10% 7-Month CD at a North Carolina Bank - $2K Max (Oak Ridge)
Oct 15, 2006 - 2:39 PM by Ken Tumin
The Bank of Oak Ridge is offering a 10% APY 7-month certificate of deposit. The minimum/maximum is $500/$2,000. It requires both a checking account and a New Leaf Savings Account. There's a limit of one CD per person or household. This special is not listed at the bank's website. It was advertised in the following press release.
Due to the low cap and the other required accounts, it's not an extraordinary deal. You'll earn about $52 over what you would earn in a 5.50% CD with $2K over 7 months. The New Leaf Savings Account has a current rate of 4.01% APY. It has a minimum opening deposit of $50 and no minimum balance requirements. You do have to have at least one automatic credit to the account per month to avoid a $5 service charge. There are a couple of free checking accounts to choose from. These also require a $50 minimum initial deposit. The best checking account is available for those 49 and over.
Branches are located in Oak Ridge, Summerfield and Greensboro, North Carolina.
The bank is FDIC insured. It has a 4 out of 5 star safe-and-sound rating at Bankrate.com.
Thanks to Mike who mentioned this special in the finding deals post.
Due to the low cap and the other required accounts, it's not an extraordinary deal. You'll earn about $52 over what you would earn in a 5.50% CD with $2K over 7 months. The New Leaf Savings Account has a current rate of 4.01% APY. It has a minimum opening deposit of $50 and no minimum balance requirements. You do have to have at least one automatic credit to the account per month to avoid a $5 service charge. There are a couple of free checking accounts to choose from. These also require a $50 minimum initial deposit. The best checking account is available for those 49 and over.
Branches are located in Oak Ridge, Summerfield and Greensboro, North Carolina.
The bank is FDIC insured. It has a 4 out of 5 star safe-and-sound rating at Bankrate.com.
Thanks to Mike who mentioned this special in the finding deals post.
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Mike (anonymous) - #1, Monday, October 16, 2006 - 11:56 AM
I happen to find this article about their rates because I follow their stock. I think their bank stock would be a good investment, but that's another story.
You're right. The CD sounds great initially, but all of the catches make it less appealing for those just looking for CD's only.
However, if you live around this community, this is a great offering, especially if you're just getting started, unhappy with your current bank, or just moving to the area.
Seems that Oak Ridge Bank is offering a total package that not only gets them customers, but is looking out for your interests. They want your business, but not at your expense. They want a whole financial relationship with you.
They are encouraging personal savings by also offering a great rate for their basic savings account. 4% is one of the best rates I've seen anywhere for a simple savings account.
Personally, with their offer, if I lived in that I area I would seriously consider switching to their bank.
Disclosure: I do NOT own stock in this company.
Banking Guy (anonymous) - #2, Monday, October 16, 2006 - 1:51 PM
Mike, I agree this bank seems to be a good one for those in the area. They also have several nice perks like free coin counting machines.
Anonymous - #3, Tuesday, October 24, 2006 - 11:12 AM
Unfortunately for those who live outside NC, it is not possible to open the account. They say that according to the Patriot Act they have to see you walk in and they have to see you signing the paperwork. I wonder if this is true.
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