SunTrust Bank continues to offer its special CD package with the competitive 2.40% APY. I first reported on this special in January. The special requires that you open both a 39-month CD and a 63-month CD with a $2K minimum deposit in both. Both CDs have a 2.40% APY. I have the full details in my SunTrust CD review.
SunTrust just came out with a new CD/IRA special with a higher rate. It's offering a 2.70% APY on a 66-month CD. Minimum deposit is $2K. This is listed at SunTrust's CD page as of 4/18/2011. Note, rate may vary based on your location. Like the 2.40% special, this 66-month CD requires a checking account. According to the CSR, the special CD and checking accounts can be opened by phone from any state.
SunTrust's early withdrawal penalty is a little odd. I have the full details in my SunTrust CD review.
SunTrust is a large regional bank with $126 billion in deposits. It's based in Atlanta, Georgia. SunTrust branches are located throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.
SunTrust Bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 22.01% (average) based on December 2010 data. Please refer to our financial overview of SunTrust Bank for more details. SunTrust has been a FDIC member since 1934 (FDIC Certificate # 867).
How These Compare with Other CDs?
If you're looking for a top long-term CD rate at a large bank, it's hard to find one with a better rate than what SunTrust is offering. The only one that's better is Sovereign Bank's special 2.80% APY 5-year CD (as of 4/18/2011).
If you don't care about the size of the bank, you can get higher CD rates at credit unions. I listed three credit unions in my weekly recap with 5-year CD yields from 2.83% to 3.00%.
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.