Meridian Bank is offering some competitive rates on its 60-month CD. The bank is offering a much better rate on its Jumbo CD with a $100K minimum deposit. Below are the 3 rate tiers for this 5-year CD as listed at the bank's rates page as of 7/25/2010:
- 3.25% APY 5-year CD, minimum $100,000
- 3.00% APY 5-year CD, minimum $50,000
- 2.75% APY 5-year CD, minimum $1,000
The shorter terms are not quite as competitive. The next best one is the 3-year CD with rates that range from 2.15% APY for a $1K minimum to 2.25% APY for a $100K minimum.
It appears a branch visit is required to open accounts. Branches are located in Phoenix and its suburbs.
Meridian Bank's ratings for soundness and safety are weak: 1 star (troubled) at BauerFinancial, 1 star (lowest) at Bankrate.com and an overall health score of 2 out of 5 at DepositAccounts.com (see our financial overview of Meridian Bank, N.A.). These ratings are based on 3/31/10 financial data. The bank has been FDIC insured since 1978 (FDIC Certificate # 22644).
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