Acacia Federal Savings Bank is offering a special 15-month CD with a 2.75% APY. Minimum deposit is $500. This rate had been 2.85% just a few hours ago. Acacia also has other competitive rates on its regular CDs including a 3.10% APY 30-month CD and a 3.90% APY 60-month CD. The standard CDs are also available in an IRA. These rates are listed in the bank's rate table as of 3/11/09.
The bank has an online application (Apply Now Link on top left of rates page), and I confirmed with the bank in January that they allow people to open accounts from any state. Initial deposit can be done by check or wire transfer (incoming wires are free). I was told that at maturity, you can call to instruct them to close the CD. They can send you a check for free or do an outgoing wire transfer for $12.
Details of the CDs are described in their Truth-in-Savings document. Long term CDs have higher-than-average early withdrawal penalties: For a term of more than three years, the penalty will be 18 month's interest on the amount withdrawn. For terms of over 1 year to up to 2 years, the penalty is 6 month's interest.
The bank has some fair ratings for soundness: 3.5 stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/08 data.
Acacia Federal Savings is based in Virginia. It has $1.53 billion in assets and $1.03 billion in deposits as of 12/31/08. It has been FDIC insured since 1985 (FDIC Certificate # 32266).
Other Top Certificate of Deposit Rates
The best bank deal for terms around one year continues to be at GMAC Bank with a 2.95% APY 12-month CD (see review). One of the top one-year deals for credit unions continues to be at Alliant Credit Union which is offering a 3.15% APY for terms of 12 to 23 months with a minimum deposit of $25K (see review). Another good deal is at Connexus Credit Union with a special 3.00% APY 11-month CD at Connexus Credit Union. Minimum deposit is only $1,000 (see review). Both Alliant and Connexus make it easy for people in any state to join and apply online.
Refer to my weekly rate summary for other deals. Please note that some rates have already dropped since my Saturday update.