My last report on this bank was on September 2008 when this 7-month CD had a yield of 4.50% APY. The bank continues to offer a high yield savings account, but the rate has gone down. The top yield is now 3% APY (was 5.00%) on balances up to $10,000 (2% for above). This also has the same checking account requirement as the special CD.
The bank's interest checking accounts also have competitive rates for non-reward checking. The Interest Checking Plus rate is 1.75% APY as of 1/16/09. A $2,500 minimum balance is required to avoid a $15/month fee.
At the bottom of the rate table it states that they do not accept deposits outside of their market area. The bank is located in Atlanta, Georgia.
It's a fairly new bank that was established in 2006. It's a member FDIC (FDIC Certificate # 58238). The bank has a 2-star rating (below peer group) at Bankrate based on 9/30/08 data. This is a drop from 3 stars (performing) from 3/31/08 data. BauerFinancial gives the bank a 3-star rating (adequate) based on 9/30/08 data.