2.30% 24-Month CD at Main Street Bank - Available Nationwide

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Update 12/05/09: The 24-month CD rate has fallen to 2.20% APY. Please check the bank's website for the latest rates.

Main Street Bank is offering some competitive CD rates. The most competitive, which may be hard to believe, is the 24-month CD which has a 2.30% APY. Minimum deposit is $10,000. This rate is listed on the bank's front page as of 12/01/09.

If this were a local deal, I probably would not have mentioned it. However, it's available nationwide. I confirmed this yesterday with the bank's CSR. Here are some additional CD details from the CSR and from the application:
  • The "open account" link points to a PDF application which must be either mailed or faxed
  • You can fund the CD by mailing a check with the application or by an ACH transfer
  • CD rate doesn't lock until they receive the application. CSR said you can add a note on the application to have them call you if the CD rate drops.
  • Application has fields for two POD beneficiaries
  • Option to pay monthly interest via ACH
  • Early withdrawal penalty is 6 months of interest for terms greater than 12 months
  • 10 day grace period at maturity
  • At maturity you have the option to receive the funds by ACH according to the CSR
  • CD rates listed on the website are only available for web customers
Main Street Bank is a small bank with four offices near Houston, Texas. It has $427 million in assets and $360 in deposits based on 9/30/09 FDIC data.

The bank does seem financially healthy which was another reason I reported on this lackluster deal. Its ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1984 (FDIC Certificate # 24979).

Other Competitive Certificate of Deposit Rates
Related Pages: CD rates

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5.50% 18-Month / 5.50% 60-Month CD at a Texas Bank (Main Street)
Main Street Bank is offering 5.50% APY certificate of deposit on all terms from 18 to 60 months. The minimum deposit is $1,000, and the maximum is $95,000 (see rate table).

Branches are located in Kingwood and Cleveland, Texas which are just north of Houston. The bank is FDIC insured (FDIC Certificate # 24979).

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