Dedicated to Deposits: Deals, Data, and Discussion

4.15% 12-Month / 3.80% 6-Month CD at Greystone Bank - Nationally Available

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Greystone Bank
Greystone Bank has increased its CD rates, and it's now offering some top rates. The most competitive rates include a 3.80% APY 6-month CD, a 4.15% APY 12-month CD and a 4.25% APY 18-month CD. The minimum deposit is $50,000. Below is a list of all of the terms and rates:

CD Yields as of 7/16/2008

Term APY
6 month 3.80%
1 year 4.15%
18 month 4.25%
2 year 4.30%
3 year 4.45%
4 year 4.60%
5 year 4.75%

Interest is compounded daily and paid quarterly. It can be paid out or capitalized back into the principal. The maximum early withdrawal penalty is 90 days of interest. The grace period at maturity of the CD is 10 days.

My last post on this bank was in June. At that time I called their toll-free number, and the CSR said these are available to people in any state via their online application. There's also a form that you can print and mail in. I was told that after you apply, they'll contact you to arrange funding. They accept funding by check or wire transfer. When the CD matures, you can close the CD and receive the funds via wire transfer. I was told they don't charge for either inbound or outbound wire transfers.

The bank is located in Raleigh, North Carolina. It's a rather new bank that was just established in 2005. BauerFinancial gives the bank 3 stars (adequate) based on 3/31/08 data. It's a member FDIC (FDIC Certificte # 58094). The bank is small. According to the FDIC data as of 3/31/08, it only has 7 employees and total assets of 274.2 million.
  Tags: Greystone Bank, CD rates

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Thank you, Banking Guy. This is a good deal, IMO. That said, though, in light of the news of the day (June inflation for openers) I would assert Bernanke is suppressing short rates. His action hurts savers in a couple of ways: We lose interest on our savings, to which we are entitled. And our dollars' value is in the toilet vs. foreign currencies, which raises the prices we must pay for so many things, e.g., gasoline. I see Bernanke's actions, in the aggregate, as a form of tax. Needless to say I do not like what he, and I guess the Administration, too, are doing.

1
Comment #2 by Anonymous posted on
Anonymous
How many times leading up to a Fed meeting did we read that Wall Street anticipated a rate cut and Bernanke dare not disappoint them.

Bernanke caters to the financial institutions on Wall Street, not the average wage earner scraping to make a living for their family.

1