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: