Tennessee Bank Boosts 24-Month CD Rates

Tennessee Commerce Bank has increased the return on its 24-month CDs to 2.50% APY from 2.20% APY the past couple of weeks.

Although it only has one office in Franklin, Tenn., the bank accepts out-of-state deposits, allows accounts to be opened online and imposes a modest $2,500 minimum deposit.

We’ve written about Tennessee Commerce before and don’t recall any negative comments about its service.

The increase puts Tennessee Commerce near the top of our rankings for the best, nationally-available 24-month CD rates.

Only one bank has a better deal: Frontier Bank, which has more than 40 branches in Washington and Oregon, is paying 2.60% APY with a $500 minimum deposit, or 2.70% with a $50,000 minimum deposit.

That’s about a point higher than the national average for 24-month CDs.

You can use our extensive database of CD rates to compare these offers with the best deals from scores of banks.

Related Posts:11-Month CD Special Offers 2.78% APYBest Savings Accounts Up To 2.50% APYTwo Banks Offer Top 30-Month CD RatesTennessee Commerce 3.27% 36-Month CDTop 36-Month CD Rates Remain Above 3%

Bank of America $50 Checking Bonus

Sign up for a personal checking account at Bank of America and receive a free $50 bonus. The minimum deposit needed to attain this bonus is only $100, so this is a very hot deal.

Offer expires 2/29/09.

Bank of America Launches a Blog Finally

What better way to start the new year than to blog about a blog. And it’s big news. Bank of America, through its Center for Future Banking (see note 1), launched a blog called The Future Banking Blog. The blog, quietly began after Thanksgiving (note 2), has averaged about 2 posts per week,  about right for a banking blog (note 3).

The content so far has been wholly unrelated to Bank of America or its products. The blog is part academic, part strategic, bringing insights from the Center’s joint team of MIT academics and BofA business execs.

The design however, is pure Bank of America (see below). It uses the BofA color palette and includes a prominent powered by logo in the upper right. It’s also housed under a bank URL <futurebanking.bankofamerica.com>.

All in all it’s a good effort, positioning BofA as a thought leader in the upside-down world of commercial banking circa 2009.

Note:
1. The Center is seeking an Executive Director. The position was posted on Dec. 16, but given the holiday, it’s not too late to toss your name in the hat.

2. Hat tip to Colin Henderson at The Bankwatch for writing about it.  

3. For more info on financial institution bloggin,

Bank of America FREE $50 Deal

Dan at BankVibe found a free $50 deal at Bank of America. Basically, if you open a checking account with $100 minimum deposit, they will give you a $50 bonus.

Offer expires January 31, 2009.

$200 Bank Bonus for Citibank Checking Account

Stolen from Bank Wire:

Open a Citi Bank Regular Checking Account and get up to $200

Just open a Citibank Regular Checking Account by 8/31/06 and receive $100. Then link the account to any Citi Credit Card and pay your Citi Credit Card bill by simply transferring money from your checking account and receive an additional $100.

Come in today to speak with the manager of your nearby Citibank Financial Center or call 1-866-335-1229 and mention code MVR4. Don’t wait - the welcome offer expires 8/31/06.

This is an easy deal, in my opinion. I already have a Citi Dividends Credit Card, so I’m just gonna open a checking and link it to my card. Pretty much a free $200 bank bonus for about 10 minutes of effort. I think that’s worth it.

World Savings Bank 6% CD Deal Confirmed

I just opened a 6% 9-month CD at my local World Savings Bank in Arcadia, CA (Southern California). This is a REALLY HOT interest rate considering the Fed interest rate hikes stopped today. I also got a free safe deposit box from them for opening the account! I’ve never had one before.

The World Savings bank was at one time under the control of the former Golden West Financial Corporation. As of October 2006, The World Savings Bank is now a subsidiary of the Wachovia Corporation, a financial service company that acquired the subsidiaries of Golden West. Wachovia offers a wide range of services in more than 20 states: services that include wealth management, asset management, banking, brokerage services, corporate banking services, personal banking services and investment options.

Free Safe Deposit Box Bank Deal

For those who have $25K, you can have a free safe deposit box if you maintain a balance in excess of $25K at World Savings Bank.

No monthly service charge on a Checking-with-Interest account
Free World Check Card with checking account
Free safe deposit box
Free American Express Travelers Cheques (unlimited supply)
Free notary service
Free money orders (up to five per month)
Free teller’s checks (in amounts of $100 or more)
Free signature guarantee

It would be pretty cool to have a safe deposit box. I don’t know what I would put in it, but still feels pretty rich to have one. I’m planning on getting a CD account at World Savings just so I can get a free safe deposit box. Check it out!

Umbrella Bank 5.67% APY Internet 1-Year CD

Umbrella Bank has an online 12-month CD account that pays 5.67% APY. That rate is pretty high, in my opinion, so check out their online banking information.

The Umbrella Bank, an Internet Bank, is a subsidiary of New South Federal Savings. As a member of the Collateral Family of Companies, the New South Federal Savings Bank has been in business for eighty years. The Umbrella Bank offers diversified investment options, is available all day every day, and is pleased to offer convenient banking options for their customers. The Federal Deposit Insurance Corporation insures deposits at the Umbrella Bank and the institution offers secure online transactions. All transaction are transmitted over a 128-bit encrypted server and the Umbrella Bank relies on firewalls, filtering routers, as well as password entry to keep personal information protected.

The New South Federal Savings Bank is a private company that is a chartered institution; New South Federal currently manages forty loan offices situated in thirteen different states, and a full-service deposit branch in Alabama. Governed by the Office of Thrift Supervision, all deposits are FDIC insured. The Umbrella Bank has an FDIC certificate number: 32276. Umbrella Bank makes it easy for consumers to immediately access bank statements, view checking account statements and review bill payments. Automatic bill payment options are also available. Along with checking accounts and savings accounts, Umbrella Bank offers retirement account options, credit cards, loans and more. Umbrella Bank offers competitive interest rates on interest baring accounts. For those interested in opening new accounts at the Umbrella Bank, all new customers are required to conform to the USA Patriot Act, Section 326 by supplying Umbrella Bank with specific identification information.

OneUnited Bank 5.25% APY Money Market

OneUnited Bank has 5.25% APY on a UNITY Internet Savings Account. It looks like there is no minimum needed to get this rate. Check it out!

OneUnited Bank is the very first Internet Bank that is black owned and OneUnited proudly announces that it is the largest bank in the country that is black owned. The offices of OneUnited are situated in Boston, Los Angeles and Miami and it is the recipient of the United States Department of Treasury’s Bank Enterprise Award. OneUnited made its Internet début in February 2006 in an effort to reach a wider audience and to establish a broader customer base.

In a three year time span OneUnited Bank has financed more than 350 million dollars in loans; helping church organizations, retail businesses, as well as individuals looking to get affordable housing. OneUnited Bank’s operations primarily involve mortgage loans and the bank aims to assist low income and moderate income communities. OneUnited also offers personal banking and business banking services that are accessible online.

The bank had its early beginnings nearly 50 years ago and started with the Unity Bank & Trust in Massachusetts. OneUnited is a product of the merging of black-owned banks across the nation: Boston Bank of Commerce, Family Savings Bank in Los Angeles, Founders National Bank of Commerce in Los Angeles, and Peoples National Bank of Commerce in Miami united to create what is known today as OneUnited Bank. Plans for continue expansion are on the horizon for OneUnited; the acquisition of other financial service institutions with a similar mission and the establishment of new branches, and automated teller machines are in the future for OneUnited