Community Bank of Tri-County has just changed its CD specials. It's now offering a very competitive 22-month CD with a 2.22% APY. The special 18-month CD rate has fallen, but it remains competitive at 1.75% APY. There was also a rate increase on the 3-year CD. It now has a 2.35% APY. Minimum deposit is $500. These rates are listed in the bank's rates page as of 6/27/2011.
When I last contacted the bank, I was told the early withdrawal penalty is 6 months of interest on the amount withdrawn for terms over 12 months.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 25.62% (average) based on March 2011 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 Do These CD Rates Compare?
For CDs available nationwide as of 6/27/2011, the best 2-year CD rate is 1.77% APY at Self Help Credit Union. However, Ally Bank's 2.34% 5-year CD closed after 24 months will have an effective yield of 2.14% 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.