When I last contacted Golf Savings Bank in August, I was told that people from any state can apply for the accounts. The online application uses the Cashedge service, and it allows ACH funding from your existing bank account.
According to the CSR, the rate locks when you submit your application. The rates are usually updated on Mondays. 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.
When I reported on Golf Savings Bank in August, they were offering a money market account with a top rate of 2.50% APY for balances over $250K. This is now down to 2.00% APY as of 11/22/09. Refer to my August post for more details on this money market account.
The bank is headquartered in Mountlake Terrace, Washington. Based on 6/30/09 FDIC data, the bank has 499 employees, $619 million in assets and $344 million in deposits. Its assets and number of employees have grown quite a bit since the previous FDIC data point in 3/31/09 when the assets were $562 million and the number of employees were 403. However, the deposits had little change. Perhaps this is why the bank has gone to the internet to bring in deposits.
The bank's rating for safety and soundness has gone down a bit at BauerFinancial. It's now 3 stars (adequate) based on 6/30/09 data. It had been 4 stars (excellent) based on 3/31/09 data. It remains 3 stars (performing) at Bankrate.com based on 6/30/09 data. Golf Savings Bank has been a FDIC member since 2000 (FDIC Certificate # 35362).
Other Competitive Savings Account and CD Rates