These special CDs allow you to make a one-time rate change after the account has been open for 6 months. When you make the rate change, you can also make an additional deposit to the CD. Note, these bump-up feature is often not useful since it's easy for the bank to keep future rates low on special terms. It would be better if it only had the additional deposit feature. As it is defined, if rates go down, you may have to change to a lower rate if you want to make additional deposits.
There's an online application that makes it look like a person in any state could apply online. They may still require a branch visit, so I recommend checking with the bank before applying.
Branches are located in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. It's a large bank with $53.7 billion in assets. The bank has a 3 out of 5 rating (performing) at Bankrate.com based on 12/31/07 data. The bank has been FDIC insured since 1934 (FDIC Certificate 1020).
Other CD Rates
There are a couple of banks offering a little higher yield for a 60-month term. Please see my latest weekly CD rate summary for other CD options.