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3.03% 13-Month CD & Other High CD Rates at Bank of Essex in MD & VA


Update 3/10/09: The CD rates have fallen. Please check the bank's website for the latest rates.

Essex Bank is offering a 3.03% APY 13-month CD. Minimum deposit is $500. This CD rate is listed at the bank's rate table as of 3/04/09.

This used to be Suburban Federal Savings Bank which failed on January 30, 2009 and was acquired by Bank of Essex. Suburban Federal Savings Bank now operates as Essex Bank, a division of Bank of Essex.

This 13-month CD doesn't seem to be available at Bank of Essex branches. However, Bank of Essex is running a CD special with two competitive rates: 3.03% APY for 24 months and 2.78% APY for 12 months. IRA CDs with equivalent terms earn an extra 10 basis points. These rates are listed at Bank of Essex's rate table as of 3/04/09.

Essex Bank branches are located in the Maryland cities of Crofton, Arnold, Rockville, Clinton, Landover Hills, Catonville and Rosedale. Bank of Essex branches are located in several Virginia cities including Tappahannock, Goochland, Glen Allen and Lexington.

Bank of Essex has some decent ratings for safety and soundness: 3 stars (performing) at and 4 stars (excellent) at BauerFinancial. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 8675).

Thanks to the reader who mentioned the 13-month CD in the comments.

  Tags: Virginia, Maryland, CD rates, IRA rates

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Comment #1 by Anonymous posted on
The top tier Money Market rate is 2.17% for balances over $50,000.

Comment #2 by cjdtech (anonymous) posted on
They also took over The Community Bank which failed in Loganville, GA.

Comment #3 by CapitalClimate (anonymous) posted on
13-month APY has dropped to 2.52% as of 3-10.