Dedicated to Deposits: Deals, Data, and Discussion

Competitive Savings Accounts and CDs at Golf Savings Bank - Available Nationwide

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Golf Savings Bank
Update 11/21/09: Rates have fallen. Please check the bank's website for the latest rates.

Golf Savings Bank has recently added an online application for their deposit products, and I was told by their banking rep that they allow people from any state to apply. The online application uses the Cashedge service, and it allows ACH funding from your existing bank account. I've reviewed their products, and currently some of their rates are very competitive. The online banking features appear a little weak, but for those looking for top rates, it may be worthwhile. When I called their toll-free number at 1-800-264-1112, it was answered immediately by a knowledgeable customer service rep (they weren't out playing golf), so they appear to provide good customer service.

Certificates of Deposit

The best deal on the CDs is a promotional 4-year CD with a 3.50% APY. Also competitive is a 1-year CD with a 2.30% APY. Minimum deposit is $10,000. These CD rates are listed in the bank's CD rate table as of 8/11/09.

According to the CSR, the rate locks when you submit your application. The rates are usually updated on Mondays. I was told that the 4-year CD has an early withdrawal penalty of 1 year of interest (that's high for a 4-year CD). The grace period at maturity is 10 days. At maturity, they require written instructions (mailed or faxed) to close the CD, and if you want a wire transfer, they'll require a form to be mailed so you should plan this well in advance.

Savings and Money Market Accounts

The savings account has competitive rates on its $10K and $50K tiers. Monthly service fee is $3 if the balance falls below $300 (waived if you're under 18 or over 55). Below are the tiered rates as listed on the bank's savings account page as of 8/11/09:
  • 2.02% APY $50K+
  • 1.77% APY $10K-$50K
  • 1.26% APY $1K-$10K
  • 0.25% APY under $1K
Golf Savings Bank offers two money market accounts. The one with the lower rates is called Champion Money Market and requires $1,000 to open and has a $10 monthly fee if the balance falls below $1,000. The one with the higher rates is called VIP Money Market Account. This requires that you have established a separate loan or deposit relationship of $10,000 or more. Minimum balance to open is $2,500 , and it has a $15 monthly fee for balances under $2,500. Both money market accounts come with free checks. Below are the rate tiers as listed at the bank's money market page as of 8/11/09.

Champion Money Market Account
  • 1.80% APY over $50K
  • 1.56% APY up to $50K
VIP Money Market Account
  • 2.40% APY over $250K
  • 2.35% APY $100K-$250K
  • 2.30% APY $50K-$100K
  • 2.15% APY $10K-$50K
  • 1.90% APY $2.5K-$10K
  • 0.65% APY up to $2.5K
According to the CSR, they don't provide an ACH bank-to-bank transfer service. However, they do accept ACH transfer requests that you initiate from another bank.

Financial/FDIC Info

The bank is headquartered in Mountlake Terrace, Washington. Based on 3/31/09 FDIC data, the bank has 403 employees, $562 million in assets and $342 million in deposits. In terms of size it's comparable to Citizens National Bank which operates CNB Bank Direct (see post).

The bank's ratings for safety and soundness are decent: 4 stars (sound) at Bankrate.com and 3 stars (adequate) at BauerFinancial. Both ratings are based on 3/31/09 financial data. Golf Savings Bank has been a FDIC member since 2000 (FDIC Certificate # 35362).

Other Competitive Savings Account and Certificate of Deposit Rates

  Tags: money market accounts, Golf Savings Bank, Washington, CD rates, savings account

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Comments
5 Comments.
Comment #1 by Bozo (anonymous) posted on
Bozo
All things considered, I love the name of this Bank.

I mean, if you're marketing to retirees, what better name to have?

Bozo

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Comment #2 by maggie (anonymous) posted on
maggie
There is an additional term for the VIP money market account, which stated in their disclosure "To qualify for this account the owner must maintain a minimum of $10,000.00 in a CD, Checking, Savings or Loan account; separate from the VIP Money Market account. If the minimum requirement separate from this account is not maintained the account will be transferred to a Champion Money Market account. Terms and Rates for the Champion Money Market account will then apply.".

1
Comment #3 by Mitch (anonymous) posted on
Mitch
I opened the promotional 4-year CD online without glitches. I then spoke to a CSR (who was immediately available) and was told that monthly payment of interest is an option via mailed check; if the depositor has either a checking or savings account at Golf, the monthly interest can be deposited therein. Apparently, the rate lock is indefinite (within reason) once the application is opened online.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Mitch, thanks for the info. Glad to read the CD opening went smoothly.

1
Comment #5 by Anonymous posted on
Anonymous
I checked the disclosures and found that the penalty for early withdrawal for the two, three, and five year CDs is 6 months of interest on the amount withdrawn. The penalty is one year of interest on the amount withdrawn for the four year CDs. Interesting.

1