Magnolia Bank (KY) Boosts 18- And 24-Month CD Rates
Central Kentucky’s Magnolia Bank has dramatically raised the rates on its 18-month CD (2.0% APY) and 24-month CD (2.30% APY). The minimum deposit is $500, with no stated balance cap.
|0.60%||$500||-||Magnolia Bank||18 Month CD|
|0.60%||$500||-||Magnolia Bank||24 Month CD|
|0.60%||$100||-||Magnolia Bank||18 Month IRA (Traditional, Roth, SEP)|
|0.60%||$100||-||Magnolia Bank||24 Month IRA (Traditional, Roth, SEP)|
The new rates are the highest since DA began monitoring Magnolia Bank’s rates in 2011. The previous rates for the 18- and 24-month CDs (0.40% APY and 0.60% APY, respectively) had been in effect since March 2014.
Both CDs are offered as IRAs (Traditional, Roth, SEP), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 18-month CD is 6 months interest, and 9 months interest for the 24-month CD.
Headquartered in Hodgenville, Kentucky, Magnolia Bank’s primary market area is Hardin and LaRue Counties, but CSR stated that any Kentucky resident who can come into a branch is eligible to open an account.
Opening a CD can be done at any of four full-service Kentucky branches located in Elizabethtown, Hodgenville (2), and Magnolia.
Magnolia Bank’s online banking platform is currently limited to account management and bill payment services, including Pop Money.
Magnolia Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.82% (excellent), based on September 30, 2017 data. In the past year, Magnolia Bank has increased its total deposits by $8.22 million, an excellent annual growth rate of 5.17%. Please refer to our financial overview of Magnolia Bank (FDIC Certificate # 8120) for more details.
The Bank of Magnolia was founded in 1919 when 28 Magnolia citizens invested $15,000 to obtain a charter. The Bank operated a single location for 62 years, and in 1981, a branch was opened in Hodgenville, some 20 miles away. In 1996, the Bank acquired the Hodgenville Fifth Third branch, bringing its total assets to $60 million. The Magnolia Bank re-brand occurred in 2003 when the Bank expanded into Hardin County. A second Hodgenville branch was opened in 2016, when a branch of Citizens Union Bank was purchased.
How the CDs Compare
When compared to the 221 similar length-of-term CDs tracked by DepositAccounts.com that require similar minimum deposits and are available to Kentucky residents, Magnolia Bank’s 18-Month CD APY currently ranks first.
When compared to the 228 similar length-of-term CDs tracked by DepositAccounts.com that require similar minimum deposits and are available to Kentucky residents, Magnolia Bank’s 24-Month CD APY currently ranks first.
The above rates are accurate as of 12/26/2017.
To find the highest CD rates that are available in your local area or nationwide, please refer to our CD rates table.