3.03% 13-Month CD & Other High CD Rates at Bank of Essex in MD & VA


Update 3/10/09: The CD rates have fallen. Please check the bank's website for the latest rates.

Essex Bank is offering a 3.03% APY 13-month CD. Minimum deposit is $500. This CD rate is listed at the bank's rate table as of 3/04/09.

This used to be Suburban Federal Savings Bank which failed on January 30, 2009 and was acquired by Bank of Essex. Suburban Federal Savings Bank now operates as Essex Bank, a division of Bank of Essex.

This 13-month CD doesn't seem to be available at Bank of Essex branches. However, Bank of Essex is running a CD special with two competitive rates: 3.03% APY for 24 months and 2.78% APY for 12 months. IRA CDs with equivalent terms earn an extra 10 basis points. These rates are listed at Bank of Essex's rate table as of 3/04/09.

Essex Bank branches are located in the Maryland cities of Crofton, Arnold, Rockville, Clinton, Landover Hills, Catonville and Rosedale. Bank of Essex branches are located in several Virginia cities including Tappahannock, Goochland, Glen Allen and Lexington.

Bank of Essex has some decent ratings for safety and soundness: 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 8675).

Thanks to the reader who mentioned the 13-month CD in the comments.
Anonymous   |     |   Comment #1
The top tier Money Market rate is 2.17% for balances over $50,000.
cjdtech (anonymous)   |     |   Comment #2
They also took over The Community Bank which failed in Loganville, GA.
CapitalClimate (anonymous)   |     |   Comment #3
13-month APY has dropped to 2.52% as of 3-10.
5.30% 12-Month CD at a Maryland Bank (Suburban Federal Savings).
Update 1/30/09: The bank has been closed. Please refer to this post for more details.

Update 1/27/08: The CD rates have dropped. Please check the bank's website for the latest rates.

Suburban Federal Savings Bank has some competitive CD rates. The highest rate is 5.30% APY for a 12-month term. Other competitive CDs include a 5.27% APY 13-month CD, a 5.20% APY 18-month CD and a 5.09% APY 60-month CD. The minimum deposit is $500.

A branch visit appears to be required. A reader mentioned that he had purchased the 12-month CD yesterday...

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6.00% 24-Month CD at a Virginia Bank (Goochland).
The Bank of Goochland is offering a 24 month certificate of deposit with a 6.00% APY (interest rate of 5.83%). The minimum deposit is $10K. The early withdrawal penalty is 3 months of interest.

The bank has branches in Manakin Sabot and Goochland, Virginia.

The bank is FDIC insured. It's a small bank with $70 million in total assets. It has a 5 out of 5 star rating at Bankrate (superior).

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