Special 55-Month Online CD at Reliabank Dakota - Available Nationwide
Update 10/15/2010: The 55-month CD rate has fallen to 2.70% APY.
Reliabank Dakota is offering a competitive long-term CD with a 3.05% APY for a 55-month term. Minimum deposit is $5,000. The special is listed in the bank's savings rates page as of 10/14/2010.
As a comparison the best 60-month CD from an internet bank has a rate of only 2.75% APY (at Sallie Mae Bank as of 10/14/2010).
This special can be opened using the bank's online application (link on the left sidebar). I called the bank yesterday at their toll-free number (800-525-0399). According to the CSR, this CD is available nationwide. The CSR didn't know how long the rate would last. She did say that they will be reviewing the rates next week.
One nice feature of this CD is that its early withdrawal penalty is only 90 days of interest. Also, the medical emergency clause can be added to this CD (see bottom of the bank's rate page). The details I was told were essentially the same as what I was told in December when they were offering a 45-month CD special. Please refer to my December post for more details.
This bank still offers a reward checking account (called the Ultimate Checking). It used to be available nationwide, but the bank reduced availability to just South Dakota (see review). As of 10/14/2010, the bank still shows a 4.07% APY for balances up to $25K. However, a reader emailed me a couple of days ago with the news that Reliabank will be cutting this by one percentage point.
Branches are located in the South Dakota cities of Estelline, Hayti, Hazel, Watertown and Hartford.
The bank has an overall health score of 4 out of 5 at DepositAccounts.com with a Texas Ratio of 8.16% (excellent) based on 6/30/2010 data. Please refer to our financial overview of Reliabank Dakota for more details. It's a small bank with only $174 million in assets.
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3-year Term IRA CD
1.21% APY
Anonymous - #1, Thursday, October 14, 2010 - 9:30 AM
FYI-In December, 2010 Reilabank is acquiring two branch banks near Sioux Falls, SD and expects quality loan demand to increase over the next 24-36 months. The bank has about 45% ag loans which are performing very well and the remaining loans portfolio is commercial and residential real estate that has not been dramatically affected by deflation. Source for this information is the bank's CEO.
Anonymous - #2, Thursday, October 14, 2010 - 11:16 AM
Equifax hard pull when opening accounts with this bank
starlight - #3, Thursday, October 14, 2010 - 1:26 PM
where do you see in writing EWP is 90 days?
Anonymous - #4, Thursday, October 14, 2010 - 1:57 PM
APY Rate has now changed to 2.70%. I was told by CSR that management would be changing the rate at their discretion and they now have.
starlight - #5, Thursday, October 14, 2010 - 2:16 PM
rate on website hasn't changed and i am on phone with them now - no change they say - maybe next week they will change it
Anonymous - #6, Thursday, October 14, 2010 - 2:39 PM
Yes, it dropped to 2.70 this afternoon. Everyone applied this morning is locked in to the rate of 3.05. It does soft pull for CD. Hard pull is only for a checking account.
tightwad - #7, Thursday, October 14, 2010 - 7:54 PM
Site still showing 3.05% at 8:51 pm Est.....I wish it didn't pay semi annual interest....
Anonymous - #8, Friday, October 15, 2010 - 6:47 AM
If you go to ONline Application and open the rate sheet, it's 2.70 even though the front page is still 3.05.
rav - #9, Friday, October 15, 2010 - 9:09 AM
http://www.reliabank.com/savings.html rate sheet now shows 2.70% APY.
Anonymous - #10, Friday, October 15, 2010 - 11:02 AM
Since it appears, this morning, that the Fed. is poised to start purchasing US Treasuries/drive down interest rates , they are wise to drop their rate. I think all rates will substantially collapse in the near future.
http://www.chicagotribune.com/news/sc-dc-bernanke-economy-20101016,0,7699870.story
Anonymous - #11, Friday, October 15, 2010 - 11:13 AM
THIS IS STILL A GOOD RATE REGARDLESS. I CAN SEE WHY THEY WOULD RUN THIS SPECIAL AS A SHORT TERM PROMOTION; RATES ARE DRASTICALLY DROPPING BY FED.
Sree (anonymous) - #12, Friday, October 15, 2010 - 2:17 PM
I just completed the online application process yesterday morning, got a confirmation number of my application, funded it in the evening... got the 3.05 rate..
Anonymous - #13, Friday, October 15, 2010 - 6:34 PM
i applied yesterday as soon as i read your post. i have not funded it yet; i will be sending a check next week, but i was told today that my rate will still be 3.05.
Anonymous - #14, Monday, October 18, 2010 - 4:47 PM
i applied first thing and funded with ACH which ReliaBank says should hit my accounts Tuesday or Wednesday yet I will get the 3.05 effective at time of application
starlight - #15, Friday, November 5, 2010 - 4:36 PM
The medical emergency clause is not documented in the cd as it is merely a bank policy. When asked to document on letterhead, they wrote: "Your CD come with a medical emergency clause. Documentation of an emergency situation must be presented to withdraw all or a portion of your CD without penalty. You may reinvest the remaining balance at current market rates." So it looks like the unwithdrawn portion resets to current market rates which would help as a bump up cd if rates increase.
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