Right now its looking like the best CD rates for deposits 12-months and out come from Melrose Credit Union.  Melrose Credit Union, out of California, offers 1.41% on one year certificate of deposits.  The rate jumps to 1.66% for 2 years and as high as 2.93% for 5 years.  The 12-month is looking like the best offer right now.  After you factor in inflation and the likelihood of increased interest rates, the 60 month CD is not an attractive deal, even at 2.93%.  That may not keep up with inflation, let alone competitive rates over those 5 years.

BB&T is trying to entice new customers into its checking account services.  The bank will give you $50 in cash, if you set-up a checking account with direct deposit.  Then, after that, if you pay 10 bills using their online bill pay services you will receive another $50.  This perhaps isn’t the easiest way to get $100 for opening an account, but the benchmarks are not all that hard to meet.  This account has no minimum balance, free debit card, free online and mobile banking.  You can apply online for this account and get an instant decision for your new account.

Yup, you can actually get there.  In fact, there are many deals for specialty checking accounts with interest returns of 4 percent or more.  This bank offer, however, takes the cake.  Farmers State Bank in Iowa is offering 5.01% APR.  Like many deals, you cannot open this account online, you must go to one of the bank’s local branches in Iowa.  Point being, though, that some great bank offers are still out there for checking accounts.  Most accounts, are paying less than 1 percent on their checking at this point.  The 5% rate at Farmers, only applies to the first $25,000 and only on loyalty checking accounts.

Prospective bank customers in Syracuse, NY may be lured by some pretty hefty cash offers for opening a checking account.  We haven’t seen many offers above $50, so when M&T Bank offers new members $150 to open a Power Checking account, we take notice.  Select checking accounts get $100 and basic checking with interest gets $50.  Incentives, however, can boost the $150 to as high as $250 for Power Checking.  You must enroll in certain M&T programs like overdraft protection or use BillPay to take advantage of this extra bounty.  The total for regular checking could get you as high as $125.  It’s easiest to take full advantage of these offers if you have your checking account elsewhere, but your mortgage is at M&T.

What’s a strong 2-year (24 months) CD rate right now?  You’re looking at top rates of around 2 percent.  Yes, I know it sounds pathetic.  Most strong deposit earning checking accounts are still only 0.5% and most strong 1 year CDs are around 1.25%.  Although recent talk has been more hawkish from the Fed and friends, I tend to think that’s more political pandering and appeasement for the Tea Party.  The largest institution offering the 2% CD is American Express Bank, which offers the CD with no minimum deposit, which is rare among banks that are among the Certificate of deposit leaders.