Update 5/14/2014: These CD specials have ended.
Liberty Bank in Connecticut is offering some good deposit specials. The first is called the "Pick Your Term CD Special", and it offers three competitive rates: 2.50% APY for 5 years, 2.25% APY for 4 years and 2.00% APY for 3 years. Minimum deposit is $1,000, and the maximum is $250,000 with a limit of one account per household. A checking account is required. More details are listed in the bank’s promotions page as of 4/8/2014. One thing not mentioned at that page is the early withdrawal penalty. According to the CSR, it’s 6 months of interest on the amount of principal withdrawn.
The other special is a checking account bonus of $100. This is for new consumer checking customers who set up direct deposit (payroll, pension or government benefits) within 90 days of account opening. The $100 bonus will be credited to the new checking account up to 60 days after the first direct deposit.
This checking account bonus is scheduled to end on 12/31/2014. More details are listed in this checking promotions page. This page lists two checking accounts: the Breakfree Checking and the Quarter Back Checking. Both are free checking accounts with no minimum balance requirements and no maintenance service charges. Both have a minimum initial deposit of $25.
There’s an online application link on the checking promotion page. The first page of that application states:
We invite all residents of the geographic areas listed below to apply:
CT - all residents
MA - residents of Hampden, Hampshire, Worcester Counties
RI - residents of Washington County
The CD promotion page states the following:
Stop by any Liberty Bank branch or call us toll-free at 888-570-0773 to open your CD today.
I tried to confirm with a bank CSR if the checking geographic restrictions also apply to this CD special. (see below) The CSR thought this CD special was a new-branch type of special, and she said it required a branch visit at one of the bank’s new branches. So if you’re interested in this CD special, it’ll be a good idea to call first.
Update 4/9/2014: I received info from a bank's representative about this CD special. According to this rep., it's available in all 49 of their branch locations; not just the new branches.
Liberty Bank branches are located throughout Connecticut. Some of the cities include Cromwell, Middletown, New Haven, Waterford, West Hartford, Wethersfield and Willimantic.
It’s a sizable community bank with assets of over $3.5 billion. It has an overall health grade at DepositAccounts.com of a B+ with a Texas ratio of 5.45% (excellent) based on December 2013 data. Please refer to our financial overview of Liberty Bank for more details. The bank has been a FDIC member since 1959 (FDIC Certificate # 17943).
How These CD Rates Compare
The highest 5-year CD rate that’s nationally available is 2.30% APY at CIT Bank. The highest 4-year CD rate is 2.02% APY at Melrose Credit Union, and highest 3-year CD rate is 1.75% APY at Connexus Credit Union. These rates are accurate as of 4/8/2014.
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.