Dedicated to Deposits: Deals, Data, and Discussion

5.30% 12-Month CD at a Maryland Bank (Suburban Federal Savings).

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Update 1/30/09: The bank has been closed. Please refer to this post for more details.

Update 1/27/08: The CD rates have dropped. Please check the bank's website for the latest rates.

Suburban Federal Savings Bank has some competitive CD rates. The highest rate is 5.30% APY for a 12-month term. Other competitive CDs include a 5.27% APY 13-month CD, a 5.20% APY 18-month CD and a 5.09% APY 60-month CD. The minimum deposit is $500.

A branch visit appears to be required. A reader mentioned that he had purchased the 12-month CD yesterday as a trust account and the process went smoothly. Branches are located in the Maryland cities of Crofton, Arnold, Rockville, Clinton, Landover, Catonsville and Rosedale. The bank is FDIC insured (Certificate # 30763).

Thanks to the reader who emailed me info on this bank.
  Tags: Maryland, CD rates

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Comments
2 comments.
Comment #1 by Bill (anonymous) posted on
Bill
Opened a 12 mos CD at the Rockville branch yesterday (11/27). Branch manager told me this was the last day of this special offer. He also pointed out an interesting feature of this CD. Holders can add funds to the CD, at the same initial interest rate, during the course of the CD as long as the CD rate doesn't fall more than 100bp. Since the 12 mos rate goes to 4.50% APY today, this option is still possible. I may well avail myself of this when my next T Bill matures in December.

The new rate sheet, effective today, shows a 13 mos CD at 5.27% APY, only 3bp off the previous 12 mos yield. Also an 18 mos product with 5.20% APY.

1
Comment #2 by Anonymous posted on
Anonymous
GONE - 12 month CD rate shown on website is down to 3.60% APY effective 1/24/08.

1