The Federal Reserve is commanding the financial headlines recently, meeting twice this week to decide what to do about interest rates.
But, much to the chagrin of bank deposit investors, the Fed is expected to leave interest rates as low as the morale of a French soccer fan this week. The big news comes from Fed Chairman Ben Bernanke who announced this week that the economy is growing and that the chance of a “double-dip” recession is fairly miniscule.
If you can ignore the financial crisis in Europe, the Deepwater Horizon oil spill 40 miles off the coast of Louisiana and a wobbly U.S. jobs and housing scenario, then Bernanke’s comments should be comforting.
That should keep Federal Reserve key bank lending rates down between current levels of zero and 0.25% — and force bank investors to wait longer for signs of a healthy economy — and fatter bank savings rates.
Now, onto the best deals of the week for June 23. It’s a mix of good deals on free checking, a Lending Club bonus, and airline miles when you buy a new home.
We haven’t written much about Eastern Carolina Bank, but maybe we’ll do so more often based on the whopping 4.01% APY on its free, high-interest personal checking account.
The deal comes with another nice amenity — nationwide ATM fee refunds. It also comes with no minimum balance requirements.