EverBank 5.51% Online Savings Account

EverBank, a FDIC insured bank is offering a introduction promotional FreeNet checking account rate of 5.51% APY for the first three months. After the first three month at introductory rates, your interest will follow EverBank’s rate tier. I would suggest people to invest for the first three month to benefit from the 5.36% interest and then maybe withdraw your money and put it into a Certificate of Deposit like the E-Loan 5.00% APY 3 month CD.

EverBank Financial To apply, simply fill out an application online, signed it and mail it in. You will then have to wait for EverBank’s confirmation with your account number, once you recieve your confirmation number, you can then link it with your external bank and transfer funds over.

This is a free checking/savings account with no minimum deposit, but if you want the option of BillPay, you will need to keep a minimum balance of $1,500.00 USD. The penalty for going the depoisit limit with BillPay is $4.95.

Even though EverBank doesn’t have their own ATMs across the country, they will however credit you with $6.00 USD every month for your ATM fees if you mail in your ATM reciept.

OneUnited Bank Money Market Rates

OneUnited Bank is offering a 5.30% APY FDIC insured internet only savings account with a minimum of $1000 down. This savings account can only be opened online, you can’t call and open it over the phone, I’ve tried it.

By opening this savings account, OneUnited Bank will issue you an ATM card that allows you to withdraw from ATMs at either OneUnited locations or one of their affliates. The limit on the ATM is $300 within a 24 hour period. OneUnited allows ACH transfers from one bank to another. The standard period for transfer is 3 business days, but if you need the money faster, you can get it transfered over within 1 business day using their Premium ACH transfer service. The cost on that is $10 USD per transfer.

Again, you will get compounding interest daily and it will be paid quarterly. For more information you can always visit OneUnited Bank’s website at

ELOAN Bank CD Interest Rates

E-LOAN financial is offering a 3 month 5.00% annual percent yield CD. The minimum deposit requirements on the CD account is $10,000 USD and for savings account is $5,000. Deposits made through E-LOAN will be processed through BPNA (Banco Popular North America), which is the direct parent company that E-LOAN. All membership accounts are FDIC insured up to $100,000 by law.

This is the best cd rates in a series of Certificate of Deposits offered by E-LOAN financial. All the other ones offered by E-Loan required a longer maturity with a minimal increase in APY. For example, with the same minimum deposit, their 5 year CD Rate is only 5.01% APY.

Key Bank CD (Certificate of Deposit) Rates

Looking for the ultimate CD annual percentage yield? KeyDirect is offering a 10 year 5.70% APY Certificate of Deposit. This 10 year CD is the highest CD rates in today’s competitive CD rates market. The minimum deposit on this CD is $5,000, and this is also available as an IRA certificate. This CD is available nationwide with the exception of 13 states, and you can only apply via phone, mail or online. KeyDirect, a member of FDIC, was give the Top Tier Award by for consistently offering the top 100 highest yield APY accounts.

The reason for this high CD rate is obviously the Certificate of Deposit period. CD rate period longer than 12 month usually have a high CD annual percentage yield, not to mention this CD is 120 months. Certificate of Deposit amounts should be always kept under FDIC limits of $100,000, and for customers that have already opened a deposit account within the last 90 days, it’s always beneficial to review the disclosures provided.

For more information, you can always check out KeyDirect’s Certificate of Deposit homepage.

Imperial Capital Bank CD Rates

Imperial Capital Bank is offering 5.20% APY 3 month Certificate of Deposit with a minimum $2000 deposit. This is the best CD rate out of a list of Certificate of Deposits provided by Imperial Bank. Other CDs include a 5.10% APY 6 month CD, and a 5.00% APY 1 year CD. ICB seems to have decreasing APY as the Certificate of Deposit term increases. All CDs are subjected to monthly compounding interest that remains on deposit at maturity. These APY are accurate as of November 6th, 2007, which is subjected to change over time. Please check back for updates on the most current Imperial Capital Bank CD rates.

To apply online, you will need your socail security number, driver liscense number, email, valid address, and a telephone number for verification. And if you think applying online is a hastle, you can always apply by mail.

Imperial Capital is a FDIC insured bank with ATM/branches located within the state of California, Nevada, and Maryland.

Amtrust Direct 5.25% High Interest Savings Account

AmTrust Direct is offering one of the highest money market rates on the web at 5.36% APY. This e-Savings Account comes with a $1 minimum requirement to open and you can also deposit it as a CD with a raised minimum deposit of $1,000 USD. The rate is fixed for 90 days and this rate to limited to deposits up to $100,000, anything over will be a 5.00% APY instead of 5.36%. Another thing to keep in mind when opening is that this account is only available through the web and this promotional rate is for first time AmTrust Direct new accounts only. Accounts that hasn’t previously deposited funds via AmTrust Direct. For more information on how to apply, you can visit AmTrust Direct’s page here.

CD (Certificate of Deposit) Rates at Indymac Bank

Indymac Bank is bank is running an 4 month 5.45% APY internet only CD Rates special. This CD requires a minimum deposit of $5,000 USD and if you have more than $250k, you will need to contact Indymac Bank to open high deposit CD accounts. This CD interest is compounded daily and will be paid in at maturity or reinvested into the account keeping the same rates. Like the usual Certificate of Deposits, it of course comes with a penalty for early withdrawal, and it is not available as a retirement account. Since this is an internet only special, it is available to every state in the United States. All you need is your Social Security Number, a Driver’s Liscense, and a second form of identification such as an passport.

For more information regarding this Certificate of Deposit from Indymac Bank, you can visit their homepage for more information.

Mutual Bank 5.00% Certificate of Deposit

Mutual Bank is offering a variety of Certificate of Deposits lately that is compounded and credited monthly. This 12 month 5.00% APY has a minimum deposit of $2,500 and your interest of 5.00% will compound monthly and it’s available as an IRA CD. If case if you aren’t familiar with IRA Certificate of Deposits, they are used mainly by people in retirement wanting to add a fixed rate to their CD and have a better calculated return on investment. An IRA Certificate of Deposit is FDIC insured up to promised limits and it can quality you for many banking benefits such as a variety of premium check accounts.

Mutual Bank is also offering extended CDs for 24 and 36 month period but with reasonably higher APY and a higher minimum deposit. The special promotion for mutual bank’s 24 month CD is 5.20% and 36 month for 5.30% with minimum balance of $5,000. I wouldn’t recommend the 24 and 36 month CDs because for those CD terms, APY rates can get competitive and I’m sure you will there is a better deal if you shop around. The only Certificate of Deposit that is reasonable for the Mutual Bank special promotion CDs is the 12 month 5.00% APY.

However, the only downside to this CD is that you must apply in person or by mail. If you choose to apply by mail, you must fill out a Consumer Application form. Detailed instructions is listed on the Mutual Bank website.

Bank of America 5.10% CD Interest Rate

Online banking trend continues with Bank of American offering a special online only 4 month maturity high yield CD of 5.10% APY. Here are some of the requirments and offerings in this high yield CD:
# $5,000 minimum to open
# Special online only CD rate – a locked 5.10 APY1
# Short 4-month term
# FDIC Insured

Aside from the 5.10% 4 Month CD, Bank of America is also offering a Risk Free CD Account Service of 4.85% with 9 month maturitty. They called it risk free because you can withdraw the fund from your CD before maturity date without a penality. Of course, with that special treatment you are experiencing a much lower rate and maturity period. The minimum to open is $5,000 and the max amount you can invest is $500,000. Remember that both of these dreals by Bank of America is online only and can only be open through the Bank of America website.

Future of Online Banking Security

Finally, the government steps in to protect the customers of online banks from crooks. This article explains very comprehensively about the implementation of two-factor authentication:

The Federal Financial Institutions Examination Council is giving banks until the end of next year to implement two-factor authentication for online transactions.

Two factor authentication aims at better security. This means that customers of banks using this method will have to identify themselves dual-way. One would be the simple identification � username and password and the other is the verification of a code.

The code would appear on a personal device such as the SecurID Token used by the American Bank Online. It is a small device on which numbers would change every minute. So while logging in to your account, you will have to write the number shown on the screen of your device. This method insures tight security and near impossible access of your accounts for the crooks.

According to this article, banks implementing this system will have to incur huge expenses. This would result in an increase in their running costs and eventually a cut down in the interest rates. This is just hypothetical, but obviously increasing expenses of the banks would mean some cut in the high returns on the CD’s or cash deposits.

Apart from that, this system might prove ineffective when the perpetrator is using Trojan Horses to track down the passwords. The article advocates this fact by citing Security expert Bruce Schneier, CTO of Counterpane Internet Security comments. Moreover, in case of phising attacks this system would again be of no help. Because phishing involves users who are deceived into giving away their identification � be it a password or now, the verification code. Furthermore, the intervention of the government is seen as something suspicious by many customers who do not want to see government intervention in their accounts.

On the other hand, optimistic customers not only see this change as increased security but also safer online banking. Moreover, some commentators argue that banks using this system might disperse the crooks to other banks where security is less tight. It also brings the news of destruction to the crooks in the password market. Previously, crooks could obtain passwords and sell them to other crooks for cash. But with this system, it would reduce online crimes sharply as simple password would be of no use to the crooks!

If one analyzes its advantages and disadvantages, then its benefits clearly outweighs it cons. Firstly, it provides better security and more safety for one’s money. As a commentator mentioned:

“It is true that it will not stop fraud but neither do armed guards in bank lobbies stop armed robberies. The point is to make it more difficult to commit the crime. This always means taking the convenience out of a process”

Secondly, any one would prefer security over a little cost. So, hats off for the introduction of two-factor authentication!

Patelco Credit Union 7.00% CD Rates

Patelco Credit Union is giving it’s new members a special certificate of 7.00% APY. This is a limited time special offer only to new members of Patelco. All Funds deposited to this Certificate of Deposit must be from institutions other than Patelco. The minimum deposit on this CD is $1,000 and there is penalty for early withdraws. The only drawback to this highest CD rate is that the maxium deposit is limited to $1,000 also. Remember this account is only limited to one open new membership members. For more information, visit Patelco’s certificate rates table here.

Remember, at 12 month maturity, this certificate will renew at Patelco’s current yield for a regular 12-23 month share Certificate of Deposit rates of 4.91% APY. Personally, this is great for a quick and easy investment; it’s not really suitable for long terms because if you forget to withdraw your money at 12 month maturity, it will enter a low APY 4.91% APY cycle and there is a penalty for early withdraws. All the benefits earned on that 7.00% APY will be diluted by the 4.91% APY over time. It’s Patelco’s way of making back the money they lost on the 7.00% APY and also their way of stirring up attention by throwing the highest CD rate and then capping it at $1,000 maximum deposit.

WTDirect 3.31% Savings Account

Wilmington Trust is currently offering a competitive online only savings account rate at 5.06% APY. This savings account is completely free and has a minimum balanace of $10,000. One of the things WT|Direct doesn’t tell you this on their advertisement is that if your balance falls below $10,000 for longer than 60 business days, your rate will drop from 5.06% APY to 0.60% APY. Wilmington Trust claims to have rate consistently in top 5% of U.S. banks, but if you do not meet their minimum balance requirement within 2 months, you will probably find their rate is at the bottom 5%. Furthermore, WT|Direct allows 6 free transfers a month with unlimited externally linked accounts. The account transfers usually take between three to five business days with daily compounding interest.

WT|Direct is a member of the FDIC and they pride themselfs with great customer service. A phone call to WT|Direct will lead you directly to a real person. WT|Direct also offers a $0 liability guarantee for unauthorized transactions on your account over the internet. Overall, Wilmington Trust is a very secure and well established bank as gives it 4 out of 5 stars. For any further questions, call 1-800-WTDirect (or 800-983-4732) or email

BankUnited 5.53% Savings Account

BankUnited is offering a 5.53% APY savings account with $5,000 min deposit. BankUnited/FSB is the largest banking institution headquartered in Florida offering a full-spectrum of consumer and commercial banking services through a network of 81 branches nation wide. This money market rate is one of the highest considering the on fact that Fed’s dropped interest rate by 0.50%. Bank rates across the board has been dropping lately due this last week’s 0.50% decision. United Bank calls their savings account Money Tree Savings because of the metaphor that your savings will grow. The account is completely free online, there is no annual fees, and it’s FDIC insured up to $100,000.

AMEX Business Gold Rewards Credit Card is simply the best credit card available right now! Because Amex is rewarding customers with the huge bonus of 25,000 point after the first billing period, makes this credit card a must have. Normally, in order to earn 25,000 points with AMEX Business Gold, you or your company will have to spent $25,000 to qualify. Many of viewers signs up just for the plane ticket. Couples sign up under sole proprietorship and get a free mini vacation after the first spending. The deadline on this absolutely incredible deal has been extended from August 30th, 2007 to October 10th, 2007.

Today’s Online Banking Risks

First of all, there is nothing scary about all this articles. Don�t get scared about online banking systems. There are very rare fraud cases but the bank gives you guarantee that if anything happens then the bank will pay you after finishing all the investigations. But, it�s very important that you have to take some basic precautions to make your online bank account safer to use. I know everybody concerns about online banking security and according to the annual survey, the growth of online banking system is affected. The survey said that in one year till the end of August 2005, the American personal banking online activities remain unchanged at the rate of 39%.

Suspicions about Online Banks

I have conversed with a lot of friends and they all regret to join online banks. Only a few of them are using online banking systems but they still have fear in their minds due to hackers. Almost all of them afraid of joining online banks like ING Direct, etc.

There is one thread on ClarkHoward which we can consider as a good example of admitting fear of online banks. This person who created this thread is very interested in having high interest saving rates but is not much comfortable with online banks. I personally suggested him to go in the bank and talk with bank manager but I don�t think so that he did that because I have not got any response from his side but still I am waiting to know what he finally did.

It�s really hard to explain that whether to use online banking or not because we don�t know that these online banks physically exists or not. All legal banks like ING Direct and EmigrantDirect has their offices somewhere in the US. These online banks may not have local branches but they must have affiliation with large banking companies.

Reviewing an Internet Bank

Steps that ensure that online banks are FDIC insured:

1.) Open website and go to Bank Find page. On this page type the name of the bank for example for EmigrantDirect, type Emigrant Savings and a page with some results will appear. Emigrant Savings is also changing its name to New York Private Bank and Trust soon. You can also read about the history and present state of EmigrantDirect Bank on FDIC page. But on this page website of online unit is not available and after reaching, you�ll see a link to All of these things provide a proof that EmigrantDirect Bank is legally exists and is FDIC ensured.

2.) Finally the important thing is that whether the bank is financially stable or not. Go to�s website and find a form that bank is using. For example, I selected EmigratDirect bank which is located in New York then further I selected Emigrant Saving Bank from the sidebar menu where you can see a lot of New York banks. Rating for Emigrant Savings is 4 out of 5 stars, its having second highest rating in the New York. So, all above wordings shows that the bank is high financially sound.

There is one benefit that I noticed is, if you have very little amount of money with you and you want to open an account in EmigrantDirect or ING Direct Bank, there is no problem. The whole process and basic requirements for opening an account are very simple. The only thing the consumer should worry about is the money market rates of banks you are doing business with. The money transferring process is also very easy to use. When you�ll enter the bank there are a lot of bank staff member which will guide you how to operate your bank account in few easy steps. If you still have some questions then you are also ask them without any hesitation and they will guide you throughout.

What are Credit Unions?

I was searching for a credit union so that I can join it and get a lot of benefits. So, I made a lot of web searches by using almost all the search engines and finally found a very useful website which helps to find local credit unions. Credit Union National Association (CUNA) is running this finder tool and the working of this tool is very simple, reliable and saves a lot of time. This tool contains very large amount of local branches in its database as compared with the database of Moreover, CUNA�s finder tool updates more frequently than

There is also a network of credit unions in all the local areas and is called a credit union network. I have noticed that credit union network is grouped with lots of credit unions from all the local areas to increase its network and CU Service Corporation is one of them. CU Service Corporation provides great interests to earn good money for your family by running some businesses with your family members or friends. Let us discuss briefly about CU Service Corporation.

In different countries, many shared Service Center have been located in different areas by joining all the Credit Unions together. By joining them together, the strength of this shared network increased a lot in the last few years and it is still increasing as, day by day, large number of people are joining local credit unions. The rate of joining is increasing every year. Further, if any credit union member who likes to participate in any personal activity like starting a new business, he has to take the permission from Shared Centers to conduct his/her own private business and assuming that this business is related to his/her own credit union branch. Members of credit union can also access their accounts in many other locations with help of sharing facilities provided by shared credit union.

There are a lot of benefits to join a credit union. You can also conduct any business with your family members if he/she is already a member of credit union and can get huge profits by working together as a team. For example, you are the member of credit union in your state and your family member is in some other state, so you both can conduct a business by joining the same credit union. But main thing is that you also have to take help of other local credit unions who has networking abilities.

I always like to tell everybody about this great service and many of my friends and family members have already joined and we also have started few businesses together with help of local credit unions. I just want to say that this is very good opportunity for us to work together as a team. So, don’t think much just come and join. The credit union has very co-operative staff which helps to make your joining very simple and you can also ask any queries related to credit union.

Risks of Online Banking

Banks faces trouble while trying to switch people from paper to email. Due to the growing fraud on online banks, investors keep a distance from online bank. Although most banks aim to switch users to online banking as this has lower costs for them � no cost of postage or paper.

Some banks such as Credit Union charge people some amount of money if they want their bank statement by post. But bank of America is promoting online banking by giving away 5 dollars to those who stop their delivery of paper statement. Even on their website there is this link that allows users to test these services so that they become accustomed with the system.

I think is a good way to spread this new culture. Online banking is profitable both for the bank and the investor. Hence, by cultivating this online- banking culture, banks ensure more profit not only for themselves but in the long term they can offer better interest rates (as their expenses are reduced)

In order to ensure their customers, they are also giving Norton Protection at 50 % off. To add to this high-tech culture Bank Of America has also introduced Mobile Banking too. Besides to make online banking more user friendly their link

provides guidance to the users who are new to online banking. Such guidance ascertains a person about the registration steps and make one feel more secure.

Their online facilities include downloading a personal financial management software

Download your accounts,
Track investments
Pay bills directly through Financial Management software.
Viewing balances and transactions for Bank of America checking, savings, money market and credit card accounts.
Pay your bills online
Transfer funds online.
Track taxable entries and tax deductible items.

Plus their online banking user guide gives members directions about online banking. Hence, their promotion campaign is quite elaborate which harbingers a great success and profit for the company.

Zions Bank 5.65% Money Market Account

Zions Bank is offering a 5.65% APY savings account through their Deseret Money Market program. By looking at the charts provided by Zions Bank website, in order to enjoy this massive 5.65% APY savings account, you must deposit one hundred thousand or more. The minimum balance in order to recieve any interest in $1000 USD. The sign up process is pretty simple and self explanatory, only tedious part is answer questions regarding your financial status for the U.S. Patriot Act. The Deseret Money Market is an online only savings money market account. Such high interested APY can only be offered because Zions Bank can save money from not renting a brick and mortar.

Deseret Money Market
Balance Interest Rate APY*
$0 – $999.99 0.00% 0.00%
$1,000 – $49,999.99 5.16% 5.30%
$50,000 – $99,999.99 5.41% 5.56%
$100,000 + 5.41% 5.56%

Aside from money market savings account, Zions Bank is also offering interest on your savings account. The minimum balance on your checking in order to earn interest is $2,500, and if you have anything more than $20,000 you can enjoy a 3% APY on your checks account.

High-Yield Checking
**Balance Interest Rate APY*
$2,500 – $19,999.99 1.00% 1.01%
$20,000 – $99,999.99 3.00% 3.05%
$100,000 + 4.30% 4.39%

There more information on the Zions Bank website about deseret money market, membership is open to anyone in the United States with internet access. And there’s no expiration on this high money market deal. Take your time and compare rates from different banks, if there’s any questions, feel free to contact us.

IndyMac Bank 5.75% 4 Month CD Rate

IndyMac Bank is offering an internet special 5.75% APY CD. There is a small minimum requirement on this CD is $5000 deposit. The term on this Certificate of Deposit is only 4 month but IndyMac Bank provides a feature that will renew your CD automatically keeping the same rate when the term is up. This means it can be completely hassle free, just drop it off in the CD and you can forget about it.

Also remember that this highest Certificate of Deposit interest will compound daily and will be reinvested monthly or at maturity. This however raises many doubt as to whether the interest rate will continue to pass on after the 4 month IndyMac Bank automatic renew. I called IndyMac Bank to confirm and they said because the CD is termed to be only 4 month. The interest rate stops precisely when 4 month is up; if the interest rate would carry on to the automatic renewed months, then this wouldn’t be a 4 month CD. With such a great CD rate, there is of course a penalty for early withdrawal. As far as what the penalty is, I’m not going to go into that because this is a very short termed Certificate of Deposit.

Another thing to keep in mind is that this is an internet special only. The only reason IndyMac Bank can keep provide such a great rate is mainly because they save the money of running a brick and mortar. They can carry their savings onto the CD interest rates they give you. If you have any questions regarding this Certificate of Deposit, please check out the IndyMac Homepage.

Countrywide Bank 5.65% 12-Month CD Rate

Countrywide is offering a 12-month 5.65% APY Certificate of Deposit for any zip codes in the United States. A well established bank founded in 2001, part of the Countrywide Financial Corporation acquisition and a member of the Federal Deposit Insurance Corporation (FDIC). Countrywide today is America’s top homeloan lender, helping millions of families find their dream home ownership. Countrywide also founded a mortgage education school to educate consumers with knowledge they need before making a purchase. By comparing the CD rates today, Countrywide CD rate stands out not only because its 5.65% APY but also it’s from a stable bank. However, the only downside to this great rate is the require minimum deposit of $10,000. But then again would you want to put your hard earned money in a new and unknown bank with a great rate and no deposit requirements?

Personally, I have invested in their CD in mid August of 2005. The experience was easy and the rates were very competitive as I recall. To open an account with Countrywide Bank, simple go on their homepage and select Certificate Deposits under the banking tab. If you have any further questions you can contact their customer support at 1-800-283-8875. Because Countrywide is known to be an mortgage lending bank, thus great Certificate of Deposits are rare because this is not their specialty field. Take advantage of this deal and act quickly.

Umbrella Bank 6.00% APY Savings Account

Umbrella Bank is currently trying to promote it’s Green Days savings account with a 90 day introductory rate of 5.86% annual percentage yield. This is one of the best savings account offered by Umbrella Bank this year. After the first 90 days, the account interest rate will depend solely on your spending and daily budge with your annual percentage yield being calculated using a combination of introductory rate and the going rate show at their table. The only requirement is a $100 minimum balance on the account, once that simple requirement is satisfied, your application will be reviewed within 24 hours. Once approved you can have free direct deposit and free Recurring ACH transfers from your Checking Account. In case if you don’t understand ACH transfers, it’s a way of transfers funds from your account to actually individuals. This best savings account is a limited offer, please act quickly!

A little bit of history, Umbrella Bank is�an internet division of New South Federal Banking, founded as an internet based bank�but many question arose in the public about why internet? It is safe? It is secure? It is more convenient? The answer according to Umbrella bank is Yes to all those questions. Internet banking is safe because no matter what, the Federal Deposit Insurance Corporation (FDIC) insures each depositor up to $100,000 per account, further securities are also offered please check FDIC homepage for more information. To answer the second question, internet is actually more secure than transactions done in person due to 128-bit encryption, numerous firewalls, username and passwords. In the age of information, internet commerce and banking wouldn’t exist without such high tech security over the web. And finally why internet banking? This questions boils down to what type of person are you and why kind of time schedule, habit do you have.

FNBO Direct 6.00% Online Savings Account

FNBO Direct is offering a 6% interest savings account with no min. deposit. This is probably the highest money market offered by FNBO Direct as of today. A background check on the history of the bank, FNBO Direct is a First National Bank is a subsidiary with headquarter located in the city of Omaha, Nebraska. FNBO Direct is also the participant of the First National Bank Family which has been an established bank around Omaha and communities surrounding it for over 150 years. When you open your account with FNBO Direct, you’ll be asked to provide

1. Your Social Security or Tax ID Number.
2. Your Driver’s License or ID card issued by a state DMV.
3. Information about any loans or mortgages that you may have to help us confirm your identity.
4. For instant funding, you will need your current bank account and routing numbers.
5. If applying for a joint account, you will need the Secondary Applicant’s name, Social Security or Tax ID Number, and Date of Birth.

Also all applicants must be a U.S. Resident and 18 years of age.

If you are interested in opening a saving account today, FNBO Direct is probably the best choice with their high 6% money market account and a history to back up its credibility.

Millenium Bank 8.75% CD Interest Rate

As the interest rates in Britain shoots up, many banks also raised up their interest rates. The interest rates, especially, on Premier Certificate of Deposit have reached sky high. It can range from 6.50% to 8.75% for as minimum deposit of $5000! This is the Millennium Bank’s Offer! Moreover, Premium Certificate, for 5 year CD, at 8.75% interest on a minimum deposit of $100,000 does not even compare to other bank’s CD offers. City Bank is offering 4.6% only.

The best offers in US such as Kaiser Federal Bank, California, has a nice 6.00% APY on their IRA-CDs for all deposits of $225,000 or more. Even then, it does not compete with Millinnium’s 8.75% interest rates. Isn’t it too good to be true? Since these certificates are non-redeemable before their maturity hence they are not profitable for short term investors. This offer should appeal more to large businesses who can afford their money being tied up in the certificates. But is the bank credible? Should you start filling the forms and get those certificates?

Millennium Bank is a subsidiary of United Trust of Switzerland, SA, a Swiss-registered private trust. Millennium Bank is located in Kingstown which is the capital of St. Vincent and the Grenadines (SVG). Yes, it is an offshore bank. Apart from being an offshore bank it not FDIC insured. But it is listed as a licensed offshore bank at the website of the International Financial Service Authority – St. Vincent and the Grenadines. I am not sure about the bank’s credibility despite that. Regarding their Credit Card services, customers have faced disappointments.

Ginger of Kansas City, KS (8/4/05): I received notice in the mail that I was approved for a credit card from New Millenium Bank and for a $29.00 processing fee I could choose between a Master Card or Visa credit card. I sent the notification and a check for $29.00.New Millenium promptly cashed my check but as of this date I have not received my credit card. It has been 2 months. The fact that the bank has only been operating for three years does have another blow on its security for investors. Moreover, no audit has been conducted of the bank by the [St Vincent] Offshore Finance Association. The response from Louise Mitchell of the St Vincent Offshore Finance Association was:

“The OECD has not done an audit of Millennium Bank. The FATF paid a visit to the Bank, it did not conduct an audit”

So, in my opinion, one should stick with FDIC insured banks. EmigrantDirect is paying 5.1 % on their Certificate of Deposit. So you should not risk your money for an extra 1-2 % more interest. Just as a reminder, there are several banks named Millennium Bank, even some in US which are registered. But the one I am talking about is This one

What are Money Market Accounts?

Over the years money market accounts have become known as one of the best places for investors to keep their money. In early 2007, more than 2.3 trillion dollars was stocked away in money market accounts. And of course, this number is only going to go up as more people learn about the power of these accounts. The funds on money markets are invested in securities of financial agencies in treasury bills, the government corporations, and banks.

Banks feel that money market accounts are a great option, and this is why they push them as opposed to CDs or basic checking or savings accounts. Here are just a few benefits that have made money market accounts so popular over the last 35 years.

Low Risk

When you invest in a money market the funds are not insured by the FDIC. But with that being said they are guaranteed because they are in safe investment funds such as t bills. The same thing holds true when investing in debt securities of the government because they have the ability to create funds if they are low.

High Liquidity

Generally speaking, money market accounts are easily converted to other funds. You can withdraw your funds anytime that you are interested in doing so. When you compare this to a certificate of deposit it is easy to see the main advantage. After all, once you are locked into a CD you cannot get the money early unless you are willing to pay a fee. You can also issue checks from money market accounts a certain amount of times each month.

Competitive Rates

When it comes to the most competitive rates, it does not get much better than a money market account. You will be hard pressed to find a checking or savings account that offers rates as high as a money market. In most cases, money market accounts will make you anywhere between 4 and 6 percent each year. While your interest is accumulated on a daily basis, you will get paid this money only once at the end of the statement period.

What are Money Market Funds?

In most cases, money markets come from funds that are made available by banks, brokerage firms, fund organizations, etc. Many people who like to trade stocks through brokerage accounts have found that money market funds are a great way to supplement their investing. This allows them to put their earnings in an account until they decide what they want to do with them. Of course, money market accounts can also be used to make money as well. This is due in large part to the high interest rates that they offer.

Make sure that you know the ins and outs of money market funds before you get started. For instance, you will make money based on the interest rate on your account. This can vary, and finding a rate anywhere from 4 to 6 percent is more than possible. Additionally, you should know that money market funds are not insured by the FDIC.

As you can see, if you are interested in avoiding high risk but still making money, a money market account is the best option. One of these accounts will offer you a much higher interest rate than a basic checking or savings. This alone makes money market accounts quite competitive when compared to other options with a low risk factor.

Money market funds are controlled in a secure manner, and are based on short term debt such as certificates of deposit, United States treasury bills, etc.

Although there is no way of saying for sure how much money you can make with a money market account, it is safe to say that you are not going to lose your funds. This low risk is reason enough for millions of people to rely on money market accounts when it comes to investing and saving their money.

Salem Five Direct 5.30% APY Savings Account

The Massachusetts-chartered savings bank, Salem Five Direct, has changed the rate of their new eOne account. The people who are effected by it are those who have balances over $1 million as they earn only .50% APY now compared to previous 6.10% APY for the first 60 days and then 5.30% APY thereafter. Hence for people having over $10 million, it hit them hard as they would be losing $1380 per day!

The cause of the change can be related to their Deposits Insurance Fund (DIF). According to this all deposits above FDIC limits are insured and none of their insurer had lost a penny in a bank insured by both the FDIC and the DIF. This has caused a shift in the interest of millionaire’s into this Salem Five Direct account and this probably has led to the mentioned change in their eOne account. A business tactic, also implied by FNBO Direct.

The 10-year Treasury note reached its highest level in more than 5 years on 14th June. This is an indicator of an increase in long-term CD yields. But the question lies that will the rate continue to increase? Is it reliable? It pays to make early withdrawl penalities. The smaller the penalty, the less it will cost to break a CD and hence one can open a new CD at a higher rate, to make bigger profits.

On the other hand, despite all these changes it does not pay off as much as online saving account or short term CDs. So, its charm seems to wane as the returns are on long-term basis.

But in case you are interested, KeyDirect has some very competitive rates for long term regular and IRA CDs. The rates are very attractive (The APY for 5, 7 and 10 year term are 5.55%, 5.75% and 5.85% respectively) and only a minimum deposit of $5,000 is required. It is available online for those living in the 37 states and in DC. In the other states, same rates apply at Keybank Branches.

Chase Freedom Credit Card

Chase Freedom Cash is offering a promotional $50 cash-back bonus after your first purchase.

There is no annual fee, simply apply for the Chase Freedom Credit Card, make a purchase, pay off your bill, and get a $50 credit on your account along with many other cash-back benefits:

# Grocery Stores
# Gas & Convenience Stores
# Department Stores
# Drugstores
# Beauty Shops/Salons/Spas
# Pet Supply Stores & Vet. Offices
# Telecommunications
# Cable/Satellite Tv & Internet Services
# Quick-Service Restaurants
# Local Commuting
# Gym Memberships
# Utilities
# Dry Cleaners
# Video Rentals
# Movie Theaters
# All Other Purchases

From the above categories, you will also recieve 3% cash back on your top everyday spending categories. Many consider this to be one of the best consumer credit cards because there is no annual fee, a $50 cash bonus, and you get a 3% cash-back on your everyday spendings.

You simply have nothing to lose and everything to gain!

AMEX Simply Cash Credit Card

American Express SimplyCash was introduced by AMEX as a business credit card because of its broad eligible purchase categories that emcompasses almost every business expense.


AMEX SimplyCash credit card features:

5% cash back on gas, office supplies and wireless services
Aside from being a great business credit card, AMEX SimplyCash is one of the best gas credit card offers because of its high 5% cash back return on gas.

1% cash back on all other purchases
If getting cash back on transportation isn’t enough, AMEX SimplyCash credit card also offers you cash back on everything other than gas.

0% Introductory APR for purchases in the first 12 months
The AMEX SimplyCash 0% APR feature will let you recieve cash back on purchased items on the credit card and not incur any finance charges during the promotional period of 12 months. Most credit cards will require a minimum monthly payment, but AMEX SimplyCash will not put any pressure on you using the card.

Apply today and you will recieve:
# No annual fee
# Unlimited amount of cash back earning

With a credit card like American Express SimplyCash, your business will recieve cash back on virtually every purchase. Plus this credit card looks aesthetically amazing in person!

*Cash back on the AMEX SimplyCash will automatically be credited to the monthly statement in full.
*American Express affliate promotional allows you to get additional AMEX SimplyCash credit cards for employees at no annual fee. Cash back will be earned on their eligible purchases.

Consolidating Credit Card Bills

Today, almost all Americans are in some kind of debt, even though they are aware of what a problem it can be. When you are receiving bills that you are unable to pay off it can be very frustrating, whether these debts were incurred through college or in your adult.

The question that troubles most people is what will happen if you don’t pay your credit card bill. The first thing you should consider before you actually give up is to carry on paying the minimum. Depending on the size of your balance, this can be quite low and within most people’s means. Doing this ensures your credit worthiness and your financial future in the coming years.

If circumstances mean you can’t pay the monthly minimum then you should contact your credit card company before you stop paying. Credit companies would far sooner work something out with you rather than continually hassling you – especially if you get laid off or know that your finances are in trouble. Your attitude will determine how long you are going to be in a financial bind, it takes motivation and a commitment to honor your debts. Unless you take this approach you won’t survive in financial terms.

So, what happens if you don’t pay off your credit card bills –
If you don’t pay your credit card bills it is not costing the credit card companies a lot of money. This is because up to seventy percent of unpaid bills are underwritten by insurers and the remaining thirty percent can be written off as a tax loss.

Your debt will be sold to a collection agency for pennies on the dollar once the credit card companies feel that they are getting nowhere. This means that you are no longer a problem to the credit card company as someone else will be hassling you for the money – the problem is that collection agencies are a lot more hard faced than the credit card companies.

Some of the things that may happen to you when you don’t pay off your credit card bill are as follows –

Your credit score will go down

Your credit score is an important part of your financial future. It’s important that you try to keep this score up in case you want to apply for a car loan or a mortgage on a home. Every month that you don’t pay, your credit score goes down so the worst thing you can do is not to pay your bills..

Lawsuits may occur

You may already know that depending on the extent of your debt and how far you are prepared to cooperate with your creditors, some companies may decide to pursue you for what you owe through the civil courts. This can result in a lot more problems, the fact of the matter is that credit card companies have the money to do this and you don’t. You could be faced with the worst case scenario, having to declare yourself bankrupt.

Garnish of wages

It is rare for this option to be used in the case of unpaid credit card bills. Legally however, if you are working, then the credit company is able to take money from your paycheck – because when you are working you should be able to keep up with the monthly minimum, so don’t’ give up.

Paying the monthly minimum is vitally important if you don’t want the credit card companies to use any of these methods against you.

Compare Credit Card Offers

Want a credit card, but don’t know what type you’re looking for? Everyone’s spending habits are different and so cards are broken down into categories below – just choose the card that is best suited to your personal spending habits..

Gas Reward Credit Cards

Drivers who clock up a certain amount of mileage which necessitates filling up two or three times a week might want to consider a credit card that offers gas rebates. You save a percentage of the cost whenever you fill up at the pump. Some credit cards are a better option than others because they can be used at any gas station, useful if you are on the road. Other cards dedicated to a particular gas station.

Airline Credit Cards

When you travel regularly, whether for business or pleasure then you might want to consider a travel credit card, or a card that is offered by a certain airline. The concept is similar to gas credit cards one only gains points from a dedicated airline, while a travel card’s points can be used for airline tickets. An airline card, however generally offers more points than a travel card.

Cash Back Credit Cards

Cash back credit cards are one of the most popular cards. The idea behind this is that every time you make a purchase you will receive a percentage back. A credit card that offers two percent back on your bill means that you get two cents back for every dollar you spend. This might not sound like a great deal but over time the pennies add up..

First Time Credit Cards

If you have never had a credit card before and you’re still attending school, then you might want to think about a student credit card. For those of you who are not at school some companies offer first time application credit cards. The problem with such cards is that they often have a higher interest rate and a very low credit limit.

Point Based Credit Cards

A point based credit card is very similar to a cash back card. The main difference between the two is that rather than getting cash back on your purchases, you receive points. You can usually spend these points at the company’s online store, which offers things ranging from gift cards to electronic goods. Point based credit cards usually offer you a point for every dollar you spend.

There are credit cards in other categories on the market, but most consumers tend to favor the ones listed here. Can’t find what you’re looking for here? Then ask around, search online, or call some companies to find out whether they offer a credit card that is better suited to your particular needs

Preventing Credit Card Fraud

Holidays mean only one thing, expense, it’s time for you to get out your credit and debit cards and buy all those things that you need at this time of year. If you want to be sure that all of the items listed on your next statement were actually purchased by you, then you might want to make a note of the following steps.

Keep records of your credit cards

You should always list both your credit and debit card details on separate sheets of paper. Included on this paper should be your card type, its number, expiry date and the number on the back of the card. This information will be needed in case you need to contact your credit or debit card supplier. You should keep this piece of paper in a safe place and not with your cards.

It is a good idea to bookmark credit and debit card numbers in your cell phone, as well as writing the information down on paper. If you should have the misfortune of having your cards lost or stolen then you can contact the company who issued them before any real damage is done.

Watch your credit card

You should keep a close watch on your credit card at all times and especially when you are in a store shopping. Watch out for any suspicious behavior on the part of the store clerk such as writing something down while processing your payment etc. If you see any untoward behavior then you should question the situation and ask for the manager straight away.

Sign up for online statements

It is easy enough to sign up for an online account with your credit card, and you should sign up straight away if you haven’t already done so. To sign up for an online account just type in the website address that should be on the reverse side of your card. Then follow the onscreen instructions on how to open an online credit card account. If perhaps there is no url on the reverse of your card then call the company’s customer support department and they should be able to help you..

Online statements are useful because they enable you to see all of the transactions at a glance. In addition to this you don’t have to wait a month to receive your statement as you can just go online to access your account and find the transactions straight away.

Be organized

Whenever you use your credit card to make a purchase you should save the receipt. When you make online purchases with your card then remember to print off the receipt and save it. You should staple all your receipts to your monthly statement when you receive it.

Check each transaction against the paper statement before you staple your receipts on the back of it. You should enquire what has happened if something doesn’t match up. If you think the statement contains suspicious transactions then you should contact your card issuer immediately.

If you follow these tips then you will have gone a long way towards preventing credit card fraud. Remember that your credit cards are your responsibility. You should keep your credit cards in a safe place and never lend your card to another person. Visit the FTC’s website at for more information on credit card fraud.

Improve Your Credit Score

Your credit rating score represents your history of borrowing and repaying money. When you apply for credit, the lender will look at your score to decide how great the risk is that you won’t pay them back. A good credit rating allows you to get credit more easily and pay lower interest rates. Some employers have pulled potential employees’ credit reports to determine their reliability, and others use it to decide whether you should be granted access to sensitive information.

Whatever your score is, you can raise it. Follow these simple steps.

1.) Know what your score is. The three reporting companies are required to send you your report free of charge once a year. Stagger them, so you get a report every four months.

2.) Pay all of your bills on time; credit cards, utilities, loan payments, etc. Your payment history represents the single largest factor in your credit score. It counts for 65% of the total. Focus on paying the right amount to every company every time.

3.) Don’t let yourself get maxed out. Keep two, maybe three cards, not a lot more. Pay them down, skimping for a while if you must, to get to where your debt on each card is no more than 30% of the max. It doesn’t look good to a lender if you are close to the edge.

4.) If you can, stay at the same job and the same home. Stability looks good on a credit report.

5.) Don’t change accounts frequently. Closing accounts and transferring balances gives you a short-term negative on your score, especially if you do a lot at once.

6.) Credit inquiries, made whenever a company checks to see if you are credit-worthy, also represents a small short-term negative hit on your score. It suggests you are looking for money to borrow. To minimize this, don’t apply for new cards or loans a lot; shop for a while and apply when you need to. This isn’t much of a factor, so don’t worry about it much.

Starwood Business Credit Card

AMEX Starwood Preferred Business credit card is now offering a promotional with 10,000 bonus Starpoints after the first purchase. This many Starpoints is equivalent to 3 free nights at a Category 1 or 2 hotel such as Sheraton, Westin, or the W Hotel. You can also redeem 9,000 of the bonus point for a free $100 gift card. You can either use the gift card yourself, sell it on eBay (bidding range is usually between $90-$95), or give it to a friend as a gift.

There is no annual fee, simply apply for the AMEX Starwood Preferred Business, make a purchase, pay off your bill, and get a 10,000 Starpoints credited to your account.

*Please note that the 10,000 AMEX Starpoints® rewarded with your first purchase would normally require $10,000 worth of business expenses. There is a recurring $45 annual fee after the first year. Every eligible dollar you spend on this card will result in double the Starpoints® for the first 6 months.

Credit Card Deals

Using Your Credit Cards Wisely

1. Build your credit
# Get your credit reports. The credit reporting companies are required to give you a free copy once a year. Check for accuracy, and to make sure that credit cards you closed out are not reported as open. Open lines of credit look like potential debt to careful lenders.
# Keep only a few cards. Make sure the rest are cut up, and that the companies are notified that you are not using the cards any more.
# Keep up with the payments — not just on your credit cards, but also to your utilities, car finance company, mortgage holder, and those who hold any other loans.

2. Protect yourself from fraud or defects on big purchases (with the Fair Credit Billing Act)
# When you buy something with a credit card, either in person or on-line, you can withhold payment if the item is defective or not what was advertised. You must make an effort to solve the problem with the merchant first, but if you can’t reach an agreement with him or her, you can complain to the credit card company. If they agree with you, you don’t get charged. The same is NOT true if you pay with a debit card, check or cash.
# Some credit card companies offer extended warranties on big-ticket items. If you want it, check with your company.

3. Use your card for a loan
# IF you have a low-interest card, a high credit limit, and the income to pay off the card quickly, you may find that borrowing a few thousand dollars to pay off another loan or buy a car may be cheaper than getting financing in the form of a loan. Check interest rates and “points” or other fees, and try to realistically estimate how long it will take you to pay it off.
# Sometimes it is even worth it to pull money from the card for deposit to a company-matched 401(k) or tuition plan. Again, make sure you can pay it off quickly enough that the gains aren’t eaten up by the interest you pay.

How to Repair Your Credit

Do you have bad credit or no credit? If you haven’t borrowed money before, or if your last debt was successfully paid off many years ago, the credit reporting companies may not have any information on you; that’s “No credit.” If you have defaulted on a loan, had things repossessed, or made late payments on a credit card or utility bill, that’s “Bad credit.” Both situations can be salvaged, and with pretty much the same techniques.

First, make sure you are paying current payments regularly. It won’t help you at all to establish a good record with a new card or loan if you are missing payments on your electricity bill, car loan or mortgage. The same goes for your current cards; make sure you are paying them down.

Second, see if you can get a credit union membership if you don’t already have one. They can often get you the best deal on a small loan or low-rate credit card.

Third, apply for a low-limit credit card. Even a gas card will do. Make sure that the merchant reports to the credit reporting companies, or all your on-time payments won’t help you at all. Don’t apply for a lot of cards, even if you don’t use them; every one of them counts as potential debt on your credit record. Too much potential debt compared to your income scares creditors.

Don’t draw a lot of money on this card! Making the payments reliably is the reason you took this card in the first place.

If you can’t get a regular credit card, get a “secured” card. These require you deposit money in the bank equal to the credit line you want. It means that the card issuer is at no risk, since you have already put that money in their hands. After you’ve made regular payments for a while, you will have established enough of a good history to apply for a regular card.

Discover Open Road Gas Credit Card

With gas prices sky rocketing in California, Discover is running a credit card promotion where they will pay you 5% Cashback in bonus rebates everytime you spend money on the pump and on your car.

# Full 5% Cashback Bonus on gas and everyday auto maintenance purchase
# 5% to 20% Cashback Bonus on Discover Card’s exclusive online shopping site
# Up to 1% Cashback Bonus on all other purchase
# No Annual Fee
# $0 Fraud Liability Guarantee
# Easy online Account management options

Discover Open Road Business Card There are many credit cards on the market that gives you a percent cash back on gas, but what sets this credit card apart from the rest is that Discover Open Road offers you 5% Cashback on ALL automotive related expenses! This could be the only credit card that gives you rewards on both gas and on automotive parts, so if you are in an industry that needs constant maintenance and refills at the pump, this card is essential! Furthermore, this card also gives a special 5% to 20% discount when you shop on Discover’s exclusive internet store plus another 1% on all other purchases unrelated to automotive expenses. All these offerings combine to make Discover Open Road is a very well rounded gas credit card. This credit card also has no annual fee, so you can apply for it and use it at your leisure. For more information, be sure to check out the Discover website.

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