Wachovia Bank CD Rates

Wachovia Bank is offering a 1.50% APY FDIC insured CD with a 19 month term.

Special CD Rates at Wachovia Bank "
Term Rate APY Minimum

11 Month CD 0.75% 0.75% $5,000
14 Month CD 1.00% 1.01% $5,000
19 Month CD 1.49% 1.50% $5,000

A Checking account is required to get these special rates.

For more rates and terms for Wachovia Bank certificates of deposit plus contact information, see Wachovia Bank CD Rates

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Pacific Premier Bank CD Rates

Pacific Premier Bank is offering a 2.55% APY FDIC insured CD with a 24 month (2-year) term. According to their web site:

Pacific Premier Bank is a state-chartered commercial bank headquartered in Costa Mesa, California. We serve businesses from six locations throughout Southern California including six depository branches in Costa Mesa, Huntington Beach, Los Alamitos, Newport Beach, San Bernardino, and Seal Beach as well as an SBA loan production office in Costa Mesa. Through our branches and our web site we offer a full complement of deposit and loan products and services for commercial businesses, non-profit organizations, and consumers. We offer our customers an alternative to the impersonal service experienced at the large regional and national banks.

For more rates and terms for Pacific Premier Bank certificates of deposit plus contact information, see Pacific Premier Bank

Banks on FDIC Problem List Up 36%

Today the FDIC reported the number of "insured institutions" (banks) that are on their "Problem List" as of the end of June 2009 grew 36% to 416. This is the highest number in 15 years. On March 31, 2009 there were only 305 insured institutions on the list.

• Total assets of "problem" institutions increased during the quarter from $220.0 billion to $299.8 billion, the highest level since December 31, 1993.

The FDIC also reported reserves totaling $42 billion with $32 billion already committed to future closures leaving "only" $10B for troubled banks that have yet to fail.

• Total reserves of the Deposit Insurance Fund (DIF) stood at $42 billion.
  
• The contingent loss reserve, which totaled $28.5 billion on March 31, rose to $32.0 billion as of June 30, reflecting higher actual and anticipated losses from failed institutions.
  
• Additions to the contingent loss reserve during the second quarter caused the fund balance to decline from $13.0 billion to $10.4 billion.
  
• Combined, the total reserves of the DIF equaled $42.4 billion at the end of the quarter.

FDIC hairman Sheila Bair had some words of optimism in the press release:

• "While challenges remain, evidence is building that the U.S. economy is starting to grow again."
  
  
• "The banking industry, too, can look forward to better times ahead."
  
  
• "But, for now, the difficult and necessary process of recognizing loan losses and cleaning up balance sheets continues to be reflected in the industry's bottom line."
  
  
• "The FDIC was created specifically for times such as these. No matter how challenging the environment, the FDIC has ample resources to continue protecting depositors as we have for the last 75 years. No insured depositor has ever lost a penny of insured deposits...and no one ever will."

Citibank CD Rates Best CD Rates from Citibank

Citibank is offering a 2.25% APY FDIC insured CD with an 18 month term.

Strings:

• $500 minimum
• Applicant must be a citizen or resident alien of the United States (U.S.) who is at least 18 years old with a valid U.S. taxpayer identification number.
• CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let Citibank know online, by phone or in writing.
• All accounts subject to approval.

1-YR 2.00% CD

The Sunday August 16, 2009 San Jose Mercury news has an advertisement from Citibank for a 2.00% APY 1-yr CD with a 1,000 minimum. The ad says to call or contact a local branch for that rate. Their "default rate" for a 1-yr CD is only 1.50% APY so you will probably have to ask to get 2.00%.

For more rates and terms for Citibank certificates of deposit plus contact information, see Citibank.

Best CD Rate Update - Ally Bank Has Highest 3-YR Rate

The top rates for CDs this week are at Pentagon Federal Credit Union (fondly known as PenFed CU) for 7-year certificates of deposit that currently pay 4.00% APY.

For shorter term, NewDominionDIRECT , has a 1-year CD with a 2.05% annual percentage rate. Several weeks ago, NewDominionDIRECT paid 2.26% (See "Best CD Rate Update - NewDominionDirect Has Highest 1-YR Rate") so rates are coming down.

With rates so low, banks will try to sell you their annuity products. Make sure you read our article: Beware of Annuities

The table below shows the best CD rates for other terms. If that table is hard to read, then try Very Best CD Rates.

"Highest CD Rate Survey + Current US Treasury Rates"

Term	Date	Highest Rate (APY)	Where? (Click link for Full Rate Sheets)
Daily Savings	8/6/09	0.23%	Vanguard Prime Money Market Fund
Tax Exempt	8/6/09	0.32%	Vanguard Tax Exempt Money Market Fund
High Yield MM	8/6/09	2.30%	Tennessee Commerce Bank
3-Month Treasury	8/6/09	0.17%	US Treasury Rates at a glance
6 Months	8/6/09	1.71%	Ascencia Internet Bank
6-Month Treasury	8/6/09	0.27%	US Treasury Rates at a glance
1 Year	8/6/09	2.05%	New Dominion Direct Bank
1 Year Treasury	8/6/09	0.47%	US Treasury Rates at a glance
18 - Months	8/6/09	2.00%	Ally Bank
2 Years	8/6/09	2.47%	E-Loan
2 Year Treasury	8/6/09	1.19%	US Treasury Rates at a glance
3 Years	8/6/09	2.70%	Ally Bank
3-Yr Treasury	8/6/09	1.72%	US Treasury Rates at a glance
4 Years	8/6/09	3.25%	Discover Bank
5 Years	8/6/09	3.51%	Pentagon Federal Credit Union
5 Yr Treasury	8/6/09	2.69%	US Treasury Rates at a glance
7 Years	8/6/09	4.00%	Pentagon Federal CU
7 Yr Treasury	8/6/09	3.35%	US Treasury Rates at a glance
10 Yr Treasury	8/6/09	3.71%	US Treasury Rates at a glance
10 Years	8/6/09	3.75%	Discover Bank
30 Yr Treasury	8/6/09	4.50%	US Treasury Rates at a glance

• Easy to Read Best CD Rate Survey
  
  
• US Treasury Rates at a Glance
  
  
• World Stock Markets at a Glance

With rates so low, banks will try to sell you their annuity products. Make sure you read our article: Beware of Annuities.

The Best Money Market Mutual Fund Rates

The top money market mutual fund list compiled by the New York Times shows Fidelity Cash Reserves is paying 65% more than Vanguard's Prime Money Market fund.

Money Market Mutual Fund Rates
as of 07/31/2009

Largest	7-day avg. % yld.	Type
R = Regular T = Tax Exempt Based on data compiled monthly by Morningstar
Fidelity Cash Reserves	0.38	R
Vanguard Prime MMkt	0.23	R
JPMorgan Prime MM Cap	0.32	R
JPMorgan U.S. Gov MM Cap	0.22	R
FIMM Gov I	0.20	R
GSachs FS Gov FST	0.16	R
Govt Obl Instl	0.16	R
JPMorgan Pr MMkt Inst	0.28	R
Highest 7-day yields	7-day avg. % yld.	Type
Hartford Mny Mkt HLS IA	2.34	R
Hartford Money Mkt HLS IB	2.34	R
Hart Mny Mkt R3	1.39	R
Hart Mny Mkt R4	1.39	R
Hart Mny Mkt R5	1.39	R
Hartford Money Market C	1.39	R
Hartford Money Market B	1.39	R
Hartford MMkt A	1.39	R

Of course these rates are tiny compared to the 1.60% APY available at Star One Credit Union.

With rates so low, banks will try to sell you their annuity products. Make sure you read our article: Beware of Annuities