Kansas-based Argentine Federal Savings (Argentine Federal) is currently offering two competitive short-term CD Specials: 6-month (5.25% APY) and 7-month (5.31% APY). The minimum opening deposit is $1k of new money, with no stated balance cap. “New money” is defined as funds not currently on deposit in an Argentine Federal account.
The CD Specials are also available as IRA CD Specials (Traditional, Roth) earning the same APYs, but only requiring a $250 minimum deposit.
According to CSR, the Early Withdrawal Penalty for either CD Special is 90 days interest, with partial withdrawals allowed.
Availability and Account Opening
Headquartered in Kansas City, Kansas, Argentine Federal Savings’ primary market area is the greater Kansas City area (Missouri and Kansas).
According to the bank official I spoke with, the majority of Argentine Federal customers open accounts in-branch at either the Kansas City or Overland Park branch locations. It’s also possible to open a CD using e-mail or snail mail, but not over the phone or online. Argentine Federal’s online banking platform is currently devoted to account management and bill payment.
Funding and Other Details
The following information is from a conversation with an Argentine Federal official.
- Funding – ACH, wire (no fee), personal check, cashier’s check, or cash.
- Ownership – Individual, joint, or trust.
- Interest – Default is compounded/credited quarterly. Withdrawals are subject to early withdrawal penalty.
- Maturing Funds – Check to the address on file or internal transfer to any Argentine Federal account.
- Beneficiaries – Unlimited, with equal shares or assigned percentages; Social Security numbers are not required.
- Grace Period – 7 calendar days before renewal.
- Credit Check – None.
Argentine Federal Savings has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.14% (excellent), based on December 31, 2022 data. In the past year, Argentine Federal has decreased its total non-brokered deposits by -$4.2 million, a below average annual growth rate of -7.98%. 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, 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 6-Month and 7-Month CD Specials Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Argentine Federal Savings 6-Month and 7-Month CD Specials. The following table compares the 6-Month and 7-Month CD Specials to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 5/26/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.