Dedicated to Deposits: Deals, Data, and Discussion

4.25% 6-Month / 4.25% 12-Month CD at a Nevada 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 special doesn't seem to be listed at the bank's website. A reader emailed me about this, and I contacted the bank today for additional details. According to the banking rep, the promotion was just advertised in the newspaper today, so she expected it to last for at least a week. The CSR also mentioned that it's limited to Nevada residents.

In April they had a similar CD special but the yield was only 4%. Last year they were offering 5.50% CD specials.

Branches are located in Las Vegas, Henderson, and Boulder City.

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.

Silver State Bank has been FDIC insured since 1996 (FDIC Certificate # 34194).

Thanks to the reader who emailed me info on this special.

Other High Certificate of Deposit Yields

Three large banks offering similar short term CD specials 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: Nevada, CD rates

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Comments
2 Comments.
Comment #1 by Kenshin (anonymous) posted on
Kenshin
WaMu CD closure is not as easy as you have mentioned before. In the account page it does NOT show that it's matured, and there is no option to transfer money from a matured CD account to WaMu online savings. I had to call and it takes 1~3 business days.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
You may want to refer to my WaMu post. My report was based on a long-time reader who had a WaMu Online CD.

1