Special No-Penalty 9-Month CD at CFG Community Bank in MD - Local Only

Update 11/04/2010: The special no-penalty 9-month CD still has a rate of 1.70% APY. However, the Flex 24-month CD rate has fallen to 1.55% APY. I received some additional details from the CSR about the Flex features. It allows for a one-time add-on deposit (unlimited) and a one-time bump-up in rate. Minimum deposit is $1K.

CFG Community Bank is offering some very competitive CD specials, and it also has competitive rates for its regular CDs. One of the CD specials is a 9-month no-penalty CD with a 1.70% APY. The no-penalty feature allows you to make a withdrawal (partial or closing) one time with no penalty. Minimum deposit is $500. Another special is a 7-month CD with a 1.60% APY, but I don't know why one would choose this over the 9-month CD. For those looking for a longer term CD, they also have a 24-month Flex CD that has a 2.10% APY (I didn't get the details of the Flex feature). For the regular CDs, some of the competitive rates include a 1.55% APY 12-month CD, a 1.72% APY 18-month CD and a 2.10% APY 30-month CD. These rates are not listed at the bank's website. A reader emailed me about these rates, and I contacted the bank yesterday for more details. According to the bank rep, these rates should be good through Monday 8/16/2010.

A branch visit appears to be required to open an account. Branches are located in the Maryland cities of Baltimore, Towson and Annapolis.

The bank's ratings for safety and soundness are above average: 4 stars (sound) at Bankrate.com, 3 stars (adequate) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of CFG Community Bank). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1997 (FDIC Certificate # 34294).

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