Academy Bank Has Nationally Available 24-Month CD Special
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.
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.)
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.00% | $25k | $3m | Academy Bank | Premier Money Market - 6 Months Introductory Rate (New Money) |
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.
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.
