Update 2/21/10: The savings account rate guarantee has fallen from 1.75% to 1.50%.
CrossFirst Bank is offering two very competitive deposit specials. The first is a 2.00% APY CD that allows you to choose a term from 6 to 13 months. Minimum deposit is $1,000. The second special is a savings account with a 2.00% APY. It's guaranteed not to drop below 1.50% through 12/31/2010. Minimum balance is $25,000. Balances under $25,000 only earn 0.50%. Another downside is that you're limited to only two withdrawals per month ($50 fee for each additional withdrawal). These specials are listed at the bank's promotional page as of 12/13/09.
It appears that a branch visit is required to open an account. It's a small one-office bank located in Overland Park, Kansas which is a suburb of Kansas City.
The bank was established in October 2007, so BauerFinancial labels the bank as a start-up without a rating for safety and soundness. Bankrate gives the bank 2 stars (below peer group) based on 6/30/09 financial data. The bank is a FDIC member (FDIC Certificate # 58648).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com (overview of DepositAccounts.com)
- My weekly list of hot nationwide and local CD deals