Central Bank & Trust in Colorado Springs has recently increased its 5-year CD rate, and it’s now very competitive. The 5-year CD has a 2.02% APY for a minimum deposit of $5,000. This CD is listed in the rotating image on the bank’s home page as of 8/29/2013.
Since the bank didn’t include many details on its website about this CD, I called the bank yesterday at (719) 228-1100. According to the bank representative, the 5-year CD early withdrawal penalty is only 90 days of interest. They typically require that a new customer come into their branch to open an account. The bank representative said this CD rate has no end date. As usual, it can change at anytime. They first began offering this CD rate around 10 days ago.
The bank’s office is located at 1 South Nevada Avenue, Colorado Springs, CO.
The structure Central Bank & Trust is confusing. Deposits of Central Bank & Trust are held at Farmers & Stockmens Bank. Both Central Bank & Trust and Farmers & Stockmens Bank are divisions of the bank holding company, Central Bancorp. Central Bank & Trust operates the branch office in Colorado Springs. Farmers & Stockmens Bank operates two branch offices in New Mexico.
Farmers & Stockmens Bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 1.22% (excellent) based on March 2013 data. Please refer to our financial overview of Farmers & Stockmens Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 13625).
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