Quaint Oak Bank has three competitive rates on its CDs and IRA CDs: 2.75% APY for 5 years, 2.30% APY for 4 years and 2.00% APY for 3 years. Its shorter term CDs are not quite as competitive. Minimum deposit is $500. These rates are listed at the bank's rates page as of 6/16/2011.
This is a small bank with two branches in Pennsylvania. However, I was told yesterday by the branch manager that they do accept out-of-state CD applications by mail. The CD application form is available in the bank's forms page. I was told this should be mailed along with your check and a copy of your driver's license. As has been common at small banks, these policies can often change. I noticed in their news section, they have recently expanded their mortgage and real estate business so that may explain why they're looking for deposits.
I wasn't able to get other CD details such as the early withdrawal penalties. If you receive additional details, please leave a comment.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 26.04% (average) based on March 2011 data. Please refer to our financial overview of Quaint Oak Bank for more details. The bank has been a FDIC member since 2000 (FDIC Certificate # 35497). It's interesting to note that the bank was established in 1926 even though it didn't become a FDIC member until 2000.
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