Rollstone Bank & Trust is offering two CD specials. The most competitive is the 48-month CD special which has a 3.50% APY. The short-term special has a 1.50% APY for a 9-month term. Minimum deposit is $1,000 for the 48-month CD and $100 for the 9-month CD. Both specials are also available in an IRA. These rates are listed at the bank's deposit rates page as of 12/20/09.
Update 12/22/09: The bank just increased the yield on the 7-month CD special from 1.50% to 1.92% APY. That makes the 7-month special much more competitive.
The bank has long offered a reward checking account. In 2007 it started out with a 6.01% APY for balances up to $100K. The rate has fallen considerably, and it's now 2.75% APY for balances up to $50K (see post).
Readers have reported being told by the bank that you must live within 50 miles of a branch, and the accounts must be opened in the branch. This might be a challenge for the next few days after this weekend's winter storm. Branches are located in Fitchburg, Leominster, Harvard and Townsend, Massachusetts.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank was established in 1846 and has been a FDIC member since 1957 (Certificate # 17797).
Other Competitive Certificate of Deposit Rates
Not many banks or credit unions are offering rates above 3% for 4-year terms. The highest yield on my nationwide list is 3.15% APY at Hudson City Savings Bank. For other CD rates please refer to the following:
- CD rates at DepositAccounts.com (overview of DepositAccounts.com)
- My weekly list of hot nationwide and local CD deals