Update 7/13/09: The eCD rate has fallen to 2.50% APY with a term of 12 months.
Update 7/11/09: The eCD rate has fallen to 2.70% APY, and the term is now 12 months.
Franklin Synergy Bank is offering an online certificate of deposit called the eCD. It has a 2.78% APY and an 11-month term. This rate is listed at the bank's Online Products page as of 7/03/09. There's also an E-Savings account listed, but the rates aren't that great and it requires a checking account.
I last posted on this bank in May when this eCD had a 5-month term. When I called the bank in May, 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 online application allows for two POD beneficiaries.
Update 7/13/09: Some more details about the eCD that I received from email:
- $1,000 minimum deposit
- CD can be funded either by wire transfer or check by mail
- Rate is locked at the time of application
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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