Monday, April 21, 2008

Meriwest Credit Union Offers 7.50% 1-Year Certificates of Deposit

Meriwest Credit Union has special insured* certificates for a limited time that will earn 7.50% APY** for 12-Month Term.
  • I know of many retired folks who think an extra $50 to write a $1,000 check from their Vanguard Prime money fund that is only paying 2.44% and falling to fund the CD... is well worth the trouble.
  • Others will buy a CD for each of the grandkids... One makes a nice gift if their parents were thinking ahead and got them Social Security numbers.
  • Fund one now and give it as a gift so kids learn about interest and savings while getting a nice holiday gift.

This offer is limited to new members only and has a $1,000 minimum and maximum.

Existing Members: May open a 7.50% APY* Term Share Certificate when you refer a new member who opens a 7.50% APY* Term Share Certificate and a Checking Account. One referral maximum.

*Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government by the National Credit Union Administration, a U.S. Government Agency. Certificate accounts with an original term of one year or greater are privately insured by American Share Insurance for up to an additional $100,000.

** Annual Percentage Yield (APY) is valid for the stated term of the certificate. The minimum and maximum balance to open the account and earn the stated APY is $1,000. Limit one (1) term share certificate per new member. Penalty for early withdrawal. Does not qualify for 0.25% Relationship Advantage certificate rate bump. Current members must refer a new member. Certain restrictions apply. Contact the Credit Union for complete details. New membership and new checking account required. Funds must originate from non-Meriwest accounts only. Limited-time offer can be withdrawn or modified at any time without notice. Membership is required with a one-time, non-refundable $5 fee. Copyright © 2008 Meriwest Credit Union. All rights reserved.

Wednesday, April 16, 2008

IRS Tax Stimulus 2008 Rebate Schedule

According to excerpts from various IRS web sites: Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be among the first to receive the payments starting May 2. Paper checks will be put in the mail starting May 16.


Last two SSN digits:

Payment will be transmitted:

00 through 20

May 2

21 through 75

May 9

76 through 99

May 16


Last two SSN digits:

Payments will be mailed by:

00 through 09

May 16

10 through 18

May 23

19 through 25

May 30

26 through 38

June 6

39 through 51

June 13

52 through 63

June 20

64 through 75

June 27

76 through 87

July 4

88 through 99

July 11

People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year. See the online calculator for an estimate of the amount you will receive. "

More info at

Scam Warning

  • Be aware that identity thieves are already pushing scams involving the stimulus payments. At least one telephone scam is making the rounds using the proposed rebates as bait. News release IR-2008-11, IRS Warns of New E-Mail and Telephone Scams Using the IRS Name; Advance Payment Scams Starting, has more details.

More Articles:

=>How to Get the Best CD Rates
=>Beware of Annuities
=>I-Bonds Explained
=>Safe Withdrawal Rate in Retirement?

FREE SAMPLE issue of "The Retirement Advisor" investment letter.

Thursday, April 10, 2008

Countrywide Bank 1-YR CD with 4.20% APY

Countrywide is now offering a 1-year CD with a 4.20% APY. For purchases between $10,000 and $250,000. We recommend keeping all CD purchases within FDIC insurance limits which are $100,000 for an individual. You can get more FDIC coverage by adding a "POD" or making it a "joint account." See your bank for details.

On April 1, we reported Countrywide Bank was "only" paying 4.05% (See Best CD Rate Survey Update) so this is good to see some competition for our funds.

Make sure you read our articles:


Wachovia Bank Lowers CD Rates

Sadly, the special 3.75% APY rate at Wachovia Bank for a 9-month CD we reported here (See April 1: Best CD Rate Survey Update) is no longer available.

Wachovia has lowered this special rate to 3.15% with all other APY terms between 1.29% and 1.80%.

Wachovia's lowest regular rate today at 1.29% is for a 9-month CD. It looks like they lure you in with the special 3.15% rate then hope you let it roll-over and renew automatically at their lowest rate. Make sure you set your electronic calendar to remind you to renew for a different term, a different bank with better rates or a new special rate when the CD comes due.

Make sure you read our articles:


Tuesday, April 1, 2008

Best CD Rate Survey Update

From the Highest CD Rates Survey at, the best CD rate is 5.00% at Capital One Bank for Terms of 7 and 10 years.

Vanguard Prime Money Market Fund currently pays 2.96% but there is no FDIC.

The best CD rate under 1 year is 3.75% at Wachovia Bank.

The 3-month treasury bill currently pays 1.37%, the 5-yr treasury note pays 2.51%, the 10-year treasury bond pays 3.44% and the 30-year T-Bond pays 4.32%.

CDs are also paying better rates than iBonds which currently pay 4.28% (I-Bond Details)

Below are some more rates and terms.

6 Months
3.75% at Corus Bank

1 Year
4.15% at Indymac Bank & 4.05% @ Countrywide Bank

3 years
4.00% at GMAC Bank & 3.97% @ Ascencia

5 years
4.30% at Capital One Bank & 4.25% @ PenFed CU

7 and 10 years
5.00% at Capital One Bank

Be careful when you go to your bank and ask for their best rate. They will often use that as an excuse to sell you an annuity that sounds good on the surface, but is far more profitable for them due to the higher fees.

Make sure you read the Article: World Savings - Beware of Annuities