Dedicated to Deposits: Deals, Data, and Discussion

5.55% 12-Month/18-Month CD at Greystone Bank

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Greystone Bank
Greystone Bank is offering very competitive certificate of deposit rates on mininum deposits of $50K. The yield on the 12 and 18-month CD is 5.55% APY. Interest is compounded daily and paid quarterly. It can be paid out or capitalized back into the principal. The maximum early withdrawal penalty is 90 days of interest.

It appears that people from any state can open these CDs via an online application. They do have a toll-free number. I tried to call for more information, but it appears they're out for President's Day. In the online application, they provide a field to allow joint, trust and payable-on-death options that would allow you to go above the $100K FDIC limits (see my FDIC post).

The bank is located in Raleigh, North Carolina. It's a new bank that was just established in 2005, and consequently, it doesn't have any Bankrate rating. It is FDIC insured. The bank is small. According to the FDIC data as of September 30, 2006, it only has 5 employees and total assets of $19 million.
  Tags: Greystone Bank, North Carolina, CD rates

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Comments
2 comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
Well, these rates didn't last long. Apparently they update the rates every Tuesday. The new 1-year and 18-month APY is now only 5.28%.

I was able to get through to the CSR very quickly today. According to the CSR, these CDs are available to people in any state. You can fund the CD by check, wire or ACH. When the CD matures, you can be paid by check, wire or ACH.

These are only available as regular CDs and not IRA CDs.

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Comment #2 by Anonymous posted on
Anonymous
CD rates here seem to be moving around a tad . . .

As of 2:13 p.m. on Wednesday, 21 February, 2007, the website quotes a 6 month and 1 yr CD as 5.34% APY.

Additionally, not mentioned in the original post was the minimum amount for a CD at these rates. Again, as of my posting now, the minimum is stated as $50k.

1