2.25% 12-Month CD at Academy Bank in Colorado - Available Nationwide


Academy Bank is offering a competitive 12-month CD with a 2.25% APY. This same rate is also available for terms of 15 months, 18 months and 24 months. Minimum deposit is $500. This rate is listed at the bank's rates page as of the morning of 10/22/09.

According to the CSR, people in any state can apply using the bank's online application. Deposits can be done by mailing a check or a wire transfer. The CSR wasn't clear exactly when the CD rate would lock. She said it would lock once you're approved. They do allow POD beneficiaries to be added. At maturity, you can instruct them by phone to close the CD, and a wire transfer out is an option to receive the funds.

Some additional details are listed in the bank's CD overview page. The early withdrawal penalty for terms of 183 days to 59 months is 180 days of interest. The grace period at maturity is 10 days.

The CDs can also be opened at a branch. Academy Bank has branches in Wal-Mart Supercenters in several areas of Colorado including Denver, Aurora, Avon, Colorado Springs and Fort Collins. Academy Bank is part of a banking group owned and operated by Dickinson Financial Corporation (DFC) which includes the Armed Forces Bank which has branches in military bases throughout the nation. It should be noted that Armed Forces Bank's CD rates are currently much lower than Academy Bank CD rates.

The bank's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. Academy Bank has been a FDIC member since 1966 (FDIC Certificate # 19600).

Other Competitive Certificate of Deposit Rates

ING Direct continues to offer its Added Value CD with a 2.25% APY for a 12-month term. The money must be new to ING Direct. Otherwise the rate falls to 2.10% APY. ING Direct has one of the best online account application process and online CD management. The main downside with ING Direct is that they don't allow beneficiaries (see my ING Direct CD review). Refer to the following links for other top CD rates:
4.10% 9-Month / 4.15% 12-Month CD at SunBank in Arizona
SunBank continues to offer a competitive 9-month CD with an APY of 4.10%. The 12-month CD is also competitive with an APY of 4.15%. Minimum deposit is $500. These rates are listed in the bank's rate table as of 11/27/08.

My last post on this bank was in August. Its 12-month CD rate has gone up a little since then.

It appears that a branch visit may be required to open an account. Branches are located in several Arizona cities including Phoenix, Glendale, Lake Havasu, Tucson and Yuma.

SunBank is a fairly...

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4.10% 9-Month CD at an Arizona Bank (SunBank)
SunBank is offering a yield of 4.10% APY CD for terms of 9 and 12 months. The minimum deposit is $500. Please refer to the bank's rate table for more details.

It appears that a branch visit may be required to open an account. Branches are located in several Arizona cities including Phoenix, Glendale, Lake Havasu, Tucson and Yuma.

SunBank is a fairly new bank that was established in June 2007, and thus it doesn't yet have a rating at BauerFinancial. It is FDIC insured (FDIC Certificate # 58611).

Other High Certificate of...

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5.35% 9-Month and 5.30% 15-Month CD at Academy Bank
Academy Bank is offering a special 5.35% APY 9-month CD and a 5.30% APY 15-month CD. The minimum deposit is $500.

I had reported on this bank last February. When I contacted the bank at that time, I was told that accounts were only available to those in Colorado. But now this seems to have changed. I called the bank yesterday and was told that CDs are available to people outside of Colorado. However, you first must have a checking or savings account before opening a CD. Funds from the checking...

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