Atlantic Coast Bank is offering two internet CD specials with very competitive rates. These are a 1.25% APY 15-month CD and a 1.05% APY 7-month CD. Minimum deposit is $1,000. These rates are listed in the bank's rates page as of 10/20/2011.
These accounts can be opened online, and according to the application, they welcome all U.S. residents to apply. It does require that you are either a U.S. citizen or resident alien. One nice feature of the online application is that it allows for two POD beneficiaries. The link to the application is in the rates page.
In addition to the CDs, they also have online applications for a money market account and a reward checking account. The rates aren't anything to get excited about. The money market is a tiered-rate account with a top rate of 0.75% for a $75K balance. The reward checking account's top rate is 2.00% APY on balances up to $15K. It has quite a bit of history. I first reviewed the account in July 2008. The bank has branches in southeast Georgia and northeast Florida. Three branches are in Jacksonville.
The bank's financial health is a little weak. It has an overall health score at DepositAccounts.com of 2 stars (out of 5) with a Texas Ratio of 70.28% (below average) based on June 2011. Please refer to our financial overview of Atlantic Coast Bank for more details. The bank has been a FDIC member since 1939 (FDIC Certificate # 45826).
How These CD Rates Compare
The 15-month CD rate is a little higher the best nationally available 1-year CD rate. That's 1.15% APY at CIT Bank. The CIT Bank 1-year CD has the advantage of allowing an add-on deposit and a rate bump (see review). The best 1-year CD rate at an all-access credit union is 1.30% APY ($25K minimum) at Alliant Credit Union. For terms under 1 year, Ally Bank's 11-month no-penalty CD is the best nationwide deal with a 1.01% APY.
Rates are accurate as of 10/20/2011.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.
Edit 10/21/11: Corrected term of the CD special.