Raymond Federal Bank is offering some competitive CD rates. The most competitive is the 5-year CD with a 3.56% APY. Other notable ones include a 1.56% APY 1-year CD and a 2.63% APY 3-year CD. Minimum deposit is $50,000. Rates are only 5 basis points lower for a $15,000 minimum deposit. Additional lower rates are available for smaller deposits. These rates are listed in the bank's rates page as of 4/13/2010.
On top of the bank's rates page, it states that "there is a 90 day interest penalty for early withdrawal". This is a mild penalty for long-term CDs.
The bank also has a competitive rate on its Premier Plus Money Market account. The current rate is 1.31% APY. Minimum to open and earn this interest is $20,000.
A reader commented in my last post on this bank last year that the bank only opens accounts for those who live in their market area (Pacific County and adjacent counties).
Branches are located in the Washington State cities of Raymond, Long Beach and South Bend.
Raymond Federal Bank's ratings for safety and soundness are above average: 5 stars (superior) 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 # 28266).
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