Dedicated to Deposits: Deals, Data, and Discussion

2.25% 11-Month CD at Colonial Bank Branches of BB&T

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BB&T
Update 10/15/09: This 11-month CD special has ended. I called today, and there are no more specials. The 12-month CD APY is 2.00% APY in Texas and 1.85% APY in Florida as of 10/15/09.

Colonial branches of BB&T are offering a very competitive CD special. It's a 2.25% APY 11-month CD. Minimum deposit is $500, and no checking is required. This isn't listed at the bank's website. Readers have commented on this deal, and I just called and confirmed that it's available for Texas and Central Florida branches. It appears to have just started today. The CSR didn't know how much longer it would last.

It may not be available at all Colonial branches. If you have Colonial branches in your area and you're interested in this CD, call Colonial (877-502-2265) to confirm it's available. There are also branches in Alabama, Georgia and Nevada.

Colonial Bank failed on August 14th, and the FDIC arranged for BB&T to take over the bank. As we've seen in the last two years, banks that fail and are taken over by other banks will often come out with attractive deals. Examples include IndyMac, BankUnited and Guaranty Bank. The nice aspect of these deals is that new accounts would be under the strong banks that took over the failed banks. So there's no more immediate concern about bank closures. Of course it's still advisable to keep under the FDIC limits.

BB&T is a member FDIC (FDIC Certificate # 9846).

Thanks to the readers who mentioned this special CD in the Bank Deals Hub post.

A Side Note on Colonial

There's an interesting Montgomery Advertiser article about lawsuits being filed by Colonial Bank employees accusing the bank's officials of investing most of the employees' retirement fund contributions in Colonial Stock. As is typical when a bank fails, the stock of the holding company of the failed bank becomes worthless. The article doesn't provide details about the retirement funds. The ones that I've experienced have many mutual funds to choose from including the company stock. Consumer advocates, such as Clark Howard, have long warned against owning company stock in your retirement plans.

Other Competitive Certificate of Deposit Rates

  Tags: BB&T, Alabama, Georgia, CD rates, Texas, Florida

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Comments
Comment #1 by Best Savings Account Rates (anonymous) posted on
Best Savings Account Rates
This is great; getting good offers from the banks, which were failed. Thank you so much for this informative article and the contact number of colonial branch.

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Comment #2 by Anonymous posted on
Anonymous
BB&T bank has branches in my area. They usually are near the bottom of the interest rate charts for banks in my area.

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Comment #3 by Anonymous posted on
Anonymous
I called the 800 no. and was told no such rate was available. CSR indicated another call was received from Florida & was told the same.
L.B.

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Comment #4 by Duck (anonymous) posted on
Duck
I stopped in the OLD Colonial brach located at 289(Preston rd)about a mile South of 121 in Frisco Tx on Friday and was given this information and was showed a corporate email showing this rate not sure if all BBT have this or just the old Colonial, email showed it was a BBT rate though. they told me it would be about 9m to change everything from Colonial to BBT. The office manager(Think her name was Keista? not sure of spelling) there was so nice that she opened a free checking account for me on friday stuck the money in that since the cd was not availble yet and called me yesterday while I was dentist and told me she openend the cd and put the paperwork and signature cards in the mail NOW thats customer service!!!

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equity release
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1