4.15% 10-Month CD at a Southeast Bank (RBC Bank).

Update 7/26/08: The rate on the CD special has gone down. Please check the bank's website for the latest rates and specials.

RBC Bank is offering a special 4.15% APY CD for terms of 10, 24 and 36 months. The minimum deposit is $5,000, and a checking account is required. The CD is also available in an IRA. There are Jumbo CD versions of these with a 4.15% rate with no compounding. The Jumbo minimum is $100,000. Please refer to the rate table for more details. The rates are valid at least through July 15, 2008.

I called the bank for additional details. Their free checking account does qualify. It has no minimum balance or monthly fees. According to the CSR, they only do a ChexSystem for new deposit accounts with no hard credit inquiry. A hard pull is only done for credit products.

According to the CSR, new customers must be within RBC Bank's market area which includes Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. There is an online application. However, the CSR recommended coming into a branch to open a CD since the online account opening process can be slow and may not complete before the 15th. Refer to their banking center locator to find a branch near you.

RBC is a large regional bank with $25.5 billion in assets and 417 branches in the Southeast. BauerFinancial gives it a 3 star rating (adequate) based on 3/31/08 data. It has been FDIC insured since 1990 (FDIC Certificate # 33184).