A few banks are making large increases on their long-term CD rates. As I reported last month, some bankers are wanting to lock investors into longer-term CDs before rates rise. That appears to be the case at Franklin Federal Savings Bank in Virginia. This month it made big increases of its long-term CD rates, and now they’re very competitive. The highest rate is a 7-year CD which has a 2.73% APY. Minimum deposit is $500, and it’s also available as an IRA certificate. Below is list of all of the bank’s competitive long-term CD rates. These are listed on the bank’s certificates rate sheet as of 8/16/2013.
- 2.73% APY 7-year CD and IRA CD
- 2.42% APY 6-year CD and IRA CD
- 1.81% APY 5-year CD and IRA CD
- 1.41% APY 4-year CD and IRA CD
The rates for the shorter-term CDs are not nearly as competitive.
The bank has an online application. However, it appears a branch visit is still required to finish the application process and open the account.
Franklin Federal Savings Bank branches are located in Richmond and in the Richmond suburbs.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 16.77% (average) based on March 2013 data. Please refer to our financial overview of Franklin Federal Savings Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 28798).
How These CD Rates Compare
This bank’s 7-year and 6-year CD rates are very competitive. The best 6-year CD rate that’s nationally available is 2.00% APY at Third Federal. Its 5-year CD rate is not quite as competitive. The best 5-year CD rate that’s nationally available is 2.05% APY at iGObanking.com. These rates are accurate as of 8/16/2013.
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.