Providence Bank in North Carolina has a good deal on its CD special. It’s a 15-month CD with a 1.15% APY. Minimum deposit is $1,000. This special is listed on the bank’s front page and in its rates page as of 3/28/2013. Thanks to DA member klink for noting this 15-month CD in the forum.
There’s also a good deal on a checking account. The bank’s E-checking has a 1.00% APY for balances up to $25K. This is also listed in the bank’s rates page as of 3/28/2013. This isn’t a reward checking account so it does not require monthly debit card purchases. The only requirement is that you receive e-statements. The account requires a minimum initial deposit of $100, and it has no monthly service fees or minimum balance requirements.
When I last called the bank, I was told that a branch visit is required to open an account. They did accept deposits from those outside their area. If you’re planning for a long drive, make sure to call the bank for the latest eligibility requirements.
Providence Bank branches are located in the North Carolina cities of Rocky Mount and Tarboro. Rocky Mount is about 40 miles east of Raleigh.
It's a small bank with $193 million in assets. The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 20.50% (average) based on December 2012 data. Please refer to our financial overview of Providence Bank for more details. It's a new bank that has been an FDIC member since 2006 ( FDIC Certificate # 58239).
How This CD Rate Compares
The highest 12-month CD rate that's nationally available is currently 1.16% APY at State Bank of India - Chicago. If you don't live in the Chicago area, you'll have to open and manage the accounts at this bank by mail. The highest 12-month CD rate at an internet bank is 1.05% APY at CIT Bank and a few other internet banks. These rates are accurate as of 3/28/2013.
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.