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Reliabank Dakota0.77%-$25kUltimate Checking
Accounts mentioned in this post. Rates as of August 27, 2014

New Special 55-Month CD at Reliabank Dakota - Now Only Available in South Dakota


Reliabank Dakota

When I last posted on Reliabank Dakota, they were offering a 3.05% 55-month CD special that was available nationwide. It appears they received too much demand. Just a day after the post, they cut the rate to 2.70%, and now they have changed the availability to only South Dakota residents. For those in South Dakota, it's still a good deal, and it has actually improved. The special 55-month CD now has a rate of 2.85% APY. Also, there's a special 43-month CD with a 2.35% APY. Minimum deposit is $5,000, and the early withdrawal penalty is 180 days of interest (used to be 90 days). These special rates are listed in the bank's savings rates page as of 11/2/2010.

As a comparison the best 5-year CD from an internet bank has a rate of only 2.75% APY (at Sallie Mae Bank as of 11/2/2010).

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). The account currently pays 3.50% APY on balances up to $25K.

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 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. The bank has been a FDIC member since 1945 (FDIC Certificate # 16221).

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Comment #1 by Sree (anonymous) posted on
I was lucky to open my CDs for 3.05% even though I am not South Dekota resident in the previous term of this offer. I found the staff is very helpful

Comment #2 by starlight posted on
I received all the documentation for my two cds I got at the 3.05% rate and the documentation clearly states 90 day EWP so I feel good about what I received.  Interest is added to prinicipal only every 6 months which is satisfactory.  I also have spoken with them on the phone and they seemed very pleasant and competent.  So far they have delivered as promised when promised.  I am a happy customer.

Comment #3 by Anonymous posted on
1. 3.05 on the web site

2. Tried to get - they said it didn't exist - they said now 2.7

3. sent in paperwork for 2.7

4. They said it didn't exist

5. 2.85?  Maybe - but be careful counting on them

Comment #4 by Anonymous posted on
I was able to open the cd at 3.05% thanks to your blog. I applied the day I saw your post. I believe it was gone the next day but they honored that rate even though I did not send them the funds until over two weeks later; and when you call you get a real person on the phone! Can't ask for more :-)

Comment #5 by starlight posted on
I just wanted to make it a little more clear that interest is credited to principal every 6 months so if you cash out early, you lose not only 90day EWP but also whatever interest has accrued but not credited to your account - potentially worst case scenario would be you would lose your 90day interest plus they could have had the prinicpal for 5 months 29 days interest free as the principal was withdrawn before accrued interest was credited to your account.  They do have the emergency clause which is nice.

Comment #6 by Anonymous posted on
For me, it was little different.

The moment I saw this blog about this offer, I filled in the online application but didnt submit. I left the site open like that and left for dropping my kid at school, on my return, the session timed out and I thought that I need to re-fill it and didnt do that. After few hours I found that the rates went back. Surprisingly, my session timed out application went through and I got an email confirming my online application filing. I called the bank with the application confirmation number and they accepted the funding by ACH. I opened the CDs

Comment #7 by bob52 posted on
RE: Starlight Comment #5 - ... "interest is credited to principal every 6 months so if you cash out early, you lose not only 90day EWP but also whatever interest has accrued but not credited to your account".

There is language in one of the documents I received from Reliabank that says I would lose accrued interest. However, I then spoke to one of their CSR's about whether you would lose accrued interest and was assured that is not the case. She said you would lose only the 90 day EWP. She seemed to know what she was talking about.

In any event, I thought I'd double-check if/when I decide to terminate the CD early. With the way interest rates are going/projected, 3.05% will probably look pretty good for quite a while.

Comment #8 by starlight posted on
Hi bob52, I hope what you verbally heard is what we will get as my documents clearly check the item marked "effect on closing an account.  If you close your account before interest is credited, you WILL NOT receive the accrued interest" with the words WILL NOT typed in.  They could have easily typed in WILL.  Can you get your verbal asurance in writing as typically when there is a difference between verbal and written, written documents are taken as the authority.  I am not thinking that I will want to or need to cash in early but if I do, I will time my withdrawal to be after the accrued interest is credited and/or see if the CSR will do what you said she said she would do even if the documents tell her to do otherwise.  Best wishes and please let me know if you get something in writing on their letterhead that is better than the cd documents state.

Comment #9 by starlight posted on
Bob52, perhaps the difference is in language terminology.  You are not technically losing more than 90 days of interest because the accrued interest is not yours until it is credited to your principal.  Therefore it just was never credited and therefore not considered a penalty of more than 90days EWP although they might have held your funds interest-free for 5 months and 29 days.  Please let me know and be careful about word choice.  Thanks! 

Comment #10 by starlight posted on
ie i meant to say it might be advisable to be careful about word choice with the CSR, I didn't mean to leave that so open-ended and unclear - i didn't mean with me or on this post or whatever, just that the CSR may be carefully answering the question you asked but if you worded it differently, you might get the opposite answer.

Comment #11 by bob52 posted on
Hello Starlight: the paperwork I received was identical to what you quoted. The CSR understood my question as she was referencing some type of on-line CD calculator when she provided the answer. She struck me as competent and knowledgeable, but I suppose she could still be wrong.

It is not a deal breaker for me and I don't plan to pursue the matter further. As you have already suggested, the prudent thing to do if we desire Early Withdrawal would be to time it for just after the semi-annual interest is earned/credited. By the way, she also told me the interest is credited based on the CD anniversary date ... not 6/30 & 12/31. Regards, Bob