The FDIC released this press release on 7/21/2010 which announced that the standard maximum deposit insurance amount has been permanently increased to $250,000. Here’s an excerpt from the press release:

On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The temporary increase from $100,000 to $250,000 was effective from October 3, 2008, through December 31, 2010. On May 20, 2009, the temporary increase was extended through December 31, 2013.
One thing that was not mentioned in the press release was the retroactive increase to Jan. 1, 2008. IndyMac depositors and depositors from a few other banks that failed in 2008 before October will now be able to recover some or all of their money that had been uninsured. Checks will be mailed starting on 7/22/2010.

The deposit insurance change affects credit unions as well – here is the press release by the NCUA.

Kaiser Federal Bank is offering a high CD rate of 2.40% APY on its 36-month CD and IRA CD. The other terms are not quite as good: 2.75% APY 60-month CD and 1.60% APY 2-year CD. Minimum deposit is $1,000.

People in any state can open Kaiser Federal Bank’s CDs, savings account and money market accounts. Checking accounts and IRAs are limited to California residents. You can do an initial application online or by phone (1-800-524-CASH). However, there are still forms to sign that must be returned with copies of your IDs and with your check that you will receive by mail. Unfortunately, the CD rates doesn’t lock until they receive the check. You can include a note with the check instructing them not to open the CD if the rate has fallen. Wire transfers are not accepted for CDs, but can be used to add to your savings or money market account.

The early withdrawal penalty is 180 days of interest for terms of over one year. There’s a 7-day grace period when the CD matures.

The bank used to have some decent rates on its savings and money market accounts. However, rates are now rather low. The money market saver account has a top yield of only 1.05%. There are many other better online savings rates available.

Kaiser Federal Bank branches are located in the California cities of Bellflower, Covina, Fontana, Harbor City, Los Angeles, Panorama City, Pasadena and Santa Clara.

Sallie Mae Bank has recently boosted their online savings account and CD rates.

Sallie Mae has traditionally been a a student loan lender but it looks like they are trying to attract more deposits with one of the top savings rates.

Sallie Mae online savings account features:

• No Minimum Balance
• No Monthly Fees
• Daily Compounded Interest
• FDIC Insured
• 1.40% apy

SallieMae claims their High-Yield Savings Account delivers an Annual Percentage Yield (APY) that’s ‘6x the national average’ (that according to bankrates 2010 Passbook & Statement Savings Study, as of 4/21/2010.)

The account opening process is pretty streamlined and hassle free and can all be done online.

Sallie Mae bank is FDIC insured.

Savings accounts rates and money market account rates for account balances of at least $2,500 are averaging only 0.327 percent this week but you can still easily find rates higher than the national average.

Some of the top savings accounts include SFGI Direct, 1st Constitution Direct, and Clear Sky Savings.

Visit BankingZen for the best online savings rates!