2.19% 15-Month CD at Golf Savings Bank - Available Nationwide


When I was updating rates yesterday, I noticed a good CD deal at Golf Savings Bank. It's a 15-month bump CD with a 2.19% APY. Minimum deposit is $10,000. The rate actually goes down to 2.09% APY for deposits over $90,000. These rates are listed in the bank's CD rates page as of 11/22/2009. At the bottom of the table, it states these rate were last changed on 11/16/09. Hopefully, this 15-month rate won't be lowered tomorrow.

When I last contacted Golf Savings Bank in August, I was told that people from any state can apply for the accounts. The online application uses the Cashedge service, and it allows ACH funding from your existing bank account.

According to the CSR, the rate locks when you submit your application. The rates are usually updated on Mondays. The grace period at maturity is 10 days. At maturity, they require written instructions (mailed or faxed) to close the CD, and if you want a wire transfer, they'll require a form to be mailed so you should plan this well in advance.

When I reported on Golf Savings Bank in August, they were offering a money market account with a top rate of 2.50% APY for balances over $250K. This is now down to 2.00% APY as of 11/22/09. Refer to my August post for more details on this money market account.

Financial/FDIC Info

The bank is headquartered in Mountlake Terrace, Washington. Based on 6/30/09 FDIC data, the bank has 499 employees, $619 million in assets and $344 million in deposits. Its assets and number of employees have grown quite a bit since the previous FDIC data point in 3/31/09 when the assets were $562 million and the number of employees were 403. However, the deposits had little change. Perhaps this is why the bank has gone to the internet to bring in deposits.

The bank's rating for safety and soundness has gone down a bit at BauerFinancial. It's now 3 stars (adequate) based on 6/30/09 data. It had been 4 stars (excellent) based on 3/31/09 data. It remains 3 stars (performing) at Bankrate.com based on 6/30/09 data. Golf Savings Bank has been a FDIC member since 2000 (FDIC Certificate # 35362).

Other Competitive Savings Account and CD Rates
Competitive Savings Accounts and CDs at Golf Savings Bank - Available Nationwide
Update 11/21/09: Rates have fallen. Please check the bank's website for the latest rates.

Golf Savings Bank has recently added an online application for their deposit products, and I was told by their banking rep that they allow people from any state to apply. The online application uses the Cashedge service, and it allows ACH funding from your existing bank account. I've reviewed their products, and currently some of their rates are very competitive. The online banking features appear a little weak, but for those looking for top rates, it may...

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4.15% 24-Month CD at a WA/ID/MT/OR Bank (Golf Savings)
Update 6/14/08: The rates have gone up! The new 24-month CD yield is 4.15% APY. The title has been modified to reflect this change.

Golf Savings Bank has some competitive rates on its certificates of deposit. Its 2-year CD is the most competitive with a yield of 4.05% APY. The longer term CDs also have decent yields: 4.25% APY 3-year CD, 4.30% APY 4-year CD and 4.50% APY 5-year CD. The minimum deposit is $10,000.

It appears a branch visit is required. Branches are located in Washington State, Idaho, Montana and Oregon....

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