Bank of the Sierra is offering a special 3-month CD with a yield of 5.13% APY. It's called the Mt. Witney CD, and it can only be opened from the bank's promotional webpage. The minimum deposit is $10,000.
The "Open a CD" link at this promotional webpage takes you to an online application which provides this Mt. Whitney 3-month CD option for selection. A reader mentioned this special CD in the comments, but I wasn't able to find it mentioned on the bank's website. I then found this promo link at this FW CD thread. I just called the bank (1-800-455-5080), and I was told that this is a valid offer for those who use this link. If you go to the online application from their main webpage, you won't see this special CD and you won't be able to apply for it. The CSR said it's available nationwide, and it can be funded by an ACH transfer from your bank account. At maturity, the grace period is 10 days. She said they're working on the capability to allow ACH withdrawals of the CD funds at maturity, and if this is not available at the time of the maturity of your CD, they'll waive the wire transfer out fees.
According to the CSR, the 5.13% APY could change at any day. I asked about when the rate locks, and she said it's when they receive the funds. But she said if you go through the online application, and everything is approved, the rate should be what was in effect at the time you applied.
Bank of the Sierra is located in California. The bank has been FDIC insured since 1978 (Certificate # 22597). It has $1.2 billion in assets and $888.8 million in deposits. Bankrate.com gives the bank 4 out of 5 stars (sound) based on 9/30/07 data.
Thanks to the reader who mentioned this special in the comments and to the person who posted the promo link at FW.