Central Bank has long offered a good deal on a 7-month CD. The rate is down since my last year's post, but it remains competitive with a 1.35% APY. It's called an Advantage CD, and it has two nice liquid features. It gives you the option to withdraw $500 or more one time a month, and you have the option to deposit amounts of $500 or more anytime you want up to the $100,000 maximum balance. Minimum deposit is $10,000. Another good deal is the bank's 18-month Rate Watcher CD which has a 1.55% APY. This CD allows a one-time bump-up in the rate if the CD rate go up. These rates are listed at the bank's rate table as of 2/22/2011.
The 1.35% APY may seem low but for terms around 6 months, but it's very competitive. The best 6-month CD rate that's available nationwide is 1.15% APY at Metropolitan National Bank (as of 2/22/2011). If you're looking for a short-term CD, Ally Bank 11-month No-Penalty CD has a 1.20% APY.
It appears a branch visit is required at Central Bank to open an account. It's a small one-branch bank located in Tampa, Florida.
Central Bank has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 45.68% (average) based on September 2010 data. Please refer to our financial overview of Central Bank for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58377).
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