If you want the highest CD rates around, you’ll have to join a credit union like Wings Financial Federal Credit Union.
Every one of its CDs pays more than the highest-yielding certificates of deposit in our rankings of the best, nationally-available bank CDs:
1.97% APY on a 3-month CD when the best national rate is 1.50% APY.
2.38% APY on a 6-month CD when the best national rate is 1.76%.
2.78% APY on a 12-month CD when the best nation rate is 2.25%.
2.99% APY on a 24-month CD when the best national rate is 2.40%.
3.14% APY on a 36-month CD when the best national rate is 2.90%.
The minimum deposit is only $500 for all of those CDs.
Wings Financial has 123,000 members and is open to the employees, retirees and families of 130 air transportation companies, including 54 airlines.
You can apply online or call the credit union at 1-800-692-2274 for further information. W
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As far as banking goes, 2009 has not been a good year for the Peach State.A press release given today by the FDIC declared that Georgian Bank of Atlanta, GA has closed, bringing the grand total of failed banks in the state to 19, the most of any state this year. Georgia is followed by Illinois, which has experienced 16 bank closings since January 2009.
Georgian Bank No Longer a Georgian Bank
The Bank, Georgia’s fifth largest by assets, seemed relatively unphased by the financial crisis, but eventually, bad loans caught up to the bank, and it was forced to fold. Their biggest problem came, to no surprise to those who have been following the recent failures, from a higher than average concentration in real estate loans; before it failed, the Bank had nearly twice the state average real estate concentration. The FDIC entered into a purchase agreement with First Citizens Bank and Trust Company, Inc. of C
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Entrust Federal Credit Union in Virginia is offering 3.50% APY on its Bonus Checking Account. The details of this account are as follows:
- Must maintain balance of $0 – $25,000
- Requires 12 Visa Check Card purchases monthly
- Must set up one direct deposit or ACH debit
- Must receive monthly eStatements
If your balance moves above $25,000, your APY will drop to 0.75%. If you don’t meet the other requirements, your account will drop to the base rate of 0.15% APY and you will not receive the $25 monthly nationwide ATM refund the account includes.
To open a Bonus Checking Account, you must become a member of Entrust FCU.
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Last week, the FDIC went out of its way to clarify its accounting policies, to show that the draw down of its deposit insurance fund was not as severe as it seems. This week, they are rather publicly weighing options for giving that fund an emergency shot in the arm.
So which is it — is the fund healthy or not?
The answer to that question will help determine whether depositors finally get a break, in the form of higher savings account interest rates, CD rates, etc.
One option for replenishing the FDIC insurance fund is another special levy on banks. This is a cost that many banks will have to pass along to their depositors, which will put more downward pressure on bank rates. T
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