6.14% 48-Month CD at a Texas Bank (Fayette Savings).


Fayette Savings Bank is offering a 6.14% APY 48-month certificate of deposit. There's also a 6.14% APY 30-month IRA CD. The regular CD has a minimum of $2.5K. The IRA has a minimum of $500. These have a 6-month interest penalty for early withdrawals.

The bank requires a branch visit to open accounts. They do not open accounts by mail. Branches are located in the Texas cities of La Grange, Schulenburg, Flatonia and Columbus. These cities are situated between Austin, San Antonio and Houston.

The bank has been FDIC insured since 1978. It's rated 3 out of 5 stars at Bankrate.com (performing).

  |     |   Comment #1
This site is a great source of information and phone calls to the banks mentioned have confirmed what I've read here.

Unfortunately, the best deals all appear to be at small community banks that require a personal visit to a branch to open an account. So unless you live near these banks or have the means to travel to podunk places like Elmira, NY or Columbus, TX, there is no way to take advantage of these deals. These small banks WILL NOT proccess applications by mail or through the internet. As for the deal with WAMU: if your id is not issed by one of the states where WAMU is offering the 6% CD, they will NOT give you that rate!

And forget about those pesky credit unions. Even those with branches in my area have very strict eligibility requirements. If you reside in a zip code that is not in of their targeted census tracts, they are not required to issue you a membership even if you live or work across the street from their branch! And they seem to focus on a very narrow segment of the population.

Ron in Tampa
Banking Guy
  |     |   Comment #2
Unfortunately, many of these deals only apply to people who live in specific places or happen to be in a credit union's FOM. Hopefully, most of my readers will find a local bank or credit union every now and then with a great deal. Hope you were eligible for this Florida credit union deal.

Once in awhile, there is a bank that will accept out-of-state deposits or a credit union with an unrestrictive FOM. In my weekly summaries, I try to include only these types of institutions in my main list.

I try to include credit union's FOM and the bank's account opening policy in my posts, but I'm not always able to find it or get this info from the CSR. Help with this is much appreciated.
  |     |   Comment #3
You're doing a fine job, banking guy. Over the last several months I have locked in CDs with great rates at several out of state credit unions and banks, thanks to your site. I would never have found them anywhere else.
Thank you
  |     |   Comment #4
Banking Guy, keep up the good work. It seems that one of the few solutions to the problems set forth by Ron in Tampa is the Washington Business Bank in Olympia, WA, which will take mailed deposits from anywhere for its 9-month 6% APY CD (as of 8/30/06). I opened a CD there and was pleased to subsequently learn that unlimited additional deposits in increments of $1K may be made during the term and that a one-time withdrawal of up to 50% of the amount on deposit may be made without penalty.

Reader in New Jersey
Banking Guy
  |     |   Comment #5
Thanks for your support!

And thanks for the reminder on the Washington Business Bank 6% CD. I see it's still listed on its website. Here's the link to my post on the deal.
Banking Guy
  |     |   Comment #6
This 6.14% 48-month CD from Fayette Savings seems to have ended as of 10/02/06

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