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Top Rate 7-Year CD In Dallas BUT Callable

Sunday, August 21, 2011 - 12:47 PMValliance Bank - Details
I was going to do a blog post on this CD, but I changed my mind when I noticed a big downside that's buried in the small print. It's a callable CD with a callable date that's only 6 months. This is a good reminder to pay extra attention to the small print and the disclosures of the banks.

The rate used to be 3.00% APY, but it has fallen to 2.82% APY as of 8/21/2011. It has a 7-year term with a $1K minimum and $250K maximum. The CD also have a bump-up feature: "rates may be increased twice during the term of the CD to the then posted rate for a CD with a comparable remaining term."
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Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
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