Banking Deals of the Week: June 30

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Bank rate investors see their fortunes once again hanging in the balance as the economy threatens to fall back into a recession.

Many key economic indicators point to just that scenario. A big one came out on Tuesday, when the Conference Board revealed that Americans are losing faith in government efforts to steer the economy to deeper, calmer waters. The Board’s Consumer Confidence index plummeted 10 points — from 62.7 in May down to 52.9 in June.

That number signals Americans are retrenching in the face of yet more economic uncertainty, and probably won’t be spending the amount of money needed to lift the economy.

Another key indicator pointing southward are Treasury Prices. The benchmark 10-year Treasury Note fell below 3% for the first time since April 2009. When the 10-year note falls like that, it usually portends trouble. “Treasury rates this low typically signal a real slowdown in economic activity, or even a recession," Peter Cardillo, chief market strategist at Avalon Partners, told CNN on Tuesday. "But I think this is a heightened fear factor and a flight to quality as opposed to any real economic meltdown."

Either way, bank rate investors are fighting for every basis point they can get. All the more reason to keep looking for the best bank deals out there on the marketplace.

That’s what we’re all about here at BankingMyWay every Wednesday — let’s take a look and see what’s out there this week.

Rewards Checking

Evantage Bank is offering a nice 4% APY on its free checking rewards program. No minimum balance is required and the rate is good for deposits up to $10,000.

Here are the details:

  • 4% APY
  • Free Online Banking
  • Free Checking
  • Free Evantage MasterCard CheckCard
  • Free Customer Service
  • Free Daily Email Notification if Overdrawn
  • Free ATM Transactions Worldwide
  • Overdraft Privilege Available
  • No minimum balance

To earn the great rates, you’ll have to:

  • Make 10 Evantage MasterCard (Stock Quote: MC) CheckCard sales transactions
  • Receive all statements electronically

Any balance above the $10,000 mark will earn a 1% APY. And if you don’t keep up with the program requirements, your rate drops to a measly 0.25%.

Learn more at EvantageBank.com.

Bank CDs

There’s some doubt whether IncredibleBank, a division of River Valley Bank, could leap itself in a single bound, but it offering a highly-competitive 2.25% rate on its 12-month certificate of deposit.

The Incredible CD is available online only, but it does have a 2% APY over the course of the CD’s 12-month range. You’ll earn 1.75% over the first six months and 2.25% over the second six months.

Here’s the skinny:

  • Annual percentage yield offered as of May 28 for this 12-month IncredibleBank certificate of deposit.
  • APY may change at any time without prior notice.
  • First six months earns 1.75% APY. Second six months earns 2.25% APY.
  • $10,000 minimum deposit to open the CD. $10,000 minimum balance to earn the stated APY.
  • Maximum of $225,000 allowed to be invested in one or more IncredibleBank certificates of deposit.
  • Alternative terms not allowed.
  • Fees may reduce earnings.
  • Penalty for early withdrawal.

The minimum deposit of $10,000 may be asking a lot, but other than that the 2% average for the Incredible 12-month CD compares very favorable to the industry average for similar CDs — that’s at 0.735% this week, as measured by the BankingMyWay Weekly CD Rate Tracker.

Check it out at IncredibleBank.com.

Cash-Back Checking

Amalgamated Bank has an interesting deal for checking account customers — a 5-cent rebate for each debit card transaction that exceeds $1.

It’s not a huge windfall, but as the saying goes, yard by yard life is hard, but inch by inch life’s a cinch.

The program — called Amalgamated Cash Rebate Checking — offers the following benefits:

  • Up to $400 per year in cash rebates
  • A free Debit MasterCard
  • Free Online Banking and Bill Pay
  • Unlimited check-writing ability
  • No per-check fees
  • Access to more than 30,000 free ATMs.

You’ll need a minimum deposit of $1,000 and you’ll need to keep that balance up above that amount to earn the cash-back. In addition, you can’t earn more than $100 each quarter,

One drawback — the Cash Rebate Checking account doesn’t accumulate interest. Learn more at AmalgamatedBank.com.

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

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