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Doral Direct Offers Top 6-Month CD Rates

Doral Bank Direct has long offered competitive 6-month CD rates, and currently sits atop our CD Rates Leaderboard. Doral Direct is the online division of Doral Bank, the leading community bank in Puerto Rico, which also has five branches in northwest Florida and two in New York City.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Here are the best nationally available 6-month CDs. Click here to read more

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Big Competition Among 12-Month CD Rates

There is a lot of competition for the top 12-month offer on our CD Rates Leaderboard, but two institutions — Colorado Federal Savings Bank and Synchrony Bank — edge out the other banks we’re tracking.

Colorado Federal is an online bank headquartered in Greenwood Village, Colo.

Synchrony Bank is the former GE Capital Retail Bank, a bank owned by the financial services division of GE.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Here are the best nationally available 1-year CDs. Click here to read more

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24-Month CD Rates At 2014 High

Thanks to a Florida bank, the best nationally available return on 2-year CDs on our CD Rates Leaderboard is at a 2014 high.

CSBDirect is the online operation of Citizens State Bank, which has four branches in Florida.

It is paying 1.26% APY with a $1,000 minimum deposit.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Here are the best nationally available 24-month CDs. Click here to read more

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2 Banks Pay 2.30% For 5-Year CDs

When it comes to 60-month CDs, there’s surprisingly fierce competition for a spot on our CD Rates Leaderboard.

Five banks offer a yield of at least 2.25%.

But two banks have broken to the top with a 2.30% APY offer. They are EverBank, a primarily online bank based in Florida, and Synchrony Bank. This online bank formerly known as GE Capital Retail Bank pays 2.30% APY with a minimum deposit of $25,000.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Here are the best nationally available 60-month CDs. Click here to read more

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Top 36-Month CD Rate At 2014 High

The best nationally available 36-month CD pays more today than it has all year thanks to Florida-based EverBank.

This primarily online bank nudged its rate by one one-hundredth of a percentage point to narrowly edge out three other competitors and take the lead on our CD Rates Leaderboard.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Here are the best nationally available 36-month CDs. Click here to read more

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First 2014 Increase For 3-Month CD Rates

For the first time in 2014, the best nationally available 3-month CD recently changed hands on our CD Rates Leaderboard. UmbrellaBank.com is the online division of Dallas-based Beal Bank, which has 16 branches in 10 states.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

Here are the best nationally available 3-month CDs. Click here to read more

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‘Financial Independence’ Sale Is Back

Capital One 360 logo The annual “Financial Independence Days” sale is back at Capital One 360, and while the deals aren’t nearly as good as they once were, some are worth noting.

For example, the bank’s combined checking and savings account bonuses are worth $176.

But you have to act quickly because the offer is only available through July 3. Click here to read more

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2014 Retail Banking Satisfaction Survey: North Central

With a score of 828, Huntington National Bank ranks highest in the region, performing particularly well in the product offerings, account information and fees factors. Following in the rankings are Regions Bank (816) and Flagstar Bank (809).

JD Power 2014 Retail Banking Satisfaction North Central

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2014 Retail Banking Satisfaction Survey: Northwest

Umpqua Bank ranks highest in the region with a score of 841 and performs particularly well in the product offerings, facility, account information, fees and channel activities factors. U.S. Bank (793) and Sterling Bank (791) follow in the rankings.

JD Power 2014 Retail Banking Satisfaction Northwest

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2014 Retail Banking Satisfaction Survey: Midwest

First Midwest Bank ranks highest in the region with a score of 813 and performs particularly well in the facility, account information and channel activities factors. Following First Midwest Bank in the rankings are Commerce Bank (801) and AnchorBank and UMB Bank in a tie (799 each).

JD Power 2014 Retail Banking Satisfaction Midwest

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2014 Retail Banking Satisfaction Study: Mid-Atlantic

Northwest Savings Bank ranks highest in the region with a score of 832 and performs particularly well in the product offerings factor. Susquehanna Bank (829) and National Penn Bank (825) follow in the rankings.

JD Power 2014 Retail Banking Satisfaction Mid-Atlantic

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2014 Retail Banking Satisfaction Survey: South Central

Arvest Bank ranks highest in the region with a score of 843, performing particularly well in the product offerings, facility, account information and channel activities factors. Following in the rankings are PNC Bank and Trustmark National Bank in a tie (816 each).

JD Power 2014 Retail Banking Satisfaction South Central

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2014 Retail Banking Satisfaction Survey: Florida

Chase ranks highest in the Florida region with a score of 826, performing particularly well in the facility and channel activities factors. TD Bank (823) and SunTrust (814) follow in the rankings.

JD Power 2014 Retail Banking Satisfaction Florida

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2014 Retail Banking Satisfaction Survey: Southeast

United Community Bank ranks highest in the region with a score of 854 and performs particularly well in the product offerings, facility, account information, fees and channel activities factors. Following United Community Bank in the rankings are First Citizens Bancorp (836), and Branch Banking & Trust (BB&T) and First Citizens Bancshares in a tie (815 each).

JD Power 2014 Retail Banking Satisfaction Southeast

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2014 Retail Banking Satisfaction Survey: California

Rabobank ranks highest in the California region with a score of 832 and performs particularly well in the account information, fees and channel activities factors. Following Rabobank in the rankings are Bank of the West, Chase, U.S. Bank and Wells Fargo in a tie (796 each).

JD Power 2014 Retail Banking Satisfaction California

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2014 Retail Banking Satisfaction Survey: Texas

Frost Bank ranks highest in the Texas region with a score of 856, and performs particularly well in the product offerings, account activities, fees and account information factors. Woodforest National Bank (843) and Amegy Bank (812) follow in the rankings.

JD Power 2014 Retail Banking Satisfaction Texas

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2014 Retail Banking Satisfaction Survey: New England

Eastern Bank ranks highest in the region with a score of 817 and performs particularly well in the account information and fees factors. Rockland Trust Co. (810) and Webster Bank (794) follow in the rankings.

JD Power 2014 Retail Banking Satisfaction New England

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2014 Retail Banking Satisfaction Survey: Southwest

With a score of 831, Arvest Bank ranks highest in the region, performing particularly well in the product offerings, facility, account information, fees and channel activities factors. MidFirst Bank (822) and Chase (814) follow in the rankings.

JD Power 2014 Retail Banking Satisfaction Southwest

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Bank Fee Practices By State

State Bans ATM Overdrafts Bans Point-of-sale Overdrafts Bans Transaction Reordering
National Average 3% 17% 20%
Alabama 0% 0% 22%
Alaska 0% 0% 0%
Arizona 0% 18% 11%
Arkansas 0% 43% 51%
California 11% 31% 31%
Colorado 0% 0% 35%
Connecticut 3% 26% 4%
Delaware 3% 9% 5%
Florida 2% 22% 22%
Georgia 0% 18% 15%
Hawaii 0% 0% 100%
Idaho 0% 7% 45%
Illinois 5% 17% 17%
Indiana 0% 1% 4%
Iowa 0% 6% 63%
Kansas 0% 32% 43%
Kentucky 0% 0% 41%
Louisiana 0% 0% 0%
Maine 0% 22% 0%
Maryland 2% 21% 20%
Massachusetts 4% 31% 4%
Michigan 0% 15% 0%
Minnesota 0% 0% 41%
Mississippi 0% 0% 0%
Missouri 0% 22% 44%
Montana 0% 0% 36%
Nebraska 0% 0% 69%
Nevada 8% 28% 36%
New Hampshire 0% 15% 0%
New Jersey 2% 20% 4%
New Mexico 0% 20% 26%
New York 9% 22% 18%
North Carolina 0% 14% 27%
North Dakota 0% 0% 59%
Ohio 0% 0% 18%
Oklahoma 0% 42% 20%
Oregon 0% 13% 36%
Pennsylvania 1% 6% 11%
Rhode Island 0% 23% 0%
South Carolina 0% 20% 22%
South Dakota 2% 2% 37%
Tennessee 0% 13% 24%
Texas 4% 20% 9%
Utah 0% 0% 45%
Vermont 0% 0% 0%
Virginia 1% 15% 30%
Washington 0% 22% 20%
Washington, DC 9% 27% 17%
West Virginia 0% 0% 63%
Wisconsin 0% 0% 63%
Wyoming 0% 0% 60%

Source: Pew Charitable Trusts, “Checks and Balances: Bank Practices in the States”

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Bad Boy Nominee: Brian Moynihan

Bad Boy Nominee: Brian MoynihanBiography: Moynihan has served as CEO of Bank of America since 2010.

Why he’s a contender: He helped fuel a populist revolt against big banks in 2011 after he approved a $5 monthly fee that customers who used their debit cards would be charged.

Following a wave of criticism — and the creation of Bank Transfer Day — Moynihan and his bank backed off, but not before whining that Bank of America has a “right to make a profit.”

What his firm did: The bank made one of the worst acquisitions ever when it purchased Countrywide Financial in 2008 (before Moynihan was named CEO). Countywide financed many of the nation’s mortgages and was a leading subprime lender.

When those loans soured, Bank of America lost billions. The bank then received billions in federal bailout money during the recession.

Recovering from this blunder, Bank of America has cut jobs, made checking accounts more restrictive and removed ATM machines to save money — making it more difficult for consumers to bank.

Like the other big banks, Bank of America has been the subject of several lawsuits related to its consumer-unfriendly practices.

In 2011, the bank agreed to pay a $410 million settlement that it improperly levied overdraft fees on its debit card customers. The lawsuit claimed the bank processed transactions in the order of highest dollar amount to lowest dollar amount rather than chronologically.

This practice sometimes leads to multiple overdraft charges.

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Bad Boy Nominee: John Stumpf

Bad Boy Nominee: John StumpfBiography: Stumpf has served as CEO of Wells Fargo since 2007.

Why he’s a contender: He was one of the first bank CEOs to publicly suggest customers should be penalized over so-called “swipe fee” restrictions. This new rule limits how much a bank can charge a retailer when a consumer uses a debit card.

Stumpf pledged to levy new fees and restrictions on checking accounts. As a result, it’s now more difficult to find free checking accounts with no strings attached.

What his firm did: One of the nation’s big four banks has earned a reputation for preying on minorities. Earlier this summer, Wells Fargo agreed to a $175 million settlement with the Department of Justice, which accused Wells Fargo of charging African American and Hispanic borrowers higher fees or interest rates on their mortgages than white borrowers with similar credit histories.

The bank earlier settled another discrimination lawsuit after it was accused of pressuring African-American homeowners into refinancing their homes with risky high-interest, high fee mortgages.

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Bad Boy Nominee: Jamie Dimon

Bad Boy Nominee: Jamie DimonBiography: Dimon has served as CEO of JPMorgan Chase since 2005. During his tenure, Chase has become the biggest U.S. bank by assets.

Why he’s a contender: New York Times columnist Paul Krugman calls Dimon “the point man in Wall Street’s fight to delay, water down and/or repeal financial reform.”

Dimon has been a loud critic of the Volcker Rule, a complex set of banking reforms that would limit risk-taking by U.S. banks. Primarily, it would forbid banks from investing in private equity or hedge funds.

What his firm did: JPMorgan Chase announced this year it had lost billions of dollars in hedge fund trades. The final loss isn’t known, yet as of mid-July the bank was expected to take a $1.7 billion tax write off for the losses, according to CNN Money.

“Like any loss, banks are allowed to use trading blunders to offset taxable profits elsewhere in the bank,” senior editor Stephen Gandel wrote.

Chase took bailout money even though Dimon claimed all along that it didn’t need it. It was the first of the big banks to repay the money to the government.

The bank has been the target of several lawsuits alleging it has ripped-off its customers.

In June, Chase agreed to pay $100 million to settle a lawsuit that accused the bank of improperly increasing minimum credit card payments to generate more fees.

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Bad Boy Nominee: Lloyd Blankfein

Lloyd Blankfein is the CEO of Goldman Sachs.Biography: Blankfein has served as CEO and chairman of the Wall Street investment firm Goldman Sachs since 2006. He took over for Henry Paulson, who left the firm to serve as U.S. Treasury secretary.

Why he’s a contender: One of Forbes Magazine’s “Most Outrageous CEOs,” he once famously answered a reporter’s question about Wall Street compensation by saying he’s “doing God’s work.”

What his firm did: Goldman made huge profits during the subprime mortgage crisis by betting that Americans would default on their home loans.

They did, and his firm made $4 billion.

And yet Goldman also received bailout money from the federal government at the same time it paid huge bonuses to its executives.

The company also has been criticized for betting products it sold its clients would fail.

In July, Goldman settled a lawsuit for $26.6 million that it had misled investors into buying risky mortgage securities.

The firm also faces a number of other lawsuits for its practices related to the meltdown of the mortgage industry.

Rolling Stone journalist Matt Taibbi once called the firm a “vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

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Bad Boy Nominee: Ben Bernanke

Biography: Bernanke was appointed Federal Reserve chairman in 2006. He is serving a second term, which is set to expire in 2014.

Why he’s a contender: Bernanke sat at the head of the Federal Reserve — which is supposed to police the nation’s biggest banks — leading up to the financial crisis largely created by those same banks.

He kept his job anyway after Congress confirmed him for a second term in 2010.

Bernanke consistently has been tone deaf to the struggles of savers.

In defending low savings rates he said: “And so in trying to strengthen the economy we are actually helping savers by making the returns higher as we can see in what’s happened in the stock market, for example.”

What his agency did: The Federal Reserve has artificially suppressed interest rates for years — and promises to do so for years to come — in an effort to spur lending. In response, banks have made it more difficult for consumers to get credit and are sitting on more than a trillion dollars of money that could be lent but isn’t.

Since 2008, the average 5-year CD rate has fallen from 3.13% APY to 1.06% APY as a result of the policies Bernanke and the other members of the Federal Reserve’s rate-setting committee have put into place.

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Obama’s Proposed Budget May Not Have The Tax Effect You Were Anticipating

For all the clamor and criticism over the proposed tax increases included in President Barack Obama’s 2013 fiscal year budget, there is likely to be little or no effect on federal tax payments made by many of the millions of Americans who earn between $200,000 and $1 million annually.

This is especially true for those who live in or near major cities, and already pay high state and local taxes. Click here to read more

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Profile: Nexity Bank

Nexity Bank is making a fresh start with some of the best CD rates in the country.

That’s unusual for a bank that’s been seized and sold by the Federal Deposit Insurance Corp.

Most new owners want to cut the interest rates savers are being paid.

Nexity Bank is making a fresh start with some of the best CD rates in the country.

But Nexity’s new leaders want to grow the online bank based in Birmingham, Ala., and are out to attract more deposits from savers nationwide.

Here’s where to find Nexity’s latest CD rate sheet.

The bank’s early withdrawal penalties are more lenient than average – one month worth of interest for CDs of 12 months or less, and three months worth of interest for longer CDs. Click here to read more

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Profile: California First National Bank

California First National Bank, more commonly known as CalFirst Bank, is headquartered in Irvine, Calif.

But you won’t find any CalFirst branches there, or anywhere else for that matter. It’s strictly an online bank, with all transactions handled by phone or through its website.

Savers like CalFirst because of the above-average returns it offers on money market accounts and certificates of deposit.

You’ll need at least $5,000 to open a money market account and must maintain a minimum balance of $5,000 in CalFirst accounts to avoid a $20 monthly fee.

CD terms range from 3 months to 3 years. The early-withdrawal penalty is 90 days of interest for terms of one year or less and 180 days of interest for longer CDs. A minimum deposit of $5,000 is required to buy a CD ($2,000 for an IRA CD).

You can open an account from anywhere in the country and fund it through an electronic transfer or by check with a mail-in application.

Deposits of up to $250,000 are insured by the Federal Deposit Insurance Corp.

CalFirst can offer above-average rates because it has a rather unique way of putting your savings to work. Click here to read more

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Profile: Aurora Bank

Aurora Bank is based in Wilmington, Del., with a single branch in Jersey City, N.J.

Aurora Bank is the former Lehman Brothers Bank.Savers like Aurora because it often offers above-average returns on certificates of deposit with terms ranging from 6 months to 5 years and a $1,000 minimum deposit.

Click here to see Aurora’s latest CD rates.

You can apply for accounts online from anywhere in the country and fund them with an electronic transfer or by check with a mail-in application.

Deposits up to $250,000 are insured by the Federal Deposit Insurance Corp. Click here to read more

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Profile: Salem Five Savings Bank

Founded in 1855, Salem Five Cents Savings Bank is headquartered in Salem, Mass., just north of Boston.

The unusual name comes from the bank’s earliest days, when it was known as the Nickel Bank because it took five-cent deposits.

Salem Five currently offers a wide array of consumer and business loans, deposit accounts and insurance policies.

Its rates on certificates of deposits are consistently above the national average, with minimum deposits ranging from $500 to $10,000.

Click here to see Salem Five’s latest CD rates.

Accounts can be opened online or by printing out and mailing in an application form.

Deposits can made through electronic transfers or by sending a check with mail-in applications.
Click here to read more

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Profile: Colorado Federal Savings Bank

Colorado Federal Savings Bank is an FDIC-insured online bank based in Greenwood Village, Colo.

It’s a pretty simple operation that offers certificates of deposit and savings accounts along with fixed- and variable-rate mortgages.

It operates with fewer than 30 employees serving 185,000 deposit accounts that hold just under $600 million.

It usually offers competitive returns on CDs ranging from 6 months to 5 years, with a $5,000 minimum deposit. Click here to see Colorado Federal’s latest CD rates.

Savings accounts feature no monthly maintenance fees and free ACH transfers with no daily limit amounts. Click here to find Colorado Federal’s latest savings rates.

The downsides are that you must fund accounts through an ACH (automated clearing house) transfer — Colorado Federal won’t process paper checks.

Click here to read more

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