Access National Bank is offering several competitive rates on its long-term CDs and IRA CDs. It's one of the few institutions still offering over 3% on a 5-year CD term, and it's one of the very few institutions to offer a 6-year CD with a rate that's much higher than the 5-year term. Below is a list of the best rates as shown on the bank'a rates page as of 9/24/2010:
- 3.50% APY 7-year CD
- 3.40% APY 6-year CD
- 3.05% APY 5-year CD
- 2.75% APY 4-year CD
- 2.35% APY 3-year CD
Minimum deposit is $10,000. According to the bank's CD page, the early withdrawal penalty for terms over one year is 6 months of interest. That's a mild penalty for terms over 5 years.
Right above each rate table there's an online application link. From the look of the application, there doesn't appear to be any restriction on who can open an account. I just sent an email asking about this. Update: I received a reply to my email. According to the bank' rep, they offer accounts for their market area only (Washington DC, Maryland and Virginia).
The bank is based in Reston, Virginia with branches in the greater DC Metropolitan area.
The bank's overall health score is 4 out of 5 with a Texas Ratio of 14.57% (excellent) based on 6/30/10 data. Please refer to our financial overview of Access National Bank for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 35189).
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