One nice thing about new banks is that they often have great deals as they try to attract customers. That's the case with Start Community Bank in Connecticut which was just established in December. It's currently offering two specials: a 1.67% APY 13-month CD and a 1.67% APY on its Fast Start savings account. These specials are listed in the bank's rates page as of 3/2/2011. According to the bank's note, "Promotional rate may be withdrawn at any time, but once the account is open the rate is guaranteed through June 30, 2011."
Both of these rates compare very favorably to CDs and savings accounts that are nationally available. As of 3/2/2011, the best 12-month CD rate is 1.75% APY at Connexus Credit Union, but this requires maintaining an active checking account. The best 12-month CD rate with no hassles is 1.45% APY at Incredible Bank.
It appears that a branch visit is required to open accounts at Start Community Bank. Branches are located in New Haven at 299 Whalley Ave. and at 258 Grand Avenue. Before driving a long distance, it's always best to call and confirm you can qualify.
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