Focus Bank is offering four competitive CD rates: 2.07% APY 37 months, 1.61% APY 19 months, 1.26% APY 14 months and 1.10% APY 7 months. Minimum deposit is $1,000. These are listed at the bank's CD page as of 6/13/2011.
On the bank's CD page, there's a FAQs tab which provides many details of the CD. I wish more banks provided this many details on their websites. Some notable features include:
- Early withdrawal penalties: CDs 12 months and under = 1 month's interest penalty, CDs 13 – 35 months = 3 month's interest penalty, and CDs 36 months and over = 6 month's interest penalty.
- The maximum deposit allowed per Online CD account is $250,000
- Funding an Online CD: If you are a new FOCUS Bank customer, you can send an electronic bank-to-bank transfer from a non-FOCUS Bank account.
- Closing an Online CD: You must provide the original or a copy of the e-Receipt at time of closing. All customers requesting to close an online CD will receive a cashier's check which will be mailed via Federal Express with signature required. No wire transfers will be permitted.
I'm afraid they don't make it easy to close a CD. They have more details in their FAQs.
You can open these CDs at one of their branches or online. According to their FAQ, "Online CDs are limited to residents of Missouri, Arkansas, Kentucky, Tennessee and parts of Illinois."
Focus Bank branches are located in Arkansas and Missouri.
Focus Bank Overview
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 19.67% (average) based on March 2011 data. Please refer to our financial overview of Focus Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 1426).
How These Compare
Out of these four CDs, Focus Bank's 19-month CD rate is most competitive. The best 18-month CD rate available nationwide is 1.55% APY at Alliant Credit Union.
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.