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