New Maryland 22-Month CD Special Rate at Community Bank of Tri-County - Local Only

POSTED ON MONDAY, JUNE 27, 2011 BY Ken Tumin

APY	MIN	MAX	INSTITUTION	PRODUCT
0.45%	$500	-	Community Bank of the Chesapeake	36 Month CD
0.30%	$500	-	Community Bank of the Chesapeake	18 Month CD
0.30%	$500	-	Community Bank of the Chesapeake	22 Month CD

Accounts mentioned in this post. Rates as of September 25, 2016.

Community Bank of Tri-County has just changed its CD specials. It's now offering a very competitive 22-month CD with a 2.22% APY. The special 18-month CD rate has fallen, but it remains competitive at 1.75% APY. There was also a rate increase on the 3-year CD. It now has a 2.35% APY. Minimum deposit is $500. These rates are listed in the bank's rates page as of 6/27/2011.

When I last contacted the bank, I was told the early withdrawal penalty is 6 months of interest on the amount withdrawn for terms over 12 months.

A branch visit is required to open an account. The bank rep said they would accept a new customer from the DC metro area. If you do plan to drive a long distance, make sure you call the bank to verify both the rate and that you will be eligible to open the account. Community Bank of Tri-County branches are located in Southern Maryland.

The bank's overall health score at DepositAccounts.com is 4 stars (out of 5) with a Texas Ratio of 25.62% (average) based on March 2011 data. Please refer to our financial overview of Community Bank of Tri-County for more details. The bank has been a FDIC member since 1957 (FDIC Certificate # 30903).

How Do These CD Rates Compare?

For CDs available nationwide as of 6/27/2011, the best 2-year CD rate is 1.77% APY at Self Help Credit Union. However, Ally Bank's 2.34% 5-year CD closed after 24 months will have an effective yield of 2.14% due to the mild 60-day early withdrawal penalty (see my Ally CD review).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments

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6 Comments.

Bancxman (anonymous) | Jun 27, 2011 | Comment #1

When I called to inquire about opening a CD, I was curtly informed that this bank only accepts deposits from Southern Maryland. That's hardly synonymous with the DC Metro area. Moreover, I really resented the condescending manner in which the representative answered my inquiry. They can keep their bank.

Htheriault (anonymous) | Jun 29, 2011 | Comment #2

Dear Bancxman – Thank you for your post. I want to apologize for the a poor experience you had when you contacted our bank to inquire about the 22-month CD special. While we are currently unable to receive deposits outside of Southern Maryland, we pride ourselves on providing exceptional customer service in all circumstances. Unfortunately, we didn’t succeed in your case and are using this experience to remind our employees about the importance of living our mission.

Anonymous | Jun 29, 2011 | Comment #3

I have to drive to Waldorf, MD (Charles County) to open an account? Forget that.

Argyll (anonymous) | Jun 30, 2011 | Comment #4

Is Columbia in southern Maryland?

Tony (anonymous) | Jul 1, 2011 | Comment #5

I contacted Community Bank. They called me back. They reviewed my IRA rollover request with their security officer, and they will NOT let me roll over my IRA from Apple Federal Credit Union to their bank as I do not reside in one of their 3 counties. I am in Aspen Hill, MD. This seems absurd. To not want additional funds ino their bank is poor strategy. Never turn customers away! I guess my $$ aren't good enough for them. Also, you should know that they charge $50 to close an IRA.

Anonymous | Jul 1, 2011 | Comment #6

Argyll - I would not consider Columbia to be in Southern Maryland. Columbia is close to Baltimore which is Northern Maryland. This bank has branches in the counties below Prince George's (Charles and Saint Mary's counties). That area is south of the Capital Beltway below Andrews Air Force Base.