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Spring Car Loan Deal: 2.49% For 5-Years

Bank of America is offering some of the best deals on auto loans this spring, with rates starting as low as 2.49% APR on 60-month financing for new cars and trucks.

bank of america sign

That’s the rate for non-customers. If you have a checking or savings account at the nation’s second-largest bank, and you’re enrolled in the bank’s Preferred Rewards program, you can get a quarter- to half-point discount, dropping the rate as low as 1.99% APR.

Both of those rates are considerably lower than the national average for 60-month new car loans — 4.28% APR, according to our latest survey of major lenders.

Borrow $25,000 for five years at 2.49%, and you’d pay $444 a month. Finance the same amount at the national average of 4.02%, and the monthly payment would jump to $464 a month.

The lower rate from Bank of America would save you $20 monthly, which adds up to $1,200 over the course of the entire loan. Click here to read more

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GE Capital Bank Drops Lots Of CD Rates

GE Capital Bank — the wholly-owned retail banking unit of The General Electric Co. — slashed CD rates across the board today.

It cut the return on:

  • 1-year CDs from 1.20% to 1.00% APY.
  • 2-year CDs from 1.30% to 1.10% APY.
  • 3-year CDs from 1.45% to 1.25% APY.
  • 5-year CDs from 2.25% to 2.00% APY.

As a result, the bank no longer offers the best nationally available deal on 60-month CDs – a position it shared with two other banks on our CD Rates Leaderboard until today.

Hopefully, this is a one-off event, unique to GE Capital Bank, and not a harbinger of rate cuts to come at other leading online banks. Click here to read more

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New Leader In 6-Month CDs Pays 1.05%, The Highest National Rate In Over 3 Years

An online bank that offers only a simple savings account and a few CDs has not just joined our CD Rates Leaderboard for the first time, but has leapt to the 6-month lead in grand fashion.

Available to savers everywhere, MySavingsDirect is paying 1.05% APY on 6-month certificates with a $1,000 minimum deposit.

That’s a full two-tenths of a percentage point more than the previous leader of nationally available 6-month CDs, California First National Bank.

Yet, that’s not the biggest story here.

What’s got us really excited is that this is the best 6-month return we’ve seen on the Leaderboard since September 2011.

For more than three and a half years, the leading 6-month CD yield has been pitifully stagnant between 0.80% and 1.00% APY.

Although this online portal of Emigrant Bank – one of New York City’s oldest savings institutions – has never graced our CD Rates Leaderboard before, regular readers will recognize MySavingsDirect’s name from our coverage of the best savings accounts in the country. Click here to read more

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Save Big Bucks By Refinancing Or Buying With A 15-Year Fixed-Rate Loan At 2.875%

Consumer Direct Mortgage is offering one of April’s best deals on 15-year, fixed-rate home loans.

It’s charging borrowers in all 50 states just 2.875% with no points, no fees and a 30-day rate lock.

keys and house

That’s nearly one-fifth of a percentage point below the current average cost for 15-year loans — 3.04%, according to our latest survey of major lenders.

It’s also close to a full percentage point more than the average rate for a 30-year fixed-rate mortgage — 3.82% in the same survey.

Although we think this deal will be very hard to beat, it never hurts to try.

Search Bankrate’s database for the best mortgage rates from scores of other lenders in your area. Click here to read more

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Here’s A Strategy To Make The Most Of Your CDs While The Fed Dithers Over Rates

The fact that no one knows when the Federal Reserve will finally start pushing interest rates higher presents a vexing quandary for savers.

Is it best to go long to secure the least pathetic interest rate?

Or is it smarter to sacrifice yield for a shorter term so you’ll have funds available when better-paying certificates of deposit start popping up?

One potentially winning approach in this ambiguous limbo period is to take advantage of early withdrawal rules.

By starting with the top nationally available long-term yields on our CD Rates Leaderboard and then shrewdly applying an early withdrawal strategy, you can use 60-month CDs to earn chart-topping returns over a shorter period of time.

Here’s how it works.

While CDs are offered with the understanding that you’ll keep the funds deposited until maturity, banks and credit unions almost always provide an out for savers who opt to withdraw their funds early. Click here to read more

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New Jersey Deal On 6- And 24-Month CDs

Anyone living in New Jersey can beat two of the top nationally available returns on our CD Rates Leaderboard by just jumping online.

Bogota Savings Bank is paying 1.00% APY on 6-month CDs and 1.45% APY on 24-month CDs that are purchased online with a minimum $1,000 investment.

Besides outdoing the best national yield of 0.85% APY on our Leaderboard, the 6-month CD carries the added distinction of being in the top 10 short-term rates among the local and regional deals we track at credit unions and community banks across the country.

As for Bogota’s 2-year online CD, it handily beats the top nationally available rate of 1.35% APY.

While these two certificates of deposit can be purchased through the bank’s website, Bogota additionally offers a nation-leading 36-month CD for New Jersey residents who can visit one of its two branches in Bogota and Teaneck.

With the same $1,000 minimum deposit, it pays 1.56% APY, edging ahead of the 36-month national leaders that pay 1.50% APY.

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New York City Checking Bonus Pays $250

Here’s a checking account that works almost like a short-term CD. A very, very good short-term CD.

Just invest $2,500 for a few months, jump through a few hoops and earn a $250 bonus — or 10% return.

That’s what Astoria Bank, based in Lake Success, New York, is offering savers who open a new checking account by June 30.

Two checking accounts offer the $250 bonus, but your best choice by far is the Simple+ account.

While it only takes a $100 minimum deposit to open the account, that won’t do you much good if you want to get the bonus.

You need to have an average daily checking balance of $2,500, or a combined daily balance of $10,000 across your deposit accounts, to earn the bonus.

In the first four months after you’ve opened the account, you have to maintain those account balances for three consecutive months to be eligible for the bonus. Click here to read more

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Rhode Island Deal: 1.50% On 2-Year CDs

For savers living in or near Rhode Island, Navigant Credit Union is offering 24-month CDs paying 1.50% APY with just a $500 minimum deposit.

Money coming out of a calculator

Navigant’s rate easily beats the top nationally available return of 1.35% APY on our CD Rates Leaderboard and ties the best 36-month yield.

Membership in the Ocean State’s second-largest credit union is open to anyone living in Rhode Island or a closely neighboring Connecticut or Massachusetts community. Eligibility can be determined on its website by ZIP code.

With a $10 deposit to a savings account, you can join Navigant and buy its certificates of deposit online, by phone or at one of its 13 Rhode Island branches.

Click here to find lots of other local deals from community banks and credit unions.

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CIT Boosts CD Rates For Its Customers

CIT Bank is once again rewarding customer loyalty by offering slightly higher returns to current customers who open new certificates of deposit.

The promotion by the online consumer bank of CIT Group, a provider of financing to small and medium-sized businesses, encompasses its entire suite of 1-, 2-, 3-, 4- and 5-year CDs.

The special rates reflect a:

  • 0.05% increase over posted rates for 1-year CDs and RampUp Plus CDs.
  • 0.08% premium for 2-year CDs, RampUp Plus and Jumbo CDs.
  • 0.10% premium for 3-year, 4-year and 5-year CDs, 3-year and 4-year RampUp CDs and 3-, 4- and 5-year Jumbo CDs.

Here are some of the promotional returns, based on CIT’s current posted rates:

  • 1.25% APY on 1-year CDs.
  • 1.43% APY on 2-year RampUp Plus CDs.
  • 1.55% APY on 3-year CDs.
  • 2.30% APY on 5-year CDs
  • 2.37% APY on 5-year Jumbo CDs.

The minimum deposits are $1,000 for regular CDs, $25,000 for RampUp Plus CDs and $100,000 for Jumbo CDs.

The promotional rates shown above all exceed the best rates for their respective maturities on our CD Rates Leaderboard. Click here to read more

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