Maryland-based Colombo Bank added a new 14-month Bump Up CD (1.16% APY) to its product line this week. This limited-time offer requires a minimum opening deposit of $1k, with no balance cap.
When I see “Bump Up,” my assumption is that an option to raise the APY at some time during the term of CD is available. In this instance, the “Bump Up” refers to the ability to make additional deposits (minimum of $1k) at any time during the CD’s term. CSR stated that there is no limit (either dollar amount or number of deposits) imposed on additional deposits.
According to CSR, the Early Withdrawal Penalty is six months interest.
Headquartered in Rockville, Maryland, Colombo Bank’s market area is primarily eastern Maryland, ranging from Baltimore to Washington, D.C.
Opening the 14-month Bump UP CD can be done at any of the four Maryland branches located in Baltimore, Bethesda, Rockville, and Silver Spring, or the Washington D.C. branch, located in the Shaw neighborhood.
Colombo Bank’s online banking platform is currently dedicated to account management and bill payment services.
Colombo Bank (FDIC Certificate # 31555) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 15.19% (above average) based on March 31, 2016 data. Colombo Bank has an excellent capitalization level of 11.79%, the result of holding $199.62 million in assets, with $23.54 million in equity. Please refer to our financial overview of Colombo Bank for more details.
Originally known as Apicella Bank, Colombo Bank opened its doors in 1914 in the Little Italy section of Baltimore. Colombo Bank is currently Maryland’s 69th largest bank, with assets in excess of $199 million. The name, “Colombo,” is well known: Colombo, the seemingly bumbling TV detective; the Colombo crime family of New York; Colombo, the commercial capital of Sri Lanka. In fact, colombo is simply Italian for pigeon.
How the CD Compares
When compared to the 233 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the Washington, D.C. metropolitan area, Colombo Bank's 14-month Bump Up CD APY isn’t that impressive, currently ranking in the top 25. The real value of this CD lies in its unlimited additional deposits.
The above rates are accurate as of 7/14/2016.