Update 7/19/08: The 48 and 60-month CD yields have increased from 4.50% APY to 5.00% APY. The title has been modified to reflect this change.
Federal Trust Bank is offering a competitive CD rate of 4.50% APY on terms from 36 to 60 months. The minimum deposit is $500, and the early withdrawal penalty is 6 months of interest. Please see their rate table for more details.
It appears a branch visit is required to open the CD. Branches are located in several Central Florida cities including Winter Park, Sanford, New Smyrna Beach, Palm Coast and Eustis.
The bank isn't in good financial shape. BauerFinancial gives it 0 stars based on 3/31/08 data. There's an Orlando Sentinel article on its parent, Federal Trust Corp. According to the article, Federal Trust has been hit hard in the mortgage mess. It's currently trying to raise $35 million in stock offering. As I recommend with any bank, make sure to stay below FDIC limits. The bank has been FDIC insured since 1988 (FDIC Certificate # 32580).
Best CD Rate for 3 Year Term
To find other 36-month CD rates, please refer to my CD rates nationwide list. National City Bank still has a CD promotion with a 4.50% APY 36-month CD, but this requires a checking account. For those who want a good rate but also a strong bank, OnBank is offering a 4.35% APY 36-month online CD. OnBank is an internet division of M&T Bank.