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October 19 CD Rate Update - Some Banks Increasing Rates

October 19 CD Rate Update - Some Banks Increasing Rates

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Author: Ari Socolow on October 20, 2007 - modified on September 26, 2018

Happy Friday. On this day we have several banks who have increased their CD rates. Banks are looking for your money.

It's Friday! And there's no better way to celebrate than to let you know that several banks have increased their rates.

Perhaps the biggest news is the aggressive increase by Amtrust Direct. They raised the rate on their e-Savings account from 5.06% APY to 5.36%APY. They now have the highest rate with the minimum required deposit amount - $1.

Several banks also raised their CD rates:

Umbrella Bank raised their 1 year CD from 5.00% APY to 5.15% APY.
E-Loan increased the rates on their 2 and 3 year CDs by 5 basis points. A basis point is equivalent to .01%. So if something increased by 5 basis points it went from 5.05% to 5.10%.
Corus Bank raised the rate on its 1 year CD and now has the second place on the rate table.

For more information on the best CD rates in the country, please visit the BestCashCow CD Rate tables.

Have a nice weekend.

Ari Socolow: Ari Socolow is the Chief Economist and Editor-in-Chief at BestCashCow. He is particularly interested in issues relating to bank transparency and the climate crisis. Since co-founding BestCashCow in 2005, Ari has been frequently cited in the media as an expert on local and national savings accounts, CD products, mortgage and loan products and credit card rewards products.

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Today's Highest Online CD Rates

Bank	Product Term	Interest Rate (APY)
Charles Schwab Bank, SSB	1-Year	5.40% APY with $1,000 minimum
Finworth, a division of InsBank	1-Year	5.38% APY with $50,000 minimum
TotalDirect, a division of City National Bank of Florida	1-Year	5.35% APY with $25,000 minimum
Dollar Savings Direct, a division of Emigrant Bank	3-Year	5.00% APY with $1,000 minimum
M.Y. Safra Bank	3-Year	4.75% APY with $500 minimum
First Internet Bank of Indiana	3-Year	4.66% APY with $1,000 minimum
First Internet Bank of Indiana	5-Year	4.55% APY with $1,000 minimum
BMO Alto, a division of Bank of Montreal Harris	5-Year	4.50% APY with no minimum
Department of Commerce	5-Year	4.34% APY with $500 minimum

See More Online CD Rates →

Comments

Marco

October 20, 2007

Do you have any experience with Amtrust? Do they charge for the incoming and outgoing money transfers?

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