Dedicated to Deposits: Deals, Data, and Discussion
Bank 14401.25%-$25kOptimum Checking
Bank 14401.11%$1k-36 Month Add On Certificate of Deposit
Bank 14400.86%$1k-24 Month Add On Certificate of Deposit
Accounts mentioned in this post. Rates as of August 30, 2014

Competitive Rates on Add-On CDs in Phoenix at Bank 1440 - Local Only


Bank 1440

Bank 1440 is offering two add-on CDs with competitive rates. The rates are not great, but the add-on feature can make them a good deal. The two rates are 1.50% APY for a 2-year term and a 1.75% APY for a 3-year term. Minimum deposit is $1,000, and according to the rate table, "additional deposits can be made monthly, with a minimum deposit amount of $1,000." These rates are listed in the bank's rate table as of 7/13/2011.

Add-on CDs can be very useful when interest rates continue to fall. I'm sure many readers are happy with their add-on CDs that they opened in the last few years. The only problem is that if rates continue to fall, you'll have trouble finding a place for the add-on CD money when it matures. For the long run, a CD ladder using regular CDs may have been a better option.

Bank 1440 also offers a reward checking account. It used to pay 5.01% APY for balances up to $25K, but like many other reward checking accounts, the rate has fallen. It's now 2.01% APY for balances up to $25K (see review).

A branch visit is required to open an account. Bank 1440 is a small bank with two Arizona branches in Phoenix and Peoria.

For those wondering why 1440 is in the name, it's the number of minutes in a day (24 x 60).

The bank has an overall health score at of 3 stars (out of 5) with a Texas Ratio of 63.09% (below average) based on March 2011 data. Please refer to our financial overview of Bank 1440 for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58460).

How These Add-On CDs Compare

If you're looking for add-on CDs, you don't have many options. For nationally available add-on CDs, Northwest Federal Credit Union offers a 1-year and 2-year terms. These used to have competitive rates, but they have fallen considerably in the last couple of years. The 2-year rate is currently only 1.00%. Another one that is still available is a 1-year add-on CD called the eSavings CD at Amboy Direct. This also used to have competitive rates, but now it's a little low at 1.10% APY. Another downside is that they restrict additional deposits to only the first six months.

If you think rates will certainly be rising in the next few years, an add-on CD won't be useful. In that case, a regular CD with higher rates would be better. You can get a little higher rates in regular CDs that are nationally available. The best 2-year CD rate is 1.77% APY at Self-Help Credit Union and the best 3-year CD rate is 2.15% APY at Fort Knox Federal Credit Union.

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Related Pages: Bank 1440, Arizona, CD rates

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