Franklin Federal Savings Bank in Virginia continues to offer top rates on its long-term CDs. 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 3/14/2014.
- 2.73% APY 7-year CD and IRA CD
- 2.42% APY 6-year CD and IRA CD
- 2.02% APY 5-year CD and IRA CD
- 1.51% APY 4-year CD and IRA CD
The rates for the shorter-term CDs are not as competitive.
Update: According to the CSR, the early withdrawal penalty for the 6- and 7-year CDs is 12 months of interest. The EWP for the 5-year CD is 9 months of interest.
A reader informed me that Franklin Federal Savings Bank is currently accepting out-of-state deposits. Anyone can open the CDs by mail. You can download all the paperwork off the bank’s website. They do require that you have the paperwork notarized before mailing. You also have to mail a copy of your driver’s license and the check. More information and the bank’s phone number are listed in the bank’s new account application page. Please note that small banks often change their policies regarding out-of-state deposits.
Franklin Federal Savings Bank branches are located in Richmond and in the Richmond suburbs.
The bank has an overall health grade at DepositAccounts.com of a B with a Texas ratio of 22.63% (average) based on December 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
Now that PenFed’s CD specials are over, this bank’s 7-year CD rate takes the top spot for the best nationally available 7-year CD rate. The next highest 7-year CD rate is 2.20% APY at Apple Federal Credit Union. Navy Federal Credit Union has a 2.80% APY 7-year CD, but Navy Federal has membership limitations. Rates up to 2.65% are available with brokered CDs that are available at Fidelity. These rates are accurate as of 3/14/2014.