Keystone Community Bank is offering a special Climbing CD with a yield of 5.64% APY and a term of 24 months. The minimum deposit is $500, and it has no maximum deposit.
According to the bank rep, the climbing feature is that the yield increases each 6 months. The yield for each 6-month period is 5.25%, 5.51%, 5.77% and 6.03% APY. The average is 5.64%. At each 6-month period, you're allowed a penalty free early withdrawal. The early withdrawal feature is nice except for the fact you would lose out on the higher rates at the end of the term.
A branch visit is required to open an account. Branches are located in Kalamazoo and Portage, Michigan. The bank is FDIC insured (FDIC Certificate # 34387).