Quantum National Bank is offering several competitive rates for its mid- and long-term CDs. These include 2.76% APY for 12 months, 2.97% APY for 24 months, 3.10% APY for 30 months and 3.50% APY for 60 months. Minimum deposit is $1,000. These rates are listed at the bank's rate table as of 5/21/09. The rate table was last updated on 5/18/09.
Update 6/27/09: The bank is now limiting CDs to Georgia residents. This is stated at the top of the bank's rate table.
There's an online application available at the bank's CD page, and according to the bank's CSR, they allow out-of-state applications. Not all accounts may be available nationwide such as the IRAs and business accounts. Also, as a small bank, these policies can often change so if you're interested in these CDs, I recommend calling before you apply. The application allows funding by check or wire transfer. According to the CSR, the rate locks at the time they receive the money. I was also told the early withdrawal penalty is 6 months of interest.
Quantum Bank used to have competitive rates on its Hi-Rate Checking. Back in 2007, the rate had been 4.51% APY, but it's down to only 1.11% APY for balances over $10,000. It's not too bad if you compare it to the checking accounts at Charles Schwab or E*Trade Bank. It offers free checks and Bill Pay. There's a $15/month service charge for balances that fall below $2,500 (unless you're 55 or older).
Quantum Bank is located in Suwanee and Milton, Georgia which are just north of Atlanta.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1995 (FDIC Certificate # 34110).
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.