Anchor Mutual Savings Bank is offering a 3.05% APY 8-year CD and IRA CD. Minimum deposit is $500. This rate is listed in the bank's rates page as of 10/14/2010.
This isn't as good as PenFed's 3.49% 7-year CD (see review), but it compares favorably to long-term CDs available at internet banks. One of the best is at Discover Bank which has a 10-year CD with a 3.00% APY as of 10/14/2010.
I contacted the bank yesterday. According to the CSR, the early withdrawal penalty is only 180 days of simple interest on the amount withdrawn. Typically, CDs with terms over 5 years have penalties of a year of interest or more. With only a 6-month penalty, if you close early, the rate even after the penalty ends up being better than many short-term CDs.
The CSR didn't know when this rate would change, but she said rates are usually updated on Tuesdays.
According to the CSR, anyone in Washington state is eligible to open an account. A branch visit is required. Branches are located in several Washington cities, some of which include Aberdeen, Elma, Lacey, Olympia, Puyallup and Vancouver. Note, several of the branches are located inside Walmarts.
The bank's overall health score is 2 out of 5 at DepositAccounts.com with a Texas Ratio of 51.49% (average) based on 6/30/2010 data. Please refer to our financial overview of Anchor Bank for more details. The bank has been a FDIC member since 1935 (FDIC Certificate # 28454).
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