Update 7/18/09: Rates have fallen again. Please check the bank's website for the latest rates.
Update 7/03/09: Rates were cut by 25 basis points on all CDs, on the Urban Select Money Market Account and on the Urban Select Money Market Account. Even with these cuts, the rates remain very competitive.
Update 4/18/09: The 12-month CD rate has fallen to 2.75% APY, but the longer term CD rates remain unchanged.
Urban Trust Bank recently raised the yield on its one year CD from 2.50% to 3.00% APY, and they continue to offer very competitive long term CD rates: 4.50% APY 5-year CD, a 4.25% APY 4-year CD and a 4.00% APY 39-month CD. Minimum deposit is $500. IRA CDs are also available. They're currently having a special 60-month IRA CD with a 4.75% APY. These rates are listed in the bank's rate table as of 3/31/2009.
The bank also continues to offer competitive rates on its checking and money market accounts. As of 3/31/2009, the Urban Select Checking Account has a 2.50% APY for balances of at least $1,000. The Urban Select Money Market's APY ranges from 2.50% APY for balances under $25K to 3.00% APY for balances over $25K. This is down by 0.50% since my post in early March.
At the top of the rate table it states that they cannot open accounts online or by mail. A branch visit is required. Branches are located in several North and Central Florida cities including Orlando, Winter Haven and Jacksonville. There are also branches in the Washington DC suburbs of Bethesda and Landover Hills, Maryland. Most branches are inside Walmart stores.
The bank's rating for safety and soundness has gone down a bit at BauerFinancial. It's now 2 stars (problematic) based on 12/31/08 data (had been 3 stars based on 9/30/08 data). Bankrate.com still has ratings based on 9/30/08 data, and the bank's rating remains at 3 stars (performing). Urban Trust Bank has been FDIC insured since 1963 (FDIC Certificate # 31390).
Thanks to the reader who mentioned this 12-month CD rate change in the comments.
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.