Argentine Federal Savings 14-Month CD APY Jumps
Since the beginning of the year, Argentine Federal Savings (AFS) has been offering limited-time competitive rates on its 14-month CD Special. As DA reader, TheseGoTo11, noted in a Forum post this weekend, AFS has upped the rate to 3.25% APY. The minimum deposit is $1k of new money, with no stated balance cap.
When the 14-month CD Special made its debut in January 2018, it offered a 2.00% APY. The rate was increased to 2.65% APY in late April, but the CD Special was withdrawn a few days later. In mid-October, the 14-month CD Special was offered at 3.00% APY, but dropped to 2.25% APY in mid-November. This weekend’s 100 bps increase has given the 14-month CD Special the highest APY of any of the 1-year CDs currently tracked by DA.
The CD Special is also available as an IRA (Traditional and Roth) earning the same APY, but only requiring a $250 minimum deposit.
According to CSR, the Early Withdrawal Penalty is six months interest.
Thanks to DA reader, TheseGoTo11, for getting the scoop on Argentine Federal Savings' latest rate hike.
Availability
Headquartered in Kansas City, Kansas, Argentine Federal Savings’ market area includes the greater Kansas City metropolitan area.
Opening a CD Special must be done at either of the two full-service 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.
Bank Overview
Argentine Federal Savings has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.86% (excellent), based on September 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $2.94 million, an excellent annual growth rate of 7.17%. Please refer to our financial overview of Argentine Federal Savings (FDIC Certificate #28507) 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, “Argentine” 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 299 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' 14-month CD Special APY currently ranks first.
The above rates are accurate as of 12/10/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.
