Dedicated to Deposits: Deals, Data, and Discussion

4.00% 18-Month CD at Geauga Savings Bank - Nationally Available

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Geauga Savings Bank
Geauga Savings Bank has some competitive CD rates for terms of 12 months and longer. The 12-month yield is 3.75% APY. A yield of 4.00% APY is available on terms from 18 months to 48 months. The minimum deposit is $1,000.

I just called the bank at its toll-free number (800-472-6250) for additional details. Be sure to call for the official information. Here's a report of what I was told.

According to the CSR, a person in any state can open the CD by mail. They can fax or email you the CD application. You're required to include a copy of your driver's license with the application. They allow you to either mail in the application with the ID and check or you can fax it. They don't charge for incoming wire transfers.

I asked about how they honor the rates if it changes while the application is in the mail. She said they'll honor the rate that's listed in the application if it's close to the date they make the rate change. They didn't seem to have a clear policy on this, but they seemed to be reasonable.

At maturity, they'll need written instructions if you decide to close the CD. This can be mailed or faxed. They can either mail you the check for free or do a wire transfer out. Outbound wire transfer fee is $25.

The 18-month CD has an early withdrawal penalty of 6 months of interest. The grace period at maturity in which you can close the CD without penalty is 7 calendar days.

The bank is located in Newbury, Ohio. It has been FDIC insured since 1985 (FDIC Certificate # 32287). The bank has a 3.5 star rating (good) at BauerFinancial based on 12/31/07 data.

Other High Certificate of Deposit Rates

Yesterday I reported on Indymac's new 18-month CD specials with a yield of 4.15% APY. Geauga's CD rate is a little lower, but if you're looking for a bank that's in better financial shape, Geauga Bank may be an option.
  Tags: CD rates, Geauga Savings Bank, Ohio

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