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Four Banks Battle To Offer Fall’s Best MMA

If you’re looking for a safe place to park your cash while the Fed continues to drag its feet over raising interest rates, take a look at our Money Market Accounts Leaderboard.

hands holding a pink piggy bank

You’ll find four nationally available MMAs paying 1.10% APY — or a little more — with three of those returns guaranteed for the next full year.

Our leader is EverBank, which pays a bonus rate of 1.60% APY for the first six months and 0.61% APY after that, for a blended annual return of 1.11% APY.

Amalgamated Bank and The Dime Savings Bank of Williamsburgh pay a guaranteed 1.10% APY for the entire first year.

iGobanking is also paying 1.10% APY, but with no rate guarantee and much stiffer requirements to earn that rate. Click here to read more

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Highest CD Rates Roundup For October 6

Check out all of the top returns we’ve found at credit unions and community banks across the country. These local deals pay more than the best nationally available offers from the banks on our CD Rates Leaderboard.

Click here to read more

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Navy Federal Has Great October Car Loans

Navy Federal Credit Union is offering some of October’s best deals on car loans to borrowers nationwide.

The biggest credit union in the country based on assets and members is charging as little as 1.49% APR on new-car financing for up to 36 months.

That’s nearly three full percentage points below the average cost for 3-year auto loans — 4.24%, according to our most recent national survey of lenders.

If you borrow $20,000 at 1.49% APR for 36 months, your monthly payment would be around $568.

That would save you about $25 a month over the average auto loan, or about $900 over the full three years.

Notably, Navy Federal Credit Union is also offering as low as 1.99% on 60-month loans, well below the national average of 4.32%.

We think you’ll have a difficult time finding a better deal.

But go ahead and search Bankrate’s database of the best auto loan rates from other lenders in your area. Click here to read more

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CD Rates Responded Quickly The Last Time The Fed Pushed Interest Rates Higher

For savers investing in certificates of deposit, the question of when the Federal Reserve will finally start raising rates is fueled by more than a simple desire for higher returns to arrive.

It’s also about multiyear planning and how to make smart CD choices in a period of rising yields.

To help you make return-maximizing decisions, let’s take a look at what’s expected from the Fed over the next few years, what that might mean for CD rates during that period and what you can do to Fed-proof your CD portfolio.

The last time the Fed governors responsible for managing the nation’s money supply pushed interest rates as high as they’re planning to do now, which was back in 2004 and 2005, commercial banks responded with significantly higher interest rates on bank deposits.

The average return for 1-year CDs rose to nearly 3%.

The average 5-year yield reached nearly 4%.

That’s far more than even the best CDs pay today.

If our banks just follow the Fed’s lead in a similar way over the next several years, savers will finally enjoy a good run of reasonable returns. Click here to read more

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New National Deal Pays 1.10% On MMAs

Amalgamated Bank has jumped nearly to the top of our Money Market Accounts Leaderboard.

The New York City-based bank has raised the return on its MMAs from 1.00% to 1.10% APY and is guaranteeing the rate for a year.

change flying out of the top of a jar.

That puts it on a par with the best nationally available deals from EverBank, which is paying 1.11% APY over the course of a year, as well as The Dime Savings Bank of Williamsburgh and iGobanking, which are also paying 1.10% APY.

Amalgamated was founded and continues to be primarily owned by labor unions and operates 17 branches, mostly in the New York area. But there is an office in Pasadena, California, and another in Washington, D.C.

Its MMAs can be opened online with no minimum deposit or balance requirements to worry about. You earn the top rate on your entire account, up to $1 million, with no monthly fees.

After the first year, the bank says your rate will drop to 0.10% to 0.20% APY, depending on your balance.

But with the Federal Reserve poised to start pushing interest rates higher by December, who knows what savings and money market accounts will be paying next October?

Take the best return you can right now and worry about next fall, next fall.

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CU Offers Everyone 2.02% On 3-Year CDs

Last week, central Florida savers were the lucky ones who could earn a top 4-year yield with just a 3-year CD. This week, savers everywhere can do it.

American Heritage Federal Credit Union’s new 36-month certificate pays 2.02% APY with a $1,000 minimum deposit.

That easily beats the top nationally available 3-year return of 1.85% APY from the banks on our CD Rates Leaderboard, while even edging out the highest 4-year bank yield of 2.00% APY.

It also earns it a spot in our constantly updated roundup of all the credit union and community bank deals we can find that pay better than the national banks. Click here to read more

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Coast-To-Coast Deal On 16-Month CDs

One of the nation’s easiest-to-join credit unions is offering a new deal on short-term certificates.

New York-based Quorum Federal Credit Union is now paying 1.35% APY on 16-month CDs, available to savers everywhere.

With our CD Rates Leaderboard maxing out at 1.30% APY for the best nationally available 12-month bank yield, Quorum’s deal offers a slight earnings edge.

Try searching Bankrate’s database of the best CD rates around the country, and you’ll see how competitive Quorum’s rate is.

Joining the credit union is exceptionally simple.

Although membership is available to 80 employer groups located throughout the country, anyone can become a member online by joining one of two affiliated nonprofit associations, at no cost. Click here to read more

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Will Uber Doom Taxi-Loving Melrose Credit Union And Its Competitive CD Rates?

Melrose Credit Union has a problem.

So far, the New York-based credit union continues to offer highly competitive CD rates to savers nationwide.

After holding returns steady for several months, Melrose significantly upped every yield on its rate sheet last week.

It now beats the top nationally available 4-year return from the banks on our CD Rates Leaderboard, as well as approaches the lead in four more terms:

Melrose vs. the CD Rates Leaderboard

Term Melrose Leading rate
1 Year 1.26% 1.30%
2 Years 1.51% 1.52%
3 Years 1.76% 1.85%
4 Years 2.12% 2.00%
5 Years 2.42% 2.45%

But for decades, Melrose has specialized in lending money to the owners of New York taxis who need to buy one of the 13,400 licenses, or medallions, that must be affixed to the hood of every yellow cab. Click here to read more

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Best 24-Month CD Rates Near 2015 High

Right now, you can earn 1.52% APY on the best nationally available 2-year CDs.

That’s about as good as it has gotten over the past year for those investments.

It’s almost exactly what you could have made from the top deal last fall, when Citizens State Bank paid 1.55% APY from September through the first week in January.

It’s certainly more than any 24-month yield you’d have found on our CD Rates Leaderboard from 2012 through much of 2014, when the best national return languished around 1.20%.

That makes it a worthy option for savers seeking a short- to mid-term investment while we wait for the Federal Reserve to stop dithering and start boosting interest rates, as its governors still swear they’re going to do by the end of the year.

Click here to read more

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