Ascencia Bank has a competitive yield of 3.97% APY for terms of 30, 36 and 60 months. The minimum deposit is $500, and the maximum is $100,000. Ascencia is an internet bank that's available to anyone in the US.
In July 2007 the CD rates were as high as 5.50% so Ascencia has a history of high rates. Its money market account also used to have high rates for large balances, but the yield is now only 2.50% APY which is low even in today's rate environment.
Once nice CD feature is that Ascencia guarantees the APY for 20 days from the date of application. So if you mail in the application, you shouldn't have to worry about the rate dropping while it's in the mail.
Ascencia has a decent FAQ on their CDs. It states that rates are reviewed every Tuesday morning although they are subject to change at any time. So the current rates are likely to last at least through next Monday. The early withdrawal penalty for the long term CDs is 6 months of interest on the amount withdrawn (earned or unearned).
From past posts, readers have mentioned that Ascencia does not do a hard credit pull when you open an account. And on another note, Ascencia has business accounts for its CDs, money market and checking accounts.
Update 3/28/08: I received the following instructions from Ascencia regarding how to close a CD:
- If you are set up online, simply log into your account and send us a secure message. We will close your account on the date of maturity and mail you a cashier's check. Or you may send your request via mail or fax.
- If you would like to close your account and have the funds sent via ACH to a checking or savings account, please use the form titled "Cash Transfer Authorization Form" located on our web site. There is no charge for this service.
- If you would like to have the funds wire transferred, there is a $15.00 wire fee and the form is also located on our web site titled "Wire Transfer Request".
Ascencia is an internet bank headquartered in Louisville, KY. It's a division of PBI Bank which is FDIC insured (FDIC Certificate # 9314). It has a 3 out of 5 star rating (performing) at Bankrate.com based on 9/30/07 data.
Other Top Nationally Available CD Rates
I've been trying to stick with CD rates over 4%, but those deals are drying up especially if you want to stick with a bank with solid financials. There are still some left. More are available if you don't mind joining a credit union. Please refer to my last weekly rate recap for a list of CD deals. Some of these have already ended. For example, Pentagon Federal Credit Union just came out with lower CD rates today. Only the 5-year and 7-year CD rates at Penfed are over 4%.