Dedicated to Deposits: Deals, Data, and Discussion

4.75% Savings Account / 5.35% 6-Month CD at Ascencia Bank


Here's another savings account with rates way above ING Direct. Ascencia Bank is offering 4.75% APY on their savings account. The minimum initial deposit is $50 and there are no minimum balance requirements or monthly maintenance fees.

Ascencia Bank is also offering a 5.35% APY (5.22% APR) 6-month certificate of deposit. The minimum is $500. The maximum deposit limit is $100K. This rate equals the 1-year CD rate. The rates on their longer term CDs are much lower. CDs with terms of 12 months or less have an early withdrawal penalty of 3 months interest. No withdrawals are allowed for the first 90 days.

Ascencia Bank has an ACH transfer system; however, you need to fill out a form and include a voided check. There doesn't seem to be a limit on the number of other bank accounts that can be linked. ACH transfers in and out are free. From their documentation, they state that ACH transfers requested before 3pm on a business day will be completed that day. They require ACH transfers to be at least $25.

Ascencia only accepts account applications completed online. They do not provide blank applications by fax or mail, and they do not take applications by phone. Refer to their FAQ or their fee sheet for more info.

Ascencia Bank is based in Louisville, Kentucky. Bankrate gives them 4 out of 5 stars (sound).

Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
I was interested to know what Ascencia's savings account was paying before 4.75%. I checked on Google's cache of Ascencia's rate page and it shows 1.25% as of 5/24/06. We'll have to wait and see if this 4.75% is a temporary promo or something that will last.

And about the 5.35% 6-month CD, on 5/24 the APY was 5.15%.