5.00% 60-Month CD at MBank in Oregon
Feb 12, 2009 - 5:44 PM by Ken Tumin
Update 2/12/09: The CD rate has fallen. Please check with the bank for the latest rates.
MBank is offering a special 5.00% APY 60-month CD. Minimum deposit is $1,000. This special is listed on the bank's home page as of 1/06/09. I called the bank this afternoon and was told that it's still available, but the banking rep didn't know how much longer it would last. According to the banking rep, the early withdrawal penalty is 180 days of interest. It's only available in a regular CD, not an IRA.
There's also a one-time bump-up option if their 5-year CD rate should happen to increase during the term. The feature probably won't be useful especially during the next year.
According to the banking rep, a branch visit is required. Branches are located in the Oregon cities of Portland, Gresham, Gladstone and Tigard. Update 1/29/09: Apparently there was some confusion regarding the branch-visit-requirement policy at the bank. Now the policy is being enforced.
MBank's ratings for soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1995 (FDIC Certificate # 34093).
MBank is offering a special 5.00% APY 60-month CD. Minimum deposit is $1,000. This special is listed on the bank's home page as of 1/06/09. I called the bank this afternoon and was told that it's still available, but the banking rep didn't know how much longer it would last. According to the banking rep, the early withdrawal penalty is 180 days of interest. It's only available in a regular CD, not an IRA.
There's also a one-time bump-up option if their 5-year CD rate should happen to increase during the term. The feature probably won't be useful especially during the next year.
According to the banking rep, a branch visit is required. Branches are located in the Oregon cities of Portland, Gresham, Gladstone and Tigard. Update 1/29/09: Apparently there was some confusion regarding the branch-visit-requirement policy at the bank. Now the policy is being enforced.
MBank's ratings for soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1995 (FDIC Certificate # 34093).
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keg1inc (anonymous) - #1, Thursday, January 8, 2009 - 12:35 PM
I opened a cd today over the phone. Talk with Cathy.
Andy KLink (anonymous) - #2, Wednesday, January 28, 2009 - 6:37 PM
Hello,
MBank's policy is that we require physical presence for a new customer to open an account. Thank you for your interest in MBank.
Andy Klink (anonymous) - #3, Monday, August 16, 2010 - 10:24 AM
This rate has not been offered for some time. Thank you for your interest.
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