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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To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.