2.25% 18-Month CD at Charter Bank in New Mexico - Local Only

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Charter Bank is offering two competitive CD rates: 2.25% APY for 18 months and 2.01% APY for 10 months. Minimum deposit is $5,000 for the 10-month and $1,000 for the 18-month. The 18-month CD is also available in an IRA. These rates are listed at the bank's rate table as of 10/23/09. This 10-month CD special has the same rate as when I posted on this bank in September.

Charter Bank CDs used to be available nationwide. However, I called the bank last month, and I was told that they now require you to come into a branch to open a CD. This is also consistent with the online applications they provide. There are online applications for their reward checking account and loans, but none for the CDs.

This is the same bank that offers the nationwide Turbo Checking Account. It's a reward checking account that pays 4.01% APY on balances up to $25K. The account had been paying 6.01% APY when it was launched in 2007 (see post). It's one of the few reward checking accounts that were launched in 2007 that still offers over 4% APY.

Charter Bank is headquartered in Santa Fe, New Mexico. In addition to Santa Fe, it has branches in Albuquerque and Rio Rancho.

Charter Bank's ratings for safety and soundness continue to be a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1986 (FDIC Certificate # 32498).

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2.01% 10-Month CD at Charter Bank in New Mexico - Local Only
Charter Bank is offering a special 10-month CD with a 2.01% APY. Minimum deposit is $5,000. This rate is listed at the bank's rate table as of 9/25/09.

Charter Bank CDs used to be available nationwide. However, I called the bank yesterday, and I was told that they now require you to come into a branch to open a CD.

Charter Bank is headquartered in Santa Fe, New Mexico. In addition to Santa Fe, it has branches in Albuquerque and Rio Rancho.

This is the same bank that offers the nationwide Turbo Checking...





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Reward Checking at a New Mexico Bank (Charter)

Update 11/09/10: The bank failed in early 2010 but was taken over by a newly chartered bank that kept the Charter Bank name. The reward checking account rate is now only 0.25%

Update 11/02/09: Charter Bank has made big changes to the Turbo Checking Account. Top rate has fallen to 1.25% APY. The balance cap has risen to $50K. The debit card usage requirement has fallen to only 1 purchase per month.

Charter Bank is offering a reward checking account called Turbo Checking. It pays 0.25% and refunds ATM fees if the...

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