Dedicated to Deposits: Deals, Data, and Discussion

4.30% 12-Month CD at Heritage Bank - Nationally Available

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Heritage Bank is offering several competitive CD rates. The most competitive is the 12-month term which has a yield of 4.30% APY. There's also a 5.00% APY 5-year CD. The minimum deposit is $5,000.

The bank provides an online application, and people from any state can apply. According to the application, accounts other than CDs require a branch visit to sign paperwork.

I called the bank today for additional details. According to the CSR, the bank will guarantee the rate at the time of the application. After the application is submitted, they'll contact you on the next business day and will mail you the forms and signature card. You're required to send copies of two forms of ID. No notary is required. You can mail a check with this signature card, or you can do a wire transfer. There's a $10 fee for inbound wire transfers, but the CSR said they can waive this.

Interest is paid quarterly according to the CSR. If you want to receive interest payments rather than having it credited back into the CD, you'll have to go to the branch to pick up the checks. According to the CSR, they won't send checks for interest payments.

At maturity, they require written instructions if you don't want to renew. Instructions can be a fax. They'll send you a check. The CSR wan't sure about the wire transfer out option.

Opening and closing this CD would be easier and quicker for those who live near the bank's branches which are located in Phoenix and Tempe, Arizona.

The bank has a 3-star rating (performing) at Bankrate.com based on 3/31/08 data. It's a fairly new bank that was established in 2006, and it's still small with total assets of $163 million. The bank is FDIC insured (FDIC Certificate # 58416).

Other High Certificate of Deposit Rates

I only have one bank on my weekly rate summary with a higher rate for a nationally available CD. It's BankUnited which is still offering a 4.35% APY 12-month CD. Other banks offering 12-month CD yields close or equal to 4.30% include AmTrustDirect, Corus Bank, Wachovia and WaMu.

  Tags: Arizona, CD rates

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Comments
2 Comments.


Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Yes, I'm getting that also. At least it still shows the rating. Every now and then their site has some glitches.

1
Comment #3 by Raleigh bank rates (anonymous) posted on
Raleigh bank rates
Yeah, I've run into the glitches as well. I just press refresh and hope it gets better. If not, then I check back in a couple minutes.

1