Lumbee Guaranty Bank is offering some competitive special short-term CD rates. In addition, it continues to offer a very competitive reward checking account.
The special CD rates include a 1.41% APY 9-month CD and a 1.77% APY 15-month CD. Minimum deposit is $5,000, and a checking account is required. The rates are 25 basis points lower without a checking account. There's also a 4-year CD special, but its rate isn't competitive at 2.19% APY. These rates are listed at the bank's rates page as of 11/22/2010.
As a comparison to internet banks on 11/22/2010, the best 9-month CD rate is 1.15% APY at NewDominion Bank. For terms around 1-year, the best rate is 1.50% APY at CNB Bank Direct.
The bank continues to offer a 4.50% APY on balances up to $25K on its reward checking account. I first reviewed this checking account in December 2009. For reward checking accounts available nationwide the best rates are only around 3.00% for balances up to $25K.
It appears a branch visit is required to open an account. Branches are located in Fayetteville, North Carolina and in several nearby cities including Pembroke, Fairmont, Lumberton and Saint Pauls.
The bank has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 11.39% (excellent) based on June 2010 data. Please refer to our financial overview of Lumbee Guaranty Bank for more details. The bank has been a FDIC member since 1971 (FDIC Certificate # 20568).