3.01% 15-Month CD at Beacon Bank in Minnesota


Beacon Bank is offering some competitive promotional CD rates. These include 3.01% APY for 15 months, 2.75% APY for 13 months, 2.55% APY for 9 months and a 2.50% APY for 7 months. Minimum deposit is $10,000. These rates are listed in the bank's rate table as of 3/11/09.

[ Update: Another reader has received information from the bank that a branch visit is required. Small banks often change their policies on this, so please check with the bank for the latest requirements. ]

There's an online application, and I was told by the CSR that they accept applications from any state without a branch visit. According to the CSR, the CD rate won't lock until they receive the funds. They do accept wire transfers ($7.50 incoming wire transfer fee). The CSR expected these CD rates to last at least through this week, but there's no guarantee.

The bank also offers a reward checking account that pays 4.01% APY on balances up to $25K, as of 3/11/09 (see post).

Beacon Bank is based in Shorewood, Minnesota with branches in Duluth, Eden Prairie, Excelsior and Shorewood.

The bank has strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. These ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 10581).

Thanks to the reader who emailed me news of this CD promotion.
BestCashCow (anonymous)   |     |   Comment #1
Hi Bankman,

I just called them to get a bit more info and was told they need an in-person signature in order to open the account.

3.01% Reward Checking Account at Beacon Bank in MN
Update 6/22/09: The top rate has fallen to 3.01% APY. Refer to the bottom of the post for the rate history.

Beacon Bank is offering a rewards checking account with the following features if certain monthly requirements are met:
  • 3.01% APY on balances up to $25,000
  • 0.10% APY on balances over $25,000
  • 0.10% APY on all balances if requirements are not met
  • ATM fees refunded nationwide
Monthly requirements include:
  • 10 check card purchases
  • one direct deposit or ACH debit
  • log into NetTeller
  • receive electronic statements
Additional features of the account regardless of the monthly requirements include:
  • No minimum balance
  • No monthly fees
  • free box...

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