10% 12-Month CD at a Philadelphia Bank ($1K Max).

Abington Bank is offering a 10% APY 1-year certificate of deposit. The maximum deposit is $1,000 and it requires a new checking account. This special doesn't seem to be listed at the bank's website. It was advertised in today's Philadelphia Inquirer. The ad is available online here. According to the ad, it's only available at the bank's Warrington branch which is in the northern suburbs of Philadelphia.

You can think of this deal as a checking account sign-up bonus. The 10% 12-month CD for $1K results in about $45 over what you would earn in a market leading 1-year CD. The bank does offer a free checking account with no direct deposit requirements.

In addition to this one-time deal, the bank has an interesting product called the Flex Account which looks like a hybrid between a high-yield savings account and a CD. For a balance between $20K and $50K, you earn a rate equal to the fed funds rate (currently 5.25%). It allows one penalty-free withdrawal per month and additional deposits anytime. Balances between $1K and $20K earn the fed funds rate minus 0.10. Balances between $50K and $100K earn fed funds rate plus 0.10. See rates page for all tiers.