2.05% 7-Month CD at MidCoast Community Bank in Delaware - Local Only

MidCoast Community Bank is offering some competitive short-term CDs. These include a 1.90% APY 3-month CD, a 2.00% APY 6-month CD, a 2.05 APY for terms of 7 to 10 months, and a 2.10% APY for terms of 11 to 18 months. Minimum deposit is $500. The rates are available for both business accounts and IRAs. The above rates are listed at the bank's rates page as of 7/30/09.

I last posted on this bank in September 2008. Since then the bank has maintained competitive rates on its Gold Interest Checking and its Gold Money Market account. As of 7/30/09, the checking account rate is 1% for balances of $2,500 and above and the money market rate is 1.45% APY for balances $7,500 and above.

It appears a branch visit is required to open an account. The bank is located in Wilmington, Delaware. This is the same city where ING Direct has its headquarters. One would think that the giant internet bank could offer more competitive CD rates than a small brick-and-mortar bank, but ING Direct's 6-month CD rate is only 1.15% APY.

MidCoast Community Bank has solid ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. It's a fairly new bank that was established in March 2007. It's a member FDIC (FDIC Certificate # 58498).

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