Reliabank Dakota is offering a competitive long-term CD with a 3.00% APY for a 45-month term. Minimum deposit is $5,000. The special is listed in the bank's savings rates page as of 12/11/09.
This special can be opened using the bank's online application (link on the left sidebar), and according to the CSR, it's available nationwide. This is the same application to open the bank's reward checking account that I reported on in January.
Update: I received some additional CD details from the CSR:
You can fund the CD by either wiring the money or mailing a check. As far as the 3% rate, if you let me know that you are sending a check we will honor that rate when the check gets here. That's not a problem.
The early withdrawal penalty would be 3 months interest. We do not charge a penalty if it has to be taken out early if it's for nursing home, medical or funeral expenses.
At maturity we can wire you the funds, mail a check or you could transfer into an ultimate checking.
The bank is also listing other competitive CD specials including a 2.00% APY 13-month CD and a 2.20% APY 29-month CD. However, these can't be opened online and require a branch visit.
One reader who commented about opening the bank's reward checking account in October mentioned that the account couldn't be funded with an ACH transfer even though the application makes it appear it's possible. He had to mail in a check with the signature card.
Another reader who opened the reward checking account commented a few days ago about receiving a hard credit pull via Equifax. He was told by the bank that they pull credit reports for customer identification.
Branches are located in the South Dakota cities of Estelline, Hayti, Hazel, Watertown and Hartford.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1945 (FDIC Certificate # 16221). It's a small bank with only $158 million in assets
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals