Update 2/5/13: The 5-year CD rates have fallen.
Citizens State Bank in Florida has come out with new deposit specials for the New Year. The first special is a 5-year CD with a 2.05% APY. Minimum deposit is $1,000. The other two specials are guaranteed rates for its savings account and money market account. The bank is offering 1.05% APY on its money market account and 1.01% APY on its personal savings account. These rates are guaranteed until 6/30/2013. The savings account APY requires a $1,000 minimum and the money market APY requires a $10,000 minimum. I was told they are in the process of updating the rates on their website. As of this morning (1/3/13), they still are not updated. However, I was sent a flyer showing the specials. Here's the link to the flyer.
I was told that these deposit account specials are available nationwide and may be opened in branch, online or over the phone. When I last checked the online application, these specials weren't listed. So you may need to call if you don't live near a branch.
The bank allows for POD beneficiaries. If this isn't designated when the account is opened, you can call and have the beneficiaries added over the phone.
One downside with these CDs is a large early withdrawal penalty. The early withdrawal penalties for CD terms from 2 to 5 years are:
- 9 months of interest for 2-year CD
- 12 months of interest for 3-year CD
- 18 months of interest for 4-year CD
- 24 months of interest for 5-year CD
These penalties apply on the amount withdrawn. Please refer to the fee tab of the bank's personal CD page for the full details on the early withdrawal penalties.
Citizens State Bank is a small bank with 4 branches in north Florida. It just recently established a branch in Gainesville. The other branches are located in small towns between Gainesville and Tallahassee.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 36.90% (below average) based on September 2012 data. The Texas ratio that was based on June data was 42.33%, so the financial health has improved a little. Please refer to our financial overview of Citizens State Bank for more details. The bank has been a FDIC member since 1958 (FDIC Certificate # 17880).
How This 5-Year CD Rate Compares
This 5-year CD special is now on top as the highest 5-year CD rate that's nationally available. The next highest for 5-year CDs is 2.00% APY at Mountain America Credit Union and at Communitywide Federal Credit Union. The next highest at banks that take deposits nationwide is 1.95% APY at Green Bank, N.A. The highest 5-year CD rate at an internet bank is 1.85% APY at CIT Bank and at Nationwide Bank. Both of these are Jumbo CDs which require a $100,000 minimum deposit.
The above rates are accurate as of 1/3/2013.
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: Included a revised flyer for promotion with lower CD minimum deposit.