6.06% 58-Month CD at a Missouri Bank (Hawthorn)

Update 9/18/08: The CD special has been reported to have ended.

Hawthorn Bank is offering a special 6.06% APY 58-month CD. The minimum deposit is $2,000, and the maximum deposit is $50,000 per social security number. It's not listed at the bank's website. A reader sent me email on this special, and I just called for additional details. According to the CSR, it just started last Friday so she expected it to last for a while. No checking account is required. It's also available as an IRA CD. One downside is a severe early withdrawal penalty: 30 months of interest. However, the penalty only applies to the amount withdrawn.

A branch visit is required to open an account if you're a new customer. Branches are located in several Missouri cities including Clinton, Independence, Jefferson City and Warsaw.

The bank has a 4-star rating (excellent) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Both are based on 3/31/08 data. Hawthorn Bank has been FDIC insured since 1934 (FDIC Certificate # 10619).

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

Tags: CD rates, Missouri, Hawthorn Bank, IRA rates