FDIC $250,000 Insurance Limit Extended to 2013

Rate information contained on this page may have changed. Please find latest savings rates.

Last week, President Obama signed a law that includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31, 2013.

Last year, FDIC and MCUA deposit insurance was temporarily increased from $100,000 to $250,000 until the end of 2008.  The Helping Families Save Their Homes Act of 2009 (S. 896), signed by President Obama last week, includes a provision that extends the FDIC and NCUA deposit insurance limit off $250,000 until December 31, 2013.

The bulk of the bill deals with mortgages and foreclosures, so the extention was not widely covered in the media.


Tennessee Commerce Bank 2.30% APY Savings Account

Rate information contained on this page may have changed. Please find latest savings rates.

Tennessee Commerce Bank is offering a competitive savings account paying 2.30% APY. It's also offering a some top cd rates.

Tennessee Commerce Bank is offering a competitive savings account paying 2.30% APY as of 6/5/2009.  That puts it near the top of the best savings and money market rates on the BestCashCow rate table.  It's also offering a some top cd rates.  As of 6/5/2009:

  • 2.40% APY 12 months
  • 2.45% APY 18 months
  • 2.87% APY 24 months
  • 3.27% APY 36 months
  • 3.45% APY 48 months
  • 3.65% APY 60 months

 

Opening and Funding

To open the savings account or a certificate of deposit, you'll need to download an application form, fill it out and mail it back with two pieces of identification.  To fund the account, you can send a check with your application, use ACH, or use a wire transfer.

Some key things to know about the account include:

  • The account is available nationally
  • There is a $250 minimum opening deposit and balance to avoid a $2.50 monthly fee
  • Trust accounts and POD accounts available
  • $2.50 charge for more than one withdrawal per month. 

Safety and Soundness

Based on FDIC data from March 31, 2009, Tennessee Commerce Bank has$1.266 billion in assets and $1.108 billion in deposits. Bauer Financial gives it 3.5 out of 5 stars (Good) for its safety and soundness.  The bank is FDIC insured.

Credit for this find goes to BankDeals.

Please share any experience you've had with Tennessee Commerce Bank.


Everbank Raises Promo Rate to 3.01% APY

Rate information contained on this page may have changed. Please find latest savings rates.

Everbank raised the promo rate on its yield pledge money market account from 2.55% to 3.01%. This reverses the trend of six months of rate cuts and may be another sign that we are reaching the bottom in savings and money market rates.

Everbank raised the promo rate on its yield pledge money market account from 2.55% to 3.01%.  This reverses six months of rate cuts and may be another sign that we are reaching the bottom in savings and money market rates.

Everbank's 1 year APY has increased from 1.87% to 2%.  What we've always found interesting about Everbank's offer is that the three month promo is a guaranteed rate for three months.  That means, in essence you get an account equivalent to a  3-month CD that is paying 3.01% APY and that is totally liquid.  The best 3-month CD rate according go the BestCashCow rate tables is 1.70% APY.

At times like this, when rates seem to have bottomed and are increasing on the longer-term CDs, parking money for a short-term in a higher yielding account like Everbank may make a lot of sense.

Everbank has always had a competitive promo rate.  Starting last fall it began to drop, along with savings and money market rates in general.  This increase reverses the trend of six months of rate cuts and may be another indicator, along with a leveling of the decline we've seen, that savings and money market rates have bottomed and will start trending up.