Banking Deals of the Week: May 5

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Welcome to Cinco de Mayo — a great chance for America to stretch its cultural muscles and enjoy a nice Mexican feast tonight — but not before checking out the best banking deals in the marketplace.

As usual here at Deals of the Week, the best banking deals are always moving, and always dynamic. But with more investors moving into stocks as decent economic news paves the way for more confidence in U.S. financial markets, the stage should be set for heftier bank interest rate deals.

Auto Loans

Let’s start here, in an area that, admittedly, we should be paying more attention to — auto loan rates. It’s easy to bypass the auto loan market — especially in an economy where millions of Americans are hanging on to their 8-year-old Chryslers.

But make no mistake: Good deals can be had in the auto loan market these days.

Bank of America (Stock Quote: BAC) is out of the gate first in this market. The bank has been aggressive in many deposit rate areas of late, particularly in the bank certificate of deposit market.

Now it has a new auto loan program where, if you have good credit, you can get a loan rate as low as 3.35% for a 60-month loan. Compare that to the average 60-month car loan interest rate of 5.893%, as measured by the BankingMyWay Auto Loan Rate Tracker.

Bank of America is also offering a 3.75% auto loan rate further out on the scale — for car loans up to 72 months. The bank will also refinance your current auto loan rate for as low as 3.75% (depending on term and lease rates).

So if you’re in the market for a new car, or want to refinance the terms of your current loan, get the goods at the Bank of America Web site.

Airline Miles

Here’s a good deal as the summer travel season warms up.

American Airlines' AAdvantage program is offering 500 free airline miles if you sign up for its AAdvantage eShopping Mall by May 31.

You’ll be registering as a new member and the miles take a while to be posted to your account — eight to 10 weeks, according to the Web site. You’ll also need to give AAdvantage your credit card number, but that gets you some additional discounts through AAdvantage from retail shopping purchases.

See for yourself on the American Airlines Web site.

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

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