Community Savings is offering two very competitive 5-year CD rates. For a $10K minimum deposit, the rate is 3.42% APY. It's 3.22% APY for a $1K minimum deposit. Most of the shorter term CDs are not quite as competitive. The one exception is the 12-month CD. They currently list a special 12-month CD with a 1.88% APY. This requires a checking account. The standard rate without a checking account is 1.44% APY. Minimum deposit for both is $10K. These rates are listed in the bank's deposit rates page as of 6/24/2010.
According to the bank's FAQ's page, the early withdrawal penalty for CDs with terms over 12 months is 6 months of interest. The 12-month CD has a 3-month early withdrawal penalty.
Also according to the bank's FAQ's page, accounts can be opened by mail:
You can submit an application for any of our deposit or loan products through the application links on this site. After you have submitted your application, print and mail a signed copy to the Bank along with your initial deposit.
I don't see where the application links are located. I've sent an email to confirm that they can accept out-of-state deposits by mail. It's common for small banks to change their policy on out-of-state deposits.
Branches are located in the Ohio cities of Caldwell and Cambridge.
The bank's ratings for safety and soundness are a little above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Community Savings financial overview page). The bank has been a FDIC member since 1953 (FDIC Certificate # 27969).
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.