Personal Finance Blog By MoneyRates - April 2008

Best Bank Money Market Rates Update

April 21, 2008

By MoneyRates Team | Money Rates Columnist

The national average on bank money market accounts is below 1%, but many banks are offering higher rates for accounts opened online. Listed below are the best rates on bank money market accounts posted this week available nationally for accounts opened online:

IndyMac Bank
3.97% Rate
4.05% APY
$1,000 Minimum deposit

Corus Bank
3.94% Rate
4.00% APY
$10,000 Minimum deposit

EverBank
3.89% Rate
4.01% APY
$1,500 Minimum deposit

Century Bank Direct
3.69% Rate
3.82% APY
$100 Minimum deposit

Bank Mutual
3.68% Rate
3.75% APY
$25,000 Minimum deposit

Countrywide Bank
3.68% Rate
3.75% APY
$50,000 Minimum deposit

First Banking Center
3.59% Rate
3.65% APY
$250,000 Minimum deposit

Amegy Bank
3.59% Rate
3.65% APY
$50,000 Minimum deposit

Imperial Capital Bank
3.58% Rate
3.65% APY
$100,000 Minimum deposit

Nationwide Bank
3.58% Rate
3.65% APY
$1,000 Minimum deposit

National Bank of Kansas City
3.54% Rate
3.60% APY
$500,000 Minimum deposit

AIG Bank
3.54% Rate
3.60% APY
$50,000 Minimum deposit

California First National Bank
3.54% Rate
3.60% APY
$1 Minimum deposit

Intervest National Bank
3.49% Rate
3.55% APY
$2,500 Minimum deposit

EverBank
3.45% Rate
3.51% APY
$1,500 Minimum deposit

Amboy Direct
3.44% Rate
3.56% APY
$30,000 Minimum deposit

Umbrella Bank
3.44% Rate
3.50% APY
$1,000 Minimum deposit

Kaiser Federal Bank
3.44% Rate
3.50% APY
$75,000 Minimum deposit

Security Savings Bank
3.44% Rate
3.50% APY
$1,000 Minimum deposit

Bank of Internet
3.40% Rate
3.46% APY
$1 Minimum deposit

Zions Bank
3.40% Rate
3.46% APY
$50,000 Minimum deposit

Imperial Capital Bank
3.34% Rate
3.40% APY
$50,000 Minimum deposit

Independence Bank
3.33% Rate
3.40% APY
$1,000 Minimum deposit

Zions Bank
3.30% Rate
3.35% APY
$50,000 Minimum deposit

WT Direct
3.25% Rate
3.31% APY
$1 Minimum deposit

Greystone Bank
3.25% Rate
3.30% APY
$100,000 Minimum deposit

Acacia Federal Savings Bank
3.20% Rate
3.25% APY
$75,000 Minimum deposit

M&T Bank
3.20% Rate
3.25% APY
$1 Minimum deposit

National Bank of Kansas City
3.20% Rate
3.25% APY
$100,000 Minimum deposit

Advanta Bank
3.15% Rate
3.20% APY
$50,000 Minimum deposit

TriState Capital Direct
3.11% Rate
3.15% APY
$95,000 Minimum deposit

Discover Bank
3.10% Rate
3.14% APY
$50,000 Minimum deposit

Virtual Bank
3.00% Rate
3.05% APY
$50,000 Minimum deposit

Zions Bank
3.00% Rate
3.05% APY
$2,500 Minimum deposit

Virtual Bank
3.00% Rate
3.05% APY
$100,000 Minimum deposit

GCF Bank
3.00% Rate
3.04% APY
$100,000 Minimum deposit

Earthstar Bank
3.00% Rate
3.04% APY
$75,000 Minimum deposit

KeyDirect
2.96% Rate
3.00% APY
$1 Minimum deposit

Domestic Bank
2.96% Rate
3.00% APY
$2,500 Minimum deposit

eBank
2.96% Rate
3.00% APY
$100,000 Minimum deposit

Capital One Bank
2.96% Rate
3.00% APY
$1 Minimum deposit

Stonebridge Bank
2.96% Rate
3.00% APY
$1 Minimum deposit

Transportation Alliance Bank
2.96% Rate
3.00% APY
$1,000 Minimum deposit

AmTrust Direct
2.96% Rate
3.00% APY
$50,000 Minimum deposit

MetLife Bank
2.96% Rate
3.00% APY
$25,000 Minimum deposit

UFB Direct
2.95% Rate
3.00% APY
$50,000 Minimum deposit

Heritage Bank
2.92% Rate
3.00% APY
$75,000 Minimum deposit

GMAC Bank
2.92% Rate
3.00% APY
$500 Minimum deposit

MetLife Bank
2.91% Rate
3.00% APY
$25,000 Minimum deposit

More bank money market rates available here

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EverBank Expands Foreign Currency Options for Investors

April 17, 2008

By MoneyRates Team | Money Rates Columnist

EverBank, an FDIC-insured bank based in Jacksonville, Florida, has added new content to their site which offers more detailed coverage of the economies of the countries for which they offer foreign currency investments. EverBank has been providing an online platform to find information on foreign currency and open up foreign-denominated bank accounts for more than a year now. The EverBank program allows customer to open single-currency or multi-currency money market and CD accounts. Investments in the foreign-denominated accounts are subject to the appreciation or depreciation of the underlying currency compared to the US dollar. Accounts are not FDIC-insured against currency losses. As of late (with the US dollar in decline) investors in the EverBank products could potentially earn more than the stated rate on their bank deposit product if they converted their foreign-denominated investment back to US dollars. EverBank provides useful information on the various deposit rates and the economic conditions of a number of countries for investors to review before opening any foreign-denominated account. The new reporting on EverBank' site includes coverage of the:

Australian dollar

Brazilian real

British pound

Canadian dollar

Czech koruna

Danish krone

Euro

Hong Kong dollar

Icelandic krona

Indian rupee

Japanese yen

Mexican peso

New Zealand dollar

Norwegian krone

Singapore dollar

South African rand

Swedish krona

Swiss franc

and a page with an overview of all the foreign currencies

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Bank Reward Programs Local and National

April 16, 2008

By MoneyRates Team | Money Rates Columnist

The Federal Reserve has lowered rates by over two full percentage points in 2008 and banks have reacted by lowering their own deposit rates on savings, checking, money market, and CDs. The highest rates available right now may be from a local bank offering a Reward Checking account which pays yields as high as 6.26% for online banking customers who meet monthly requirements which may include direct deposit, receiving online statements, and the transactional use of a debit or check card. Check below to see what deals may be available in your state:

Bank Reward Programs and Deals by State

Alabama
Alaska
Arizona
Arkansas
Available in all States
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Kansas
Kentucky
Lousiana
Maine
Maryland
Massachusetts
Michigan
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
Ohio
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

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Texas Bank Offering Wide Variety of Checking Account Deals

April 13, 2008

By MoneyRates Team | Money Rates Columnist

Guaranty Bank is a Texas-based bank with over $16 billion in assets and 150 locations throughout the states of California and Texas. Guaranty Bank is offering a variety of checking accounts with online banking rewards which include:

Airline Miles Checking

Watch your American Airlines AAdvantage® mileage balance fly sky high with an AirMiles Checking�� account. Open a new AirMiles account and earn 2,000 AAdvantage® miles. Activate direct deposit and earn an additional 1,000 AAdvantage® miles. Plus you'll earn AAdvantage® miles each month based on your average daily balance. You will earn interest, and your first 50 checks are free. It really is miles ahead of other checking accounts.

Rewards Checking

Earn Membership Rewards® bonus points from American Express® with your checking account. You can earn Membership Rewards bonus points every month -one point for every $10 of your Average Daily Balance. The minimum deposit to open a My Rewards Checking account is $100, and you can earn 2,000 Membership Rewards bonus points. You can earn another 1,000 bonus points when you activate monthly direct deposit4 into the account, and an additional 1,000 bonus points for each friend you refer who opens a My Rewards Checking account.

Dallas Mavericks Checking

Guaranty Bank is also offering a signed jersey from NBA all-star Josh Howard for customers who open any checking account with direct deposit

Gold Rewards Money Market Account

When you open a Gold Rewards Money Market account, you also receive many of the Gold Rewards Banking benefits, such as discounts on Home Equity Line of Credit rates, preferred rates on CDs, and more.Plus: Link your Gold Rewards Money Market account to a Gold Rewards Checking account, and you could have your monthly service charges waived.

More information regarding Guaranty Bank's checking account programs including account details, rates, and restrictions here.

More reward checking accounts and online bank deals can found at money-rates.com.

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Mutual Fund Company Bailouts Don't Stop Increased Investor Inflows into Money Funds

April 12, 2008

By MoneyRates Team | Money Rates Columnist

Percent Change in Total Net Assets in Mutual Funds from January to February:

Stock Funds -1.2%
Hybrid Funds -1.2%
Taxable Money Funds +0.8%
Municipal Bond Funds -4.6%
Taxable Money Market Funds +3.9%
Tax-Free Money Market Funds -2.3%

The biggest percent increase in mutual fund assets was in taxable money market funds which are at record levels according to data recently released by the Investment Company Institutite.

The increase in investments in taxable money market funds come despite the continued reports of losses absorbed by parent companies in their moeny funds. The companies which have recorded losses include:

Lehman Brothers - $300 million loss recorded in 1st quarter 2008 after absorbing $1.8 billion in assets from the books of their money funds

Credit Suisse Group - a $780 million charge was absorbed to prevent money fund losses

Bank of America - closed a $12 billion enhanced money fund on fund instability

Legg Mason Inc. - agreed to provide as much as $400 million to bail out an institutional money market fund from potential losses on debt issued by structured investment vehicles.

More money fund news and yields are available here.

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