Metro Phoenix Bank is offering some competitive mid- and long-term CD rates:
- 2.52% APY 24-month CD
- 2.78% APY 36-month CD
- 3.03% APY 48-month CD
- 3.54% APY 60-month CD
These rates are listed in the bank's rate sheet as of 2/09/2010. Minimum deposit is $5,000 ($2,000 for IRAs). The CD rates for terms of one year and less are not quite as competitive.
At first I thought their money market rate was also competitive with a 1.56% APY, but after a closer look, I realized this was the rate for a tier of $1M and above. Balances from $100K to $1M only receive 1.16% APY. I wonder how many people hold $1M+ in their money market accounts? If you do, you may want to consider United Central Bank (see review).
Metro Phoenix Bank is a small one-office bank located in Phoenix, Arizona.
Its ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 2007 (FDIC Certificate # 58402).
