Before my last post on this bank, I called and was told that they update rates every Thursday so this rate should last at least through Wednesday 5/13/09.
The ad also lists a Spectrum Express Money Market Account with a 2.25% APY for balances over $10K. The bank's rate table shows the rate as 2.00% APY so I'm not sure if the rate has already gone down or if there's a special rate associated with this advertisement.
These Spectrum Express products are only available at one of the bank's three Express Branches. These are located in the Chicago suburbs of Skokie, Addison and New Lenox. These express branches are suppose to be completely automated. Opening accounts are done by a Virtual Client Representative via a 42-inch monitor. It'll be interesting to see how convenient these branches are.
The bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 12/31/08 financial data. BankFinancial has been FDIC insured since 1935 (FDIC Certificate # 28808).
Other High Certificate of Deposit Rates
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