KeySource Commercial Bank is offering competitive rates on its mid-term and long-term CD rates. Some of the best rates include 3.00% APY for 5-years, 2.00% APY for 2-years and 1.75% APY for 18-months. It also has a good deal on a savings account with a 1.50% APY. These rates are listed at the bank's rates page as of 9/16/2010.
The savings account is called the Blue Savings Account. Some important features of the account include:
- Minimum of $100 to open an account in person or $5,000 when opening online
- Up to three withdrawals per month (no excess withdrawal fee with balances of $2,500 or higher)
- No monthly fee with a $300 minimum daily balance
There's an online application, and I can't find any limitations about out-of-state applicants. I've just sent an email to see if it's available nationwide. Even if it's available nationwide, it's unlikely this high rate will hold. The savings rate may change at anytime, and as we have seen at other banks offering nationwide savings accounts, rates rarely stay on top for long. Update: I received a reply from the bank, and according to the bank rep, people in any state can apply online. They can only accept up to $10,000 through the account opening portal as an Electronic Transfer from another institution. So if you choose to fund more than that you can either mail the bank a check or contact the bank for wiring instructions.
KeySource Commercial Bank is a small, one-office bank located in Durham, North Carolina which is in the suburbs of Raleigh.
The bank has an overall health score of 4 out of 5 with a Texas Ratio of 7.28% (excellent) based on 6/30/10 data. Please refer to our financial overview of KeySource Commercial Bank for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58475).
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