Tennessee Commerce Bank has a long history of competitive CDs that are available nationwide. They now only list their CD specials on their new website. According to their FAQ, they're only listing rates that are competitive. Their two current CD specials are indeed competitive: a 2.10% APY 2-year CD and a 2.50% APY 3-year CD. Minimum deposit is $2,500. These rates are listed in the bank's current specials page as of 5/13/2010.
I spoke with the CSR via the bank's new online chat system. According to the CSR, rates are typically updated on Tuesdays so these special CD rates should last for at least a few more days. You shouldn't have to worry about the rates falling after you apply. According to the CSR, they lock it for 10 days from when you apply. Another feature I learned from the CSR is the early withdrawal penalty which is 6 months of interest for both the 24- and 36-month terms. Finally, I confirmed the CDs continue to be available nationwide.
They used to have the account disclosure available online, but with the new website, this doesn't seem to be available. Their FAQs do provide some details. The Account Maintenance section is the most useful. Some noteworthy details include:
- You can fund a new account by wire transfer, ACH transfer or by mailing a check
- You may submit the application online or print it to either mail or fax it
- Two forms of ID and a signature are required to open an account
- Incoming wires are free. The fee for outgoing domestic wires is $25
- To close an account they require a request in writing with a signature for verification purposes (fax or mail)
- For the funds of a closed account, they can mail you a cashier's check, ACH the funds to another bank at no charge or send a wire for $25
TCB is a one-office bank based in Franklin, Tennessee. The bank has long offered accounts nationwide so it's not the typical small bank. Based on the FDIC's 12/31/09 data, it has 91 employees, $1.37 billion in assets and $1.25 billion in deposits.
Its ratings for safety and soundness are fair: 2 stars (below peer group) at Bankrate.com, 3½ stars (good) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our TCB rates and reviews page). Ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 2000 (FDIC Certificate # 35296).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com. The tables now have a new & improved format!