First Bank Richmond is offering three special CD rates. The best one is the 3-year CD with a 2.25% APY. The other two are a 1.75% APY 2-year CD and a 1.25% APY 1-year CD. Minimum deposit for customers outside their market area is $10,000. These rates are listed at the bank's Richmond area CD rates page as of 12/15/2010.
The bank's Shelbyville branch offers an even higher 3-year rate of 2.60% APY as of 12/15/2010. This was noted last week by reader dk in the discussion forum. Unfortunately, the bank limited this rate to local residents.
So far the bank continues to offer the CD rates listed in the Richmond area CD page to out-of-state customers. It's a small bank, so this may not last much longer. The email I received from the bank yesterday confirmed that they still accept out-of-state deposits. Here are some of the instructions which they sent:
For our out-of-state depositors, we require a $10,000.00 minimum deposit into a Certificate of Deposit account only. We will need a copy of your driver's license or passport and also your social security card. Please provide your home address, phone number, mother's maiden name, birth place and date of birth. Indicate the term you would like the money invested in and make the check payable to First Bank Richmond.
Make sure to contact the bank for the latest instructions and qualifications.
As a comparison to internet banks on 12/15/2010, the best 3-year CD rate is 2.00% APY at Bank of Internet USA. For credit unions with easy membership, the best 3-year CD rate is 2.25% APY at Fort Knox Federal Credit Union.
First Bank Richmond has 9 branches in the Indiana cities of Richmond, Centerville, Cambridge City and Shelbyville.
The bank isn't in the best financial shape. It has a overall health score at DepositAccounts.com of 2 out of 5 with a Texas Ratio of 60.35% (below average) based on September 2010 data. Please refer to our financial overview of First Bank Richmond for more details. The bank has been a FDIC member since 1935 (FDIC Certificate # 28533).
Searching for the Best CD Rates
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.