Argentine Federal Savings Ups 7-Month CD Special Rate
Earlier this week, Argentine Federal Savings (AFS) raised the rate on its 7-month CD Special to 0.75% APY. The minimum opening deposit is $1k, with no stated balance cap. This short-term CD Special requires new money, which is defined as funds not currently on deposit in an AFS account.
The 7-month CD Special was added to the product line in 2017, earning an amazing 2.25% APY. That rate lasted about four months before eventually dropping to 0.30% APY in early 2018. Since the 7-month CD Special was unveiled, its rate history has consisted of six rate drops and four rate increases.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.51% | $250 | - | Argentine Federal Savings | 7 Month IRA Special - New Money (Traditional, Roth) |
The CD Special is also available as an IRA CD Special (Traditional, Roth) earning the same APY, but only requiring a $250 minimum deposit..
According to CSR, the Early Withdrawal Penalty is six months interest, with partial withdrawals allowed.
Availability
Headquartered in Kansas City, Kansas, Argentine Federal Savings’ market area is the greater Kansas City area.
While the lobbies of both the Kansas City and Overland Park branches are currently closed to walk-in traffic, an appointment can be scheduled to open a CD Special. Appointments can be made by calling 913.831.2004 (Kansas City branch) or 913.402.1500 (Overland Park branch).
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 1.88% (excellent), based on December 31, 2020 data. In the past year, AFS has increased its total non-brokered deposits by $1.32 million, an above average annual growth rate of 2.86%. 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 281 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 currently shares the top spot with Veridian Credit Union’s 7-month CD Special APY.
The above information and rates are accurate as of 3/12/2021.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Rable, page.
