Several readers became customers at Beacon Federal last year due to its high-interest reward checking account. The bank has some additional deposit deals that would be most appealing to those with large savings. First, the bank is offering two CD specials: 1.60% APY 17-month CD and 1.40% APY 11-month CD. Minimum deposit is $10,000, and at least half the money must be new money. These specials are listed at the bank's promos page as of 8/9/2011 (Hat tip to reader pearlbrown who first posted this in the forum).
The second deal is a money market promotion. It's advertising a 1.20% APY on balances of at least $100K on its Preferred Money Market Account. What makes this a good deal is that the rate is guaranteed to last until August 31, 2012.
The deal isn't that great for smaller balances. The money market rates is 1.00% for balances of $50K to $100K and 0.85% for balances of $15K to $50K. This special doesn't seem to be listed at the bank's website. It was advertised in the Sunday 8/7/2011 Tyler Morning Telegraph. The ad is available online here. This special appears to be available at all of the bank's branches.
Beacon Federal continues to offer a good deal on its reward checking account. As of 8/9/2011, the account has a 3.00% APY for balances up to $20K. I have more details in my Beacon Federal reward checking review.
When I first reported on this bank in 2009, the bank was allowing people from any state to open accounts by mail as long as they included copies of two forms of ID. However, this changed last year when they introduced the high-yield reward checking account. This account attracted so many customers that they restricted new accounts to their market areas.
Branches are located in Central New York, in Central Tennessee, in Chelmsford, Massachusetts, and in Tyler, Texas.
You might be wondering why they have branches scattered across the nation. The bank used to be a credit union serving the employees of the Carrier Corporation. According to the bank's About page
In 1999, we became a depositor-owned, federally insured bank, and in 2007 a publicly traded thrift-holding company.
The bank has an overall health score of 4 stars (out of 5) with a Texas Ratio of 7.91% (excellent) based on March 2011 data. Please refer to our financial overview of Beacon Federal for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 35329).
Searching for the Best CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.