KeyBank has some very competitive long-term CD rates. The best rates are for the Key Tiered CD with Relationship Reward. The two best rates are a 5.25% APY 48-month CD and a 4.55% APY 23-month CD. The minimum deposit is $25,000. Without the relationship reward, the rates are 25 basis points lower.
The Relation Reward requires you to have either the Key Advantage, Key Privilege or Key Privilege Select checking accounts. The one with the smallest balance requirement is the Key Advantage which requires a combined balance of $10,000 to avoid a $15/month fee.
You can apply at a KeyBank branch or online. However, based on the online application, it appears you have to live in a state where they have branches. This includes the following states: AK, CO, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.
Update 6/30/08: KeyBank doesn't seem to be offering these high rates in all of the above states. You'll have to enter your zip code to see if they're available in your area. I've verified the 4.55% and 5.25% rates for zip codes in Colorado and New York. In Ohio, the top 48-month yield is only 5.00% APY. Lower rates have been reported in Maine and Vermont.
For those who live in other states, similar CD rates are available at Key Bank's online bank, KeyDirect. The current rates are a little lower, but these don't require any checking relationship. The best rates include a 4.50% APY 23-month CD and a 5.00% APY 48-month and 60-month CD. Last week they had been offering a 5.50% 60-month CD, but now this yield is only available for the very long 10 year term.
KeyBank N.A. has been FDIC insured since 1956 (FDIC Certificate # 17534). The bank has a 4 star rating (excellent) at BauerFinancial based on 3/31/08 data.
This Akron Beacon Journal article from last week reports on the latest problems of KeyCorp (the parent of KeyBank). It announced that it'll be cutting its dividend in half and will need to raise about $1.5 billion in capital. It has been hurt by subprime mortgages, but according to the CEO, they've limited their exposure to the subprime problems, and other areas of the business such as commercial loans are holding up well.