Banking Deals of the Week: Nov. 3

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What will last night’s elections mean for bank rate investors?

Here’s a thought: Stability. With the U.S. House of Representatives in Republican hands and the Senate under Democratic control, the electorate has apparently chosen a bipartisan balance in Congress.

It looks like gridlock in Washington, and that could be music to the ears of bank rate investors. We can expect no big tax hikes – or tax reductions – for the next two years; no big spending plans from Uncle Sam – and no huge reduction in federal spending either.

It’s not perfect, but at least we know where we stand. With Washington out of the picture (once again engaged in a two-party taffy pull until 2012) maybe common sense can prevail and the private sector can pull the U.S. economy out of its three-year slump.

While we wait for that to happen, here are a few banking deals on tap this week:

Mortgage Bonus

Bank of America (Stock Quote: BAC) doesn’t have the greatest reputation for consumer-friendly banking deals. Its current 12-month CD rate is a paltry 0.65%, for example, and its current regular savings rate is an anemic 0.05%.

But the banking behemoth does have an interesting deal on a new checking account: It’s offering $300 off your mortgage principal if you open a checking account at the bank. All you need to do is use a special checking coupon code: CH300EM10 by Dec. 4.

It’s only good for mortgage loans through Bank of America and you’ll see the deduction in $25 monthly increments for the next 12 months. You’ll also have to link your mortgage to your BofA checking account and make your mortgage payments from it.

Also, don’t be late on your mortgage. This deal is only good if you made your mortgage payments on time for the past 12 months. Find out more here.

Money Market Accounts

EverBank has a new money market deal with a 1.34% yield rate. That, the bank says, is higher than ING Direct (1.10%); Ally Bank (1.24%); or Citi (Stock Quote: C) (0.85%).

Plus, the bank will give new customers a 2.01% “bonus rate” for the first three months the account is open.

Right now, the national average for bank money market accounts is 0.268%, according to the Banking My Way National Money Market Rate tracker.

The account makes sense for consumers who need to park large amounts of money for a short period of time. The bank touts the following benefits to entice people beyond just high yield:

  • FDIC insured
  • Consistently high yields with our Yield Pledge
  • Free mobile and online banking with total access to your financial future
  • Transfer funds between your EverBank account and other financial institutions

Plus you get the “Everbank Pledge” – your rate will always be in the top 5% of competitive accounts at other U.S. banks.

Get the whole story here.

Certificates of Deposit

Ally Bank may have fallen short against EverBank on the money market front, but its 1.34% rate on its 12-month CD is tough for any bank to beat. You can get the 1.34% rate with the following terms:

  • Open with $0
  • No monthly fees
  • The best rate for your CD term with Ally’s Ten Day Best Rate Guarantee
  • Daily compound interest for maximum earnings
  • FDIC insured to the maximum allowed by law. Maximize your coverage
  • Automatic renewal at maturity

The rates do change, so it’s a good idea to check in before you buy. Just call 1-877-247-ALLY (2559) or visit the bank’s CD rate page.

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

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