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
Champion Money Market Account
- 1.80% APY over $50K
- 1.56% APY up to $50K
- 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
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
