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Category Archives: Bank Review

Sergey Brin of Google Spends $330,000 on Lab-Grown Meat

Summer is commonly known as barbecue season, but a recent project funded by Google co-founder??Sergey Brin??may put a different kind of protein source on the grill in the foreseeable future.

A burger worth $330,000 was served to a panel of volunteers in London on Monday, but the cost of the American favorite wasnt a result of being crafted by an elite chef it was lab-grown meat??that cost hundreds of thousands of dollars to produce and could mean big savings for the environment.

Sergey Brin Opens Wallet for Petri Dish Beef

The process in which conventional meat goes from pasture to plate has generated a variety of debates regarding the inhumane treatment of livestock, the effect cows have on the environment and the sustainability factor of producing a product that continues to grow in demand.

With the global population growing from 7 billion to 9 billion people, by 2050 the demand for meat will double, explained??Kevin Cook, co-founder of the Environmental Working Group.

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CD Rates Move Higher as Mortgage Rates and Credit Card Meander

As July started to come to a close, CD rates finally got off their perch and started to follow the higher yields of the mid and long term bond rates that we have experienced in the previous weeks and marched slightly higher.?? Mortgage rates experience no such delay in pricing or inelasticity and with little action in the mortgage bond market over the course of the week; consumer mortgage rates were little changed.?? Credit card rates held steady as the top credit card companies continue to print cash with high borrowing costs pushed on to the credit card holders in the form of relatively high credit card rates, low borrowing costs for the credit card issuer and lower delinquency rates and charge off figures.?? This formula leads to a cash generating machine.

As the week ending July 26 came to a close, the Treasury market showed very little change on the short end of the yield curve and only modest rate increases on the long end.?? Six month Treasury rates and one year Treasury rates were unchanged on the week with the six month Treasury rate holding at 0.07% and the one year remaining at 0.11%.?? Long term Treasuries were a bit more active with the five year Treasury rate popping up five basis points to 1.36% and the ten year jumping eight basis points to 2.58%.

The change in Treasury yields had little impact on new home loan borrower???s mortgage rates.?? 30 year mortgage rates at the nation???s top bank mortgage lenders barely budged this past week.?? The average rate on the 30 year conventional home loan was nudged up to 4.501% from 4.506 percent in the previous week.???? FHA mortgage rates slipped by a slim margin as did the 30 year jumbo mortgage rates.?? The average rate found on the FHA loans with a 30 year term was 4.238%, compared to 4.243 percent in the prior week.?? 30 year jumbo loan rates slipped to 4.429% after closing at 4.461 percent in the week earlier.????

Most short term certificates of deposit rates were little changed over the course of the week with the big rates changed coming from the longer term maturities.?? The SelectCDrates.com CD rate index was up by one full basis point to break past 1.00% for the first time in several weeks.?? The CD rate index ended the week at 1.004%.????

The best three month CD rates and six month CD rates were unchanged this week and the one year term certificates were up by just 1/1000th of a percent.?? The top two year CD rates increased by 5/1000ths of a percent to an average interest rate of 1.130%.?? Five year CD rates made in two weeks in a row with major advances in the average yield.?? The rate coming from the top ten highest five year CD rates was ratcheted up to 2.58% from 2.50% in the preceding week.

Bank money market account rates, savings account rates and credit card rates were unchanged for the week.?? The top ten highest savings account rates and money market rates remained at 0.903 percent for the second consecutive week.?? The best credit card rates on the market stayed at 13.78 percent, this was the second consecutive week of non change for this bank rate as well.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.?? The most current survey is for the week ending July 26, 2013.?? The weekly rate survey presented the following interest rates and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates.

Bank Rates Market Recap for July 26, 2013

CD interest rates:
Composite CD interest rate index 1.004 percent (up .01 percent)??
3 month CD rates 0.417 percent (unchanged)??
6 month CD rates 0.703 percent (unchanged)??
1 year CD rates 0.981 percent (up .001 percent)??
2 year CD rates 1.130 percent (up .005 percent)??
5 year CD rates 1.787 percent (up .04 percent)??

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (unchanged)

Mortgage rates:
30 year mortgage rates??4.501 percent (down .005 percent)????
15 year mortgage rates 3.604 percent (up .019 percent)??
20 year mortgage rates 4.378 percent (up .015 percent)??
30 year??jumbo mortgage rates 4.429 percent (down .032 percent)??
30 year??FHA mortgage rates 4.238 percent (down .005 percent)

Credit card rates:
Credit card rates for new credit card offers 13.78 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (unchanged)??
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.31 percent (down .01 percent)
Five year Treasury rate 1.36 percent (up .05 percent)
Ten year Treasury rate 2.58 percent (up .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 26, 2013 with all of the interest rates obtained directly from the banks within the SelectCDrates.com survey.?? Treasury rates are obtained directly from the Department of the Treasury.????

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 26, 2013 at the following rate tables:?? 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, ??best interest checking accounts.

Rate Alert ??? 1.01% ??? PNC Bank Money Market/Savings $1000

The Savings account interest rate at PNC Bank has just changed from 1.0% APY to 1.01% APY with a minimum of $10,000 required. See the full details and rate info at PNC Bank Money Market/Savings $1000 rate. Premium Money Market Special Must have an existing checking account. New money required. Rate guaranteed for 3 months. Maximum of $500K. Blended APY 0.34%.

8.5% Yield in Rubles, Federal Grid Co, Baa3/BBB rated, matures Mar. 2019

Each week we screen thousands of corporate bond listings to find what we believe is currently the best corporate bond for investors needing or seeking higher yields with the least amount of risk possible relative to its projected return. ??This week, we look at high yielding 68 month from Federal Grid Company of Unified Energy System, the operator and manager of Russia???s unified electricity transmission grid system, including high voltage transmission lines, which gives it the status of a natural monopoly. ??Although this bond is rated Baa3 by Moody???s and BBB by Standard & Poor???s, on a LT National Scale S&P and Moody???s have placed it at ruAAA and AAA.ru, respectively. ??In other words, it appears this bonds credit ratings are constrained by the Baa1/BBB sovereign ratings currently given to the country it operates within.

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Deal of the Day: Team One Credit Union Savings Rates at 0.75% APY for HSAs

Health Savings accounts are a great way to help families and individuals pay for lifes medical expenses ??These accounts provide its account holders to pay for qualified medical costs on a pretax basis. In addition to this benefit, unused balances can earn a competitive rate of interest. Members of Team One Credit Union have of the highest savings rates in the nation available to them. Currently, it is offering an interest rate of 0.75% APY through its Health Savings account.

Team One??Credit Union Health Savings??Terms and Conditions

The Health Savings account through Team One Credit Union has an interest rate of 0.75% APY.?? This interest rate is available only on balances in excess of $10,000.

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ProAmerica Bank CD Rates

Whether accumulated in checking or savings accounts or certificates of deposit, individuals and businesses need to make sure their money is working in the most effective way possible.?? The savings products available at ProAmerica Bank in Los Angeles, California, especially the bank CDs, can be useful tools that can help individuals and businesses put their savings to work earning a competitive rate of return.

Consumers and businesses that are looking to save for the short or long term, will find the ProAmerica Bank CDs a safe and reliable place to invest.?? Account holders can earn more at a guaranteed rate of return with the bank CDs which have terms as short as a few weeks or can be as along as a few years.?? The account earnings are guaranteed for the length of the investment period regardless of what term is chosen.

There are two basic types of CDs available at ProAmerica Bank; regular CDs and Individual Retirement Account (IRA) CDs.?? The regular or standard bank CDs have fixed rates and fixed terms and function similar to other taxable savings accounts with the notable exception of the potential for early withdrawal penalties should the account holder pull out any or all of the principal before the set maturity date.

IRAs typically pay the same interest rate as regular CDs.?? However, IRA CDs offer additional tax benefits for qualified account holders.?? This taxation relief is perfect for individuals who have determined that their CDs will be used for retirement only, rather than short-term, quick-return investments.?? However, it???s important to note that for an IRA CD account to remain tax-free certain guidelines must be followed.

The tiered interest rates on the bank CDs are established periodically based upon market rates for term investments.?? The ProAmerica Bank CD interest rates are based on current market conditions and are subject to change based on changes in the market.?? Contact the bank directly for the most up to date and accurate bank rates and account terms and conditions.

A ProAmerica Bank customer service representative can be reached by calling the bank at (213) 613-5000.?? ProAmerica Bank is based in Los Angeles, CA.

Additional resources to help consumers find the best CD rates in the region are available at SelectCDrates.com under the bank rate table, California CD rates.?? All information provided through this site is intended to be accurate, but the information is not guaranteed.

Rate Alert ??? 0.5% ??? Citizens Bank Money Market/Savings $1000

The Savings account interest rate at Citizens Bank has just changed from 0.75% APY to 0.5% APY with a minimum of $10,000 required. See the full details and rate info at Citizens Bank Money Market/Savings $1000 rate. Growth Savings Must have a personal account. $10,000 in new money required.