Academy Bank Has Nationally Available 24-Month CD Special, 3.19% APY

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Deal Summary: 24-month Bonus Rate CD Special, 3.19% APY, $500 minimum deposit. Premier Money Market, 2.17% APY, $10k minimum deposit, six month rate guarantee.

Availability: Nationwide

Missouri-based Academy Bank is currently offering a 24-month Bonus Rate CD Special (3.19% APY). The minimum opening deposit is $500, and there is no stated balance cap. I’m always a bit wary when I see descriptors like “Bonus Rate,” because there’s often some requirement attached to get the bonus rate. In this case, “Bonus Rate” just means it’s a really great, out-of-the-ordinary rate.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.19%$500-Academy Bank24 Month Bonus Rate CD Special
3.19%$500-Academy Bank24 Month Bonus Rate IRA Special (Traditional, Roth)
Rates as of November 16, 2018.

The Bonus Rate CD Special is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.

The 24-month CD Special was added to the product line in March, with an initial 2.27% APY. There have been three rate increases in the last five months, adding a total of 92 bps.

According to CSR, partial withdrawals are not allowed, only early closures. As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:

The amount depends on the length of the account term:

183 days – <60 Months: 1 year loss of interest

Premier Money Market Intro Rate

Academy Bank is currently offering a 2.17% APY introductory rate guaranteed for six months. This applies to new Premier Money Market accounts opened with a minimum $10k deposit. (Existing Premier Money Market accounts also offer a 2.17% APY, but only on balances of $250k+, and a $10k balance currently earns 0.606% APY.)

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.17%$10k$3mAcademy BankPremier Money Market - 6 Months Introductory Rate
Rates as of November 16, 2018.

Availability

Headquartered in Kansas City, Missouri, Academy Bank is the 21st largest bank in Missouri, with assets in excess of $1.3 billion. The Bank is currently offering a portion of its product line to all legal U.S. residents and resident aliens, 18 years or older, who have a valid Social Security Number or Individual Taxpayer Identification Number.

Opening a CD Special and/or a Premier Money Market account can be done online, or at any of the 71 full-services branches, located Arizona (6), Colorado (34), Kansas (9), and Missouri (22).

Bank Overview

Academy Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.19% (excellent) based on June 30, 2018 data. In the past year, Academy Bank has increased its total non-brokered deposits by $106.88 million, an excellent annual growth rate of 12.43%. Please refer to our financial overview of Academy Bank (FDIC Certificate # 19600) for more details.

Established in 1966, Academy Bank is owned by Kansas City-based Dickinson Financial Corp. II and is the non-military sister institution to Armed Forces Bank. Originally known as the Air Academy National Bank, it was headquartered at the U.S. Air Force Academy in Colorado. The Academy Bank re-brand occurred in 2005, along with the Bank’s headquarters being relocated to Colorado Springs. Between 2015 and 2017, three banks (SunBank, Arizona; Southern Commerce Bank, Florida; Merit Bank, Kansas) were acquired and the headquarters moved to Kansas City.

How the CD Special Compares

When compared to 217 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Academy Bank's 24-Month CD Special APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
3.19% APY24-Month CD SpecialAcademy Bank
3.10% APY2-Year CDKS StateBank
3.00% APY2-Year CertificateGeorgia Banking Company

The above rates are accurate as of 10/31/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: money market accounts, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
RJM
RJM   |     |   Comment #1
Brokered 24 month CDs run 3.05% right now for comparison.
Nothing
Nothing   |     |   Comment #2
Brokered rates by a b&m entity is for viable path forward
Sam
Sam   |     |   Comment #3
Brokered rates are listed as APR. This is APY. APR for this CD would be slightly lower.
jjflyman
jjflyman   |     |   Comment #4
You're right. I didn't think of that.
By the way, I usually opt to have the interest put in my savings account anyway, it frees up more money while interest rates creep up.
Att
Att   |     |   Comment #5
Good to note. Intrest does not compound on brokered CDs. The intrest is paid monthly. Also, if you want to close the CD early you have to sell it on the secondary market.
RZ
RZ   |     |   Comment #6
True, but if rates increase modestly then your loss on a sale will be substantially less than most bank's EWP
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