2.09% 10-Month CD & 2.25% 15-Month CD at Century Bank Direct - Available Nationwide

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Century Bank Direct is offering some very competitive CD rates. The following are the rates as listed at the bank's CD rates page as of 11/05/09:
  • 1.70% APY 5 month
  • 2.09% APY 10 month
  • 2.25% APY 15 month
  • 2.35% APY 20 month
Some of the important features of these CDs as listed in the bank's CD page and in the bank's disclosure includes:
  • $1,000 minimum to open
  • Maximum deposit of $100,000
  • Interest paid monthly
  • Automatic transfers to outside bank of monthly interest available
  • Online CD redemption form can be used to close CD
  • 10-day grace period when a CD matures
  • Early withdrawal penalties on the amount withdrawn: 90 days of interest for terms 12 months and under, 180 days for terms over 12 months
My last post on this bank was one year ago when the CD rates were over 4%. A reader back then had reported that the ACH funding of the CD is limited to $25,000. According to the reader, if you want to deposit more than $25,000, you'll have to open multiple CDs.

The bank also offers online checking, savings and money market accounts. Those rates are currently not as competitive as the CD rates. Refer to my Century Bank Direct review for more details about these accounts.

Century Bank Direct is a division of Century Bank of Kentucky which is FDIC insured (Certificate # 35450). It's a small bank with only 37 employees, $116.9 million in assets and $100.3 million in deposits based on 6/30/09 data.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both rates are based on 6/30/09 financial data.

Thanks to the reader who mentioned these CD rates in the Bank Deals hub page.

Other Competitive Certificate of Deposit Rates
Comments
Anonymous
Anonymous   |     |   Comment #1
Check hold for 10 business days even after it is cleared. I have the case that they still hold the whole fund for 9 days after the check was cleared. Only three withdraws in a month are allowed in money market/saving account. All other banks I know allow six withdraws per month.
Century Bank Direct - New Online Bank with Savings, Checking and CDs
Update 3/31/09: Rates continue to fall. New APY's: 1.69% MMA, 1.79% Savings and 1.45% Checking. Refer to the bank's website for the latest rates and the bottom of this post for the rate history.

Century Bank of Kentucky launched a new internet bank in November called Century Bank Direct. They don't have any attention grabbing rates, but their rates are competitive. The current yields for their online accounts include: 4.54% APY for the savings, 4.23% APY for the money market, 3.35% APY for the checking and 5.01% APY for their 5-month...

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4.45% 10-Month CD Continues at Century Bank Direct
Update 12/08/08: The CD rates have gone down. Please check the bank's website for the latest rates.

Update 11/28/08: The 10-month CD APY has fallen to 4.27%. On the plus side, the longer-term CD yields have gone up a bit. Please check the bank's website for the latest rates.

Century Bank Direct continues to offer some very competitive CD rates. The most competitive is the 10-month term which has a yield of 4.45% APY. The 5-month CD is also competitive with a 4.01% APY. The longer-term ones are not quite as good:...



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4.02% 10-Month / 4.11% 15-Month Online CD at Century Bank Direct
Update 9/13/08: The CD rates have changed. Please check the bank's website for the latest rates.

Century Bank Direct just recently made some substantial increases on the rates of its online CDs. The new CD rates and terms include:
  • 3.76% APY 5-month
  • 4.02% APY 10-month
  • 4.11% APY 15-month
  • 4.20% APY 20-month
The minimum deposit is $1,000, and the maximum deposit is $100,000.

I first reported on Century Bank Direct in December 2007. In addition to CDs, the online bank offers high yield savings, checking and money market accounts. The yields are still very competitive.

When I first reported...






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