2.53% Money Market Account at Castle Rock Bank in Minnesota - Local Only

Castle Rock Bank is offering very competitive rates on its money market and savings account. The Money Market Demand Account has a rate of 2.53% APY on balances above $10,000 and 2.02% APY below. Minimum deposit is $1,000 with a $3/month fee if the balance falls below $1,000. According to the website, transfers and withdrawals must be a minimum of $500. The bank also has a savings account that pays 2.90% APY on balances of at least $75,000 (1% for below).

The above rates are not listed in the bank's website. A reader commented on this bank, and I just called today (10/05/09) for additional details. According to the CSR, the rates are subject to change at anytime. However, they haven't changed since January 2009.

A branch visit is required to open an account. Branches are located in Castle Rock and Farmington, Minnesota which are located just south of the Minneapolis-St. Paul.

Castle Rock Bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 1913).

Thanks to the reader ichaelm who mentioned this money market account in the bank deals hub page. He also mentioned a few more local high-yield money market deals. I'll be posting on the other ones soon.

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