Chasewood Bank continues to offer competitive short-term and mid-term CD rates. I first reported on these last November. I was surprised to see the bank still offering the same rates so I called the bank and confirmed that these are still valid. The Jumbo CDs with a minimum of $100K have the best rates. These include a 1.91% APY 2-year CD, a 1.51% APY 1-year CD and a 1.26% APY 6-month CD. The rates are also competitive for a $1K minimum deposit. These include a 1.76% APY 2-year CD, a 1.41% APY 1-year CD and a 1.21% APY 6-month CD. These rates are listed in the bank's CD rates page as of 7/14/2011.
When I called the bank last year, I was told that the early withdrawal penalty for the 2-year CD is 3 months of interest. A branch visit is required, and they require that you bring in your social security card in addition to your driver's license.
It's a small bank with two branches located in Houston and Spring, Texas.
The bank continues to have strong financial ratings. Its overall health score at DepositAccounts.com is 4 stars (out of 5) with a Texas Ratio of 11.49% (above average) based on March 2011 data. Please refer to our financial overview of Chasewood Bank for more details. The bank has been a FDIC member since 1983 (FDIC Certificate # 24272).
How These CD Rates Compare
These jumbo and regular CD rates are higher than what you can get from nationally available CDs. The best 1-year CD rate without any checking requirement is 1.31% APY at Melrose Credit Union and Self-Help Credit Union. The best 2-year CD rate is 1.77% APY at Self-Help Credit Union. Rates are accurate as of 7/14/2011.
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.