Community Bank of Tri-County just increased the rate on its 18-month CD, and it's now 50 basis points higher than the best nationally available 18-month CD. The new rate is 2.05% APY. Minimum deposit is $500. The IRA CD allows additional deposits. The other CD rates are the same as my last report on this bank in April. Some of the other competitive rates include a 2.10% APY 3-year CD and a 2.75% APY 5-year CD. These rates are listed in the bank's rates page as of 5/16/2011.
The 18-month CD rate is so high that I was a little suspicious. So I called the bank and confirmed that it is correct. The rate just changed on Saturday. I was told the early withdrawal penalty is 6 months of interest on the amount withdrawn for terms over 12 months.
A branch visit is required to open an account. The bank rep said they would accept a new customer from the DC metro area. If you do plan to drive a long distance, make sure you call the bank to verify both the rate and that you will be eligible to open the account. Community Bank of Tri-County branches are located in Southern Maryland.
The bank's overall health score at DepositAccounts.com is 4 stars (out of 5) with a Texas Ratio of 27.12% (average) based on December 2010 data. Please refer to our financial overview of Community Bank of Tri-County for more details. The bank has been a FDIC member since 1957 (FDIC Certificate # 30903).
How It Compares?
For CDs available nationwide as of 5/16/2011, the best 18-month CD rate is 1.55% APY at Alliant Credit Union ($25K minimum). However, Ally Bank's 2.40% 5-year CD closed after 18 months will have an effective yield of 2.13% due to the mild 60-day early withdrawal penalty (see my Ally CD review).
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.