Colonial branches of BB&T is again offering a very competitive 11-month CD special with a 2.25% APY. I last reported on this in September. That one ended in mid-October, and it appears they brought it back a couple of weeks ago. As before this special isn't listed at the bank's website. A reader emailed me info on this, and I just called three branches to confirm. I received confirmation from branches in Central Texas, South Florida and Las Vegas. For all three cases the special was a 2.25% APY 11-month CD with no checking account requirement. The only difference was the minimum deposit requirement which varried from $500 to $1,500. This special rate is as of 11/17/09. The three CSRs didn't know how much longer this special was going to last. The Texas CSR said rates typically are changed on Mondays.
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 your local branch 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.
According to this Reuters article, BB&T expects to finish the integration of Colonial Bank by May 2010.
BB&T is a member FDIC (FDIC Certificate # 9846).
Update 12/11/09: I called branches in Birmingham, AL; Austin, TX and Miami, FL and confirmed this CD special is still available. The Texas CSR didn't know when it might end, but she thought it will likely continue through next week.
Other Competitive Certificate of Deposit Rates