Hottest Banking Deals This Week

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These days, even the White House’s economic team is tamping down expectations for an economic recovery – only weeks after the Obama administration sent out some smoke signals that the worst was behind us.

On Tuesday, Vice President Joe Biden’s chief economist, Jared Bernstein, told reporters that without a reduction in unemployment, there wouldn’t be an economic recovery. His boss was less circumspect – Biden said in an Oct. 20 speech that the U.S. economy was “in a depression” (although to be fair, he used the term in context to describe what it’s like to be unemployed these days).

But why split hairs? Talk of more economic strife certainly won’t help consumers’ mindsets, nor will it do much for bank rates. Interest rates can only rise as the economy improves (and the Federal Reserve raises interest rates to fight inflation).

So, that’s all the more reason for bank investors to scour the financial landscape for great rate deals. BankingMyWay is on the job again this week, with some good bargains on savings and checking accounts.

Bank Savings Accounts

Bank rate levels are dropping, but some are holding steady at levels that investors might not want to ignore.

Take HSBC Bank (Stock Quote: HBC). Only a month ago, its National Statement Savings Account was yielding 1.45%. Today, that rate is down to 1.35%. But even so, that rate is light-years higher than the average U.S. savings account rate, as measure by BankingMyWay.com.

But, as virtually all bank Web sites warn you on similar deals, “APY is variable and subject to change”.

For the HSBC savings account deal, you only need a minimum deposit of $1, and the account doesn’t charge any onerous “management” fees.

For more details, check out the deal.

Bank Checking Accounts

Free cash for opening a checking account is increasingly a popular gambit for bank marketers.

In the Great Recession, consumers will respond to free cash. There are enough such deals out on the marketplace to reason that banks know what they’re doing.

One of the most recent examples is a $100 “free cash” deal from Sovereign Bank (Stock Quote: SOV). Sovereign is a major presence in the Boston/New York/Philadelphia markets, with a good reputation for offering creative and competitive bank deals.

Does the $100 free-money offer for opening a Sovereign Premiere or Interest Checking Account qualify as a good deal?

You be the judge. To earn the C-note, you have to open a checking account, pop in at least $100 as a minimum payment, add (or currently have) a Sovereign savings account and use your Sovereign debit card twice within 60 days of opening your account.

You also have to act quickly – the deal could be gone by Oct. 30.

Get the goods here.

Rewards Checking

More and more regional banks are opening up their attractive rate deals to nationwide audiences.

Take Reliabank Dakota. The bank has a great 4.07% APY on its rewards checking program for account balances of up to $25,000.

Like most regionals, Reliabank is opening up its customer base online, and with that rate, it should get some takers.

Aside from the fact you have to make 12 debit card purchases per month to get the rate (that seems almost unfairly high in this economy), you pretty much qualify for the rewards rate no matter what.

For more information, visit the bank’s Web site.

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

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