Update 12/18/08: The CD rates have fallen. Please check the bank's website for the latest rates.
1st Source Bank has some competitive long-term CD rates. These yields include a 4.45% APY for a 2-year term, a 4.80% APY for terms of 3, 4 and 5 years, and a 5.00% APY for a 6-year term. The 2-year term has a $5,000 minimum deposit. All the other terms have a $500 minimum. These are also available in an IRA.
At the bottom of the rate table the bank provides a fair about of details about the CD. Some of the important things to note include:
- Applications should be mailed and postmarked on the date that you apply. The postmark date will lock in the rate shown on our website
- Interest may be paid by check or credited to another 1st Source Bank deposit account for Certificates equal to or greater than $2,500.00
- This offer applies only to personal CDs with balances up to $100,000
- Interest is compounded annually for terms longer than 12 months
- Early withdrawal penalty equals 6 months of interest on amount withdrawn for terms over 1 year through 6 years
- 10 day grace period at maturity
- No interest is earned during grace period if CD is redeemed
1st Source Bank is based in South Bend, Indiana with over 80 branches in Indiana and Michigan. It has been FDIC insured since 1934 (FDIC Certificate # 9087).