Dedicated to Deposits: Deals, Data, and Discussion

5.55% 17-Month / 5.40% 7-Month CD at Security Savings Bank

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Security Savings Bank FSB
Update 12/15/09: Security Savings Bank no longer offers CDs to customers outside their local market. Also note, rates have fallen. Please check the bank's website for the latest rates.

Security Savings Bank, FSB continues to offer some high yield promotional CDs. The highest rate is 5.55% APY for a 17-month term. The other special certificate is a 5.40% APY 7-month CD. These have a minimum deposit of $500 and a maximum deposit of $100K. They are also available as an IRA CD. There's also a promotional money market account rate of 4.50% for deposits of $10K and above.

[Update 5/15/07: Reader reported being told by the CSR that they are not taking online applications for these CDs. I would recommend to call if you're interested in these CDs.]

After I had mentioned these rates in March, a reader looked into this bank and found that they do accept out-of-state deposits. I called yesterday and confirmed that these promotional rates are still available including for those out-of-state. One thing I missed when I first posted this deal is their online CD application. The online application allows selection of POD and Trust account ownerships and it allows funding by either wire transfer or by ACH from a checking or savings account. The bank doesn't seem to allow the funds to be ACH back into the funding account when the CD matures. The service rep said the typical options are to receive a cashiers check by certified mail or by wire transfer ($15 outbound fee).

Branches are located in the Kansas cities of Wichita, Salina, Olathe, McPherson, Leawood, Holcomb and Garden City. The bank has been FDIC insured since 1957 (FDIC Cert. # 30898).
  Tags: Kansas, Security Savings Bank FSB, CD rates, IRA rates

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Comments
3 comments.
Comment #1 by PaulH (anonymous) posted on
PaulH
I think this bank (Security Savings) is playing games. I called them and they say they can't take online applications for their CDs. HOW CONVENIENT.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for reporting this.

I've seen many small banks change their policies if they get too much demand. Perhaps that is what happened.

1
Comment #3 by John (anonymous) posted on
John
They may have changed their practice. But earlier this month, I began the online application for their 17 month CD and just completed it in the past few days. Everything went smoothly then.

1