After weeks — even months — of a steadily dour bank interest rate picture, we’re finally seeing some upward movement. Last week we saw mortgage rates rise, as measured by the BankingMyWay Weekly Mortgage Rate Tracker, with the bellwether 30-year fixed-rate mortgage rising by 36 basis points; from 4.489% to 4.525%,
Certificate of deposit rates rose, too. The average one-year CD rate rose from 0.656% to 0.677%, as calculated by the BankingMyWay Weekly CD Rate Tracker.
And there’s more good news on the economic front. Retail sales rose 0.4% for the month of August, according to the U.S. Commerce Department. That’s the second consecutive increase, and was the largest uptick in a key consumer spending category since March.
So all is not lost on the bank rate front. We’re not saying the good news is here to stay, but the fact we’re talking about good news at all is a step in the right direction.
Now onto the Deals of the Week.
Leading them off is Coulee Bank of Wisconsin, which is offering a 3.33% APY on its signature personal checking account.The deal is good for balances between $0 and $25,000, but if you exceed that amount, your APY will fall to 0.51%. In addition, if you don’t meet the bank’s monthly requirements, your rate falls to 0.1%.
What do you have to do to earn that high 3.33% rate?
- Make at least 10 debit card point-of-sale purchases each month.
- Receive a monthly electronic statement.
- Receive one direct deposit per month.
The bank isn’t imposing any monthly service charges, and you can earn up to $20 back on ATM fees.
For more information, visit the Coulee Bank website.