Advanta Bank Corporation, based in Utah, USA, is a division of Advanta Corp. The Utah Department of Financial Institutions governs it. Advanta is on of the biggest Master Card providers in the United States with a capital worth 1.02 billion dollars. It provides one of the best bank rates in US.
The operating expenses in Adavanta is comparatively low, for the customers can avail the banking services online or via telephone. Moreover, the bank facilitates the customers with timely distribution of maturity notices and interest checks.
• Certificate of Deposit Rate:
For the Certificate of Deposit (CD), Advanta uses a compound interest rate on a daily basis. At least 10,000 dollars is needed to open a CD for those who have not any account with Advanta, and 2,500 dollars for the Advanta account holders. However, there is a provision of penalty if the money is withdrawn early.
The interest rates, as of 22 nd March 2008, are given below:
• 3.15% for 91 days.
• 3.34% for 6 months.
• 3.54% for one year.
• 3.59% for 18 months and so is for 2 year.
• 3.63% for 30 months.
• 3.68% for 3 years.
• 3.73% for 42 months.
• 3.83% for 4 years.
• 3.92% for 5 years.
• Money Market:
For money market, the Bank uses compound interest rates. The minimum deposit amount to open a money market account for the Advanta account holders is 1000 dollars, whereas, those who don't have an account with Advanta have to give 2,500 dollars for it. However, the rates, as of 22 nd March 2008, are:
• 2.96% for savings between 100 to 999 dollars.
• 3.05% for savings between 1000 to 9999 dollars.
• 3.05% for savings between 10,000 to 49,999 dollars.
• 3.15% for savings between 50,000 to 1 lacs dollars.
• 3.15% for savings beyond 1,00,000 dollars.