Beal Bank has some good deals on short-term CDs. However, the best rates are only in a few cities where it has branches. You can check what rates are available in your area by entering your zip code in Beal Bank's CD page. I did this for zip codes of most of the cities where Beal Bank has branches. The city with the best 1-year CD rate is San Diego with a 1.15% APY. Three other cities have 1-year CD rates of 1.10% APY. These include Winter Park, Florida (Orlando metro), Frontenac, Missouri (St Louis metro) and Cincinatti, Ohio. The Beal Bank branches in all four of these cities also have good deals on 6-month and 9-month CDs with yields around 1.00%.
Beal Bank branches in most cities only offer 1-year CD rates of 1.01% APY. Some of these cities include Miami, Los Angeles, Dallas, Houston, Atlanta, Denver, Boston, Pittsburg, Philadelphia and Baltimore.
Minimum deposit is $1,000. These rates were listed at Beal Bank on 12/05/2011.
Beal Bank is also the owner of UmbrellaBank.com. This internet bank used to be owned by New South Federal Savings Bank in Alabama, but in December 2009, New South Federal Savings Bank failed and the FDIC arranged for Beal Bank to acquire New South Federal. Beal Bank wasn't kind to UmbrellaBank CD holders (see post).
Beal Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 70.42% (below average) based on September 2011 data. Please refer to our financial overview of Beal Bank for more details. The bank has been a FDIC member since 1988 (FDIC Certificate # 32574).
How These CD Rates Compare
The best nationally available 1-year CD rate without a checking relationship is 1.15% APY. This is available at three institutions, but the best deal is at CIT Bank since it has an add-on and bump-up option.
It's very hard to find 6-month CD rates near 1.00% these days. Atlantic Coast Bank is offering a special 7-month CD with a 1.00% APY. Ally Bank's 11-month No Penalty CD has 0.96% APY. This CD can be made into any term you want from 7 days to 11 months.
These rates are accurate as of 12/05/2011.
Searching for the Best 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.