Nebraska-based Cornerstone Bank has added a new 20-month LEAP UP CD (2.29% APY) to commemorate 2020 being a Leap Year. The minimum opening deposit is $500, with no stated balance cap. CSR stated the 2.29% APY is guaranteed through March 10, 2020.
”LEAP UP” also refers to a one-time rate bump option. As stated in the fine print on the Certificates of Deposit page,
If the 18 month or 20 month CD interest rate goes up, you have the option
of upgrading to the higher rate one time for the remainder of your term.
According to CSR, the Early Withdrawal Penalty is “12 months of simple interest.”
CSR also stated that funding a CD can be done by wire or by mailing a check. Maturing funds will be distributed through a cashier’s check or by wire.
Unlimited beneficiaries can be named, with birthdate OR Social Security number required for each beneficiary.
Headquartered in York, Nebraska, Cornerstone Bank’s has a brick-and-mortar presence in 19 Nebraska counties.
While there is an online application for Nebraska residents to open checking and savings accounts, CDs cannot be opened online.
Opening a 20-month LEAP-UP CD can be done at any of 43 Nebraska branches, located in the counties of Boone, Buffalo, Butler, Cass, Clay, Fillmore, Franklin, Hall, Hamilton, Kearney, Merrick, Platte, Polk, Saunders, Thayer, Valley, Webster, Wheeler, and York.
Cornerstone Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.52% (excellent) based on September 30, 2019 data. In the past year, Cornerstone Bank has increased its total non-brokered deposits by $78.55 million, an excellent annual growth rate of 6.21%. Please refer to our financial overview of Cornerstone Bank (FDIC Certificate # 5496) for more details.
In 1882, a group of York businessmen established The First National Bank of York, the predecessor of Cornerstone Bank. The Bank survived the post-Civil War depression, the Great Depression, and a major bank robbery in 1933. Starting in 1985, the Bank acquired 20 other Nebraska banks, with the latest acquisition occurring two months ago. The name was changed to Cornerstone Bank, N.A. in 1997 following a reorganization. Cornerstone Bank is currently Nebraska’s sixth largest bank, with assets in excess of $1.6 billion and more than 67,000 customer accounts.
How the LEAP UP CD Compares
When compared to 164 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Cornerstone Bank’s 20-month LEAP UP CD APY currently ranks first.
The above rates are accurate as of 2/19/2020.
To look for the best CD rates, both nationwide and state-specific, please refer to DA’s CD Rates Table page.