Bank of Smithtown has a special promotion on their 15 month CD and 5 year CD. The minimum to open a CD is $2,500. Both require an Essential Checking Account with $2,500 or more balance. To open you must visit one of their local branches in the Long Island NY area. While these rates are not great, they still have one of the highest 5 year CD available. All of their CDs are FDIC insured and has a Bankrate Safe n Sound of one star.
The CD rates are:
- 15 Month CD 1.50% APY
- 5 Year CD 2.95% APY
Search for other of the best CD rates at either credit unions or banks in your area.
The Fort Knox Federal CU is offering two CD rates that are higher than what is available nationally.
Local Stimulus Special
To qualify for this special, member must live in Kentucky, Indiana or Tennessee.
14 Month – 1.75% APY
23 Month – 2.30% APY
Loyalty Special
To qualify for this special, member must have opened his/her account prior to November 1, 2009.
14 Month – 1.75% APY
23 Month – 2.30% APY
Their 14 month CD is 15 basis points higher than their 12 month CD. The 23 month CD rate is 30 basis points than their 2 year CD. The highest 2 year CD rate nationally is 2.05 APY, and the highest 1 year CD rate is 1.76% APY.
This past Friday we saw 7 additional bank failures. This brings the total failed in 2010 to 103. The FDIC found other banks for all failed banks. The deposits were taken over by the acquiring banks including deposits above the FDIC limit. The bank names link to the FDIC press release.
No credit unions failed this week.
The FDIC announced in a press release that deposit insurance has been permanently raised to $250,000 per depositor as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The insurance was temporarily raised from $100,000 to $250,000 on October 3, 2008. It was supposed to expire on December 31, 2010, but was temporarily extended to December 31, 2013. This is a welcome change to keep up with inflation, since the previous $100k maximum was last raised in 1980. “With this permanent increase of deposit insurance coverage to $250,000, depositors with CDs above $100,000 but below $250,000 will no longer have to worry about losing coverage on those CDs maturing beyond 2013,” said FDIC Chairman Sheila Bair. This change is also retroactive to January 1, 2008. This deposit insurance change will also apply to credit unions.
Now that the rate has changed, the question to ask is will this affect what is considered to a Jumbo CD?
This offer is available to people who have an auto loan with Citizens Automobile Finance. If you open up a checking account with Citizens Bank, and make one scheduled payment for your auto loan, you’ll get $500.00. It’s that simple, and is available only till July 30th, 2010.
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On Friday another six banks were closed by the FDIC making the grand total of 96 for 2010. Three banks were in Florida, two in South Carolina and another in Michigan. The rate of failures continue to outpace the amount from 2009 by two times, when only 140 banks failed. The FDIC was able to find other banks to acquire assets for all six banks. The list of the failed banks on Friday July 16th, 2010 (links to the FDIC press release):
The largest failure occured in South Carolina, where Spartanburg-based First National Bank of the South was seized by regulators. The bank had total assets of $682 million and total deposits of $610.1 million as of the end of March.
The FDIC said a subsidiary of North American Financial Holdings Inc. acquired all of the deposits and nearly all of the assets of First National Bank of the South. The same firm, NAFH National Bank, also reached an agreement with the FDIC on two Florida-based banks that failed Friday.
NAFH National also purchased the deposits and essentially all of the assets from Miami-based Metro Bank of Dade County, as well as Turnberry Bank of Aventura, Fla. The Office of Thrift Supervision said Turnberry Bank was closed because of deterioriating asset quality and insufficient capital.
Metro Bank of Dade County had total assets of $442.3 million, and deposits of $391.3 million as of the end of March. Turnberry Bank had assets of $263.9 million and deposits of $196.9 million.
Since last Friday, no credit unions were closed by the NCUA.
