Dedicated to Deposits: Deals, Data, and Discussion

5.60% 10-Month CD at a Tennessee Bank (Reliant)

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Reliant Bank
Reliant Bank is offering a special 5.60% APY 10-month certificate of deposit. The minimum deposit is $10,000, and the maximum deposit is $500,000. It's called a Flex CD because it allows you to choose one of the following features: one time add-on, one time withdrawal or one time rate bump-up.

It appears this CD can be opened by phone. On the promo page, it states:
Contact us at (615)221-2020 or toll free at 1-877-221-2050 to open your CD today!

[Update: The bank has changed the promo page, and it now states that a branch visit is required.]

The bank is located in Brentwood, Tennessee which is about 10 miles south of Nashville. It's a new bank that was just established in 2006. It's FDIC insured (FDIC Certificate # 58209).

  Tags: Tennessee, CD rates, Reliant Bank

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Comments
3 Comments.
Comment #1 by Anonymous posted on
Anonymous
i called them and they said you had to walk in to get the rate.

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Comment #2 by MK (anonymous) posted on
MK
Contact us at (615)221-2020 or toll free at 1-877-221-2050 to learn more!

Certificate of Deposit must be opened in person at Reliant Bank.

*Annual Percentage Yield (APY) of 5.60% is accurate as of May 27, 2007. Rate available in 10 month term only. Rate subject to change without notice. Reliant Bank reserves the right to refuse any deposit. Minimum deposit $10,000. maximum deposit $500,000. Rate not available to funds currently on deposit. Interest is compounded monthly. Fees may reduce earnings on deposit. Not available to institutional investors. Flex CD is a limited time offer and can be withdrawn at any time. Flex CD customers can access the funds on deposit one (1) time during the term. **Access to include one of the following: a) a deposit of additional funds to the account, up to a capped amount of $500,000, b) a one time rate bump-up to match any CD rate offered by Reliant Bank for a comparable term during the life of the CD, or c) a penalty free withdrawal of up to 100% of the funds on deposit after the first six (6) days of opening the account. A penalty equal to seven (7) days of interest will be imposed if funds are withdrawn during the first six (6) days of deposit.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated the post.

That's why I copied the exact phrase that was on the page and added "it appears". I've seen this back-tracking many times before at small banks.

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