2.78% 5-Month Online CD at Franklin Synergy Bank - Nationally Available

Update 6/04/09: It has been reported that the eCD term is now 11 months.

Franklin Synergy Bank is offering an online certificate of deposit called the eCD. It has a 2.78% APY and a 5-month term. The eCD is listed at the bottom of the bank's eProducts page as of 5/28/09. Note, the APY is listed as 2.77%, but according to the CSR it's 2.78%.

I was told that the account can be opened online by people from any state. The application link is at the bottom of the eProducts Page. I wasn't able to get many details from the CSR. I recommend calling for more details if you're interested in this CD. The bank's phone number is listed on the right hand side of this application page (615-236-2265).

The bank is a fairly new bank that was established in 2007 with headquarters in Franklin, Tennessee. It's a small bank with $221 million in assets and $173 million in deposits. Since it's new, BauerFinancial doesn't have a rating for it. Bankrate.com gives the bank 3 stars (performing) based on 12/31/08 financial data. The bank is a member FDIC (FDIC Certificate # 58714).

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Tags: Tennessee, CD rates, Franklin Synergy Bank