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4.50% 7-Month / 5.10% 60-Month CD at Harris Bank


Update 10/24/08: These special CD rates have fallen. They're now 4.00% APY for the 7-month CD and 4.50% APY for the 60-month CD.

Harris Bank is offering a CD special that includes a 4.50% APY 7-month CD and a 5.10% APY 60-month CD. The minimum deposit is $5,000. A Harris checking account is required. Without a checking account, the rates are 25 basis points lower. The Harris Free Checking qualifies. It has a minimum opening deposit of $100.

I called Harris Bank yesterday, and I was told that you could apply by phone or online from any state. They'll mail you the signature card and other documents. You'll then have to mail back the signature card with a check. You have 10 business days from the time of the application for them to receive the funds to guarantee the rate.

According to the Deposit Service Guide (pdf) the early withdrawal penalty is equal to 90 days of interest for terms under one year, and 180 days of interest for terms of one year or longer. The grace period is 10 calendar days.

If you prefer to open the CD at a branch, their offices are located in Illinois, Indiana, Wisconsin, Florida and Arizona.

Harris Bank has some fair ratings for financial soundness: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1947. Note, it has two FDIC charters: one based in Chicago, IL (FDIC Certificate # 16571) and one based in Scottsdale, AZ (FDIC Certificate # 24960).

Thanks to the readers who mentioned this CD promotion in the finding deals post.

  Tags: Indiana, Illinois, Arizona, Wisconsin, CD rates, Florida

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Comment #1 by Anonymous posted on
Banking Guy, I just called Harris Bank about the CD deals and they told me:

"You must Add Harris Lifestyle Benefits to the free checking account for a price of $4 per month, in order to receive 1/4% extra on the CD"

They also will run 2 Hard credit checks.

I don't think it is worthed to me.

Thanks for the great job of daily posting for new deals.

Comment #2 by Anonymous posted on
On their web site, the fine print says about the CD:

"**Receive ¼% bonus over Harris’ Annual Percentage Yield (APY) in effect on the date the CD is opened. Offer applies to standard term CDs with a minimum deposit of $1,000. Standard APYs will apply upon renewal. Early withdrawal penalties may apply. "

There is no 10 days guarantee nor $5000 minimum required.

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
The checking account requirements, the $5K minimum and the 10-day funding requirement are listed at the CD special page 1/4% rate bonus applies to any of the regular CDs.

Comment #4 by Anonymous posted on
I think you can fund the CD and checking via ACH. No mention about Harris Lifestyle Benefits like banking guy said.

Opening Deposit

How would you like to fund your account?

* Transfer money from an account at another bank
* Mail it in or bring your deposit to your local Harris Branch

Opening Deposit Amount*
Enter the amount you wish to deposit:
$ 7 Month CD Special
$ Harris Free CheckingSM

Comment #5 by Anonymous posted on
Does anyone have first hand experience with Harris Bank? It has 2 out of 5 stars rating mostly complaining bad services and requires many IDs and fingerprint to cash a check or something and most bad reviews come from year 2000.

I'm interested in opening the CD and have no intention to visit the branch, none in my area anyway, but I really need your input.

Comment #6 by Anonymous posted on
The checking account is a drag.
Not going to open any CD with Harris.

Comment #7 by Anonymous posted on
Please note, as of 10/23 the 7 mo. CD is now 4.0% not 4.5%.
I applied for it (7 mo. CD & free chkg.) using your link online 10/22 when it was still 4.5%APY.
I hope they will honor it.
Did get preliminary approval online, but no follow up as yet.
The other posted comments are not encouraging.