Dedicated to Deposits: Deals, Data, and Discussion

4.25% 6-Month / 4.25% 12-Month CD at an Arizona Bank (Silver State)

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Update 9/06/08: The bank has been closed. Please refer to this post for more details.

Silver State Bank has a CD promotion with a yield of 4.25% APY for terms of 6 and 12 months. The minimum deposit is $10,000.

This is the same bank and special that I reported on last week, but I had only confirmed the special for the Nevada branches. I had failed to check if this special was also available in the bank's Arizona branches. A reader noted this special for Arizona in the comments, and I just called their Arizona branch to confirm. The CSR did not know how much longer it would last. The specials are for Arizona residents only. Note, the specials don't seem to be listed on the bank's website.

Arziona branches are located in Scottsdale, Chandler, Sun City West and Tolleson.

The bank has some weak financial ratings: 2 star (problematic) at BauerFinancial and 1 star (lowest) at Bankrate. Both are based on 3/31/08 data.

As I recommend with any bank, it's best to keep under the FDIC limits. Silver State Bank has been FDIC insured since 1996 (FDIC Certificate # 34194).

Thanks to the reader who commented on this CD special in the Finding the Best Deals Post.

Other High Certificate of Deposit Rates

You can get close to the above CD deal at Bank of America, Wachovia or WaMu. All three of these large banks are still offering similar short term CD specials. These include WaMu with 4.25% APY 8 and 12-month Online CDs, Bank of America with a 4.11% APY 7-month CD and Wachovia with a 4.00% APY 7-month CD and a 4.25% APY 12-month CD. For more details about these and other high CD rates, please refer to my latest weekly summary.

  Tags: Arizona, CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
Bank may be in trouble.

1