Dedicated to Deposits: Deals, Data, and Discussion

2.60% 24-Month CD at TriState Capital Direct - Available Nationwide

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TriState Capital Direct is offering a few competitive rates on its Direct CDs. These include a 2.10% APY 12-month CD, a 2.60% APY 24-month CD and a 3.00% APY 36-month CD. One downside is a large minimum deposit of $95,000. There's also a money market account with a 2.00% APY, but this also has a minimum balance requirement of $95,000. I was told that there's a $100/month fee if the balance falls below $95,000. These rates are listed at the bank's Learn More Page as of 7/16/09.

There's an online application. In addition to funding by mailing a check, they offer free wire transfers, and I was told they also allow you to fund an account with an ACH transfer. You'll receive the rate based on the date they receive your deposit.

When the CD matures, the CSR told me that they could transfer your money out with an ACH or a free wire transfer. Signed written instructions are required.

More CD details are described in the disclosure. Early withdrawal penalty is 3 months of interest for terms under 12 months and 6 months of interest for terms of 12 to 24 months.

If you have additional questions, I recommend contacting the bank using their toll-free number at 1-866-680-8722. I was able to quickly reach a CSR when I called yesterday.

TriState Capital Direct is a service of TriState Capital Bank which has one office in Pittsburgh, Pennsylvania. The Direct bank's web address, www.tscbankdirect.com, is listed at the TriState Capital Bank's main website, and the FDIC lists the main website address so you can confirm that the internet bank is legitimate.

Tristate Capital Bank only has one office, but in terms of assets and deposits it's not a small bank with $1.3 billion in assets and $1.1 billion in deposits based on the FDIC data. For those in Pennsylvania, the bank offers similar CD rates with lower minimum deposits.

The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 2007 (FDIC Certificate # 58457).

Other High Certificate of Deposit Rates

  Tags: Pennsylvania, CD rates, TriState Capital Bank

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