RateNerd

3.00% Checking Account up to $35,000 – Daily Deal

Rate Nerd — Mon, 09 Nov 2009 07:48:36 PST

Malvern Federal Savings Bank is paying up to 3.00% APY on its reward checking account on balances as high as $35,000.

The Malvern checking account is available for residents of New York, Pennsylvania, New Jersey, Delaware, Maryland, Ohio and West Virginia.

Malvern will also pay you $10 when you turn in your old debit card or checks from your old checking account.

Here’s what you get with the Malvern Checking Account:

3.00% APY paid on the portion of the balance below $35,000
0.51% APY paid on the portion of the balance above $35,000
Reimburses up to $25.00 in ATM fees nationwide per month

Monthly Qualifications for Rewards Checking Accounts

Minimum of 10 debit card purchases (ATM usage does not count toward the 10 purchases)
1 Automatic Payment or Direct Deposit transfer
Sign in to your online banking account at least once
$200 to open the checking account

Other Checking Account Features:

Free Checking
No Minimum Balance on checking account
Free Debit Card
Free Online Banking

About Malvern Federal Savings Bank - Malvern Federal Savings Bank has been serving clients in Southeastern Pennsylvania since 1887 and is FDIC insured.

How To Consolidate Student Loans

Rate Nerd — Fri, 06 Nov 2009 13:09:57 PST

Student loan consolidation is a smart option for students, parents, graduates and alumni that are now seeking to consolidate federal student loans debt.

Federal student loan consolidation will lower interest rates and save money. Student loan debt consolidation has become popular and many college student loan consolidation centers and services are out there to consolidate all types of loans; be them federal, direct, medical, law, Stafford, PLUS, government and private student loans. Today’s Interest rates are the lowest they have been in decades. Consolidating federal student loans allows you to lock into a federal consolidation loan at a low FIXED rate.

Consolidating College Student Loan Debt

A study from the National Center for Education Statistics tells that roughly half of college alumni have an average student loan debt of $10,000 US. The average cost of a college education increases at two times the rate that inflation does. Public Universities are currently estimated to cost $13,000 a year, while private colleges and universities are estimated to cost $28,000 annually. These increasing costs of education leave both parents and students with increasing student loan debt.

How does student loan debt consolidation help save money? By lowering your monthly payment and lowering your interest rate, which ultimately decreases the total loan principal and interest amount you pay over time. Debt consolidation also helps you to manage your cash flow, and stay on top of your budget.

How does college student loan consolidation actually work? When your student loans are consolidated,all of the outstanding balances of your existing student loans are paid off, with the total balance rolling over into one consolidated student loan. When you refinance and consolidate your student loans, the end result is that you have only one FIXED RATE student loan to pay on.

What types of student loans are eligible for Federal student loan consolidation?

Federal and Federal Direct Stafford Loan (subsidized and unsubsidized)
Federal and Federal Direct PLUSXX
Perkins Loans
Federal Perkins (formerly known as National Direct Student Loan or NDSL)
Nursing School Loan (NSL)
Health Professional Student Loan (HPSL)
SLS (Supplemental Loan for Students)
Loans for Disadvantaged Students (LDS)
Federal Insured Student Loan (FISL)
Federal Consolidation Loan
Federal Direct Consolidation Loan

In addition to the student loans mentioned above, all undergraduate, graduate, law medical and private student loans are also available for student loan debt consolidation.

How Student Loan Consolidation works

A student consolidation loan combines several federal student or parent loans into a single larger loan. Most federal loans can be consolidated: Stafford, PLUS (Parent Loans to Undergraduate Students), Supplemental, Direct, Perkins and others. Some lenders will consolidate private college loans as well. The U.S. Department of Education offers Direct Consolidation Loans (www.ed.gov/directloan/ or 800-557-7392), as do many private lenders (www.finaid.org links to several private lenders).

A consolidation loan reduces the size of the monthly payments, usually by extending the terms of the loan beyond the normal 10 years, to 20 or even 30 years. That makes it more manageable for borrowers to make payments, especially younger people lower on the pay scale. Sometimes consolidation is necessary for people to qualify for a home mortgage.

Consolidation may especially be warranted if you’re not making payments and risk default on your loans. This will hurt your credit rating. Furthermore, the federal government can divert your tax refunds toward the loans or garnish your wages, even on very old student loans. Consolidation also can help you put the saved dollars toward higher-interest debt such as credit cards. Credit-card debt isn’t tax deductible, while you may be able to deduct up to $1,000 in student loan interest. To get more detail on student loan debt consolidation check out StudentLoanHome.info or order the Ultimate Student Loan Consolidation Guide.

Will a consolidation loan reduce the interest rates on loans?

Not necessarily. The interest rate on the consolidation loan would be the weighted average of the interest rates of the loans you’re consolidating, rounded up to the nearest 1/8 of a percent. Depending on weighting, you actually could end up paying a higher interest rate, though more likely the rate will be lower. Federal law requires variable-rate direct subsidized and unsubsidized consolidation loans to be capped at 8.25 percent, while PLUS consolidation loans are capped at 9 percent. That’s when the government annually readjusts interest rates for the year for student loans, and those rates will likely reflect the recent climb in other types of interest rates.

Downsides to Student Loan Debt Consolidation

The most obvious downside is that even though your payments are smaller, you are extending them over a longer time. That means you’ll pay out more total interest. Also, as with any kind of student debt consolidation loan, the borrower may be tempted to spend more or even borrow more because of the smaller loan payments. Then you’re just piling up more debt than if you hadn’t consolidated.

Alternatives to Debt Consolidation to Consider

Try first to tighten up your budget to free up more dollars to meet your loan payments, or take on a second or better-paying job.

If you’ve managed to pay your nonconsolidated loans on time for close to 48 months, try to hang in there a little longer. Lenders commonly drop the interest rates significantly, say two percent, for borrowers who have paid on time for 48 months (sometimes for only 24 months).

Also check out two options offered by the federal loan program. The income-sensitive repayment option bases monthly payments on your total gross monthly income. Under the graduated payment option, payments start out smaller and increase gradually on the assumption that your earnings will increase. Increased payments cannot exceed three times the amount of the initial payment. Although the total interest you pay will increase under these options versus sticking to the original loan schedule, the increase will be less than that of a consolidation loan.

You may be able to defer, or even outright cancel, a student loan if you teach in a low-income area or you teach full-time in a subject area that’s short of teachers. You also may defer federal student loans if you’re unemployed, return to school, go into the military or become disabled.

The important point is that while consolidation of an education loan may be the right choice for you, there are downsides and alternatives to consider before making a final decision.

4.52% Checking Account Interest Rate – Daily Deal

Rate Nerd — Thu, 05 Nov 2009 06:58:02 PST

The Grand Bank of Texas has a rewards checking account paying a huge 4.52% APY interest rate.

This free checking account offers extra rewards and flexibility with easy access no matter where you live, work, or travel with just a $100 deposit required to open the checking account.

Checking Account Features:

Opening deposit $100.00
Earns 4.52% APY up to $25,000 (when all qualifications are met)
Earns 1.01% APY greater than $25,000 (when all qualifications are met)
Earns 0.27% APY on non-qualifying balances (if you do not meet all the qualifications)
Up to $25 ATM refunds Nationwide
Debit Card
Online Banking and Bill Pay
Direct Deposit
e-Statements
24-Hour Automated Line
Unlimited Check Writing
No Minimum or Maximum Balance
No Monthly Service Charge

To earn the reward rates and receive all benefits of the Grand Bank Reward Checking Account, the following must be performed each qualifying cycle:

One Direct Deposit or ACH auto debit into checking account.
12 or more debit card transactions from checking account.
Receive electronic checking account monthly statements.
Access Grand Bank of Texas online banking at least once during qualifying cycle.

Grand Bank of Texas also has special checking accounts for seniors which include discounts on safe deposit boxes and free notary services.

Best Online Savings Account Rates

Rate Nerd — Mon, 02 Nov 2009 07:24:17 PST

The best online savings accounts definitely pay better than the average bank account.

The National Average APY for Interest-bearing Savings accounts is 0.22%, based on the top 50 U.S. banks by deposit provided by Informa Research Services, Inc as of October 27, 2009. But the online banks, expecially Discover Bank, have very attractive rates for your online savings account.

Discover Bank 1.85% APY. The undisputed winner in our survey of the best online savings account rates, Discover Bank has been consistently paying the highest rate for its online savings account among the major banks.

Ally Bank. The former GMAC Bank is now paying 1.55% APY on their online savings account.

HSBC Direct Online Savings 1.35% APY*. No fees and no minimums. Access your online savings account anytime.
Electric Orange from ING DIRECT. ING is now paying 1.30% APY on their online savings accounts.

Bank Rates Sponsored by Discover Bank

3.00% 3 Year CD Certificate of Deposit Rate – Daily Deal

Rate Nerd — Thu, 29 Oct 2009 06:45:20 PDT

Flagstar Direct is now offering a 3.00% APY on its 3 year CD Certificate of Deposit with just $500 minimum.

This 2009 CD rate is the highest we have recently seen on a 3 year CD. But be aware of the CD terms and conditions for early withdrawal.

Conditions for Flagstar Direct’s certificates of deposit CDs:

Minimum opening balance is $500.
Fixed interest rate will remain the same for the entire CD term.
You may not make any additional deposits into your account before the CD matures.
You may make withdrawals of principal from your account, with penalty and before maturity, with Flagstar’s agreement.
You may withdraw interest any time during the term after the interest is credited to your account.

A penalty may be imposed on Certificate of Deposit amounts withdrawn before maturity. On amounts withdrawn before maturity, certain expenses may be applied:

36 Month CD – 180 days of interest, whether the interest is earned or unearned, or the mark to market penalty, whichever is greater.
12 Month CD – 180 days of interest, whether the interest is earned or unearned.

Your certificate of deposit will automatically renew at the date of maturity. The CD interest rate will be the same as the rate offered on new certificates of deposit on the maturity date, for the same term, minimum balance (if any) and other features as the original certificate of deposit. Check to see if this CD makes sense for your CD ladder accounts.

Free Subscription to Stocks, Futures, Options Magazine – Daily Deal

Rate Nerd — Tue, 27 Oct 2009 13:29:46 PDT

Get a free subscription to SFO (Stocks, Futures, Options) Magazine.

SFO, the Official Advocate for Personal Investing, is dedicated to providing investors and retail traders an educational resource in the ever-changing financial marketplace.

Click Here for the free subscription form.

The magazine is a place for active traders to find consistently useful and cutting-edge articles on markets, trading strategies and technical methods, as well as economic and regulatory issues. The focus on global and national news, commentary and methodologies in both equities and derivatives markets offers information readers can use to shape their personal investing styles and make the most of market opportunities. The content within the high-quality pages of SFO can’t be found anywhere else.

Click Here for the free SFO subscription.

4.51% Checking Account Up To $25,000 – Daily Deal

Rate Nerd — Mon, 26 Oct 2009 07:14:09 PDT

Bank of The Sierra is offering a “sky high” 4.51% APY on its Sierra Reward Checking account with just $50 to open and pays on balances up to $25,000.

The Sierra Reward Checking account is a free, high-interest checking account with minimal qualificaions, available nationwide, from Bank of The Sierra – an FDIC insured bank. This bests any other checking account APY from our recent list of best checking accounts.

Checking Account Features:

Earn 4.51% APY on checking account balances up to $25,000
Earn 1.01% APY on checking account balances above $25,000
Reimburses up to $25.00 in ATM fees nationwide perchecking account cycle
Free eStatement every month
Free Sierra Bill Pay
Free Sierra Check Card
No monthly service charge on checking account
Overdraft protection available with a savings account or apply for a line or credit.
Only $50 to open checking account

Checking Account Qualifications:

Minimum 12 Sierra Check Card purchases per checking account statement cycle
Minimum one direct deposit or automatic payment from your checking account per statement cycle
Make at least one bill payment online per checking account statement cycle
Receive eStatements
Checking account must be opened online

4.30% Checking Account, $100 Minimum – Daily Deal

Rate Nerd — Thu, 22 Oct 2009 06:27:46 PDT

Get 4.30% APY on a new checking account at Royal Banks of Missouri with just a $100 minimum deposit, good on balances up to $25,000.

Royal Banks of Missouri offers its Majestic Checking, a free, high-interest checking account that also pays for up to $25 in ATM fees nationwide.

Here’s what you get with the Majestic Checking account:

4.30% APY paid on the portion of the balance below $25,000
1.40% APY paid on the portion of the balance above $25,000
Reimburses up to $25.00 in ATM fees nationwide per month
Free Royal Banks MasterCard Debit Card
Free Online Banking
Free Online Bill Pay

Minimum Checking Account Monthly Qualifications:

Minimum of 10 debit card purchases (ATM usage does not count toward the 10 purchases)
1 Automatic Payment or Direct Deposit transfer
Receive your monthly checking account statement electronically

About Royal Banks of Missouri

Royal Banks of Missouri is the wholly owned subsidiary of Royal Bancshares, Inc, a bank holding company headquartered in University City, Missouri. Established in March 1964 by a group of local businessmen, Royal Banks of Missouri remains locally owned and offers a full range of banking services to individuals and business clients in the St. Louis Metropolitan area.

CD Rates Offer Safe Harbor From Volatility

Rate Nerd — Mon, 19 Oct 2009 07:53:44 PDT

Certificates of Deposit (CDs) became a prime safe harbor during the recent market turmoil, thanks to the very reliability that once made them seem boring.

The dependable (but dull) component of most portfolios, investors discovered they could suddenly earn relatively high returns on CDs.

Buying a CD now lets you lock in a consistent rate or return, with the confidence that your investment is FDIC insured. Click here to see today’s highest CD rates.

How do CDs work?

CDs are low-risk investments you buy through a bank or thrift. For money you don’t intend to use for a specified length of time – 6, 9, or 12 months, or several years – the bank will guarantee you a fixed return CD interest rate, usually substantially more than what you can earn on your checking or savings account, even an online savings account.

But CDs share an important attribute with checking and savings accounts: they are insured by the Federal Deposit Insurance Corporation (FDIC). All CDs you hold in one institution are insured by the FDIC up to $250,000 per person, per deposit category. That’s a safety net you won’t find with stocks, bonds or mutual funds.

Ease and accessibility are two of the many great features of CDs. Unlike stocks or mutual funds, you don’t need a brokerage account to buy a CD. You can purchase CDs from your bank or go online to buy CDs without paying any transaction costs.

While you can access your money in an emergency, there are penalties for redeeming CDs before the maturity dates on each CD, typically equal to CD interest earned over the prior one to three months. One exception to this rule is the “Penalty Free CD” from Discover Bank which allows you to withdraw principal and credited interest penalty-free if you lose your job.

What should I know before buying a CD?

Before buying any CD, make sure you familiarize yourself with the terms and conditions. Just as banking and checking accounts come with different features from bank to bank, the terms of different CDs can vary substantially from one to the other. Make sure you understand the penalties for early withdrawal, which at some banks can be as high as one year of accrued CD interest.

Why are CDs important to banks?

CDs provide banks with a stable source of reserve funds. When banks sell you a CD, they can then turn around and lend the money in your account out to borrowers for more than they’re paying you and other CD account holders. If your CD is earning you 4 percent, for example, the bank might lend it out to other borrowers for 6-7 percent.

While CDs make bank balance sheets look good, in this market, they make investors feel good, too. CDs are investments which let you sleep well at night.

Who should invest in CDs?

CDs are best for investors who need dependable returns on their money, but won’t need the money for a specific period of time. Often these are investors who require predictability and safety in their investments.

Financial planners say it’s important to “ladder” your CD investments. Building a “CD Ladder” means you should buy CDs that mature every couple of months, for example, or every year to ensure your money is constantly being freed up at regular intervals should you need it.

Where can I find the best CD rates?

Rates vary from bank to bank, as you can see on the CD rate tables at RateNerd.com. Often online banks, like Discover Bank, offer significantly higher rates of return for their CDs than traditional banks.

Bank Rates Sponsored by Discover Bank

$100 Checking Account Bonus from Sovereign Bank- Daily Deal!

Rate Nerd — Thu, 15 Oct 2009 05:55:40 PDT

Get a $100 bonus for opening a new checking account at Sovereign Bank.

Sovereign Bank is one of the largest banks in the northeast US, and generally gets good reviews. You will receive a credit of $100 to your new checking account within 75 days after you open your checking account.

In order to qualify for this new Sovereign Bank checking account cash bonus, you need to:

Open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking or Partnership Checking account by October 30, 2009, with a minimum opening deposit of $100;
Request a Sovereign CheckCard and make 2 purchases within 60 days after opening your checking account
Open any Sovereign savings or money market savings account with a $100 minimum or already have a savings or money market savings account
Enroll in Online Banking with your new checking account.

This checking account offer is consistent with what most banks offer for a new checking account. However, some banks now offer up to $220 for a new checking account – see our recent post on the best checking account offers including Chase Bank, Citi Bank, Bank of America and Charter One, among other checking account offers.

About Sovereign Bank

Already one of the largest banking institutions in the Northeastern U.S., Sovereign is now part of Santander Group. Santander Group serves over 80 million customers in 40 countries, Santander was named “Best Bank in the World” in 2008 by Eurobank magazine.

Sovereign Bank offers a broad array of financial services, including retail, business, and corporate banking; cash management; capital markets; private wealth management; and insurance. Its roots reach back to 1902, when it was established as a building and loan association helping Pennsylvania textile workers become homeowners.