2.05% 12-Month Add-On CD at First Federal Available in SC, NC, GA & FL

First Federal is offering a special 12-month CD with a 2.05% APY. Minimum deposit is $1,000 if opened at a branch or $2,500 if opened online. Maximum deposit is $250,000. This special is called a Money Builder CD, and it has two liquid features: 1) allows additional deposits of at least $500, and 2) allows a one-time bump-up in interest rate. The rate and details are listed in the bank's Money Builder CD page as of 3/28/2010.

There's an online application at the bottom of the Money Builder CD page. The following note is next to the application link:

This account may be opened online by residents of SC, GA and FL. Please visit your local branch if you are outside these areas.

It's an Andera-based online application that allows funding by credit card, debit card or checking account (don't know if the credit card transaction would be considered a cash advance instead of a purchase).

The bank also offers a high-yield reward checking account called Moolah Checking, and like the CD, it can be opened online by residents of FL, GA and SC. It pays 2.51% APY for up to $25K as of 3/28/2010. It used to pay 6% back in 2007. Please refer to my account review for more details.

The bank has branches in several cities of South Carolina including the cities of Charleston, Hilton Head, Florence, and Myrtle Beach. There are also a few branches in Wilmington and a few other North Carolina cities.

The bank's ratings for safety and soundness are little above average: 3½ stars (good) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 28994).