Central Bank in Tampa, Florida is offering a 1.70% APY 7-month CD. It's called an Advantage CD, and it has two nice liquid features. It gives you the option to withdraw $500 or more one time a month, and you have the option to deposit amounts of $500 or more anytime you want up to the $100,000 maximum balance. Minimum deposit is $5,000. Another good deal is the bank's 15-month CD which has a 2.00% APY. However, this doesn't have the liquid features. Minimum deposit is $2,500. These rates are listed at the bank's rate table as of 4/09/2010.
The bank also has a good deal on their checking accounts for those with large balances. The best deal is the Fifty Plus Advantage Checking which offers 2.00% APY on balances of at least $100K. The rate goes down to 1.25% APY for $50K to $100K and 1.00% APY for $10K to $50K. The Interest Plus Premier Checking has the same tiers, but the rates are 25 basis points lower. These rates are listed below the CD rates in the rates table as of 4/09/2010.
It appears a branch visit is required to open an account. It's a small one-branch bank located in Tampa, Florida.
Central Bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 2007 (FDIC Certificate # 58377).
Compared to the Best CD Rates?
A 1.70% 7-month CD rate may seem low, but in today's rate environment, it's very competitive. As a comparison, the best 6-month CD rate listed at Bankrate as of 4/08/2010 is 1.29% APY. The top Bankrate APY for an 18-month CD is 1.79%. You can find higher rates in the CD rates section of DepositAccounts.com (with New & improved format!).