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.
Urban Trust Bank still some has competitive long-term CD rates. Early last month it also had competitive short-term CD rates, but these have fallen quite a bit since then. The current long-term CD rates include a 4.50% APY 5-year CD, a 4.25% APY 4-year CD and a 4.00% APY 39-month CD. The 1-year CD had been 3.75% APY in early February. It's now 2.50% APY, which is not too bad in today's rate environment. Minimum deposit is $500. IRA CDs are also available. These rates are listed in the bank's rate table as of 3/02/2009.
The bank's checking account and money market account rates have also fallen since last month, but they remain very competitive. As of 3/02/2009, 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 3.00% APY for balances under $25K to 3.50% APY for balances over $25K.
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.
The bank has fair ratings for safety and soundness: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1963 (FDIC Certificate # 31390).