Stonebridge Bank has a new 14-month CD special with a 2.14% APY. Minimum deposit is $500. This is also available in an IRA. This rate is listed in the bank's Certificate of Deposit Page as of 9/15/09.
My last post on this bank was in November 2008 when it was offering a 4.25% 14-month CD. The current CD rate is much lower, but it's still very competitive in today's low-rate environment.
There's an online application, and according to this FAQ page, people from any state can apply. Some of the important CD details listed in the FAQ pages and in the disclosure include:
- Interest will be compounded every day. Interest will be credited to your account every month
- Early withdrawal penalty is 90 days of interest for terms under 12 months, 180 days for terms from 12 to 36 months.
- 10 calendar grace period at maturity
- CD can be funded by check or wire transfer (can't be done by ACH)
- Incoming wire transfers are free. Outbound domestic wire transfers cost $20
- The CD rate locks only when they receive the funds
- They require written instructions if you want to close the CD at maturity
- At maturity, they can mail you a check or they can wire transfer the funds ($20 fee)
Stonebridge Bank's financial ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data).
Stonebridge Bank is based in Pennsylvania with branches in Blue Bell, Warminster, Exton and West Chester. The bank has been a FDIC member since 1999 (FDIC Certificate # 35077).
Other Competitive Certificate of Deposit Rates