High-Yield CD Specials with Max Deposits up to $30K at South Central Bank in Chicago - Local Only

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Nov 9, 2009 - 9:51 AM by Ken Tumin

South Central Bank
South Central Bank is offering several very competitive rates on its short-term CD specials. These specials are only available to new customers who are local to one of their branches. They're not listed on the bank's website. A reader mentioned them to me, and I just called for additional details. I was told of the following CD specials:
  • 3.05% APY 3-month CD, $25K maximum deposit
  • 3.00% APY 4-month CD, $30K maximum deposit
  • 3.40% APY 5-month CD, $5K maximum deposit
  • 3.00% APY 7-month CD, $12K maximum deposit
  • 2.90% APY 9-month CD, $22K maximum deposit
I had a little trouble understanding the CSR, so if you are told different rates and/or maximum deposit amounts, please leave a comment. These rates are available today (11/09/2009). The CSR didn't know how much longer they would last. I was told these maximum deposit amounts are per household. Also, I was told that new customers only had the option of one special CD. On the plus side, there's no checking account requirement.

In addition to these CD specials, the CSR said they're also offering a special 2.08% APY guaranteed to January 15, 2010 on their money market account, checking and savings account. These are also for new customers. They can be opened with a CD special.

A branch visit is required to open these accounts. Also, they accept only local customers, so if you don't live close to one of their branches and are interested in these specials, you should call to verify your eligibility. The bank has 5 branches located in Chicago.

The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 4 stars (excellent) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1966 (FDIC Certificate # 19536).

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

Other Competitive Certificate of Deposit Rates

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South Central Bank
Locations: 5   Health Rating: 		 
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