Chasewood Bank is offering some competitive short-term and mid-term CD rates. The Jumbo CDs with a minimum of $95K have the best rates. These include a 1.91% APY 2-year CD, a 1.51% APY 1-year CD and a 1.26% APY 6-month CD. The rates are also pretty good for a $1K minimum deposit. These include a 1.76% APY 2-year CD, a 1.41% APY 1-year CD and a 1.21% APY 6-month CD. These rates are listed in the bank's CD rates page as of 11/03/2010. Since there was an old date at the top of this page, I called and confirmed these rates are up-to-date.
These CD rates compare favorably to CD rates at the best internet banks. The best 2-year CD rate at an internet bank is currently 2.25% APY at iGObanking. However, after iGObanking and its sister bank GiftsforBanking, the next best 2-year CD rate is only 1.80% APY. For 1-year CD rates, the best rate at an internet bank is 1.41% APY at Bank of Internet USA.
According to the bank rep, the early withdrawal penalty for the 2-year CD is 3 months of interest. A branch visit is required, and they require that you bring in your social security card in addition to your driver's license. If you don't have the social security card, they may also accept a Medicare card or your tax form.
It's a small bank with two branches located in Houston and Spring, Texas.
The bank's overall health score at DepositAccounts.com is 4 out of 5 with a Texas Ratio of 1.95% based on 6/30/2010 data. Please refer to our financial overview of Chasewood Bank for more details. The bank has been a FDIC member since 1983 (FDIC Certificate # 24272).
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