Dedicated to Deposits: Deals, Data, and Discussion

3.01% 15-Month CD at Beacon Bank in Minnesota

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Beacon Bank
Beacon Bank is offering some competitive promotional CD rates. These include 3.01% APY for 15 months, 2.75% APY for 13 months, 2.55% APY for 9 months and a 2.50% APY for 7 months. Minimum deposit is $10,000. These rates are listed in the bank's rate table as of 3/11/09.

[ Update: Another reader has received information from the bank that a branch visit is required. Small banks often change their policies on this, so please check with the bank for the latest requirements. ]

There's an online application, and I was told by the CSR that they accept applications from any state without a branch visit. According to the CSR, the CD rate won't lock until they receive the funds. They do accept wire transfers ($7.50 incoming wire transfer fee). The CSR expected these CD rates to last at least through this week, but there's no guarantee.

The bank also offers a reward checking account that pays 4.01% APY on balances up to $25K, as of 3/11/09 (see post).

Beacon Bank is based in Shorewood, Minnesota with branches in Duluth, Eden Prairie, Excelsior and Shorewood.

The bank has strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. These ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 10581).

Thanks to the reader who emailed me news of this CD promotion.
  Tags: Minnesota, CD rates, Beacon Bank

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Comments
Comment #1 by BestCashCow (anonymous) posted on
BestCashCow
Hi Bankman,

I just called them to get a bit more info and was told they need an in-person signature in order to open the account.

BestCashCow

1