Urban Trust Bank continues to offer competitive checking account, money market account and CD rates. In my previous posts I've focused on their CD rates. The CD rates remain competitive, but another thing to note is a regular type of checking account called the Urban Select Checking. As listed in the bank's rate table as of the morning of 4/24/09, the rate is 2.50% APY for balances of $1,000 and higher. A minimum balance of $1,000 is required to avoid a $15/month fee. This is not a reward checking account, so it does not require debit card purchases or direct deposit to qualify for this rate. Also, it doesn't have a balance cap, so you don't earn a lower rate after a balance goes over a certain limit (like $25,000).
The bank's Urban Select Money Market account also has competitive rates. As of 4/24/09, the rate is up to 2.75% APY for balances over $25K, and 2.50% APY for lower balances. There's a $20 monthly for balances under $5,000.
As is the case of any liquid account, rates could drop at any time. But these rates have remained very competitive since I started reporting on this bank in February 2009.
The CD rates remain very competititve. As of 4/24/09, some of the most competitive rates include 2.75% APY for 12 months, 4.00% APY for 39 months and 4.50% APY for 60 months.
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's ratings for safety and soundness have gone down a bit over the last few months. It has 2 stars (problematic) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1963 (FDIC Certificate # 31390).