4.01% 6-Month CD at Ascencia Bank - Nationally Available

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Ascencia Bank has recently increased the yields on the 6 and 12-month CDs. The 6-month CD now has a competitive yield of 4.01% APY. The 12-month CD has a yield of 4.15% APY. The minimum deposit is $500, and the maximum deposit is $100,000. Ascencia is an internet bank that's available to anyone in the US.

My last report on Ascencia was in May after they had raised their 1-year CD yield to 3.95% APY.

Once nice CD feature is that Ascencia guarantees the APY for 20 days from the date of application. So if you mail in the application, you shouldn't have to worry about the rate dropping while it's in the mail.

Ascencia has a decent FAQ on their CDs. It states that rates are reviewed every Tuesday morning although they are subject to change at any time. So the current rates are likely to last at least through next Monday. The early withdrawal penalty for the certificates of deposit with terms of 12 months and under is 3 months of interest of the amount withdrawn. Longer term CDs have a penalty of 6 months of interest (earned or unearned).

From past posts, readers have mentioned that Ascencia does not do a hard credit pull when you open an account. And on another note, Ascencia has business accounts for its CDs, money market and checking accounts. Unfortunately, their money market account yields haven't been competitive for awhile.

For more information on Ascencia CDs, please refer to my March Ascencia post.

Ascencia is an internet bank headquartered in Louisville, KY. It's a division of PBI Bank which is FDIC insured (FDIC Certificate # 9314). It has a 3 star-rating (adequate) at BauerFinancial based on 3/31/08 date. This is down from 4-stars on 12/31/07 data. Bankrate also gives PBI Bank 3 stars (performing) based on 3/31/08 data.

Other High Certificate of Deposit Yields

Bank of America had been offering a 4.11% APY 7-month CD, but I just noticed this morning, that they're now listing a lower rate. However, Countrywide Bank which is now part of Bank of America is still offering a 4.10% APY 7-month CD. For an 8-month term, WaMu is still offering an online 4.25% APY CD. For more details about these and other high CD rates, please refer to my latest weekly summary.
Comments
Anonymous
Anonymous   |     |   Comment #1
Just as important as knowing how to get your money to the bankis knowing how to get it out when the CD matures. Could you add that to your list of questions to ask the CSRs?
rjm
rjm (anonymous)   |     |   Comment #3
I attempted to open a CD with them months ago.

I have a business checking there and had for many years but they still insisted I snail mail a copy of my photo ID.

I try to avoid all banks with stupid policies like that so I didnt open the CD.
Dan The Man
Dan The Man (anonymous)   |     |   Comment #4
I just had a 1 year CD mature from them on July 16th and had them ACH it back to the external account I funded it with. It was in my account the next day July 17th. You have to make sure you fill out a CERTIFICATE OF DEPOSIT REDEMPTION FORM and a CASH TRANSFER AUTH. FORM AND send, fax or email it to them. The forms are available on their website. I'm not sure if the ACH option is listed on their website, But they did it for me. I'm very pleased with their CSR's
3.95% 12-Month CD at Ascencia Bank - Nationally Available
Ascencia Bank has recently increased the yields on the 6 and 12-month CDs. The 12-month CD now has a competitive yield of 3.95% APY. The 6-month CD has a yield of 3.66% APY. The minimum deposit is $500, and the maximum deposit is $100,000. Ascencia is an internet bank that's available to anyone in the US.

My last report on Ascencia was in March after they had raised their long-term CDs to 3.97% APY. This rate continues, and it's still competitive, especially for the 30-month term.

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In July 2007 the CD rates were as high as 5.50% so Ascencia has a history of high rates. Its money market account also used to have high rates for large balances, but the yield is now only 2.50% APY which is low even in today's rate environment.

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I first mentioned these 5.50% rates in my June 23rd weekly summary. Once nice feature is that Ascencia guarantees the APY for 20 days from the date of application. So if you mail in the application, you shouldn't have to worry about the rate dropping while...

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Ascencia Bank is also offering a 5.35% APY (5.22% APR) 6-month certificate of deposit. The minimum is $500. The maximum deposit limit is $100K. This rate equals the 1-year CD rate. The rates on their longer term CDs are much lower. CDs with terms of 12 months or less have an early withdrawal penalty...

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Unfortunately, Ascenia's money market rates are very weak. Balances between $7.5K and $100K only earn 1.55% APY interest. Balances over $100K earn 3.25% APY.

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