Add-On CD At Trustbank (12,18 And 48 Month)

3 ½-star Bauer rated TrustBank in Illinois is offering add-on (called Dreambuilder) CDs with terms of 12 (.9%rate, .9%APY), 18(1.25%rate, 1.25%APY) and 48 months (1.99%rate, 2%APY).      Minimum required balance = $50

In comparison to other offerings listed on this blog, the 12 month rate is low, but the 18- and 48- mo rates are not bad considering that these are add-on CDs.  The 48-mo CD is the most appealing, as it pays within a few basis points of a traditional CD.      Another positive factor is the low minimum required to open.  

The bank would prefer that you make regular deposits into the account (this from a conversation with a personal banker), but I saw nothing in the disclosures which makes that mandatory.  Still, with such a minimal opening deposit required in order to secure a place to hold funds should interest rates continue to decline, it might be advisable to make regular deposits of $5-$10 into the CD.  

The account can be opened online via the Andera.com service and initial funding can be by credit card or ACH from another bank account.  

I really like doing business with this institution.  According to their website, they have only 4 branches (2 in Olney, Illinois, one in Cisne, Illinois and one in Tempe, Arizona) and it truly does have the feel of a small town bank.  The people are friendly, professional and extremely helpful.  When you call, you speak with an individual banker.  If you run into a problem, they offer to call you back – and they do - how refreshing.  They are out of state for me and I wish they were down the street instead.