Dedicated to Deposits: Deals, Data, and Discussion

4.05% 11-Month CD at a Tennessee Bank - and a 3.50% Savings Promo (Magna).

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Magna Bank
Update 7/26/08: The special CD is no longer listed. Please check the bank's website for the latest rates and specials.

Magna Bank is offering a special 4.05% APY 11-month CD. The minimum deposit is $10,000.

Also listed in the rate table is a 3.50% APY savings account, and according to this online ad the rate is guaranteed to 1/15/09. However, the minimum balance is $100,000. The rate is 3.25% APY for balances between $10K and $100K. The yield for under $10K is only 0.90%. This Magna Savings Account only requires a $200 balance to avoid a $5/quarter service charge. So it appears to be a decent deal for a brick and mortar bank.

It appears a branch visit is required to open an account. Branches are located in the Tennessee cities of Memphis, Germantown, Brentwood and Cordova. The bank has been FDIC insured since 1999 (FDIC Certificate # 34937). It has a 4-star rating (excellent) at BauerFinancial based on 3/31/08 data.

  Tags: Magna Bank, Tennessee, CD rates, savings account

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Comments
6 Comments.


Comment #2 by niniss posted on
niniss
This bank is currently offering $100 bonus to open their reward checking (2.25% up to 15k).  I think the promotion ends on Feb 28, 2013. 

1
Comment #3 by pearlbrown posted on
pearlbrown
Nice find Niniss.  Assuming that the account is kept at the $15k cap for the year, and that the 2.25% holds for that same period, adding the $100 bonus is equivalent to earning 2.91% on the money (for the first year only). 

1
Comment #4 by pearlbrown posted on
pearlbrown
The bank's website this morning hows the cap on the checking account as $25k. 

1
Comment #5 by niniss posted on
niniss
Pearl - My bad.  It is $25k, not sure why i typed $15k, maybe because my mind was on the First Financial Bank when i was typing that message. lol

1
Comment #6 by diamondx posted on
diamondx
What are the details of the rca ? 

1
Comment #7 by niniss posted on
niniss
#6 -estatement; 1 direct deposit or ach debit; and 12 signature based debit card usuage.

1