfolio should include a combination of short-term and long-term CDs so you can use CD laddering strategies and get the most bang for your buck. Look for the highest CD rates at RateNerd.com.

How To Afford College Now

Rate Nerd — Fri, 03 Sep 2010 07:42:43 PDT

Rethinking college because of the cost?

Studies show you’re not alone.

It wasn’t that long ago that a summer job could pay for next year’s college tuition. Now, by working a summer job while you’re in college, you might be able to cover a few credits and a couple months’ rent.

Higher tuition prices are a fact of life for today’s students. Ultimately, they can lead to a student reconsidering or delaying his or her college plans. According to a 2010 survey released by TD Ameritrade, 36 percent of teens today would consider delaying or not going to college due to the expense it requires. This number is up from 31 percent of teens who reported the same in 2009.

“The recent economy has definitely had a profound impact on how we view higher education today,” says Stuart Rubinstein, managing director of investment products for TD Ameritrade. “Education can be costly for those who are not prepared, which is why we recommend taking a proactive approach to education savings.”

While today’s students are concerned about the expenses of college, it doesn’t mean they aren’t willing to save or are dismissing the importance of going to college. Among teens who are saving money, 66 percent are saving to pay for college, compared to 46 percent of adults who were saving as teens, according to the survey. When asked if education was essential to future success, 79 percent of teens said yes, while 57 percent of adults felt the same when they were teens.

For those teens and families trying to save for college, Rubinstein recommends the following steps:

1. Assess the details. Parents and teens should sit down together to analyze their current financial situation, determine what they are capable of saving and compare it with how much they expect the student’s education to cost. TD Ameritrade provides a college planner on its website that can help you determine these goals and find out what college savings options work best for you.

2. Select an education savings vehicle. Compare the benefits of different plans, such as a 529 College Savings Plan, custodial account or Coverdell Education Savings Account, to determine which may be the best fit. Each has different tax implications or withdrawal options, so it’s important to know the details before you enroll. You can find more information on what to expect from college savings plans at www.collegesavings.org.

3. Monitor your financial progress. Ensure your savings plan is meeting your goals by monitoring its progress and making adjustments along the way to stay on track with your goals.

The fact that college is expensive won’t change anytime soon, but by planning ahead, you may be able to make the financial burden that comes along with higher education a little easier to bear.

– Article Courtesy of ARAcontent

$100 With New Free Checking Account at PNC Bank – Daily Deal

Rate Nerd — Wed, 01 Sep 2010 08:18:06 PDT

PNC Bank is giving away $100.

Open a select new PNC Personal Checking Account, setup a qualifying direct deposit and make 10 check card purchases with your PNC Bank Visa Check Card, and get $100.

For people who want to keep things simple and desire a checking account with no minimum balance requirement and no monthly service charge. This account also offers reimbursement of non-PNC Bank ATM fees with a $2,000 minimum average monthly balance.

Your PNC Peronal Checking Account comes with these benfits, plus $100:

Free global ATM usage for select checking accounts
Free Online Banking and Bill Pay
Free PNC Bank Visa Check Card
Free Banking Rewards Program, PNC points
PNC Security Assurance includes an array of products, services and account features

Checking account offer available only to new PNC customers. New personal checking account must be opened via online application between 8/01/2010 and 9/30/2010.

PNC Checking account qualifications

To qualify for the $100 reward a Qualifying Direct Deposit must be received and at least 10 check card purchases made with your PNC Visa Check Card must be posted to the eligible account within 60 days of account opening. Your checking account must remain open in order for you to receive the $100 reward, which will be credited to the eligible account within 60 days after all conditions have been met and will be identified as “Promo Reward Cash Trans” on your monthly statement. A “Qualifying Direct Deposit” is defined as a recurring direct deposit of a paycheck, pension, social security or other regular monthly payment electronically deposited into a Free, Performance, Performance Select Checking account, or the Spend account for Virtual Wallet (each an “Eligible Account”) on a recurring month-to-month basis. The amount of each recurring Direct Deposit must be at least $400. The recurring Direct Deposits must be made by an employer or an outside agency.

Bank of America $75 Checking Account Offer – Daily Deal

Rate Nerd — Mon, 30 Aug 2010 06:18:49 PDT

Get $75 from Bank of America when you open a new MyAccess Checking account online and make a qualifying deposit.

Bank of America’s $75 offer is not as rich as others, but you get the benefit of fantastic online banking and branches and ATM’s just about everywhere.

When you open a new MyAccess Checking account you get online access to both your checking and credit card accounts virtually anywhere, any time. Paying your credit card bill has never been easier. With this offer you get $75 when you open a new MyAccess Checking account online and make a qualifying deposit.

Here’s what you get with this Bank of America checking account offer:

No monthly maintenance fee with a qualified direct deposit or if you maintain an average daily balance of $1500, during each monthly statement cycle.
Manage your accounts easily with Online Banking. You get 24/7 access, optional Bill Pay service, plus Mobile Banking
Access to Customer Service 24/7 online or by phone
Bank of America Visa debit card with Zero Liability Protection

How to get your $75 Bank of America Checking Account Bonus

Open your new MyAccess Checking account online with offer code CH75OL1
Fund your new checking account with $125 within 30 days
Receive your $75 within 90 days of checking account opening

Opening a checking account is easy and takes just a few minutes. Make sure Offer Code CH75OL1 appears in the checking account application.

Bank of America Checking Account Offer Details

You will receive your $75 credit to your new checking account within 90 days of your new personal checking account online. Limit one $75 incentive per household every 6 months. This is a special offer to existing Bank of America credit card customers and only valid only for new MyAccess Checking accounts. This offer does not apply to current checking customers or student checking accounts. You must use the Offer Code CH75OL1 and fund your checking account with the $125 minimum deposit requirement within 30 days in order to qualify for this offer. This offer expires on 12/4/2010. The $75.00 credit can only be made to your new checking account. This new checking account must be still open at this time to receive your $75.00 credit.

Bank of America Offer available here.

Free Checking Account Pays 4.00%, Free ATM, Perks – Daily Deal

Rate Nerd — Fri, 27 Aug 2010 08:35:17 PDT

4.00% APY interest, free ATM fees, discounts and perks.

Cambridge Savings Bank’s SuperSmart Checking makes a lot of sense on deposits up to $25,000.

SuperSmart Checking from Cambridge Savings Bank is a checking account that earns you interest at an incredible rate of 4.00% APY, but it also gives you FREE ATM access anywhere with unlimited monthly ATM surcharge refunds. Plus, you’ll earn rewards points towards free stuff every time you use your debit card.

The high interest rate and free ATM banking is just the beginning of all you get with SuperSmart Checking. This account also offers these benefits:

Travel accident insurance
Identity Guard with 6 months of free credit monitoring
Identity theft protection
Health benefits including Pharmacy, Vision and Hearing
Discounts on travel and shopping

To qualify for the premium interest on this checking account, all you have to do is fulfill these 3 monthly requirements:

10 Debit Card Transactions
eStatements
Direct Deposit

Minimum balance of $100 is required to open the account. Rate tiers are as follows: 4.00% APY applies to balances of $10-$25,000 and 0.05% APY applies to balances over $25,000 as long as qualifications are met each statement qualification cycle. 0.05% APY applies to all balances if qualifications are not met. The APY will range from 4.00% to 0.05% depending on the balance in the account. A minimum of 10 debit card transactions (excluding ATM transactions), monthly direct deposit, and enrollment in monthly eStatements is required to earn the higher APY. A monthly maintenance fee of $5.00 will be imposed every statement cycle if all of the following conditions are not met: a minimum of 15 debit card transactions deducted from the account and posting during the statement qualification cycle (excluding ATM transactions), monthly direct deposit posting during the statement qualification cycle, and enrollment in monthly eStatements.

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service financial institution with $2.2 billion in assets. As one of the oldest and largest community banks in Massachusetts, the bank offers a full line of individual and business banking services and has 15 banking centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton Centre and Watertown.

4.01% Free Checking Account, Free ATM Fees – Daily Deal

Rate Nerd — Wed, 25 Aug 2010 07:52:18 PDT

Earn 4.01% APY and get ATM Fees refunded with this free checking account.

Georgia Bank & Trust has a very competitive free checking account offer on balances up to $25,000.

The checking account is free and comes with a MasterCard Debit Card, if you use an ATM anywhere in the nation GB&T will automatically refund those fees, and the checking account includes Internet Bill Pay services, overdraft protection and access to Internet Banking 24/7.

Checking Account Qualifications:

Make 10 MasterCard Debit Card purchases through your Georgia Bank & Trust checking account each month
Set up one Direct Deposit, one ACH Auto Debit, or one monthly Bill Pay transaction
Enroll to receive your checking account statements electronically

To earn 4.01% Annual Percentage Yield (APY) a balance of $.01 to $25,000 required. A balance of more than $25,000 earns 1.01% APY. If requirements are not met in a qualifying cycle 0.10% APY will apply to all amounts, with no ATM fee refunds. $50 opening deposit required. One automatic deposit or payment to or from your account or one monthly Bill P@y transaction, enroll and receive electronic statements and complete 10 Debit Card purchases per qualifying cycle for 4.01% APY. Unlimited nationwide ATM refunds. Offer available for personal accounts only.

About Georgia Bank & Trust

Georgia Bank & Trust is based in Augusta Georgia and is FDIC insured.

Chase Coupon $100 Checking Account Offer – Daily Deal

Rate Nerd — Mon, 23 Aug 2010 07:43:28 PDT

Chase Bank’s coupon for $100 with a new personal checking account offer is back.

Use this Chase coupon to open your checking account, set up direct deposit or make 5 debit card purchases and you’ll get a $100 cash bonus.

This coupon from Chase is a great offer. Chase is one of the largest banks in the world, and has over 15,000 US ATM’s. Their online banking is excellent. We have several checking accounts with Chase and have been very happy with them. Along with the convenience and value of a Chase checking account, you’ll also get:

No Monthly Service Fee — Chase Checking has no monthly service fee when you have a direct deposit or five or more debit card purchases post to your account each statement period.
FREE Online Banking and Bill Pay
FREE Checking Account Alerts sent by phone or e-mail to help you avoid fees
FREE online or telephone access to your checking accounts, 24 hours a day
FREE access to 15,000 Chase ATMs
FREE Chase Debit Card with Zero Liability protection
FREE Mobile Banking

Chase coupon – 4 easy steps to redeem:

Enter your e-mail address below to receive your $100 cash bonus Chase coupon.
Print the e-mail you receive. The Chase coupon must be presented at the time of account opening. The Chase coupon cannot be applied to an account that is already opened.
Take it to a Chase branch near you.
Open your new Chase Checking account and set up direct deposit or make five debit card purchases.

Chase Coupon Bonus and Checking Account Information Details

Chase coupon offer not available to existing Chase checking customers. Offer valid through 9/30/10. To qualify for the bonus you must open a new Chase Checking account with a $100 minimum deposit of new money (money not currently held by Chase or its affiliates). Also, within 60 calendar days of checking account opening, Chase must receive from your employer or the government a monthly electronic direct deposit of your payroll, pension or government benefits, such as Social Security, or you must have at least five debit card purchases posted to your account. The reward will be deposited into your new checking account within 10 business days after meeting one of these requirements. Bonus is not considered part of minimum opening deposit. Limit one checking account reward/premium per customer, per calendar year. Checking account offer not available on account conversions or in combination with any other offer. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Checking account must remain open for a minimum of six months or the bonus will be debited from the checking account at closing.

Chase coupon available here.

$300 Free Checking Account Bonus – Daily Deal

Rate Nerd — Fri, 20 Aug 2010 06:27:23 PDT

Earn up to $300 a year by using your debit card with this free checking account.

Free Eco Checking is a free personal checking account that pays rewards when you use your debit card – at the grocery store, the mall, the gas station, restaurants or wherever you use your card.

With the free Eco Checking account from Rockland Trust Bank, you can earn up to $300 a year, plus the account has no monthly service charge. It comes with free online banking with bill pay and even includes your first order of checks. To be eligible to open a Free Eco Checking account, you must agree to receive electronic statements and accept a Rockland Trust Free Eco Debit Card on the account. You must deposit a minimum of $25.00 to open the free checking account.

To earn the $300 a year bonus, you simply agree to receive your monthly checking account statements electronically, instead of in the mail. Your checking account statements are delivered through online banking – completely paperless.

Eco Checking Account Features:

Earn up to $300 a year
Use less paper
No monthly service charge

When you open and use your Free Eco Checking account the bank will pay you 10 cents for each eligible purchase that you make using your Rockland Trust Debit Card, up to $25 per statement cycle and $300 a year. You will receive the Free Eco Checking debit rewards in your Free Eco Checking account each statement cycle in which you make eligible purchase(s).

About Rockland Trust Bank

Rockland Trust Company is a full-service community bank headquartered in Massachusetts, with approximately $4.5 billion in assets. The sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB), Rockland Trust provides a wide range of consumer, business, investment, and insurance products and services to communities in Eastern Massachusetts. The network consists of 70 retail branches, 10 commercial lending centers, four mortgage banking centers, and three investment management offices located in Massachusetts, plus one investment management office in Rhode Island.

4.01% Rewards Checking Account Up To $25K – Daily Deal

Rate Nerd — Wed, 18 Aug 2010 06:54:54 PDT

$25 Minimum, 4.01% APY, free ATM fees make this a great deal.

You can receive a bonus rate of up to 4.01% APY on balances up to $25,000 when you meet certain requirements.

First Clover Leaf Bank of Illinois is offering a “My Great Rate Checking” rewards checking account with a high rate and several nice perks. All “My Great Rate Checking” accounts earn a Base Rate of 0.25% APY on any amount, but pay the higher Bonus Rate of 4.01% APY on balances up to $25,000 and 0.50% APY on balances over $25,000. When you qualify for the Bonus Rate, you receive automatic refunds of ATM fees nationwide.

To qualify for the Bonus Rate and nationwide ATM refunds, you must meet these four simple requirements each statement cycle:

10 VISA debit card transactions (excluding ATM transactions)
One direct deposit or ACH Auto Debit
Three online bill payments
Receive your monthly statement electronically

Minimum deposit amount to open is $25.00. Learn more about First Clover Leaf Bank here.

3 Simple Ways to Raise Your Credit Score

Rate Nerd — Mon, 16 Aug 2010 06:20:46 PDT

With a little discipline, raising your credit score and keeping it high does not have to be difficult.

You probably know the importance of a high credit score, as many companies – from lenders to insurers to cell phone service providers – use it to evaluate your credit risk.

In today’s tough economy, keeping your credit score high is as important as ever, as your ability to secure a loan or refinance your home for a better mortgage depends on it.

Following are some tips for people who want to raise their credit scores:

Don’t Be Late With Your Payments. When it comes to raising or maintaining your credit score, the most important thing you can do is pay all your bills on time. The “pay by” date is the date by which your payment must be received. When you’re paying your bills, be sure to allow sufficient time for mailing to avoid a late fee. You may want to consider other payment options, such as online payments or pre-authorized debit, which are fast and free. Plus, you save money on postage.

Avoid Carrying a Balance. If you can pay your bills in full and avoid carrying balances on your credit cards, your credit score is likely to increase. High balances are bad for your credit score. Even if you pay more than the minimum and all of your bills on time, high utilization of credit is typically a sign of financial stress and may lower your credit score. If you must revolve your balances, keep them to a small amount of your available credit.

Minimize Inquiries. When you apply for credit, the lender pulls your file. That’s called an inquiry and it will be recorded on your credit history. Too many inquiries within a short period of time may have a negative effect on your credit history and score. So if you’re planning for a big purchase, like a home or a car, keep excess inquiries off your credit history by not applying for other loans or opening up credit accounts while you’re in the process of shopping for the loan for that purchase. And when you’re shopping for that home or car loan, make all your applications within a two-week period. Then all the inquiries will count as one (as opposed to multiple inquiries), with only a five-point hit to your credit score.

Want to know more? Here are some free resources to help you monitor and maintain your credit score:

Free Score Estimator – Just answer a few questions in the Score Estimator and you’ll get a pretty close approximation of your actual credit score. The benefit is that its free, and you dont have to put in any personal information like your social security number or credit card numbers.

Your Credit Sucks – Get our popular free credit guide on how to build, repair and maintain your credit rating.

Spending Analyzer – Use this free interactive tool to see where your money is going and to then make adjustments. Provided for free by Discover Bank.