First Trade Union Bank is offering competitive rates on its long-term CDs. These include a 3.00% APY 3-year CD, a 3.25% APY 4-year CD and a 3.50% APY 5-year CD. These same rates are also available in an IRA. Minimum deposit is $500. These rates are listed in the bank's rate table as of the morning of 8/04/09.
You can apply for the CDs online at starting from the bank's CD overview page. The "Open an Account" link takes you to an Andera application (common for internet accounts). Andera allows you to find accounts with an ACH transfer from your existing checking or savings account. According to the application, you must be either a US citizen or US resident alien to open an account online.
One downside to the bank's CDs is a harsher than average early withdrawal penalty. CDs with terms of one year and over are assessed a penalty of 365 days of simple interest.
The bank continues to offer a very competitive rate on its High & Mighty Savings Account (currently 2.06% APY for balances over $2.5K). Refer to my February review of this account for more details and its rate history.
First Trade Union Bank is based in Boston with branches in Massachusetts, New York and Rhode Island.
The bank's ratings for safety and soundness have gone down a bit since my February post. However, they're still respectable: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/08 financial data. The bank has been a FDIC member since 1987 (FDIC Certificate # 32551).
Other High Certificate of Deposit Rates