The bank also has a competitive money market account with a top yield of 3.95% APY for balances of at least $25K. A lower yield of 2.00% APY applies to balances from $5K to $25K.
Update 7/27/08: More details regarding these CDs and money market account are available in this promotional page (pdf). Note, these CD rates require a checking account. A free checking account qualifies.
A branch visit appears to be required to open an account. The bank's office is located in Monmouth Junction, New Jersey. It's a new bank that was just established with FDIC membership last month (FDIC Certificate # 58702).
Thanks to the reader who sent me an email about this bank.