Dedicated to Deposits: Deals, Data, and Discussion

6.00% 60-Month CD at a Florida Bank (First State).

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First State Bank continues to offer high yields on its long term certificates of deposits. The rates include a 6.00% APY 60-month CD with a $25K minimum, a 5.90% APY 60-month and 48-month CD with a $1K minimum and a 5.75% APY 36-month CD with a $1K minimum. These rates are the same as I reported back in May and August.

A reader mentioned that the bank takes out of state deposits. I received email from the bank confirming this. Here's the info that they provided:
We do open out of state CD's with a notarized letter of direction. The letter should outline how the account will be titled and if there are any beneficiaries. We still have a 5.83% interest rate with 6.00% APY for a 60 month term on a $25,000+ deposit. There is a 180 days interest penalty for early withdrawal based on a term of over 1 year. If you would like to open an account, we will need the following information:
-Names and Social Secruity numbers for all named on Account
-Name of employer, if retired, provide a description of former employment
-Physical and Mailing address, phone numbers
-Clear photocopies of two ID's, one needs to be a State issued Driver's License, State ID Card, or Passport
-A check to open the account
-Names, birthdates and SS# of any beneficiaries on the account.

The bank has six branches in the Florida cities of Sarasota, Seminole and St. Petersburg.

First State Bank has been FDIC insured since 1988. Bankrate gives the bank 4 out of 5 stars (sound).


Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
I opened up 3 CDs with them. Very smooth new account opening process with good customer service.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Did you open the CDs through the mail?

Looks like a good bank. I hope they can maintain these nice rates.

1
Comment #3 by Anonymous posted on
Anonymous
I called them on 10/23/2006, AM and I was told that this offer is no longer available....their website also confirms this change.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks, Yes the 6% seems to be over. The best now is 5.50%.

1