2.89% 18-Month CD at Blue Ridge Savings Bank in NC & SC - Local Only

Blue Ridge Savings Bank is offering a few very competitive CD rates. The best ones include a 2.89% APY 18-month CD and a 2.28% APY 13-month CD. Minimum deposit is $1,000. The 18-month CD is also available in an IRA. These rates are listed in the bank's rates page as of 10/22/09.

When I contacted the bank last year, I was told that a branch visit is required to open accounts. Branches are located in several North Carolina cities including Asheville, Charlotte, Boone and Brevard and in the South Carolina city of Greer.

The bank's ratings for safety and soundness are weak: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. Another indication of problems is a Cease and Desist Order issued by the FDIC to this bank on November 2008 (link to the FDIC order). The bank has been a FDIC member since 1985 (Certificate # 32347).

Thanks to the reader who emailed me news of these rates.

Other Competitive Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals