The 2.00% APY 6-month CD rate and the money market rate aren't listed at the bank's website. I just called and confirmed these with a bank rep. According to the bank rep, they had been guaranteeing a 2.25% APY on the money market account, but this guarantee is ending 12/31/09. The rate will then fall to 2% APY without any more guarantee. So the 2% may not last much longer.
The bank is also offering an interest checking account that's paying 1.95% APY for a minimum balance of $500.
I was told by the bank rep that one could open an account by mail. However, it's a small bank so I'm considering this a local deal. The bank is located in Lake Mary which is just north of Orlando.
This bank is a division of United Midwest Savings Bank in Ohio. The parent bank is offering similar CD rates for those in Ohio. However, the 12-month and 24-month CD rates are lower. Refer to United Midwest's rate table for more details.
The bank's ratings for safety and soundness have gone down quite a bit since my January 2009 post on this bank. The ratings are now a little weak: 2 stars (problematic) at BauerFinancial (based on 9/30/09 data) and 1 star (lowest) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1986 (FDIC Certificate # 32441).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals