2.70% 18-Month CD and 2.50% Checking at First Commercial Bank in Minnesota - Local Only

First Commercial Bank is offering several competitive CD rates. Some of the best include:

• 2.35% APY 12 month
• 2.70% APY 18 month
• 2.85% APY 24 month

These rates are listed in the bank's CD rates page as of 8/17/09. A reader mentioned in an email that this bank had advertised the CDs over the weekend in the Minneapolis StarTribune. I just called the bank for additional details. Minimum deposit is $10,000. These rates require that you have an Executive Checking Account. Without this account, the rates are 0.15% lower.

The Executive Checking is also a nice deal with a 2.50% APY on balances over $10,000. Under $10,000 the rate drops to 0.55%. The rates are listed in the bank's front page as of 8/17/09. The account requires a monthly ACH deposit. The rate is subject to change at anytime. According to the CSR, there are no monthly fees.

A branch visit is required for new customers. It's a small bank with one office located in Bloomington, Minnesota.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) 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 1999 (FDIC Certificate # 35246).

Thanks to the reader who emailed me news of these CDs.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

Tags: Minnesota, First Commercial Bank, CD rates, checking account