Franklin Synergy Bank increased the rate of its 12-month eCD last week from 2.05% to 2.25% APY. Minimum deposit is $1,000, and the maximum is $500,000. The 2.25% eCD is listed in the bank's eProducts page as of 12/28/09.
When I contacted the bank last summer, I was told that the account can be opened online by people from any state. The application link is at the bottom of the eProducts Page. Some details I received from the bank in July include:
- CD can be funded either by wire transfer or check by mail
- Rate is locked at the time of application
The bank also has an E-Savings Account that's listed on the same eProducts page. The rate is also competitive: 1.75% APY for balances of $25K and up, 1.35% APY for smaller balances. One issue with this account is that it requires a checking account. Also, according to the account description, "Maximum of $500 accepted from external account." I'm trying to find out if this is through their ACH bank-to-bank transfer service.
The bank is a fairly new bank that was established in 2007 with headquarters in Franklin, Tennessee. It's a small bank with $237 million in assets and $197 million in deposits based on 9/30/09 FDIC data. Since it's new, BauerFinancial doesn't have a rating for it. Bankrate.com gives the bank 2 stars (below peer group) based on 6/30/09 financial data (down from 3 stars based on 12/31/08 data). The bank is a member FDIC (FDIC Certificate # 58714).
Other High Certificate of Deposit Rates
If you want a hassle-free competitive 1-year CD, ING Direct would be a good choice. They're still offering 2% APY (see my ING Direct review). For other good CD deals, please refer to:
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals
