2.25% CD for Terms of 3 to 11 Months at MidCoast Community Bank - Local Only

MidCoast Community Bank is offering a very competitive rate on its short-term CDs. For terms from 3 months to 11 months the CD yield is 2.25% APY. Minimum deposit is $500. CDs are available as both personal and business accounts. These CDs are listed at the bank's rates page as of 12/15/09.

It appears that a branch visit is required to open an account. Remember to call before driving a long distance to make sure they accept non-local deposits. Branches are located in Wilmington and Dover, Delaware.

The bank has a history of competitive deposit rates. My last post on this bank was in July when they were offering a 2.05% 7-month CD. One interesting thing to note is that MidCoast is located in the same city where ING Direct has its headquarters. One would think that the giant internet bank could offer more competitive CD rates than a small brick-and-mortar bank (ING Direct does have a decent 1-year CD rate).

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 2007 (FDIC Certificate # 58498).

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