Banking Deals of the Week: April 7

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The business media isn’t hyping the issue, but the news that the 10-year U.S. Treasury note has hit 4% could mean better rate deals for bank deposit investors this spring and summer.

Typically, bank rates track Treasury rates fairly closely. While waiver and fee expenses can eat up an uptick in interest rates in bond and money market funds, bank savers are usually spared such an ordeal. That should mean a free and clear path to higher certificate of deposit and bank savings and checking account rates.

But be careful not to lock in longer rates. The upswing in Treasury rates may not be sustainable, so it’s likely better to wait until the Federal Reserve actually hikes interest rates to go longer up the yield curve.

Until then, continue to take advantage of Deals of the Week.

Bank Checking Accounts

First New England Credit Union’s Reward Checking Account is paying out at a 4.1% APY right now, on balances between zero and $15,000.

Like most bank rewards deals, the interest rate back down the higher you go asset-wise. For accounts $15,000 and larger, the credit union’s rate falls back to 0.5% — that’s the same rate you’ll get if the minimum requirements aren’t met.

The deal is available to personal checking accounts only, and there’s no monthly service charge. Current credit union customers can upgrade to the rewards checking account and grab the great rate. Here are the minimum monthly requirements:

  • Make 12 cleared debit card transactions with your rewards.
  • Agree to a direct deposit feature or ACH auto debit.
  • Enroll in the credit union’s eServices program.

Enrolling in the credit union isn’t a big deal. Check it out here.

Credit Cards

Travelocity is breaking out some decent deals for the spring travel season. At the top of the list is the Travelocity American Express (Stock Quote: AXP) Two-Night Hotel Stay $20 Discount.

The offer is good through May 31, and all you have to do is book a two-night (or more) hotel stay on Travelocity using your American Express card. Make sure you use the Amex travel promo code — AMXSECRET20 — before you check out. You can usually find that on Travelocity’s checkout review page.

The Web site does add that the discount isn’t applicable to last-minute travel packages.

IRA Rollover

TD Ameritrade (Stock Quote: TD) has been more aggressive than most banks this spring and now the financial institution is offering a $500 cash bonus when you roll over your 401(k) from your old workplace to a TD Ameritrade Easy IRA. The offer is good through April 30.

It’s a pretty simple deal. Just open a TD Ameritrade account and roll over your old 401(k) proceeds — TD Ameritrade will pop $500 into your account once you sign on the bottom line.

The $500 cash bonus deal is only good for new TD Ameritrade customers. If there is a catch, it’s that the deal is a tiered:

  • Funding of $25,000-$99,999 receives $100 cash
  • Funding of $100,000-$249,999 receives $250 cash
  • Funding of $250,000 or more receives $500 cash

Find out how to open account here.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

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