Stonebridge Bank has a new 14-month CD special with an APY of 4.25%. The bank continues to offer a 4.00% APY 9-month CD. The minimum deposit is $500. These are also available in an IRA. These rates are listed in the bank's Certificate of Deposit Page as of 11/27/08.
There's an online application, and according to this FAQ page, people from any state can apply. Some of the important CD details listed in the FAQ pages and in the disclosure include:
- Interest will be compounded every day. Interest will be credited to your account every month
- Early withdrawal penalty is 90 days of interest for terms under 12 months, 180 days for terms from 12 to 36 months.
- 10 calendar grace period at maturity
- CD can be funded by check or wire transfer (can't be done by ACH)
- Incoming wire transfers are free. Outbound domestic wire transfers cost $20
- The CD rate locks only when they receive the funds
- They require written instructions if you want to close the CD at maturity
- At maturity, they can mail you a check or they can wire transfer the funds ($20 fee)
Stonebridge Bank's financial ratings for soundness have gone down a bit since my August post. Bankrate.com gives the bank 2 stars (below peer group). This is down from 3 stars in August. BauerFinancial continues to give the bank 4 stars (excellent). Both are based on 6/30/08 data.
Stonebridge Bank is based in Pennsylvania with branches in Blue Bell, Warminster, Exton and West Chester. The bank has been FDIC insured since 1999 (FDIC Certificate # 35077).