South Central Bank is offering a few fairly competitive CD rates. The most competitive is a 2.65% APY 36-month CD. Other notable ones include a 1.55% APY 12-month CD and a 2.25% APY 30-month CD. Minimum deposit is $10,000. These rates are listed at the bank's rate board as of 4/12/2010.
My last post on this bank was in November when they were offering several CD specials with very competitive rates. Those specials weren't listed on the website so you might want to check with the bank to see if there are any new specials that are available. Please leave a comment if you learn of any.
A branch visit is required to open an account. Also, they accept only local customers, so if you don't live close to one of their branches and are interested in these specials, you should call to verify your eligibility. The bank has 5 branches located in Chicago.
The bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com (based on 9/30/09 data) and 4 stars (excellent) at BauerFinancial (based on 12/31/09 data). The bank has been a FDIC member since 1966 (FDIC Certificate # 19536).
Searching for the Best CD Rates
A 2.65% APY may seem low for a 3-year term, but it's very competitive in today's low-rate environment. As a comparison, the best 36-month CD rate currently listed at Bankrate is 2.50% APY. You can find higher rates in the CD rates section of DepositAccounts.com. The tables now have a new & improved format!