Best Bank Offer

Best Virginia 529 College Savings Plan

Moneywise — Sun, 13 Jul 2008 15:22:45 +0000

I recently reviewed a variety of 529 college savings plans for the state of Virginia. As a reminder (or intro) college 529 plans investment vehicles with tax benefits that are designed to promote investing for college costs of (usually) your children. The exact details of the 529 plan vary by state, but are generally offered as savings plans and prepaid credits (hedge against tution inflation).

In Virginia, there is a good variety of savings plans that offer an array of investment vehicles. After taking a look at the details of these plans I give the top spot to the Virginia Education Savings Trust. These plans are offered directly through the state, which helps to keep the expense ratio down. The total expense ratio lands somewhere between 0.3%-0.6%. You can invest in age based options as well as a fixed basket of mutual funds. The minimum initial contribution is only $25, which is also the same price as the application fee. Contributors may earn a $2,000 per year tax deduction.

Remember many state plans are available to those who reside in other states, but often your home state may offer significant benefits for its in-state residents, so review the plans in your home state first.

Carrying a Checking Account Balance? Consider E-Trade

Moneywise — Thu, 10 Jul 2008 17:54:03 +0000

E-Trade (NASDAQ: ETFC) currently offers a pretty good deal when compared to my favorite, Schwab Bank (NASDAQ: SCHW), for those checking account holders carrying $5,000 or more in their accounts. With an average daily balance of $5,000 you can earn 3.25% which blows away the 2.01% offered by Schwab. Both banks offer no ATM fees and free bill pay. Another benefit of E-Trade, as well, is its much cheaper brokerage fees, if you decide to use that feature as well. However, Schwab generally has a better reputation for customer service and a stronger financial base.

IndyMac CD Offers Look Attractive

Moneywise — Thu, 03 Jul 2008 15:37:40 +0000

Speaking of CD offers, I just noticed that IndyMac is offering some pretty attractive rates on short term CDs on its website.

IndyMac CD rates

3 Month         3.25%         3.30%
9 Month         3.92%         4.00%
10 Month        3.92%         4.00%
2 Year             4.16%         4.25%

These rates are extremely attractive when compared to the national averages and may be better than the previously mentioned OnBank offer if someone is looking for a smaller duration.

OnBank Offers Great CD Deal

Moneywise — Thu, 03 Jul 2008 15:32:05 +0000

OnBank is currently offering a fantastic deal on its certificate of deposit or CD accounts. The 60-month CD is available at 5.15%. Obviously, OnBank is expecting a pretty good increase in interest rates over the next 5 years. In any event, this is one of the better CD deals out there. Generally, I groan at the thought of putting money into CDs, but given the stock market tumult, uncertainty in the municipal bond market, and general economic woes, this may not be a bad option for someone who wants to stow away some money securely. The bank also offers 3.5% on Money Market savings accounts.

Customer Satisfaction? Look to Bank of the West

Moneywise — Mon, 23 Jun 2008 00:50:18 +0000

Among banks in the western part of the United States, Bank of the West has the highest customer satisfaction, according to a survey by JD Power and Associates. The survey went to nearly 20,000 retail banking customers to discern what retail bank out west offered the best customer experience. “A highest ranking from J.D. Power and Associates is a wonderful tribute to the great people at the Bank of the West and their outstanding commitment to customer service. We have a long tradition of emphasizing service and our bankers believe that Bank of the West customers deserve to have the greatest retail banking customer service in the West,” said Michael Shepherd, President and CEO of Bank of the West. Bank of the West earned a score of 772 to best its regional competitors.

The highest score in the study went to Wachovia in the Southwest United States. BancorpSouth Bank ranks highest with a score of 782 in the Southeast and Commerce Bank won the Midwest and Mid-Atlantic Regions with scores of 750 and 781 respectively.

Source

Why It’s Worth Applying to Bank of America for Your Mortgage

Moneywise — Mon, 23 Jun 2008 00:40:53 +0000

Bank of America (NYSE: BAC) is the largest consumer bank in the country and it’s trying to further its mark on the home mortgage business, despite the recent tumult. It is doing so by offering unprecedent deals from a lender of its size and quality. Bank of America is currently offering no closing fees, no application fee, no private mortgage insurance fee. Their site is easy to use and allows for prequalification in 10 minutes or less. Their site does a great job outlining the closing costs that you can save by completing your loan with Bank of America, saving you up to $6,000.00. Best of all, the company is offering a “Best Value” guarantee whereby if you choose to go with another lended, they will send you a check for $250, which should cover the time you spent applying with Bank of America, and then some.

Looking For Money Markets? Watch the Intro Rate

Moneywise — Tue, 17 Jun 2008 02:36:11 +0000

Taking a look at current money market accounts, it seems as if EverBank is offering the highest interest rate with 4%, but this is where people get tripped up. EverBank’s offer is 4% on its MMAs for the introductory period, but then only 2% on accounts below $10,000 after that. Looking for the best money market rates it seems as if the IndyMac at 3.85% is the best for accounts over $10,000, with Corus Bank offering a 3.82% rate for the $10,000 deposit as well. There is a savings account available at OneUnited Bank for 3.6% with a minimum deposit of $1,000 and the HSBC that we discussed yesterday that is 3.5% with no minimum.

Best Rates for Savings Accounts

Moneywise — Mon, 16 Jun 2008 01:16:33 +0000

For the week of June 15, 2008 we are seeing HSBC (NYSE: HBC), FNBO Direct offer the strongest savings account offers out there. Because of its credibility and backing, HSBC may be the choice for many of you. Both HSBC and FNBO Direct are offering 3.5% APY. Capital One (NYSE: COF) is also offering 3.5% interest rate for a standard savings account, but you need to invest a minimum of $10,000.

As a reminder some of the reasons you may want to put money into savings accounts include: most institutions are insured against the loss of your money (only tiniest of risk); you earn a rate of return on your money; easy to manage and understand; easy to set-up.

Student Loan Alternatives

Moneywise — Fri, 13 Jun 2008 15:06:27 +0000

The tightening in the credit markets has not stayed away from the student loan market. One way you can avoid traditional lenders as a prospective borrower is to give peer-to-peer lending a shot. Two main sites have tried to take advantage of the troubles at traditional student loan lender: Prosper and Virgin Money. These sites help facilitate peer-to-peer lending among friends and family, or with the general public. According to Virgin Money, the typical negotiated rate is around 4-5%, which is pretty darn good and much lower than you may pay at some private lenders, without a lot of the hassle. Prosper advertises loans as low as 7.68% on its homepage. If you’re feeling a little adventurous, in a bind, or just want to stick it to Sallie Mae (NYSE: SLM), you may want to considering giving these sites a shot.

Schwab Credit Card Offers Appealing Mix

Moneywise — Fri, 13 Jun 2008 14:22:47 +0000

The current offering from the Charles Schwab Visa offers a compelling mix of low interest rates, appealing teaser rates, and rewards. One of the main drivers of high interest rate cards is seemingly attractive ‘points’ programs. This almost always never pays off. There are, however, some credit cards that offer both low annual percentage rates on credit card purchases and a decent rewards program. One of these right now is the Charles Schwab Visa. The card currently has a low variable 7.9% interest rate on purchases. It’s introductory teaser rate is only 1.9% and includes both balance transfers and cash advances. The rewards are offered at 1 point for every $1 spent on the card. Also, of course, like all of the ‘best offers’ from credit cards, there is no annual fee. Take a look at their homepage, do your homework, and decide if this card is right for you. A person carrying a $2,500 balance for the next year could save over $200 by switching from a 12% credit card to the Schwab Visa.

Charles Schwab Credit Card site.