Money Fund Yields

The money fund industry witnessed one of its biggest challenges ever last September when the Reserve Fund dropped their net asset value below $1 after absorbing losses on securities issued by Lehman Brothers. Heavy redemptions and worries about other high-profile funds brought money funds to the front pages of newspapers for perhaps the first time [...]

FDIC Proposes Capping Bank Rates Offered by Weak Banks

The FDIC has proposed tightening the caps on the rates that can be paid on CDs, money market accounts, savings accounts, and checking accounts for banks that are categorized as “Less Than Well Capitalized”. Instead of using Treasury yields for calculating the ceiling on deposit rates, the FDIC proposes using national rate averages. The intended [...]

New Financial Applications Available on the Apple 3G iPhone

Top 5 Financial Applications from Apple iTunes Store

1. Bank of America
The mobile banking application from Bank of America allows users to check available balances, pay bills, transfer funds or locate ATMs and banking centers from their PDA or smartphone. The application is far superior, both in security and in convenience, than attempting to navigate the [...]

New Savings Rate Deal from National City Bank / PNC Bank

National City Bank (now part of PNC Bank) is offering a money market savings account with a 2.50% APY guaranteed for 180 days for new funds that have not been on deposit at PNC Bank or National City Bank within the last 30 days. The minimum deposit to earn the 2.50% APY is $10,000. This [...]

Bank Deals from Online Banks including Free Cash, Airline Miles, and iPods

Banks are offering a variety of rewards for opening new checking or savings accounts. The latest deals include:
Community Bank of DuPage is giving away a free Portable DVD Player when you open a free checking account with direct deposit. Offer expires 3/22/2009. Minimum opening deposit and minimum recurring direct deposit $100.
HSBC Bank is offering a [...]

Warren Buffett Calls President Obama Right Commander for Economic Pearl Harbor

President Obama has the friendship and counsel of value investor Warren Buffett who endorsed Obama early in the presidential campaign and is expected to remain active in giving the President’s economic team advice.

Buffett, who through his company Berkshire Hathaway has investment in insurance companies, furniture companies, and large stakes in Coca-Cola and Wells Fargo Bank, [...]

Is Citigroup too Big to Fail?

The latest news from Citigroup Inc. is their deal with Morgan Stanley which combines their brokerage business which runs under the Smith Barney name and the wealth management business operated by Morgan Stanley. The deal brings Citi some much-needed cash, but won’t let them escape from their sub-prime nightmare. Already as a recipient of TARP [...]

Will Obama Administration Push Up Long-Term Interest Rates?

President-Elect Obama has outlined an ambitious economic stimulus program involving government spending on infrastructure and government hiring. This multi-billion dollar spending program will be on top of the billions to still be spent with the ongoing government bailout of financial companies. While a majority of economists have approved the plan as prudent, a number have [...]

GuidetoLenders.com Provides Refinancing Tips for Homeowners

Mortgage rates continue to fall in 2009 providing refinancing opportunities for millions of Americans. The Freddie Mac weekly survey of lenders report last week that the national average on a 30-year fixed mortgage is 5.01% and 4.62% on a 15-year fixed mortgage. Unfortunately the refinancing process can seem intimidating and complex preventing some homeowners from [...]

RomAsia Bank

RomAsia Bank Money Market Savings Account
3.25% APY on all balances of $25,000 and more
Requirements:
$5,000 minimum opening deposit
Features:
Checkwriting privileges
$5 monthly service fee unless $5,000 average daily balance maintained
Link

Amboy Direct

Amboy Direct Money Market Maximizer
4.00% APY on balances from $30,000 to $100,000
Requirements:
Offer valid only for New Jersey residents
Apply online
Features:
3-month rate guarantee
$100 minimum opening deposit
Link

Chesapeake Bank

Chesapeake Bank Clear Sky Checking Account
Account Type: Checking Account
Special Type: Rate Special
APY:
3.25% APY on balances over $25,000
2.75% APY on balances from $10,000 to $24,999
2.50% APY on balances from $1 to $9,999
Requirements:

Apply online

Features:

Online Banking With Free Bill Pay
Mobile Banking
ATM fee rebates of up to $20 per month

Link

FDIC Bank Failures in 2008 by State

The final tally of banks which failed in 2008 was 25 which includes mega-banks Washington Mutual Bank and IndyMac Bank with over $1 billion in deposits. The FDIC insurance fund took a mighty hit, but with an increase in premiums and the ability to slowly sell-off assets of acquired banks the insurance fund is not [...]

Time to Refinance?

The time to refinance home loans is here for millions of Americans as mortgage rates have dropped to their lowest rates in over 35 years. Although rates on 15-year fixed and 30-year fixed mortgages are lower, the process to be approved for a loan is more cumbersome than in the past. For borrowers with very [...]

South Shore Savings Bank

South Shore Savings Bank Reward Checking
4.44% APY on balances up to $24,999.99
0.10% APY on balances over $25,000
0.10% APY if requirements are not met
Requirements:
Receive electronic monthly e-statements
Receive at least one direct deposit
Make at least 15 debit card purchases per statement cycle
Use home banking and bill pay at least once per statement cycle
Features:
No monthly fees
No minimum balance
Link

Investor Interest Rate Update

Interest Rate Update: January 5, 2009:

The Federal Reserve has lowered interest rates in the United State to historic lows pushing down yields on most savings instruments. Current rates and yields include:

3-month Treasury Bill: 0.08% yield

6-month Treasury Bill: 0.28% yield

1-year Treasury Bill: 0.38% yield

2-year Treasury Bill: 0.81% yield

3-year Treasury Bill: 1.07% yield

5-year Treasury Bill: 1.66% yield

10-year [...]

CBDirect

CB DIRECT - Online Savings Account
Account Type: Online Savings Account
Special Type: Rate Special
APY: 2.80% on all balances
Requirements:

Minimum opening balance $1
Apply online

Features:

Savings account can be linked to external bank accounts
Online bill payments and transfers

Link to CB Direct