Dedicated to Deposits: Deals, Data, and Discussion

5.25% 48-Month CD at MidAmerica Bank - Available Online Nationwide

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MidAmerica Bank is offering a 5.25% APY 48-month certificate of deposit. The minimum deposit is $10,000. The CD is available for regular and IRA funds. This rate may vary by state. At the top of the rate table, you can select your state. I've checked a few states and all show 5.25% APY for the 4-year CD.

Update 12/17/07: This special CD requires that you also open a checking account with a minimum initial deposit of $1,500 of new money. I was told their Free Checking qualifies. I also confirmed that the accounts can be opened online by people in any state.

The 5.25% APY may not sound that great, but as you can see from my weekly rate summary, it's near the top for a 4-year term.

The bank is also offering a competitive money market account with a yield of 4.75% APY on balances over $10K.

The "apply" link in the rate table opens up a PDF application that must be printed and mailed. However, if you go to the bank's home page, there's an "open a new account online" link on the left hand side. The online application allows you to select the 5.25% 4-year CD. According to the application instructions, the account can be funded with a credit or debit card or U.S. checking or savings account. The only requirement is that you are a US citizen or a US resident alien.

In the application, they provide their account disclosure (pdf) which has the details on their CDs (page 10). Some of the important detais include:
  • 270 days of interest penalty (earned or not) for 4-year CD term
  • Posted interest may be withdrawn at any time without incurring the penalty
  • Grace period at maturity is 7 calendar days.

Branches are located in Wisconsin and Illinois. The bank is FDIC insured (Certificate # 28671). It has a 3 out of 5 star rating (performing) at Bankrate.

  Tags: Illinois, Wisconsin, CD rates, IRA rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Per Acct. Rep, this CD deal requires opening a checking account with an initial balance of $1500.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post. They didn't do a good job documenting this requirement.

1