The bank offers an online application with ACH funding. I called the bank Friday and was told that they accept out-of-state applications. However, they don't make it easy to receive the funds when the CD matures. I was told the only option to close a CD is to mail in a notarized letter, and they'll send you a cashiers check. There's no option for a wire transfer.
Closing the CD would definitely be easier for those who live near a branch. The bank has branches throughout Chicago and its suburbs.
Simliar CD Specials in CA, TX and AZ
Park National Bank is part of the bank holding company FBOP Corporation. Other FBOP banks are located in California, Texas and Arizona. These other banks also have a similar CD special with rates ranging from 2.40% to 2.65% APY. I posted on these banks in April when the rates were a little higher. Refer to that April post for the links to the rate tables of these other banks.
Park National Bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. These ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 11677).
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.