Over the weekend, Argentine Federal Savings (AFS) added a 7-month CD Special that earns an impressive 2.25% APY. This short-term gem requires new money, with a $1k minimum opening deposit; there is no stated balance cap.
7 Month CDs opened with existing money from an account at
Argentine Federal Savings will earn the standard 7 Month CD rate.
I have to admit that when I first saw the 2.25% APY, I assumed it was an error, particularly since AFS's “non-Special” 7-month CD has a 0.25% APY. CSR laughed a bit when I asked about the rate: apparently I wasn’t the first to question it.
The CD Special is also available as an IRA (Traditional, Roth) earning the same APY, but only requiring a $250 minimum deposit..
According to CSR, the Early Withdrawal Penalty is six months interest.
Headquartered in Kansas City, Kansas, Argentine Federal Savings’ market area is the greater Kansas City area.
Opening a CD Special must be done at any of two Kansas branches, which are located in Kansas City and Overland Park.
Argentine Federal Savings’ online banking platform is currently devoted to account management and bill payment services.
Argentine Federal Savings has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.50% (excellent), based on March 31, 2017 data. In the past year, AFS has increased its total non-brokered deposits by $1 million, an above average annual growth rate of 2.63%. Please refer to our financial overview of Argentine Federal Savings for more details.
Argentine Federal Savings was founded in 1906 as the Argentine Building and Loan Association. With initial assets of $460k, the Association began serving the community surrounding the Kansas City Smelting and Refining Company. (In case you were wondering, the Argentine name is derived from the Latin word for silver - argentum. The city of Argentine, which became a part of Kansas City in 1910, was known as the “silver refining capital of the world.”) On the eve of the Association's 50th anniversary, the name was changed to the Argentine Savings and Loan, with the Argentine Federal Savings rebrand happening in 1993.
How the CD Special Compares
When compared to the 278 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the Bank’s market area, Argentine Federal Savings' 7-month CD Special APY clearly ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.25% APY||7-Month CD Special||Argentine Federal Savings|
|1.51% APY||9-Month Special CD||Veridian Credit Union|
|1.35% APY||6-Month CD||Live Oak Bank|
The above rates are accurate as of 8/29/2017.